Chemtura Reports Third Quarter 2012 Financial Results

https://event.webcasts.com/starthere.jsp?ei=1009359

Chemtura Corporation, with 2011 sales of $3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products. Additional information concerning us is available at www.chemtura.com.

Managed Basis Financial Measures

The information presented in this press release and in the attached financial tables includes financial measures that are not calculated or presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Our managed basis financial measures consist of adjusted results of operations that exclude certain expenses, gains and losses that may not be indicative of our core operations. Excluded items include costs associated with the bankruptcy reorganization; facility closures, severance and related costs; gains and losses on sale of business and assets; increased depreciation due to the change in useful life of assets; unusual and non-recurring settlements; accelerated recognition of asset retirement obligations and impairment charges. They also include the computation of Adjusted EBITDA. In addition to the managed basis financial measures discussed above, we have applied a managed basis effective income tax rate to our managed basis income before taxes. Our managed basis tax rate of 28% represents a refined estimated tax rate for our core operations to simplify comparison of underlying operating performance. Reconciliations of these managed basis financial measures to their most directly comparable GAAP financial measures are provided in the attached financial tables. We believe that such managed basis financial measures provide useful information to investors and may assist them in evaluating our underlying performance and identifying operating trends. In addition, management uses these managed basis financial measures internally to allocate resources and evaluate the performance of our operations. While we believe that such measures are useful in evaluating our performance, investors should not consider them to be a substitute for financial measures prepared in accordance with GAAP. In addition, these managed basis financial measures may differ from similarly titled managed basis financial measures used by other companies and do not provide a comparable view of our performance relative to other companies in similar industries.

Forward-Looking Statements

This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.

Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:

• The cyclical nature of the global chemicals industry;
• Increases in the price of raw materials or energy and our ability to recover cost increases through increased selling prices for our products;
• Disruptions in the availability of raw materials or energy;
• Our ability to implement our growth strategies in rapidly growing markets;
• Our ability to execute timely upon our portfolio management strategies and mid and long range business plans;
• Our ability to obtain the requisite regulatory and other approvals to implement the plan to build a new multi-purpose manufacturing facility in Nantong, China;
• Declines in general economic conditions;
• The European debt crisis;
• The ability to comply with product registration requirements of regulatory authorities, including the U.S. food and drug administration (the “FDA”) and European Union REACh legislation;
• The effect of adverse weather conditions;
• The ability to grow profitability in our Chemtura AgroSolutions segment;
• Demand for Chemtura AgroSolutions segment products being affected by governmental policies;
• Current and future litigation, governmental investigations, prosecutions and administrative claims;
• Environmental, health and safety regulation matters;
• Federal regulations aimed at increasing security at certain chemical production plants;
• Significant international operations and interests;
• Our ability to maintain adequate internal controls over financial reporting;
• Exchange rate and other currency risks;
• Our dependence upon a trained, dedicated sales force;
• Operating risks at our production facilities;
• Our ability to protect our patents or other intellectual property rights;
• Whether our patents may provide full protection against competing manufacturers;
• Our ability to remain technologically innovative and to offer improved products and services in a cost-effective manner;
• The risks to our joint venture investments resulting from lack of sole decision making authority;
• Our unfunded and underfunded defined benefit pension plans and post-retirement welfare benefit plans;
• Risks associated with possible climate change legislation, regulation and international accords;
• The ability to support the carrying value of the goodwill and long-lived assets related to our businesses;
• Whether we repurchase any additional shares of our common stock that our Board of Directors has authorized us to purchase and the terms on which any such repurchases are made; and
• Other risks and uncertainties described in our filings with the Securities and Exchange Commission, including Item 1A, Risk Factors, in our Annual Report on Form 10-K.

These statements are based on our estimates and assumptions and on currently available information. Our forward-looking statements include information concerning possible or assumed future results of operations, and our actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued. We undertake no duty to update any forward-looking statements to conform the statements to actual results or changes in our operations.

