乐天堂fun88(中国区)官方网站 Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 26 - Operating Segment Information

Note 26 - Operating Segment Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

听

Segment Reporting Disclosure [Text Block]

26. OPERATING SEGMENT INFORMATION

听

We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of differentiated and commodity chemical products. We have four operating segments, which are also our reportable segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. We have organized our business and derived our operating segments around differences in product lines.听

听

The major products of each reportable operating segment are as follows:

听

Segment	听听听听	Products
Polyurethanes	听	MDI, polyols, TPU and other polyurethane-related products
Performance听Products	听	Specialty amines, ethyleneamines, maleic anhydride and technology licenses
Advanced Materials	听	Specialty resin compounds; cross-linking, matting, and curing and toughening agents; epoxy, acrylic and polyurethane-based formulations; specialty nitrile latex, alkyd resins and carbon nano materials
Textile Effects	听	Textile chemicals and听dyes

听

Sales between segments are generally recognized at external market prices and are eliminated in consolidation. We use adjusted EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The adjusted EBITDA of operating segments excludes items that principally apply to our Company as a whole. The following schedule includes revenues and adjusted EBITDA for each of our reportable operating segments (dollars in millions). We have revised our prior years鈥� presentation below to reconcile total reportable segments鈥� adjusted EBITDA to income from continuing operations before income taxes, in addition to net income, and听removed 鈥渃orporate and other costs, net鈥� from the total reportable segments鈥� adjusted EBITDA and included such amounts in the reconciliation to income from continuing operations before income taxes. Additionally, we have revised our prior years鈥� presentation of total reportable segments鈥� revenues, depreciation and amortization, capital expenditures and total assets, in which we removed intersegment eliminations from the total reportable segment鈥檚 revenues and removed depreciation and amortization, capital expenditures and assets related to Corporate and other from the total reportable segments鈥� respective amounts.听

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Revenues:

听

Polyurethanes

听

5,019

听

3,584

听

3,911

听

Performance Products

听

1,485

听

1,023

听

1,158

听

Advanced Materials

听

1,198

听

839

听

1,044

听

Textile Effects

听

783

听

597

听

763

听

Total reportable segments鈥� revenues

听

8,485

听

6,043

听

6,876

听

Intersegment eliminations

听

(32

)

听

(25

)

听

(79

)

Total

听

8,453

听

6,018

听

6,797

听

乐天堂fun88(中国区)官方网站 Corporation:

听

Segment adjusted EBITDA⁽¹⁾:

听

Polyurethanes

听

879

听

472

听

548

听

Performance Products

听

359

听

164

听

168

听

Advanced Materials

听

204

听

130

听

201

听

Textile Effects

听

Total reportable segments鈥� adjusted EBITDA

听

1,539

听

808

听

1,001

听

Reconciliation of total reportable segments鈥� adjusted EBITDA to income from continuing operations before income taxes:

听

Interest expense, net鈥攃ontinuing operations

听

(67

)

听

(86

)

听

(111

)

Depreciation and amortization鈥攃ontinuing operations

听

(296

)

听

(283

)

听

(270

)

Corporate and other costs, net⁽²⁾

听

(196

)

听

(161

)

听

(155

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments

听

(22

)

听

(31

)

听

)

Fair value adjustments to Venator investment and related loss on disposal

听

(28

)

听

(88

)

听

(18

)

Loss on early extinguishment of debt

听

(27

)

听

鈥�

听

(23

)

Certain legal and other settlements and related expenses

听

(13

)

听

)

听

)

Income associated with the Albemarle Settlement, net

听

465

听

鈥�

听

鈥�

听

Gain (loss) on sale of businesses/assets

听

280

听

(21

)

Income from transition services arrangements

听

鈥�

听

Certain nonrecurring information technology project implementation costs

听

)

听

)

听

)

Amortization of pension and postretirement actuarial losses

听

(86

)

听

(76

)

听

(66

)

Plant incident remediation costs

听

鈥�

听

)

听

)

Restructuring, impairment and plant closing and transition (costs) credits⁽³⁾

听

(45

)

听

(52

)

听

Income from continuing operations before income taxes

听

1,313

听

337

听

391

听

Income tax (expense) benefit鈥攃ontinuing operations

听

(209

)

听

(46

)

听

Income from discontinued operations, net of tax

听

鈥�

听

775

听

169

听

Net income

听

1,104

听

1,066

听

598

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Depreciation and Amortization:

听

Polyurethanes

听

131

听

130

听

120

听

Performance Products

听

Advanced Materials

听

Textile Effects

听

Total reportable segments鈥� depreciation and amortization

听

283

听

270

听

253

听

Corporate and other

听

Total

听

296

听

283

听

270

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Capital Expenditures:

听

Polyurethanes

听

243

听

172

听

185

听

Performance Products

听

Advanced Materials

听

Textile Effects

听

Total reportable segments鈥� capital expenditures

听

326

听

237

听

263

听

Corporate and other

听

Total

听

342

听

249

听

274

听

听	听	*December 31,*						听
听	听	*2021*		听	听	*2020*		听
Total Assets:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	4,624	听	听	$	3,970	听
Performance Products	听	听	1,207	听	听	听	1,062	听
Advanced Materials	听	听	1,324	听	听	听	1,002	听
Textile Effects	听	听	487	听	听	听	481	听
Total reportable segments鈥� total assets	听	听	7,642	听	听	听	6,515	听
Corporate and other	听	听	1,750	听	听	听	2,198	听
Total	听	$	9,392	听	听	$	8,713	听

听

听	听	*December 31,*						听
听	听	*2021*		听	听	*2020*		听
Goodwill:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	344	听	听	$	312	听
Performance Products	听	听	16	听	听	听	18	听
Advanced Materials	听	听	290	听	听	听	203	听
Total	听	$	650	听	听	$	533	听

