TiO2 segment information

3 Months Ended

Mar. 31, 2025

TiO2 segment information

TiO2 segment information

Note 2 - TiO₂ segment information:

Our chief operating decision maker (“CODM”) evaluates the TiO₂ segment’s operating performance based on net income and segment profit (a non-GAAP measure), which we define as net income before income tax expense and certain general corporate items. These general corporate items include corporate expense and the components of other income (expense) except for trade interest income.  Differences between segment profit and the amounts included in consolidated net income are shown in the table below. Trade interest income included in the calculation of segment profit is not significant for the three months ended March 31, 2024 or 2025. Depreciation amounts included in the calculation of segment profit are $10.9 million and $13.9 million for the three months ended March 31, 2024 and 2025, respectively.

	Three months ended
	March 31,
	2024		2025
	(In millions)
Net sales	$	478.8	$	489.8
Segment profit	$	23.4	$	41.6
Corporate expenses		(3.5)		(3.0)
Corporate interest and dividend income		.9		.2
Marketable equity securities		.3		(1.0)
Other components of net periodic pension and OPEB cost		(.3)		(.5)
Interest expense		(9.2)		(11.6)
Income tax expense		(3.5)		(7.6)
Net income	$	8.1	$	18.1

See the Condensed Consolidated Financial Statements for additional financial information regarding the Company’s operating segment.