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Financial Information by Segment (Tables) | 6 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule of Performance Segment | The net sales from each of these businesses for the three and six months ended March 31, 2022 and 2021 were as follows:
|  | Three Months Ended March 31 |  |  | Six Months Ended March 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In millions) |
Performance Additives |  | $ | 266 |  |  | $ | 203 |  |  | $ | 493 |  |  | $ | 387 |
Formulated Solutions |  |  | 94 |  |  |  | 91 |  |  |  | 169 |  |  |  | 174 |
Total Performance Chemicals |  | $ | 360 |  |  | $ | 294 |  |  | $ | 662 |  |  | $ | 561 |
Financial Information by Reportable Segment | Financial information by reportable segment is as follows:
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Segment Total |  |  | Unallocated and Other(1) |  |  | Consolidated Total |
|  | (In millions) |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 627 |  |  | $ | 360 |  |  | $ | 36 |  |  | $ | 1,023 |  |  | $ | 69 |  |  | $ | 1,092 |
Income (loss) before income taxes(3) |  | $ | 101 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 171 |  |  | $ | (24 | ) |  | $ | 147 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 434 |  |  | $ | 294 |  |  | $ | 63 |  |  | $ | 791 |  |  | $ | 51 |  |  | $ | 842 |
Income (loss) before income taxes(3) |  | $ | 89 |  |  | $ | 58 |  |  | $ | 2 |  |  | $ | 149 |  |  | $ | (31 | ) |  | $ | 118 |
Six Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 1,168 |  |  | $ | 662 |  |  | $ | 97 |  |  | $ | 1,927 |  |  | $ | 133 |  |  | $ | 2,060 |
Income (loss) before income taxes(3) |  | $ | 186 |  |  | $ | 122 |  |  | $ | — |  |  | $ | 308 |  |  | $ | (254 | ) |  | $ | 54 |
Six Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 809 |  |  | $ | 561 |  |  | $ | 122 |  |  | $ | 1,492 |  |  | $ | 96 |  |  | $ | 1,588 |
Income (loss) before income taxes(3) |  | $ | 177 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 289 |  |  | $ | (72 | ) |  | $ | 217 |
(1) | Unallocated and Other includes certain items and eliminations necessary to reflect management’s reporting of operating segment results. These items are reflective of the segment reporting presented to the CODM.
(2) | Consolidated Total Revenues from external customers reconciles to Net sales and other operating revenues on the Consolidated Statements of Operations. Revenues from external customers that are categorized as Unallocated and Other reflects royalties, external shipping and handling fees, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate, discounting charges for certain Notes receivable, and by-product revenue. Details are provided in the table below:
|  | Three Months Ended March 31 |  |  | Six Months Ended March 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In millions) |
Shipping and handling fees |  | $ | 41 |  |  | $ | 38 |  |  | $ | 80 |  |  | $ | 71 |
By-product sales |  |  | 33 |  |  |  | 18 |  |  |  | 61 |  |  |  | 35 |
Other |  |  | (5 | ) |  |  | (5 | ) |  |  | (8 | ) |  |  | (10 | )
Total |  | $ | 69 |  |  | $ | 51 |  |  | $ | 133 |  |  | $ | 96 |
(3) | Consolidated Total Income (loss) before income taxes reconciles to Income (loss) before income taxes and equity in earnings of affiliated companies on the Consolidated Statements of Operations. Income (loss) before income taxes that are categorized as Unallocated and Other includes:
|  | Three Months Ended March 31 |  |  | Six Months Ended March 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In millions) |
Interest expense |  | $ | (11 | ) |  | $ | (13 | ) |  | $ | (23 | ) |  | $ | (25 | )
Certain items(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on bargain purchase of a business (Note C) |  |  | 24 |  |  |  | — |  |  |  | 24 |  |  |  | — |
Loss on sale of business and asset impairment charge (Note D) |  |  | (7 | ) |  |  | — |  |  |  | (204 | ) |  |  | — |
Legal and environmental matters and reserves |  |  | (7 | ) |  |  | — |  |  |  | (8 | ) |  |  | — |
Divestiture related charges |  |  | (1 | ) |  |  | — |  |  |  | (5 | ) |  |  | — |
Acquisition and integration-related charges |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | ) |  |  | (2 | )
Global restructuring activities |  |  | — |  |  |  | (1 | ) |  |  | (2 | ) |  |  | (4 | )
Employee benefit plan settlement and other charges |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | (5 | )
Other |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1 | )
Total certain items, pre-tax |  |  | 7 |  |  |  | (1 | ) |  |  | (197 | ) |  |  | (12 | )
Unallocated corporate costs(b) |  |  | (16 | ) |  |  | (16 | ) |  |  | (30 | ) |  |  | (29 | )
General unallocated income (expense)(c) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (5 | )
Less: Equity in earnings of affiliated companies, net of tax(d) |  |  | 3 |  |  |  | 1 |  |  |  | 4 |  |  |  | 1 |
Total |  | $ | (24 | ) |  | $ | (31 | ) |  | $ | (254 | ) |  | $ | (72 | )
| (a) | Certain items are items of expense and income that management does not consider representative of the Company’s fundamental on-going segment results and they are, therefore, excluded from Segment EBIT.
