OPERATING SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of revenues and EBITDA for each of the entity's reportable operating segments and reconciliation of adjusted EBITDA to net income


	Three months ended				Six months ended
	June 30,				June 30,
(Dollars in millions)	2017		2016		2017		2016
Revenues:
Titanium Dioxide	$	401	$	413	$	786	$	805
Performance Additives		161		163		313		311
Total	$	562	$	576	$	1,099	$	1,116
Segment Adjusted EBITDA(1)
Titanium Dioxide	$	93	$	9	$	141	$	6
Performance Additives		21		22		42		40
		114		31		183		46
Corporate and other		(20)		(14)		(40)		(30)
Total	$	94	$	17	$	143	$	16
Reconciliation of adjusted EBITDA to net income (loss):
Interest expense		(10)		(16)		(24)		(30)
Interest income		1		7		3		11
Income tax (expense) benefit - continuing operations		(16)		6		(12)		7
Depreciation and amortization		(29)		(30)		(59)		(54)
Net income attributable to noncontrolling interests		3		3		6		5
Other adjustments:
Business acquisition and integration expenses		—		(2)		—		(8)
Net income of discontinued operations, net of tax		—		1		8		6
Certain legal settlements and related expenses		—		—		—		(1)
Amortization of pension and postretirement actuarial losses		(4)		(3)		(8)		(5)
Net plant incident credits (costs)		2		7		(3)		6
Restructuring, impairment and plant closing costs		(7)		(13)		(33)		(24)
Net income (loss)	$	34	$	(23)	$	21	$	(71)

(1)

Adjusted EBITDA is defined as net income (loss) of Venator before interest, income tax from continuing operations, depreciation and amortization and net income attributable to noncontrolling interests, as well as eliminating the following adjustments from net income (loss): (a) business acquisition and integration expenses; (b) Net income of discontinued operations, net of income tax; (c) certain legal settlements and related expenses; (d) amortization of pension and postretirement actuarial losses; (e) net plant incident credits (costs); and (f) restructuring, impairment and plant closing costs.