CHEMTURA CORPORATION
Index of Financial Statements and Schedules
		Page
Financial Statements
Consolidated Statements of Operations (Unaudited) -
Quarters and Nine Months ended September 30, 2012 and 2011		10
Consolidated Statements of Comprehensive Income (Unaudited) -
Quarters and Nine Months ended September 30, 2012 and 2011		11
Consolidated Balance Sheets - September 30, 2012 (Unaudited) and
December 31, 2011		12
Condensed Consolidated Statements of Cash Flows (Unaudited) -
Nine Months ended September 30, 2012 and 2011		13
Segment Net Sales and Operating Income (Unaudited) -
Quarters and Nine Months ended September 30, 2012 and 2011		14
Supplemental Schedules
Major Factors Affecting Net Sales and Operating Results (Unaudited) -
Quarter and Nine Months ended September 30, 2012 versus 2011		15
GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) -
Quarters ended September 30, 2012 and 2011		16
GAAP and Managed Basis Consolidated Statements of Operations (Unaudited) -
Nine Months ended September 30, 2012 and 2011		17
GAAP and Managed Basis Segment Net Sales and Operating Income (Unaudited) -
Quarters ended September 30, 2012 and 2011		18
GAAP and Managed Basis Segment Net Sales and Operating Income (Unaudited) -
Nine Months ended September 30, 2012 and 2011		19

CHEMTURA CORPORATION
Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
			Quarters Ended September 30,								Nine Months Ended September 30,
			2012				2011				2012				2011
Net sales		$	743			$	773			$	2,296			$	2,348
Cost of goods sold			551				599				1,720				1,789
Gross profit			192				174				576				559
Gross profit %			26	%			23	%			25	%			24	%
Selling, general and administrative			77				84				233				255
Depreciation and amortization			36				35				104				106
Research and development			12				11				37				33
Facility closures, severance and related costs			1				-				24				-
Impairment charges			35				-				36				3
Changes in estimates related to expected allowable claims			(1	)			-				1				1
Equity income			(1	)			(1	)			(2	)			(3	)
Operating income			33				45				143				164
Interest expense			(17	)			(16	)			(47	)			(48	)
Other expense, net			(6	)			(1	)			(3	)			(1	)
Reorganization items, net			(1	)			(6	)			(4	)			(19	)
Earnings before income taxes			9				22				89				96
Income tax expense			(2	)			(13	)			(9	)			(10	)
Net earnings			7				9				80				86
Less: Net loss (earnings) attributable to non-controlling interests			2				-				1				(1	)
Net earnings attributable to Chemtura		$	9			$	9			$	81			$	85
Basic and diluted per share information - attributable to Chemtura:
Net earnings attributable to Chemtura		$	0.09			$	0.09			$	0.82			$	0.85
Weighted average shares outstanding - Basic			97.9				100.3				98.4				100.2
Weighted average shares outstanding - Diluted			98.2				100.5				98.8				100.4

CHEMTURA CORPORATION
Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
			Quarters Ended September 30,							Nine Months Ended September 30,
			2012			2011				2012			2011
Net earnings		$	7		$	9			$	80		$	86
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			37			(64	)			15			(20	)
Unrecognized pension and other post-retirement benefit costs			7			3				6			6
Comprehensive income (loss)			51			(52	)			101			72
Comprehensive loss (income) attributable to the non-controlling interest			2			-				1			(1	)
Comprehensive income (loss) attributable to Chemtura		$	53		$	(52	)		$	102		$	71

CHEMTURA CORPORATION
Consolidated Balance Sheets
(In millions)
			September 30,				December 31,
			2012				2011
			(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	187			$	180
Restricted cash			-				5
Accounts receivable			490				458
Inventories			566				542
Other current assets			173				136
Total current assets			1,416				1,321
NON-CURRENT ASSETS
Property, plant and equipment, net			742				752
Goodwill			177				174
Intangible assets, net			369				392
Other assets			216				216
Total Assets		$	2,920			$	2,855
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings		$	5			$	5
Accounts payable			210				173
Accrued expenses			195				194
Income taxes payable			10				18
Total current liabilities			420				390
NON-CURRENT LIABILITIES
Long-term debt			749				748
Pension and post-retirement health care liabilities			413				460
Other liabilities			200				211
Total liabilities			1,782				1,809
STOCKHOLDERS' EQUITY
Common stock			1				1
Additional paid-in capital			4,356				4,353
Accumulated deficit			(2,868	)			(2,949	)
Accumulated other comprehensive loss			(325	)			(346	)
Treasury stock			(33	)			(22	)
Total Chemtura stockholders' equity			1,131				1,037
Non-controlling interest			7				9
Total stockholders' equity			1,138				1,046
Total Liabilities and Stockholders' Equity		$	2,920			$	2,855

