OPERATING SEGMENT INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| OPERATING SEGMENT INFORMATION |
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| Schedule of major products by reportable operating segment |
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|
Segment
|
ÌýÌýÌýÌý
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Products
|
|
Polyurethanes
|
Ìý
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MDI, PO, polyols, PG, TPU, aniline and MTBE
|
|
Performance Products
|
Ìý
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amines, surfactants, LAB, maleic anhydride, other performance chemicals, EG, olefins and technology licenses
|
|
Advanced Materials
|
Ìý
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basic liquid and solid epoxy resins; specialty resin compounds; cross‑linking, matting and curing agents; epoxy, acrylic and polyurethane‑based formulations
|
|
Textile Effects
|
Ìý
|
textile chemicals, dyes and digital inks
|
Ìý
|
| Schedule of revenues and EBITDA for each of the entity's reportable operating segments and reconciliation of adjusted EBITDA to net income |
The revenues and EBITDA for each of our reportable operating segments are as follows (dollars in millions):
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
ThreeÌýmonths
|
Ìý
|
Nine months
|
|
Ìý
|
Ìý
|
ended
|
Ìý
|
ended
|
|
Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
Revenues:
|
ÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Polyurethanes
|
Ìý
|
$
|
1,197
|
Ìý
|
$
|
891
|
Ìý
|
$
|
3,172
|
Ìý
|
$
|
2,703
|
|
Performance Products
|
Ìý
|
Ìý
|
501
|
Ìý
|
Ìý
|
509
|
Ìý
|
Ìý
|
1,595
|
Ìý
|
Ìý
|
1,611
|
|
Advanced Materials
|
Ìý
|
Ìý
|
263
|
Ìý
|
Ìý
|
247
|
Ìý
|
Ìý
|
782
|
Ìý
|
Ìý
|
774
|
|
Textile Effects
|
Ìý
|
Ìý
|
193
|
Ìý
|
Ìý
|
184
|
Ìý
|
Ìý
|
586
|
Ìý
|
Ìý
|
567
|
|
Corporate and eliminations
|
Ìý
|
Ìý
|
15
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
20
|
Ìý
|
Ìý
|
(41)
|
|
Total
|
Ìý
|
$
|
2,169
|
Ìý
|
$
|
1,831
|
Ìý
|
$
|
6,155
|
Ìý
|
$
|
5,614
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Segment adjusted EBITDA(1):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Polyurethanes
|
Ìý
|
$
|
245
|
Ìý
|
$
|
137
|
Ìý
|
$
|
556
|
Ìý
|
$
|
439
|
|
Performance Products
|
Ìý
|
Ìý
|
63
|
Ìý
|
Ìý
|
70
|
Ìý
|
Ìý
|
249
|
Ìý
|
Ìý
|
248
|
|
Advanced Materials
|
Ìý
|
Ìý
|
56
|
Ìý
|
Ìý
|
55
|
Ìý
|
Ìý
|
166
|
Ìý
|
Ìý
|
173
|
|
Textile Effects
|
Ìý
|
Ìý
|
19
|
Ìý
|
Ìý
|
17
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
59
|
|
Corporate and other(2)
|
Ìý
|
Ìý
|
(43)
|
Ìý
|
Ìý
|
(45)
|
Ìý
|
Ìý
|
(136)
|
Ìý
|
Ìý
|
(132)
|
|
Total
|
Ìý
|
Ìý
|
340
|
Ìý
|
Ìý
|
234
|
Ìý
|
Ìý
|
899
|
Ìý
|
Ìý
|
787
|
|
Reconciliation of adjusted EBITDA to net income:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense—continuing operations
|
Ìý
|
Ìý
|
(39)
|
Ìý
|
Ìý
|
(52)
|
Ìý
|
Ìý
|
(134)
|
Ìý
|
Ìý
|
(153)
|
|
Interest (expense) income—discontinued operations