| (b) | Unallocated corporate costs are costs that are not controlled by the segments and primarily benefit corporate interests.
| (c) | General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue, the impact of including the full operating results of a contractual joint venture in Purification Solutions Segment EBIT and unrealized holding gains (losses) for equity securities.
| (d) | Equity in earnings of affiliated companies, net of tax, is included in Segment EBIT and is removed in Unallocated and other to reconcile to Income (loss) from operations before income taxes and equity in earnings from affiliated companies.
Revenues from External Customers by Geographic Region | The Company’s segments operate globally. In addition to presenting Revenue from external customers by reportable segment, the following tables further disaggregate Revenues from external customers by geographic region.
|  | Three Months Ended March 31, 2022 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 252 |  |  | $ | 110 |  |  | $ | 16 |  |  | $ | 378 |
Asia Pacific |  |  | 245 |  |  |  | 138 |  |  |  | 6 |  |  |  | 389 |
Europe, Middle East and Africa |  |  | 130 |  |  |  | 112 |  |  |  | 14 |  |  |  | 256 |
Segment revenues from external customers |  |  | 627 |  |  |  | 360 |  |  |  | 36 |  |  |  | 1,023 |
Unallocated and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69 |
Net sales and other operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,092 |
|  | Three Months Ended March 31, 2021 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 163 |  |  | $ | 78 |  |  | $ | 26 |  |  | $ | 267 |
Asia Pacific |  |  | 185 |  |  |  | 122 |  |  |  | 9 |  |  |  | 316 |
Europe, Middle East and Africa |  |  | 86 |  |  |  | 94 |  |  |  | 28 |  |  |  | 208 |
Segment revenues from external customers |  |  | 434 |  |  |  | 294 |  |  |  | 63 |  |  |  | 791 |
Unallocated and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51 |
Net sales and other operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 842 |
|  | Six Months Ended March 31, 2022 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 458 |  |  | $ | 200 |  |  | $ | 43 |  |  | $ | 701 |
Asia Pacific |  |  | 485 |  |  |  | 274 |  |  |  | 14 |  |  |  | 773 |
Europe, Middle East and Africa |  |  | 225 |  |  |  | 188 |  |  |  | 40 |  |  |  | 453 |
Segment revenues from external customers |  |  | 1,168 |  |  |  | 662 |  |  |  | 97 |  |  |  | 1,927 |
Unallocated and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 133 |
Net sales and other operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,060 |
|  | Six Months Ended March 31, 2021 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 312 |  |  | $ | 147 |  |  | $ | 51 |  |  | $ | 510 |
Asia Pacific |  |  | 340 |  |  |  | 240 |  |  |  | 18 |  |  |  | 598 |
Europe, Middle East and Africa |  |  | 157 |  |  |  | 174 |  |  |  | 53 |  |  |  | 384 |
Segment revenues from external customers |  |  | 809 |  |  |  | 561 |  |  |  | 122 |  |  |  | 1,492 |
Unallocated and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96 |
Net sales and other operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,588 |

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