CHEMTURA CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
			Nine Months Ended September 30,
Increase (decrease) to cash			2012				2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings		$	80			$	86
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Impairment charges			36				3
Depreciation and amortization			104				106
Stock-based compensation expense			14				22
Reorganization items, net			1				2
Changes in estimates related to expected allowable claims			1				1
Equity income			(2	)			(3	)
Changes in assets and liabilities, net			(123	)			(126	)
Net cash provided by operating activities			111				91
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from divestments			9				-
Payments for acquisitions			-				(33	)
Capital expenditures			(94	)			(92	)
Net cash used in investing activities			(85	)			(125	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from ABL Facility, net			-				20
Proceeds A/R Financing Facility, net			2				-
(Payments on) proceeds from other short term borrowings, net			(3	)			5
Common shares acquired			(20	)			-
Payments for debt issuance costs			(1	)			-
Proceeds from exercise of stock options			2				1
Net cash (used in) provided by financing activities			(20	)			26
CASH
Effect of exchange rates on cash and cash equivalents			1				(2	)
Change in cash and cash equivalents			7				(10	)
Cash and cash equivalents at beginning of period			180				201
Cash and cash equivalents at end of period		$	187			$	191

CHEMTURA CORPORATION
Segment Net Sales and Operating Income (Unaudited)
(In millions)
			Quarters Ended September 30,								Nine Months Ended September 30,
			2012				2011				2012				2011
NET SALES
Industrial Performance Products		$	314			$	342			$	966			$	1,048
Industrial Engineered Products			213				222				675				675
Consumer Products			102				104				344				335
Chemtura AgroSolutions			114				105				311				290
Total net sales		$	743			$	773			$	2,296			$	2,348
OPERATING INCOME
Industrial Performance Products		$	31			$	31			$	88			$	100
Industrial Engineered Products			30				25				112				100
Consumer Products			10				6				25				25
Chemtura AgroSolutions			21				11				54				25
Segment operating income			92				73				279				250
General corporate expense, including
amortization			(24	)			(28	)			(75	)			(82	)
Facility closures, severance and related costs			(1	)			-				(24	)			-
Impairment charges			(35	)			-				(36	)			(3	)
Changes in estimates related to expected allowable claims			1				-				(1	)			(1	)
Total operating income		$	33			$	45			$	143			$	164

CHEMTURA CORPORATION
Major Factors Affecting Net Sales and Operating Results (Unaudited)
Quarter and Nine Months Ended September 30, 2012 versus 2011
(In millions)
The following table summarizes the major factors contributing to the changes in operating results versus the prior year:
			Quarter ended September 30,								Nine Months Ended September 30,
			Net				Earnings before				Net				Earnings before
			Sales				income taxes				Sales				income taxes
2011		$	773			$	22			$	2,348			$	96
2011 Accelerated recognition of asset retirement obligations			-				-				-				(1	)
2011 Loss on disposal of assets			-				1				-				1
2011 Accelerated depreciation of property, plant and equipment			-				-				-				1
2011 Impairment Charges			-				-				-				3
2011 Changes in estimates related to expected allowable claims			-				-								1
2011 Reorganization items, net			-				6				-				19
			773				29				2,348				120
Changes in selling prices			9				9				75				75
Unit volume and mix			(26	)			(4	)			(89	)			(24	)
Foreign currency impact - operating income			(13	)			-				(38	)			(8	)
Lower (higher) raw materials and energy costs			-				9				-				(5	)
Manufacturing cost impacts			-				(1	)			-				(22	)
Changes in SGA&R, excluding foreign exchange impact			-				3				-				16
Lower depreciation and amortization expense			-				-				-				3
(Higher) lower interest expense			-				(1	)			-				1
Foreign currency impact - other expense, net			-				(6	)			-				(5	)
Other			-				8				-				7
			743				46				2,296				158
2012 Accelerated recognition of asset retirement obligations			-				-				-				(2	)
2012 Accelerated depreciation of property, plant and equipment			-				(1	)			-				(2	)
2012 Facility closures, severance and related costs			-				(1	)			-				(24	)
2012 Impairment Charges			-				(35	)			-				(36	)
2012 Changes in estimates related to expected allowable claims			-				1				-				(1	)
2012 Reorganization items, net			-				(1	)			-				(4	)
2012		$	743			$	9			$	2,296			$	89

