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

Quarterly report pursuant to Section 13 or 15(d)

Note 19 - Operating Segment Information

Note 19 - Operating Segment Information

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

听

Segment Reporting Disclosure [Text Block]

19. OPERATING SEGMENT INFORMATION听

鈥�

We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of diversified organic chemical products. We have three operating segments, which are also our reportable segments: Polyurethanes, Performance Products and听Advanced Materials. 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:

鈥�

Segment	听听听听	Products
Polyurethanes	鈥�	MDI, polyols, TPU and other polyurethane-related products
Performance听Products	鈥�	Specialty amines, ethyleneamines, maleic anhydride and technology licenses
Advanced Materials	鈥�	Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanotubes additives

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).听

听

Three months

听

Nine months

听

ended

听

ended

听

September 30,

听

September 30,

听

2023

听

2022

听

2023

听

2022

听

Revenues:

听

Polyurethanes

听

967

听

1,257

听

2,970

听

3,996

听

Performance Products

听

277

听

434

听

918

听

1,406

听

Advanced Materials

听

268

听

328

听

841

听

999

听

Total reportable segments鈥� revenues

听

1,512

听

2,019

听

4,729

听

6,401

听

Intersegment eliminations

听

)

听

)

听

(21

)

听

(28

)

Total

听

1,506

听

2,011

听

4,708

听

6,373

听

乐天堂fun88(中国区)官方网站 Corporation:

听

Segment adjusted EBITDA(1):

听

Polyurethanes

听

138

听

235

听

591

听

Performance Products

听

110

听

173

听

408

听

Advanced Materials

听

148

听

192

听

Total reportable segments鈥� adjusted EBITDA

听

177

听

306

听

556

听

1,191

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

(15

)

听

(16

)

听

(48

)

听

(46

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

听

(72

)

听

(208

)

听

(207

)

Corporate and other costs, net(2)

听

(41

)

听

(35

)

听

(128

)

听

(123

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments

听

鈥�

听

)

听

)

听

(11

)

Fair value adjustments to Venator investment, net

听

鈥�

听

)

听

)

听

)

Certain legal and other settlements and related expenses

听

)

听

)

听

)

听

(15

)

Costs associated with the Albemarle Settlement, net

听

鈥�

听

)

听

鈥�

听

)

Gain (loss) on sale of business/assets

听

鈥�

听

(16

)

听

(27

)

Income from transition services arrangements

听

鈥�

听

鈥�

听

鈥�

听

Certain nonrecurring information technology project implementation costs

听

)

听

)

听

)

听

)

Amortization of pension and postretirement actuarial losses

听

(10

)

听

(10

)

听

(25

)

听

(32

)

Plant incident remediation (costs) credits

听

鈥�

听

)

听

鈥�

听

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

听

(11

)

听

(14

)

听

(13

)

听

(44

)

Income from continuing operations before income taxes

听

146

听

158

听

722

听

Income tax expense鈥攃ontinuing operations

听

(27

)

听

(30

)

听

(66

)

听

(155

)

(Loss) income from discontinued operations, net of tax

听

鈥�

听

)

听

120

听

Net income

听

115

听

212

听

597

听

听鈥�

听

Three months

听

Nine months

听

ended

听

ended

听

September 30,

听

September 30,

听

2023

听

2022

听

2023

听

2022

听

乐天堂fun88(中国区)官方网站 International:

听

Segment adjusted EBITDA(1):

听

Polyurethanes

听

138

听

235

听

591

听

Performance Products

听

110

听

173

听

408

听

Advanced Materials

听

148

听

192

听

Total reportable segments鈥� adjusted EBITDA

听

177

听

306

听

556

听

1,191

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

(15

)

听

(16

)

听

(48

)

听

(46

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

听

(72

)

听

(208

)

听

(207

)

Corporate and other costs, net(2)

听

(40

)

听

(36

)

听

(125

)

听

(119

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments

听

鈥�

听

)

听

)

听

(11

)

Fair value adjustments to Venator investment, net

听

鈥�

听

)

听

)

听

)

Certain legal and other settlements and related expenses

听

)

听

)

听

)

听

(15

)

Costs associated with the Albemarle Settlement, net

听

鈥�

听

)

听

鈥�

听

)

Gain (loss) on sale of business/assets

听

鈥�

听

(16

)

听

(27

)

Income from transition services arrangements

听

鈥�

听

鈥�

听

鈥�

听

Certain nonrecurring information technology project implementation costs

听

)

听

)

听

)

听

)

Amortization of pension and postretirement actuarial losses

听

(10

)

听

(10

)

听

(25

)

听

(32

)

Plant incident remediation (costs) credits

听

鈥�

听

)

听

鈥�

听

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

听

(11

)

听

(14

)

听

(13

)

听

(44

)

Income from continuing operations before income taxes

听

145

听

161

听

726

听

Income tax expense鈥攃ontinuing operations

听

(27

)

听

(30

)

听

(66

)

听

(156

)

(Loss) income from discontinued operations, net of tax

听

鈥�

听

)

听

120

听

Net income

听

114

听

215

听

600

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 operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net听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听certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments;听(b) fair value adjustments to Venator investment, net; (c) certain legal and other settlements and related expenses; (d) costs associated with the Albemarle Settlement, net; (e) gain (loss) on sale of business/assets; (f) income from transition services arrangements; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation (costs) credits (j) restructuring, impairment, plant closing and transition costs; and (k) (loss) income from discontinued operations, net of tax.

鈥�

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

听

(3)	Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities and managed services in various information technology functions.

听听听鈥�

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details