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý
|
Ìý1
|
|
Income tax expense—continuing operations
|
Ìý
|
Ìý
|
(35)
|
Ìý
|
Ìý
|
(6)
|
Ìý
|
Ìý
|
(78)
|
Ìý
|
Ìý
|
(65)
|
|
Income tax (expense) benefit—discontinued operations
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
Ìý
|
Ìý7
|
Ìý
|
Ìý
|
(41)
|
Ìý
|
Ìý
|
Ìý8
|
|
Depreciation and amortization—continuing operations
|
Ìý
|
Ìý
|
(80)
|
Ìý
|
Ìý
|
(83)
|
Ìý
|
Ìý
|
(235)
|
Ìý
|
Ìý
|
(238)
|
|
Depreciation and amortization—discontinued operations
|
Ìý
|
Ìý
|
(9)
|
Ìý
|
Ìý
|
(30)
|
Ìý
|
Ìý
|
(68)
|
Ìý
|
Ìý
|
(84)
|
|
Net income attributable to noncontrolling interests
|
Ìý
|
Ìý
|
32
|
Ìý
|
Ìý
|
Ìý9
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
22
|
|
Other adjustments:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Business acquisition and integration expenses
|
Ìý
|
Ìý
|
(10)
|
Ìý
|
Ìý
|
(6)
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
Ìý
|
(11)
|
|
Merger costs
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(18)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
EBITDA from discontinued operations
|
Ìý
|
Ìý
|
97
|
Ìý
|
Ìý
|
47
|
Ìý
|
Ìý
|
218
|
Ìý
|
Ìý
|
63
|
|
Minority interest of discontinued operations
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
Ìý
|
(3)
|
Ìý
|
Ìý
|
(18)
|
Ìý
|
Ìý
|
(8)
|
|
Loss on early extinguishment of debt
|
Ìý
|
Ìý
|
(35)
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý
|
(36)
|
Ìý
|
Ìý
|
(3)
|
|
Certain legal settlements and related expenses
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Gain on sale of assets
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìý8
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Amortization of pension and postretirement actuarial losses
|
Ìý
|
Ìý
|
(19)
|
Ìý
|
Ìý
|
(14)
|
Ìý
|
Ìý
|
(55)
|
Ìý
|
Ìý
|
(42)
|
|
Plant incident remediation costs
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Restructuring, impairment and plant closing and transition costs
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý
|
(38)
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
(57)
|
|
Net income
|
Ìý
|
$
|
179
|
Ìý
|
$
|
64
|
Ìý
|
$
|
454
|
Ìý
|
$
|
220
|
Ìý
|
(1)
|
|
Segment adjusted EBITDA is defined as net income of ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation or ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses; (b) merger costs; (c) EBITDA from discontinued operations; (d) minority interest of discontinued operations; (e) loss on early extinguishment of debt; (f) certain legal settlements and related expenses; (g) gain on sale of assets; (h) amortization of pension and postretirement actuarial losses; (i) net plant incident credits (costs); and (j) restructuring, impairment and plant closing and transition costs.
|
Ìý
|
(2)
|
|
Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense, benzene sales and gains and losses on the disposition of corporate assets.
