乐天堂fun88(中国区)官方网站 Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Note 21 - Operating Segment Information

Note 21 - Operating Segment Information

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

听

Segment Reporting Disclosure [Text Block]

21. 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�	Performance amines, ethyleneamines and听maleic anhydride
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 nanomaterials

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, significant segment expenses and adjusted EBITDA for each of our reportable operating segments (dollars in millions).听

听

乐天堂fun88(中国区)官方网站 Corporation

听

Three months ended March 31, 2025

听

Polyurethanes

听

Performance Products

听

Advanced Materials

听

Total

听

Revenues:

听

Reportable segments鈥� revenues⁽¹⁾

听

912

听

257

听

249

听

1,418

听

Significant segment expenses:

听

Variable direct costs⁽²⁾

听

682

听

137

听

116

听

935

听

Adjusted fixed costs⁽³⁾

听

186

听

101

听

371

听

Other segment items⁽⁴⁾

听

)

听

Total reportable segments鈥� adjusted EBITDA⁽⁵⁾

听

108

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

(19

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

Corporate and other costs, net⁽⁶⁾

听

(36

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration gain and purchase accounting inventory adjustments, net

听

Certain legal and other settlements and related income

听

Amortization of pension and postretirement actuarial losses

听

)

Restructuring, impairment and plant closing and transition costs⁽⁷⁾

听

)

Income from continuing operations before income taxes

听

Income tax expense鈥攃ontinuing operations

听

(15

)

Loss from discontinued operations, net of tax

听

)

Net income

听

Three months ended March 31, 2024

听

Polyurethanes

听

Performance Products

听

Advanced Materials

听

Total

听

Revenues:

听

Reportable segments鈥� revenues⁽¹⁾

听

926

听

291

听

261

听

1,478

听

Significant segment expenses:

听

Variable direct costs⁽²⁾

听

705

听

160

听

122

听

987

听

Adjusted fixed costs⁽³⁾

听

198

听

379

听

Other segment items⁽⁴⁾

听

(16

)

听

)

听

(12

)

Total reportable segments鈥� adjusted EBITDA⁽⁵⁾

听

124

听

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

听

Interest expense, net鈥攃ontinuing operations

听

(19

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

Corporate and other costs, net⁽⁶⁾

听

(43

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

听

(20

)

Certain legal and other settlements and related expenses

听

)

Amortization of pension and postretirement actuarial losses

听

)

Restructuring, impairment and plant closing and transition costs⁽⁷⁾

听

(14

)

Loss from continuing operations before income taxes

听

(36

)

听

Income tax benefit鈥攃ontinuing operations

听

Loss from discontinued operations, net of tax

听

)

Net loss

听

(23

)

听

乐天堂fun88(中国区)官方网站 International

听

Three months ended March 31, 2025

听

Polyurethanes

听

Performance Products

听

Advanced Materials

听

Total

听

Revenues:

听

Reportable segments鈥� revenues⁽¹⁾

听

912

听

257

听

249

听

1,418

听

Significant segment expenses:

听

Variable direct costs⁽²⁾

听

682

听

137

听

116

听

935

听

Adjusted fixed costs⁽³⁾

听

186

听

101

听

371

听

Other segment items⁽⁴⁾

听

)

听

Total reportable segments鈥� adjusted EBITDA⁽⁵⁾

听

108

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

(19

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

Corporate and other costs, net⁽⁶⁾

听

(34

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration gain and purchase accounting inventory adjustments, net

听

Certain legal and other settlements and related income

听

Amortization of pension and postretirement actuarial losses

听

)

Restructuring, impairment and plant closing and transition costs⁽⁷⁾

听

)

Income from continuing operations before income taxes

听

Income tax expense鈥攃ontinuing operations

听

(17

)

Loss from discontinued operations, net of tax

听

)

Net income

听

Three months ended March 31, 2024

听

Polyurethanes

听

Performance Products

听

Advanced Materials

听

Total

听

Revenues:

听

Reportable segments鈥� revenues⁽¹⁾

听

926

听

291

听

261

听

1,478

听

Significant segment expenses:

听

Variable direct costs⁽²⁾

听

705

听

160

听

122

听

987

听

Adjusted fixed costs⁽³⁾

听

198

听

379

听

Other segment items⁽⁴⁾

听

(16

)

听

)

听

(12

)

Total reportable segments鈥� adjusted EBITDA⁽⁵⁾

听

124

听

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

听

Interest expense, net鈥攃ontinuing operations

听

(19

)

Depreciation and amortization鈥攃ontinuing operations

听

(69

)

Corporate and other costs, net⁽⁶⁾

听

(41

)

Net income attributable to noncontrolling interests

听

Other adjustments:

听

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

听

(20

)

Certain legal and other settlements and related expenses

听

)

Amortization of pension and postretirement actuarial losses

听

)

Restructuring, impairment and plant closing and transition costs⁽⁷⁾

听

(14

)

Loss from continuing operations before income taxes

听

(34

)

听

Income tax benefit鈥攃ontinuing operations

听

Loss from discontinued operations, net of tax

听

)

Net loss

听

(21

)

听

听	听	*March 31,*		听	听	*December 31,*		听
听	听	*2025*		听	听	*2024*		听
Total assets:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	4,224	听	听	$	4,151	听
Performance Products	听	听	1,278	听	听	听	1,214	听
Advanced Materials	听	听	1,118	听	听	听	1,097	听
Total reportable segments鈥� total assets	听	听	6,620	听	听	听	6,462	听
Corporate and other	听	听	612	听	听	听	652	听
Total	听	$	7,232	听	听	$	7,114	听

听

听	听	*Three months ended*
听	听	*March 31,*
听	听	*2025*		听	听	*2024*		听
Depreciation and amortization:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	39	听	听	$	37	听
Performance Products	听	听	15	听	听	听	17	听
Advanced Materials	听	听	13	听	听	听	13	听
Total reportable segments鈥� depreciation and amortization	听	听	67	听	听	听	67	听
Corporate and other	听	听	2	听	听	听	2	听
Total	听	$	69	听	听	$	69	听

听

听	听	*Three months ended*
听	听	*March 31,*
听	听	*2025*		听	听	*2024*		听
Capital expenditures:	听	听	听	听	听	听	听	听
Polyurethanes	听	$	17	听	听	$	15	听
Performance Products	听	听	14	听	听	听	22	听
Advanced Materials	听	听	4	听	听	听	4	听
Total reportable segments鈥� capital expenditures	听	听	35	听	听	听	41	听
Corporate and other	听	听	1	听	听	听	1	听
Total	听	$	36	听	听	$	42	听

听

(1)	A reconciliation of total reportable segments鈥櫶齬evenues to total consolidated revenues is provided in 鈥淣ote 12. Revenue Recognition.鈥�
(2)	Variable direct costs primarily include raw materials, utilities and freight-related costs.
(3)	Adjusted fixed costs primarily include personnel and maintenance costs at our manufacturing facilities, selling, general and administrative expenses and research and development expenses, less depreciation and amortization and certain of the adjustments noted in footnote (5) below.
(4)	Other segment items include other operating and non-operating income and expense items and foreign currency exchange effects, less certain of the adjustments noted in footnote (5) below.
(5)	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 our听chief operating decision maker, who has been determined to be our Chief Executive Officer, 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 gain (expenses) and purchase accounting inventory adjustments, net; (b) certain legal and other settlements and related income听(expenses); (c) amortization of pension and postretirement actuarial losses; (d) restructuring, impairment, plant closing and transition costs; and (e) loss from discontinued operations, net of tax

(6)	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.

(7)	Includes costs associated with transition activities听relating primarily to our program to realign our cost structure in Europe and our Corporate program to optimize our global approach to managed services in various information technology functions.

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.

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+ Details