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Financial Information by Segment & Geographic Area (Tables) | 12 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Financial Information by Reportable Segment | Financial information by reportable segment is as follows:
Years Ended September 30 |  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Purification Solutions(1) |  |  | Segment Total |  |  | Unallocated and Other(2) |  |  | Consolidated Total |
|  | (In millions) |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(3) |  | $ | 2,610 |  |  | $ | 1,250 |  |  | $ | — |  |  | $ | 3,860 |  |  | $ | 134 |  |  | $ | 3,994 |
Depreciation and amortization |  | $ | 66 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 144 |  |  | $ | 7 |  |  | $ | 151 |
Equity in earnings of affiliated companies |  | $ | 2 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Income (loss) from operations before income taxes(4) |  | $ | 537 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 701 |  |  | $ | (172 | ) |  | $ | 529 |
Assets(5) |  | $ | 1,751 |  |  | $ | 1,494 |  |  | $ | — |  |  | $ | 3,245 |  |  | $ | 491 |  |  | $ | 3,736 |
Total expenditures for additions to long-lived assets(6) |  | $ | 165 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 241 |  |  | $ | 8 |  |  | $ | 249 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(3) |  | $ | 2,563 |  |  | $ | 1,225 |  |  | $ | — |  |  | $ | 3,788 |  |  | $ | 143 |  |  | $ | 3,931 |
Depreciation and amortization |  | $ | 70 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 142 |  |  | $ | 2 |  |  | $ | 144 |
Equity in earnings of affiliated companies |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Income (loss) from operations before income taxes(4) |  | $ | 482 |  |  | $ | 125 |  |  | $ | — |  |  | $ | 607 |  |  | $ | (156 | ) |  | $ | 451 |
Assets(5) |  | $ | 1,632 |  |  | $ | 1,473 |  |  | $ | — |  |  | $ | 3,105 |  |  | $ | 499 |  |  | $ | 3,604 |
Total expenditures for additions to long-lived assets(6) |  | $ | 149 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 257 |  |  | $ | 8 |  |  | $ | 265 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(3) |  | $ | 2,673 |  |  | $ | 1,388 |  |  | $ | 97 |  |  | $ | 4,158 |  |  | $ | 163 |  |  | $ | 4,321 |
Depreciation and amortization |  | $ | 70 |  |  | $ | 72 |  |  | $ | 3 |  |  | $ | 145 |  |  | $ | 1 |  |  | $ | 146 |
Equity in earnings of affiliated companies |  | $ | 4 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Income (loss) from operations before income taxes(4) |  | $ | 408 |  |  | $ | 234 |  |  | $ | — |  |  | $ | 642 |  |  | $ | (307 | ) |  | $ | 335 |
Assets(5) |  | $ | 1,691 |  |  | $ | 1,458 |  |  | $ | — |  |  | $ | 3,149 |  |  | $ | 376 |  |  | $ | 3,525 |
Total expenditures for additions to long-lived assets(6) |  | $ | 114 |  |  | $ | 100 |  |  | $ | 3 |  |  | $ | 217 |  |  | $ | 4 |  |  | $ | 221 |
(1) Cabot divested its Purification Solutions business on March 1, 2022. Refer to Note D for the terms of this transaction. (2) 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. (3) 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 are summarized as follows:
|  | Years Ended September 30 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In millions) |
Shipping and handling fees |  | $ | 123 |  |  | $ | 132 |  |  | $ | 162 |
By-product sales |  |  | 8 |  |  |  | 5 |  |  |  | 8 |
Other |  |  | 3 |  |  |  | 6 |  |  |  | (7 | )
Total |  | $ | 134 |  |  | $ | 143 |  |  | $ | 163 |
(4) Consolidated Total Income (loss) from operations before income taxes reconciles to Income (loss) from operations before income taxes and equity in earnings of affiliated companies on the Consolidated Statements of Operations. Total Income (loss) from operations before income taxes that are categorized as Unallocated and Other includes:
|  | Years Ended September 30 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In millions) |
Interest expense |  | $ | (81 | ) |  | $ | (90 | ) |  | $ | (56 | )
Certain items:(a) |  |  |  |  |  |  |  |  |
Argentina controlled currency devaluation and other losses |  |  | (43 | ) |  |  | (7 | ) |  |  | — |
Global restructuring activities (Note O) |  |  | (13 | ) |  |  | (4 | ) |  |  | (3 | )
Legal and environmental matters and reserves (Note T) |  |  | (2 | ) |  |  | (10 | ) |  |  | (9 | )
Gain on sale of land |  |  | — |  |  |  | 1 |  |  |  | 17 |
Acquisition and integration-related charges |  |  | — |  |  |  | (4 | ) |  |  | (6 | )
Loss on sale of business and asset impairment charge (Note D) |  |  | — |  |  |  | (3 | ) |  |  | (207 | )