CHEMTURA CORPORATION
GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
			Quarter ended September 30, 2012												Quarter ended September 30, 2011
							Managed Basis												Managed Basis
			GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	743			$	-			$	743			$	773			$	-			$	773
Cost of goods sold			551				-				551				599				-				599
Gross profit			192				-				192				174				-				174
Gross profit %			26	%							26	%			23	%							23	%
Selling, general and administrative			77				-				77				84				(1	)			83
Depreciation and amortization			36				(1	)			35				35				-				35
Research and development			12				-				12				11				-				11
Facility closures, severance and related costs			1				(1	)			-				-				-				-
Impairment charges			35				(35	)			-				-				-				-
Changes in estimates related to expected allowable claims			(1	)			1				-				-				-				-
Equity income			(1	)			-				(1	)			(1	)			-				(1	)
Operating income			33				36				69				45				1				46
Interest expense			(17	)			-				(17	)			(16	)			-				(16	)
Other expense, net			(6	)			-				(6	)			(1	)			-				(1	)
Reorganization items, net			(1	)			1				-				(6	)			6				-
Earnings before income taxes			9				37				46				22				7				29
Income tax expense			(2	)			(10	)			(12	)			(13	)			5				(8	)
Net earnings			7				27				34				9				12				21
Less: Net loss attributable to non-controlling interests			2				(2	)			-				-				-				-
Net earnings attributable to Chemtura		$	9			$	25			$	34			$	9			$	12			$	21
Basic and diluted per share information - attributable to Chemtura:
Net earnings		$	0.09							$	0.35			$	0.09							$	0.21
Weighted average shares outstanding - Basic			97.9								97.9				100.3								100.3
Weighted average shares outstanding - Diluted			98.2								98.2				100.5								100.5
Managed Basis Adjustments consist of the following:
Loss on disposal of assets						$	-											$	1
Accelerated depreciation of property, plant and equipment							1												-
Facility closures, severance and related costs							1												-
Impairment charges							35												-
Changes in estimates related to expected allowable claims							(1	)											-
Reorganization items, net							1												6
Pre-tax							37												7
Adjustment to apply a Managed Basis effective tax rate							(10	)											5
Non-controlling interests - Impairment charges							(2	)											-
After-tax						$	25											$	12
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	33											$	45
Loss on disposal of assets											-												1
Accelerated depreciation of property, plant and equipment											1												-
Facility closures, severance and related costs											1												-
Impairment charges											35												-
Changes in estimates related to expected allowable claims											(1	)											-
Operating income - Managed Basis											69												46
Depreciation and amortization - Managed Basis											35												35
Non-cash stock-based compensation expense											4												6
Adjusted EBITDA										$	108											$	87

