Note 2 - TiO₂ segment information:

Our chief operating decision maker (“CODM”) evaluates the TiO₂ segment’s operating performance based on net income (loss) and segment profit (a non-GAAP measure), which we define as net income (loss) 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 (loss) are shown in the table below. Trade interest income included in the calculation of segment profit is not significant for the three and six months ended June 30, 2024 or 2025. Depreciation amounts included in the calculation of segment profit are $15.1 million and $29.0 million for the three and six months ended June 30, 2025, respectively, as compared to $18.4 million and $29.3 million for the same periods in 2024, respectively.

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Included in segment profit for the three and six month periods ended June 30, 2024 is a charge of approximately $2 million related to workforce reductions and approximately $10 million in non-cash charges primarily related to accelerated depreciation in connection with the closure of our sulfate process line in Canada in the second quarter of 2024. See the Condensed Consolidated Financial Statements for additional financial information regarding our operating segment.