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Financial Information by Segment (Tables) | 9 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Financial Information by Reportable Segment | Financial information by reportable segment is as follows:
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |  |  | Unallocated and Other(1) |  |  | Consolidated Total |
|  | (In millions) |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 649 |  |  | $ | 332 |  |  | $ | 981 |  |  | $ | 35 |  |  | $ | 1,016 |
Income (loss) before income taxes(3) |  | $ | 136 |  |  | $ | 55 |  |  | $ | 191 |  |  | $ | (33 | ) |  | $ | 158 |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 624 |  |  | $ | 307 |  |  | $ | 931 |  |  | $ | 37 |  |  | $ | 968 |
Income (loss) before income taxes(3) |  | $ | 132 |  |  | $ | 32 |  |  | $ | 164 |  |  | $ | (34 | ) |  | $ | 130 |
Nine Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 1,966 |  |  | $ | 928 |  |  | $ | 2,894 |  |  | $ | 99 |  |  | $ | 2,993 |
Income (loss) before income taxes(3) |  | $ | 414 |  |  | $ | 120 |  |  | $ | 534 |  |  | $ | (140 | ) |  | $ | 394 |
Nine Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 1,939 |  |  | $ | 919 |  |  | $ | 2,858 |  |  | $ | 108 |  |  | $ | 2,966 |
Income (loss) before income taxes(3) |  | $ | 348 |  |  | $ | 89 |  |  | $ | 437 |  |  | $ | (113 | ) |  | $ | 324 |
(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 external shipping and handling fees, royalties, the impact of unearned revenue, discounting charges for certain Notes receivable, and other by-product revenue. Details are provided in the table below:
|  | Three Months Ended June 30 |  |  | Nine Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In millions) |
Shipping and handling fees |  | $ | 31 |  |  | $ | 31 |  |  | $ | 93 |  |  | $ | 100 |
Other |  |  | 4 |  |  |  | 6 |  |  |  | 6 |  |  |  | 8 |
Total |  | $ | 35 |  |  | $ | 37 |  |  | $ | 99 |  |  | $ | 108 |
(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 June 30 |  |  | Nine Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In millions) |
Interest expense |  | $ | (19 | ) |  | $ | (24 | ) |  | $ | (62 | ) |  | $ | (69 | )
Certain items(a) |  |  |  |  |  |  |  |  |  |  |  |
Argentina controlled currency devaluation and other losses (Note B) |  |  | (2 | ) |  |  | — |  |  |  | (43 | ) |  |  | — |
Global restructuring activities (Note H) |  |  | (1 | ) |  |  | — |  |  |  | (13 | ) |  |  | — |
Acquisition and integration-related charges |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (2 | )
Legal and environmental matters and reserves |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (2 | )
Gain on sale of land |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Loss on sale of business |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3 | )
Other |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | (1 | )
Total certain items |  |  | (2 | ) |  |  | (1 | ) |  |  | (56 | ) |  |  | (7 | )
Unallocated corporate costs(b) |  |  | (16 | ) |  |  | (11 | ) |  |  | (51 | ) |  |  | (42 | )
General unallocated income (expense)(c) |  |  | 6 |  |  |  | 3 |  |  |  | 34 |  |  |  | 9 |
Less: Equity in earnings of affiliated companies, net of tax(d) |  |  | 2 |  |  |  | 1 |  |  |  | 5 |  |  |  | 4 |
Total |  | $ | (33 | ) |  | $ | (34 | ) |  | $ | (140 | ) |  | $ | (113 | )
(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 and unrealized holding gains (losses) for investments. This does not include items of income or expense that are separately treated as Certain items. (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 June 30, 2024 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 265 |  |  | $ | 103 |  |  | $ | 368 |
Asia Pacific |  |  | 245 |  |  |  | 132 |  |  |  | 377 |
Europe, Middle East and Africa |  |  | 139 |  |  |  | 97 |  |  |  | 236 |
Segment revenues from external customers |  |  | 649 |  |  |  | 332 |  |  |  | 981 |
Unallocated and other |  |  |  |  |  |  |  |  | 35 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 1,016 |
|  | Three Months Ended June 30, 2023 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 260 |  |  | $ | 94 |  |  | $ | 354 |
Asia Pacific |  |  | 234 |  |  |  | 119 |  |  |  | 353 |
Europe, Middle East and Africa |  |  | 130 |  |  |  | 94 |  |  |  | 224 |
Segment revenues from external customers |  |  | 624 |  |  |  | 307 |  |  |  | 931 |
Unallocated and other |  |  |  |  |  |  |  |  | 37 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 968 |
|  | Nine Months Ended June 30, 2024 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 793 |  |  | $ | 284 |  |  | $ | 1,077 |
Asia Pacific |  |  | 760 |  |  |  | 372 |  |  |  | 1,132 |
Europe, Middle East and Africa |  |  | 413 |  |  |  | 272 |  |  |  | 685 |
Segment revenues from external customers |  |  | 1,966 |  |  |  | 928 |  |  |  | 2,894 |
Unallocated and other |  |  |  |  |  |  |  |  | 99 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 2,993 |
|  | Nine Months Ended June 30, 2023 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 781 |  |  | $ | 283 |  |  | $ | 1,064 |
Asia Pacific |  |  | 752 |  |  |  | 368 |  |  |  | 1,120 |
Europe, Middle East and Africa |  |  | 406 |  |  |  | 268 |  |  |  | 674 |
Segment revenues from external customers |  |  | 1,939 |  |  |  | 919 |  |  |  | 2,858 |
Unallocated and other |  |  |  |  |  |  |  |  | 108 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 2,966 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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