EX-99.02 3 ex99_0220230331afpcisegmen.htm EX-99.02 2023.03.31 AFP & CI SEGMENT RECAST

Exhibit 99.02

Unaudited Financial Information Recast for Changes in the

Additives & Functional Products Segment and the Chemical Intermediates Segment

			2022
(Dollars in millions)			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Full Year
Additives & Functional Products
Sales			$	889					$	924					$	906					$	756					$	3,475
Earnings (loss) before interest and taxes ("EBIT")			167						160						143						76						546
Depreciation and amortization																											142
Chemical Intermediates
Sales			$	715					$	772					$	665					$	564					$	2,716
EBIT			112						142						68						24						346
Asset impairments and restructuring charges, net			1			1			1			1			1			1			—						3			1
EBIT excluding non-core item			113						143						69						24						349
Depreciation and amortization																											104

1Site closure costs of $1 million included in each first quarter 2022, second quarter 2022, and third quarter 2022 resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site.

			2021
(Dollars in millions)			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Full Year
Additives & Functional Products
Sales			$	672					$	722					$	775					$	780					$	2,949
EBIT			124						115						130						112						481
Asset impairments and restructuring charges, net			—			1			2			1			1			1			1			1			4			1
EBIT excluding non-core items			124						117						131						113						485
Depreciation and amortization																											141
Chemical Intermediates
Sales			$	542					$	669					$	685					$	712					$	2,608
EBIT			52						131						130						99						412
Asset impairments and restructuring charges, net			4			2			7			2			2			2			3			2			16			2
EBIT excluding non-core items			56						138						132						102						428
Depreciation and amortization																											102

1Site closure costs of $1 million included in each first quarter 2021, second quarter 2021, and third quarter 2021, contract termination fees of $1 million in second quarter 2021, and asset impairments of $1 million in fourth quarter 2021 resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site. First quarter 2021 charges were offset by a $1 million gain on the sale of impaired assets from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization.

2Site closure costs of $4 million, $2 million, and $1 million included in first quarter 2021, third quarter 2021, and fourth quarter 2021, respectively, contract termination fees of $7 million in second quarter 2021, and asset impairments of $2 million in fourth quarter 2021 resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site.

---

Exhibit 99.02

			2020
(Dollars in millions)			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Full Year
Additives & Functional Products
Sales			$	636					$	567					$	551					$	588					$	2,342
EBIT			135						104						95						106						440
Asset impairments and restructuring charges, net			2			1			—						1			2			—						3			1,2
EBIT excluding non-core items			137						104						96						106						443
Depreciation and amortization																											132
Chemical Intermediates
Sales			$	516					$	392					$	464					$	471					$	1,843
EBIT			59						(2)						25						26						108
Asset impairments and restructuring charges, net			1			3			2			3			1			3			1			3			5			3
EBIT excluding non-core item			60						—						26						27						113
Depreciation and amortization																											101

1First quarter 2020 included an intangible asset impairment of $2 million for customer relationships.

2Severance costs of $1 million included in third quarter 2020 resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site.

3Severance costs of $1 million, $2 million, $1 million, and $1 million in first quarter 2020, second quarter 2020, third quarter 2020, and fourth quarter 2020, respectively, resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing site.

			2019
(Dollars in millions)			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Full Year
Additives & Functional Products
Sales			$	650					$	618					$	619					$	568					$	2,455
EBIT			119						122						118						42						401
Asset impairments and restructuring charges, net			4			1			—						—						50			2			54			1,2
EBIT excluding non-core items			123						122						118						92						455
Depreciation and amortization																											176
Chemical Intermediates
Sales			$	592					$	572					$	533					$	534					$	2,231
EBIT			66						50						25						(4)						137
Asset impairments and restructuring charges, net			—						—						—						22			3			22			3
EBIT excluding non-core item			66						50						25						18						159
Depreciation and amortization																											102

1First quarter 2019 included restructuring charges of $4 million related to a capital project that was discontinued in 2016.

2Fourth quarter 2019 included a goodwill impairment charge of $45 million related to the crop protection product line and an asset impairment of $5 million resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing operations.

3Fourth quarter 2019 included asset impairment charges of $22 million resulting from the previously reported plan to discontinue production of certain products at the Singapore manufacturing operations.