Quarterly report [Sections 13 or 15(d)]

Note 21 - Operating Segment Information (Tables)

v3.25.1
Note 21 - Operating Segment Information (Tables)
3 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   

Three months ended March 31, 2025

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 912     $ 257     $ 249     $ 1,418  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    682       137       116       935  

Adjusted fixed costs(3)

    186       84       101       371  

Other segment items(4)

    2       6       (4 )     4  

Total reportable segments’ adjusted EBITDA(5)

  $ 42     $ 30     $ 36       108  
                                 

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

                               

Interest expense, net—continuing operations

                            (19 )

Depreciation and amortization—continuing operations

                            (69 )

Corporate and other costs, net(6)

                            (36 )

Net income attributable to noncontrolling interests

                            16  

Other adjustments:

                               

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

                            5  

Certain legal and other settlements and related income

                            33  

Amortization of pension and postretirement actuarial losses

                            (7 )

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

                            (4 )

Income from continuing operations before income taxes

                            27  
                                 

Income tax expense—continuing operations

                            (15 )

Loss from discontinued operations, net of tax

                            (1 )

Net income

                          $ 11  
   

Three months ended March 31, 2024

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 926     $ 291     $ 261     $ 1,478  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    705       160       122       987  

Adjusted fixed costs(3)

    198       83       98       379  

Other segment items(4)

    (16 )     6       (2 )     (12 )

Total reportable segments’ adjusted EBITDA(5)

  $ 39     $ 42     $ 43       124  
                                 

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

                               

Interest expense, net—continuing operations

                            (19 )

Depreciation and amortization—continuing operations

                            (69 )

Corporate and other costs, net(6)

                            (43 )

Net income attributable to noncontrolling interests

                            14  

Other adjustments:

                               

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

                            (20 )

Certain legal and other settlements and related expenses

                            (1 )

Amortization of pension and postretirement actuarial losses

                            (8 )

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

                            (14 )

Loss from continuing operations before income taxes

                            (36 )
                                 

Income tax benefit—continuing operations

                            20  

Loss from discontinued operations, net of tax

                            (7 )

Net loss

                          $ (23 )
   

Three months ended March 31, 2025

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 912     $ 257     $ 249     $ 1,418  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    682       137       116       935  

Adjusted fixed costs(3)

    186       84       101       371  

Other segment items(4)

    2       6       (4 )     4  

Total reportable segments’ adjusted EBITDA(5)

  $ 42     $ 30     $ 36       108  
                                 

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

                               

Interest expense, net—continuing operations

                            (19 )

Depreciation and amortization—continuing operations

                            (69 )

Corporate and other costs, net(6)

                            (34 )

Net income attributable to noncontrolling interests

                            16  

Other adjustments:

                               

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

                            5  

Certain legal and other settlements and related income

                            33  

Amortization of pension and postretirement actuarial losses

                            (7 )

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

                            (4 )

Income from continuing operations before income taxes

                            29  
                                 

Income tax expense—continuing operations

                            (17 )

Loss from discontinued operations, net of tax

                            (1 )

Net income

                          $ 11  
   

Three months ended March 31, 2024

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 926     $ 291     $ 261     $ 1,478  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    705       160       122       987  

Adjusted fixed costs(3)

    198       83       98       379  

Other segment items(4)

    (16 )     6       (2 )     (12 )

Total reportable segments’ adjusted EBITDA(5)

  $ 39     $ 42     $ 43       124  
                                 

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

                               

Interest expense, net—continuing operations

                            (19 )

Depreciation and amortization—continuing operations

                            (69 )

Corporate and other costs, net(6)

                            (41 )

Net income attributable to noncontrolling interests

                            14  

Other adjustments:

                               

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

                            (20 )

Certain legal and other settlements and related expenses

                            (1 )

Amortization of pension and postretirement actuarial losses

                            (8 )

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

                            (14 )

Loss from continuing operations before income taxes

                            (34 )
                                 

Income tax benefit—continuing operations

                            20  

Loss from discontinued operations, net of tax

                            (7 )

Net loss

                          $ (21 )
   

March 31,

   

December 31,

 
   

2025

   

2024

 

Total assets:

               

Polyurethanes

  $ 4,224     $ 4,151  

Performance Products

    1,278       1,214  

Advanced Materials

    1,118       1,097  

Total reportable segments’ total assets

    6,620       6,462  

Corporate and other

    612       652  

Total

  $ 7,232     $ 7,114  
    Three months ended
    March 31,
   

2025

   

2024

 

Depreciation and amortization:

               

Polyurethanes

  $ 39     $ 37  

Performance Products

    15       17  

Advanced Materials

    13       13  

Total reportable segments’ depreciation and amortization

    67       67  

Corporate and other

    2       2  

Total

  $ 69     $ 69  
    Three months ended
    March 31,
   

2025

   

2024

 

Capital expenditures:

               

Polyurethanes

  $ 17     $ 15  

Performance Products

    14       22  

Advanced Materials

    4       4  

Total reportable segments’ capital expenditures

    35       41  

Corporate and other

    1       1  

Total

  $ 36     $ 42