CHEMTURA CORPORATION
GAAP and Managed Basis Consolidated Statements of Operations (Unaudited)
(In millions, except per share data)
			Nine Months Ended September 30, 2012												Nine Months Ended September 30, 2011
							Managed Basis												Managed Basis
			GAAP				Adjustments				Managed Basis				GAAP				Adjustments				Managed Basis
Net sales		$	2,296			$	-			$	2,296			$	2,348			$	-			$	2,348
Cost of goods sold			1,720				(2	)			1,718				1,789				1				1,790
Gross profit			576				2				578				559				(1	)			558
Gross profit %			25	%							25	%			24	%							24	%
Selling, general and administrative			233				-				233				255				(1	)			254
Depreciation and amortization			104				(2	)			102				106				(1	)			105
Research and development			37				-				37				33				-				33
Facility closures, severance and related costs			24				(24	)			-				-				-				-
Impairment charges			36				(36	)			-				3				(3	)			-
Changes in estimates related to expected allowable claims			1				(1	)			-				1				(1	)			-
Equity income			(2	)			-				(2	)			(3	)			-				(3	)
Operating income			143				65				208				164				5				169
Interest expense			(47	)			-				(47	)			(48	)			-				(48	)
Other expense, net			(3	)			-				(3	)			(1	)			-				(1	)
Reorganization items, net			(4	)			4				-				(19	)			19				-
Earnings before income taxes			89				69				158				96				24				120
Income tax expense			(9	)			(35	)			(44	)			(10	)			(23	)			(33	)
Net earnings			80				34				114				86				1				87
Less: Net loss (earnings) attributable to non-controlling interests			1				(2	)			(1	)			(1	)			-				(1	)
Net earnings attributable to Chemtura		$	81			$	32			$	113			$	85			$	1			$	86
Basic and diluted per share information - attributable to Chemtura:
Net earnings		$	0.82							$	1.14			$	0.85							$	0.86
Weighted average shares outstanding - Basic			98.4								98.4				100.2								100.2
Weighted average shares outstanding - Diluted			98.8								98.8				100.4								100.4
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	2											$	(1	)
Loss on disposal of assets							-												1
Accelerated depreciation of property, plant and equipment							2												1
Facility closures, severance and related costs							24												-
Impairment charges							36												3
Changes in estimates related to expected allowable claims							1												1
Reorganization items, net							4												19
Pre-tax							69												24
Adjustment to apply a Managed Basis effective tax rate							(35	)											(23	)
Non-controlling interests - Impairment charges							(2	)											-
After-tax						$	32											$	1
Adjusted EBITDA consists of the following:
Operating income - GAAP										$	143											$	164
Accelerated recognition of asset retirement obligations											2												(1	)
Loss on disposal of assets											-												1
Accelerated depreciation of property, plant and equipment											2												1
Facility closures, severance and related costs											24												-
Impairment charges											36												3
Changes in estimates related to expected allowable claims											1												1
Operating income - Managed Basis											208												169
Depreciation and amortization - Managed Basis											102												105
Non-cash stock-based compensation expense											14												22
Adjusted EBITDA										$	324											$	296

CHEMTURA CORPORATION
GAAP and Managed Basis Segment Sales and Operating Income (Unaudited)
(In millions of dollars)
			Quarter ended September 30, 2012												Quarter ended September 30, 2011
			GAAP				Managed Basis								GAAP				Managed Basis
			Historical				Adjustments				Managed Basis				Historical				Adjustments			Managed Basis
NET SALES
Industrial Performance Products		$	314			$	-			$	314			$	342			$	-		$	342
Industrial Engineered Products			213				-				213				222				-			222
Consumer Products			102				-				102				104				-			104
Chemtura AgroSolutions			114				-				114				105				-			105
Total net sales		$	743			$	-			$	743			$	773			$	-		$	773
OPERATING INCOME
Industrial Performance Products		$	31			$	1			$	32			$	31			$	-		$	31
Industrial Engineered Products			30				-				30				25				-			25
Consumer Products			10				-				10				6				-			6
Chemtura AgroSolutions			21				-				21				11				-			11
Segment operating income			92				1				93				73				-			73
General corporate expense, including
amortization			(24	)			-				(24	)			(28	)			1			(27	)
Facility closures, severance and related costs			(1	)			1				-				-				-			-
Impairment charges			(35	)			35				-				-				-			-
Changes in estimates related to expected allowable claims			1				(1	)			-				-				-			-
Total operating income		$	33			$	36			$	69			$	45			$	1		$	46
Managed Basis Adjustments consist of the following:
Loss on disposal of assets						$	-											$	1
Accelerated depreciation of property, plant and equipment							1												-
Facility closures, severance and related costs							1												-
Impairment charges							35												-
Changes in estimates related to expected allowable claims							(1	)											-
						$	36											$	1
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	10			$	(1	)		$	9			$	10			$	-		$	10
Industrial Engineered Products			12				-				12				10				-			10
Consumer Products			2				-				2				2				-			2
Chemtura AgroSolutions			3				-				3				2				-			2
General corporate expense			9				-				9				11				-			11
Total depreciation and amortization		$	36			$	(1	)		$	35			$	35			$	-		$	35
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	1										$	1
Industrial Engineered Products											-											1
Consumer Products											1											-
General corporate expense											2											4
Total non-cash stock-based compensation expense										$	4										$	6
Adjusted EBITDA by Segment:
Industrial Performance Products										$	42										$	42
Industrial Engineered Products											42											36
Consumer Products											13											8
Chemtura AgroSolutions											24											13
General corporate expense											(13	)										(12	)
Adjusted EBITDA										$	108										$	87