|
|
| ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International |
Ìý
|
| OPERATING SEGMENT INFORMATION |
Ìý
|
| Schedule of revenues and EBITDA for each of the entity's reportable operating segments and reconciliation of adjusted EBITDA to net income |
|
Ìý
|
Ìý
|
ThreeÌýmonths
|
Ìý
|
Nine months
|
|
Ìý
|
Ìý
|
ended
|
Ìý
|
ended
|
|
Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Segment adjusted EBITDA(1):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Polyurethanes
|
Ìý
|
$
|
245
|
Ìý
|
$
|
137
|
Ìý
|
$
|
556
|
Ìý
|
$
|
439
|
|
Performance Products
|
Ìý
|
Ìý
|
63
|
Ìý
|
Ìý
|
70
|
Ìý
|
Ìý
|
249
|
Ìý
|
Ìý
|
248
|
|
Advanced Materials
|
Ìý
|
Ìý
|
56
|
Ìý
|
Ìý
|
55
|
Ìý
|
Ìý
|
166
|
Ìý
|
Ìý
|
173
|
|
Textile Effects
|
Ìý
|
Ìý
|
19
|
Ìý
|
Ìý
|
17
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
59
|
|
Corporate and other(2)
|
Ìý
|
Ìý
|
(41)
|
Ìý
|
Ìý
|
(43)
|
Ìý
|
Ìý
|
(132)
|
Ìý
|
Ìý
|
(128)
|
|
Total
|
Ìý
|
Ìý
|
342
|
Ìý
|
Ìý
|
236
|
Ìý
|
Ìý
|
903
|
Ìý
|
Ìý
|
791
|
|
Reconciliation of adjusted EBITDA to net income:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense—continuing operations
|
Ìý
|
Ìý
|
(44)
|
Ìý
|
Ìý
|
(55)
|
Ìý
|
Ìý
|
(146)
|
Ìý
|
Ìý
|
(162)
|
|
Interest (expense) income—discontinued operations
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý
|
Ìý1
|
|
Income tax expense—continuing operations
|
Ìý
|
Ìý
|
(34)
|
Ìý
|
Ìý
|
(7)
|
Ìý
|
Ìý
|
(77)
|
Ìý
|
Ìý
|
(65)
|
|
Income tax (expense) benefit—discontinued operations
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
Ìý
|
Ìý7
|
Ìý
|
Ìý
|
(41)
|
Ìý
|
Ìý
|
Ìý8
|
|
Depreciation and amortization—continuing operations
|
Ìý
|
Ìý
|
(78)
|
Ìý
|
Ìý
|
(79)
|
Ìý
|
Ìý
|
(227)
|
Ìý
|
Ìý
|
(228)
|
|
Depreciation and amortization—discontinued operations
|
Ìý
|
Ìý
|
(9)
|
Ìý
|
Ìý
|
(30)
|
Ìý
|
Ìý
|
(68)
|
Ìý
|
Ìý
|
(84)
|
|
Net income attributable to noncontrolling interests
|
Ìý
|
Ìý
|
32
|
Ìý
|
Ìý
|
Ìý9
|
Ìý
|
Ìý
|
64
|
Ìý
|
Ìý
|
22
|
|
Other adjustments:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Business acquisition and integration expenses
|
Ìý
|
Ìý
|
(10)
|
Ìý
|
Ìý
|
(6)
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
Ìý
|
(11)
|
|
Merger costs
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(18)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
EBITDA from discontinued operations
|
Ìý
|
Ìý
|
96
|
Ìý
|
Ìý
|
45
|
Ìý
|
Ìý
|
215
|
Ìý
|
Ìý
|
58
|
|
Minority interest of discontinued operations
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
Ìý
|
(3)
|
Ìý
|
Ìý
|
(18)
|
Ìý
|
Ìý
|
(8)
|
|
Loss on early extinguishment of debt
|
Ìý
|
Ìý
|
(35)
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý
|
(36)
|
Ìý
|
Ìý
|
(3)
|
|
Certain legal settlements and related expenses
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Gain on sale of assets
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìý8
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Amortization of pension and postretirement actuarial losses
|
Ìý
|
Ìý
|
(20)
|
Ìý
|
Ìý
|
(15)
|
Ìý
|
Ìý
|
(57)
|
Ìý
|
Ìý
|
(44)
|
|
Plant incident remediation costs
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
Ìýâ€�
|
|
Restructuring, impairment and plant closing and transition costs
|
Ìý
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Ìý
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(1)
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Ìý
|
Ìý
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(38)
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Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý
|
(57)
|
|
Net income
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Ìý
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$
|
177
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Ìý
|
$
|
63
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Ìý
|
$
|
450
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Ìý
|
$
|
218
|
Ìý
|
(1)
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Segment adjusted EBITDA is defined as net income of ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation or ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses; (b) merger costs; (c) EBITDA from discontinued operations; (d) loss on early extinguishment of debt; (e) certain legal settlements and related expenses; (f) gain on sale of assets; (g) amortization of pension and postretirement actuarial losses; (h) net plant incident credits (costs); (i) restructuring, impairment and plant closing costs; and (j) business separation expenses.
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Ìý
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(2)
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|
Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense, benzene sales and gains and losses on the disposition of corporate assets.
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