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OPERATING SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2017
OPERATING SEGMENT INFORMATION  
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

 

Nine months ended

 

 

September 30, 

 

September 30, 

(Dollars in millions)

    

2017

    

2016

    

2017

    

2016

Revenues:

 

 

  

 

 

  

 

 

  

 

 

  

Titanium Dioxide

 

$

431

 

$

392

 

$

1,217

 

$

1,197

Performance Additives

 

 

151

 

 

140

 

 

464

 

 

451

Total

 

$

582

 

$

532

 

$

1,681

 

$

1,648

Segment adjusted EBITDA(1)

 

 

  

 

 

  

 

 

  

 

 

  

Titanium Dioxide

 

$

127

 

$

22

 

$

268

 

$

28

Performance Additives

 

 

15

 

 

16

 

 

57

 

 

56

 

 

 

142

 

 

38

 

 

325

 

 

84

Corporate and other

 

 

(8)

 

 

(17)

 

 

(48)

 

 

(46)

Total

 

$

134

 

$

21

 

$

277

 

$

38

Reconciliation of adjusted EBITDA to net income (loss):

 

 

  

 

 

  

 

 

  

 

 

  

Interest expense

 

 

(30)

 

 

(14)

 

 

(54)

 

 

(44)

Interest income

 

 

22

 

 

 2

 

 

25

 

 

13

Income tax (expense) benefit - continuing operations

 

 

(14)

 

 

 7

 

 

(26)

 

 

14

Depreciation and amortization

 

 

(35)

 

 

(30)

 

 

(95)

 

 

(84)

Net income attributable to noncontrolling interests

 

 

 2

 

 

 3

 

 

 8

 

 

 8

Other adjustments:

 

 

  

 

 

  

 

 

  

 

 

  

Business acquisition and integration expenses

 

 

(4)

 

 

(3)

 

 

(2)

 

 

(11)

Gain on disposition of businesses/assets

 

 

 —

 

 

23

 

 

 —

 

 

23

Net income of discontinued operations, net of tax

 

 

 —

 

 

 2

 

 

 8

 

 

 8

Certain legal settlements and related expenses

 

 

 —

 

 

 —

 

 

(1)

 

 

(1)

Amortization of pension and postretirement actuarial losses

 

 

(5)

 

 

(3)

 

 

(13)

 

 

(8)

Net plant incident (costs) credits

 

 

(1)

 

 

(3)

 

 

(4)

 

 

 2

Restructuring, impairment and plant closing costs

 

 

(16)

 

 

(7)

 

 

(49)

 

 

(31)

Net income (loss)

 

$

53

 

$

(2)

 

$

74

 

$

(73)

(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) gain on disposition of businesses/assets (c) net income of discontinued operations, net of income tax; (d) certain legal settlements and related expenses; (e) amortization of pension and postretirement actuarial losses; (f) net plant incident credits (costs); and (g) restructuring, impairment and plant closing costs.