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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information

The following table sets forth certain summary financial information for the Company’s reportable segments for the periods presented.

 

 

 

Titanium Technologies

 

 

Thermal & Specialized Solutions

 

 

Advanced Performance Materials

 

 

Other Segment

 

 

Segment Total

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

588

 

 

$

449

 

 

$

299

 

 

$

14

 

 

$

1,350

 

Adjusted EBITDA

 

 

70

 

 

 

151

 

 

 

30

 

 

 

2

 

 

 

 

Depreciation and amortization

 

 

31

 

 

 

13

 

 

 

21

 

 

 

1

 

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

632

 

 

$

486

 

 

$

388

 

 

$

30

 

 

$

1,536

 

Adjusted EBITDA

 

 

70

 

 

 

185

 

 

 

84

 

 

 

10

 

 

 

 

Depreciation and amortization

 

 

34

 

 

 

16

 

 

 

21

 

 

 

2

 

 

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

$

2,379

 

 

$

1,339

 

 

$

1,874

 

 

$

102

 

 

$

5,694

 

December 31, 2023

 

 

2,226

 

 

 

1,283

 

 

 

1,833

 

 

 

96

 

 

 

5,438

 
Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income Before Income Taxes

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income before income taxes for the three months ended March 31, 2024 and 2023.

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Titanium Technologies

 

$

70

 

 

$

70

 

Thermal & Specialized Solutions

 

 

151

 

 

 

185

 

Advanced Performance Materials

 

 

30

 

 

 

84

 

Other Segment

 

 

2

 

 

 

10

 

Segment Adjusted EBITDA

 

 

253

 

 

 

349

 

Corporate and Unallocated

 

 

 

 

 

 

Corporate expenses (1)

 

 

(55

)

 

 

(45

)

Unallocated Items:

 

 

 

 

 

 

Interest expense, net

 

 

(63

)

 

 

(42

)

Depreciation and amortization

 

 

(71

)

 

 

(79

)

Non-operating pension and other post-retirement employee benefit income

 

 

1

 

 

 

—

 

Exchange gains (losses), net

 

 

1

 

 

 

(7

)

Restructuring, asset-related, and other charges (Note 4)

 

 

(4

)

 

 

(16

)

Gain on sales of assets and businesses, net

 

 

3

 

 

 

—

 

Transaction costs (2)

 

 

(5

)

 

 

—

 

Qualified spend recovery (3)

 

 

7

 

 

 

14

 

Litigation-related charges

 

 

—

 

 

 

(1

)

Income before income taxes

 

$

67

 

 

$

173

 
(1)
Includes corporate costs and certain legal and environmental expenses, and stock-based compensations expenses excluding unallocated items as listed above.
(2)
In 2024, transaction costs includes $5 of third-party costs related to the Titanium Technologies Transformation Plan, which was not allocated in the measurement of Titanium Technologies segment profitability used by the CODM.
(3)
Qualified spend recovery represents costs and expenses that were previously excluded from the determination of segment Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 16 – Commitments and Contingent Liabilities".