CHEMTURA CORPORATION
GAAP and Managed Basis Segment Sales and Operating Income (Unaudited)
(In millions of dollars)
			Nine Months Ended September 30, 2012												Nine Months Ended September 30, 2011
			GAAP				Managed Basis								GAAP				Managed Basis
			Historical				Adjustments				Managed Basis				Historical				Adjustments				Managed Basis
NET SALES
Industrial Performance Products		$	966			$	-			$	966			$	1,048			$	-			$	1,048
Industrial Engineered Products			675				-				675				675				-				675
Consumer Products			344				-				344				335				-				335
Chemtura AgroSolutions			311				-				311				290				-				290
Total net sales		$	2,296			$	-			$	2,296			$	2,348			$	-			$	2,348
OPERATING INCOME
Industrial Performance Products		$	88			$	4			$	92			$	100			$	-			$	100
Industrial Engineered Products			112				-				112				100				-				100
Consumer Products			25				-				25				25				-				25
Chemtura AgroSolutions			54				-				54				25				-				25
Segment operating income			279				4				283				250				-				250
General corporate expense, including
amortization			(75	)			-				(75	)			(82	)			1				(81	)
Facility closures, severance and related costs			(24	)			24				-				-				-				-
Impairment charges			(36	)			36				-				(3	)			3				-
Changes in estimates related to expected allowable claims			(1	)			1				-				(1	)			1				-
Total operating income		$	143			$	65			$	208			$	164			$	5			$	169
Managed Basis Adjustments consist of the following:
Accelerated recognition of asset retirement obligations						$	2											$	(1	)
Loss on disposal of assets							-												1
Accelerated depreciation of property, plant and equipment							2												1
Facility closures, severance and related costs							24												-
Impairment charges							36												3
Changes in estimates related to expected allowable claims							1												1
						$	65											$	5
DEPRECIATION AND AMORTIZATION
Industrial Performance Products		$	29			$	(2	)		$	27			$	28			$	-			$	28
Industrial Engineered Products			32				-				32				32				(1	)			31
Consumer Products			7				-				7				7				-				7
Chemtura AgroSolutions			10				-				10				7				-				7
General corporate expense			26				-				26				32				-				32
Total depreciation and amortization		$	104			$	(2	)		$	102			$	106			$	(1	)		$	105
NON-CASH STOCK-BASED COMPENSATION EXPENSE
Industrial Performance Products										$	2											$	3
Industrial Engineered Products											1												2
Consumer Products											1												1
Chemtura AgroSolutions											1												1
General corporate expense											9												15
Total non-cash stock-based compensation expense										$	14											$	22
Adjusted EBITDA by Segment:
Industrial Performance Products										$	121											$	131
Industrial Engineered Products											145												133
Consumer Products											33												33
Chemtura AgroSolutions											65												33
General corporate expense											(40	)											(34	)
Adjusted EBITDA										$	324											$	296

« First ‹ Previous 1 2 3 4 5 Next › Last »