听

Year ended December 31,

听

2021

听

2020

听

2019

听

乐天堂fun88(中国区)官方网站 International:

听

Segment adjusted EBITDA⁽¹⁾:

听

Polyurethanes

听

879

听

472

听

548

听

Performance Products

听

359

听

164

听

168

听

Advanced Materials

听

204

听

130

听

201

听

Textile Effects

听

Total reportable segments鈥� adjusted EBITDA

听

1,539

听

808

听

1,001

听

Reconciliation of total reportable segments鈥� adjusted EBITDA to income from continuing operations before income taxes:

听

Interest expense, net鈥攃ontinuing operations

听

(67

)

听

(88

)

听

(126

)

Depreciation and amortization鈥攃ontinuing operations

听

(296

)

听

(283

)

听

(270

)

Corporate and other costs, net⁽²⁾

听

(189

)

听

(155

)

听

(150

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments

听

(22

)

听

(31

)

听

)

Fair value adjustments to Venator investment and related loss on disposal

听

(28

)

听

(88

)

听

(18

)

Loss on early extinguishment of debt

听

(27

)

听

鈥�

听

(23

)

Certain legal and other settlements and related expenses

听

(13

)

听

)

听

)

Income associated with the Albemarle Settlement, net

听

465

听

鈥�

听

鈥�

听

Gain (loss) on sale of businesses/assets

听

280

听

(21

)

Income from transition services arrangements

听

鈥�

听

Certain nonrecurring information technology project implementation costs

听

)

听

)

听

)

Amortization of pension and postretirement actuarial losses

听

(89

)

听

(79

)

听

(70

)

Plant incident remediation costs

听

鈥�

听

)

听

)

Restructuring, impairment and plant closing and transition (costs) credits⁽³⁾

听

(45

)

听

(52

)

听

Income from continuing operations before income taxes

听

1,317

听

338

听

377

听

Income tax (expense) benefit鈥攃ontinuing operations

听

(210

)

听

(46

)

听

Income from discontinued operations, net of tax

听

鈥�

听

775

听

169

听

Net income

听

1,107

听

1,067

听

587

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Depreciation and Amortization:

听

Polyurethanes

听

131

听

130

听

120

听

Performance Products

听

Advanced Materials

听

Textile Effects

听

Total reportable segments鈥� depreciation and amortization

听

283

听

270

听

253

听

Corporate and other

听

Total

听

296

听

283

听

270

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Capital Expenditures:

听

Polyurethanes

听

243

听

172

听

185

听

Performance Products

听

Advanced Materials

听

Textile Effects

听

Total reportable segments鈥� capital expenditures

听

326

听

237

听

263

听

Corporate and other

听

Total

听

342

听

249

听

274

听

听	听	*December 31,*						听
听	听	*2021*		听	听	*2020*		听
Total Assets:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	4,624	听	听	$	3,970	听
Performance Products	听	听	1,207	听	听	听	1,062	听
Advanced Materials	听	听	1,324	听	听	听	1,002	听
Textile Effects	听	听	487	听	听	听	481	听
Total reportable segments鈥� total assets	听	听	7,642	听	听	听	6,515	听
Corporate and other	听	听	1,989	听	听	听	2,241	听
Total	听	$	9,631	听	听	$	8,756	听

听

听	听	*December 31,*						听
听	听	*2021*		听	听	*2020*		听
Goodwill:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	344	听	听	$	312	听
Performance Products	听	听	16	听	听	听	18	听
Advanced Materials	听	听	290	听	听	听	203	听
Total	听	$	650	听	听	$	533	听

(1)

We use segment adjusted EBITDA as the measure of each segment鈥檚 profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief听operating decision maker听uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of 乐天堂fun88(中国区)官方网站 Corporation or 乐天堂fun88(中国区)官方网站 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 and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment and related loss on disposal; (c) loss on early extinguishment of debt; (d) certain legal and other settlements and related听expenses; (e) income associated with the Albemarle Settlement, net; (f) gain (loss) on sale of businesses/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation costs; (k) restructuring, impairment, plant closing and transition (costs) credits; and (l) income from discontinued operations, net of tax.

(2)	Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets.

(3)	Includes costs associated with transition activities听relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities as well as our 2020 CVC Thermoset Specialties Acquisition.

听

Year ended December 31,

听

2021

听

2020

听

2019

听

Revenues by geographic area⁽¹⁾:

听

United States

听

2,700

听

1,863

听

2,025

听

China

听

1,565

听

1,115

听

1,076

听

Germany

听

553

听

388

听

541

听

Italy

听

315

听

210

听

231

听

India

听

282

听

211

听

319

听

Other nations

听

3,038

听

2,231

听

2,605

听

Total

听

8,453

听

6,018

听

6,797

听

听	听	*December 31,*						听
听	听	*2021*		听	听	*2020*		听
Long-lived assets⁽²⁾:	听	听	听	听	听	听	听	听
United States	听	$	1,212	听	听	$	1,078	听
The Netherlands	听	听	337	听	听	听	368	听
China	听	听	256	听	听	听	251	听
Germany	听	听	129	听	听	听	144	听
Saudi Arabia	听	听	133	听	听	听	143	听
Singapore	听	听	80	听	听	听	90	听
Switzerland	听	听	77	听	听	听	73	听
Other nations	听	听	352	听	听	听	358	听
Total	听	$	2,576	听	听	$	2,505	听

(1)	Geographic information for revenues is based upon countries into which product is sold.

(2)	Long-lived assets consist of property, plant and equipment, net.

听

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details