Quarterly report [Sections 13 or 15(d)]

Note 20 - Operating Segment Information (Tables)

v3.26.1
Note 20 - Operating Segment Information (Tables)
3 Months Ended
Mar. 31, 2026
Notes Tables  
Segment Reporting [Table Text Block]
   

Three months ended March 31, 2026

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 923     $ 228     $ 279     $ 1,430  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    698       126       131       955  

Adjusted fixed costs(3)

    185       77       108       370  

Other segment items(4)

    1       (1 )     (5 )     (5 )

Total reportable segments’ adjusted EBITDA(5)

  $ 39     $ 26     $ 45       110  
                                 

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

                               

Interest expense, net

                            (21 )

Depreciation and amortization

                            (73 )

Corporate and other costs, net(6)

                            (37 )

Net income attributable to noncontrolling interests

                            12  

Other adjustments:

                               

Certain legal and other settlements and related expenses, net

                            (4 )

Loss on early extinguishment of debt

                            (1 )

Amortization of pension and postretirement actuarial losses

                            (7 )

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

                            (8 )

Loss from continuing operations before income taxes

                            (29 )
                                 

Income tax expense—continuing operations

                            (11 )

Loss from discontinued operations, net of tax

                            (1 )

Net loss

                          $ (41 )
   

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

                            (19 )

Depreciation and amortization

                            (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 adjustments, net

                            5  

Certain legal and other settlements and related income, net(8)

                            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, 2026

 
   

Polyurethanes

   

Performance Products

   

Advanced Materials

   

Total

 

Revenues:

                               

Reportable segments’ revenues(1)

  $ 923     $ 228     $ 279     $ 1,430  
                                 

Significant segment expenses:

                               

Variable direct costs(2)

    698       126       131       955  

Adjusted fixed costs(3)

    185       77       108       370  

Other segment items(4)

    1       (1 )     (5 )     (5 )

Total reportable segments’ adjusted EBITDA(5)

  $ 39     $ 26     $ 45       110  
                                 

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

                               

Interest expense, net

                            (21 )

Depreciation and amortization

                            (73 )

Corporate and other costs, net(6)

                            (35 )

Net income attributable to noncontrolling interests

                            12  

Other adjustments:

                               

Certain legal and other settlements and related expenses, net

                            (4 )

Loss on early extinguishment of debt

                            (1 )

Amortization of pension and postretirement actuarial losses

                            (7 )

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

                            (8 )

Loss from continuing operations before income taxes

                            (27 )
                                 

Income tax expense—continuing operations

                            (11 )

Loss from discontinued operations, net of tax

                            (1 )

Net loss

                          $ (39 )
   

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

                            (19 )

Depreciation and amortization

                            (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 adjustments, net

                            5  

Certain legal and other settlements and related income, net(8)

                            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  
   

March 31,

   

December 31,

 
   

2026

   

2025

 

Total assets:

               

Polyurethanes

  $ 4,138     $ 4,045  

Performance Products

    1,180       1,185  

Advanced Materials

    1,118       1,095  

Total reportable segments’ total assets

    6,436       6,325  

Corporate and other

    695       690  

Total

  $ 7,131     $ 7,015  
    Three months ended
    March 31,
   

2026

   

2025

 

Depreciation and amortization:

               

Polyurethanes

  $ 43     $ 39  

Performance Products

    16       15  

Advanced Materials

    12       13  

Total reportable segments’ depreciation and amortization

    71       67  

Corporate and other

    2       2  

Total

  $ 73     $ 69  
    Three months ended
    March 31,
   

2026

   

2025

 

Capital expenditures:

               

Polyurethanes

  $ 21     $ 17  

Performance Products

    8       14  

Advanced Materials

    8       4  

Total reportable segments’ capital expenditures

    37       35  

Corporate and other

    1       1  

Total

  $ 38     $ 36