Gain on bargain purchase of a business (Note C) |  |  | — |  |  |  | — |  |  |  | 24 |
Specialty Fluids divestiture related benefit |  |  | — |  |  |  | — |  |  |  | 5 |
Employee benefit plan settlement and other charges |  |  | — |  |  |  | — |  |  |  | 1 |
Purification Solutions divestiture related charges |  |  | — |  |  |  | — |  |  |  | (5 | )
Other certain items |  |  | (1 | ) |  |  | (2 | ) |  |  | — |
Total certain items, pre-tax |  |  | (59 | ) |  |  | (29 | ) |  |  | (183 | )
Unallocated corporate costs(b) |  |  | (68 | ) |  |  | (54 | ) |  |  | (59 | )
General unallocated income (expense)(c) |  |  | 42 |  |  |  | 22 |  |  |  | 1 |
Less: Equity in earnings of affiliated companies, net of tax(d) |  |  | 6 |  |  |  | 5 |  |  |  | 10 |
Total |  | $ | (172 | ) |  | $ | (156 | ) |  | $ | (307 | )
(a) Certain items are items that management does not consider representative of operating segment results and they are, therefore, excluded from Segment EBIT. (b) Unallocated corporate costs 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, and unrealized holding gains (losses) for investments. (d) Equity in earnings of affiliated companies, net of tax is included in Segment EBIT and is removed from Unallocated and other to reconcile to Income (loss) from operations before taxes and equity in earnings from affiliated companies. (5) Unallocated and Other assets include cash, marketable securities, cost investments, income taxes receivable, deferred taxes, and headquarters’ assets. (6) Expenditures for additions to long-lived assets include property, plant and equipment.
Revenue from External Customers and Property, Plant and Equipment Information by Geographic Area | Revenues from external customers attributable to an individual country, other than the U.S. and China, were not material for disclosure. Revenues from external customers by individual country are summarized as follows:
|  | Years Ended September 30 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In millions) |
United States |  | $ | 733 |  |  | $ | 738 |  |  | $ | 842 |
China |  |  | 983 |  |  |  | 972 |  |  |  | 1,129 |
Other countries |  |  | 2,278 |  |  |  | 2,221 |  |  |  | 2,350 |
Total |  | $ | 3,994 |  |  | $ | 3,931 |  |  | $ | 4,321 |
Property, plant and equipment attributable to an individual country, other than the U.S. and China, were not material for disclosure. Property, plant and equipment information by individual country is summarized as follows:
|  | Years Ended September 30 |
|  | 2024 |  |  | 2023 |
|  | (In millions) |
United States |  | $ | 643 |  |  | $ | 588 |
China |  |  | 371 |  |  |  | 356 |
Other countries |  |  | 520 |  |  |  | 468 |
Total |  | $ | 1,534 |  |  | $ | 1,412 |
Revenues from External Customers by Geographic Region | Each of the Company’s segments operates globally. In addition to presenting Revenue from external customers by reportable segment, the following tables further disaggregate Revenue from external customers by geographic region.
|  | Year Ended September 30, 2024 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 1,056 |  |  | $ | 378 |  |  | $ | 1,434 |
Asia Pacific |  |  | 1,015 |  |  |  | 506 |  |  |  | 1,521 |
Europe, Middle East and Africa |  |  | 539 |  |  |  | 366 |  |  |  | 905 |
Segment revenues from external customers |  |  | 2,610 |  |  |  | 1,250 |  |  |  | 3,860 |
Unallocated and other |  |  |  |  |  |  |  |  | 134 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 3,994 |
|  | Year Ended September 30, 2023 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 1,046 |  |  | $ | 379 |  |  | $ | 1,425 |
Asia Pacific |  |  | 995 |  |  |  | 491 |  |  |  | 1,486 |
Europe, Middle East and Africa |  |  | 522 |  |  |  | 355 |  |  |  | 877 |
Segment revenues from external customers |  |  | 2,563 |  |  |  | 1,225 |  |  |  | 3,788 |
Unallocated and other |  |  |  |  |  |  |  |  | 143 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 3,931 |
|  | Year Ended September 30, 2022 |
|  | Reinforcement Materials(1) |  |  | Performance Chemicals |  |  | Purification Solutions |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 1,072 |  |  | $ | 419 |  |  | $ | 43 |  |  | $ | 1,534 |
Asia Pacific |  |  | 1,049 |  |  |  | 567 |  |  |  | 14 |  |  |  | 1,630 |
Europe, Middle East and Africa |  |  | 552 |  |  |  | 402 |  |  |  | 40 |  |  |  | 994 |
Segment revenues from external customers |  |  | 2,673 |  |  |  | 1,388 |  |  |  | 97 |  |  |  | 4,158 |
Unallocated and other |  |  |  |  |  |  |  |  |  |  |  | 163 |
Net sales and other operating revenues |  |  |  |  |  |  |  |  |  |  | $ | 4,321 |

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