Tronox Holdings plcTROX
Tronox Holdings plc Segments Disclosure
Segment Information
We operate our business under one operating segment, Tronox, which is also our reportable segment. The Tronox segment produces feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in certain specialty applications. Tronox derives revenue across the world and it manages the business activities on a consolidated basis. We account for a contract with our customer when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.
The accounting policies of Tronox are the same as those described in the significant accounting policies in Note 2.
The Company's chief operating decision maker (“CODM”), who is the CEO, reviews financial information presented at the consolidated level and decides how to allocate resources based on financial metrics, including net income. In addition to these financial metrics, the CODM also reviews monthly production figures along with future global sales demand forecasts to make decisions about ongoing production levels and how to allocate resources. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses such financial metrics, including net income, to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segment or into other parts of the organization, such as working capital needs, mandatory and discretionary capital expenditures, servicing our interest and debt repayment obligations, cash taxes, and making pension contributions.
Net income, other financial metrics, production costs and sales forecasts are used to monitor budget versus actual results. The CODM also uses these financial metrics as a percentage of sales in competitive analysis by benchmarking to Tronox’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The reported segment revenue, segment profit or loss and significant segment expenses are the same as the consolidated results disclosed on the consolidated statement of operations, except as noted below. As noted above, the CODM also determines how to allocate resources through his review of monthly production / manufacturing costs. Significant segment expenses, other than those disclosed on the Consolidated Statements of Operations, are as follows:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net Sales | $ | 2,898 | $ | 3,074 | $ | 2,850 | ||||||||||||||
| Idle facility and lower of cost or net realizable value charges (a) | 139 | 117 | 159 | |||||||||||||||||
| Other cost of goods (b) | 2,490 | 2,442 | 2,229 | |||||||||||||||||
| Gross Profit | $ | 269 | $ | 515 | $ | 462 | ||||||||||||||
| (a) Represents expenses during the period related to idle facility charges associated with production levels as well as charges related to reducing inventory to net realizable value when lower than production cost. | ||||||||||||||||||||
| (b) Represents all other productions related costs associated with cost of goods sold during the respective periods including salaries, ore costs, electricity, process chemicals, maintenance and other. | ||||||||||||||||||||
We disaggregate revenue from contracts with customers by product type and geographic area as well as sales based on country of production. We believe this level of disaggregation appropriately depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors and reflects how our business is managed.
During 2025, 2024 and 2023 our ten largest third-party customers represented 36%, 37%, and 39%, respectively, of our consolidated net sales. During 2025, 2024, and 2023, no single customer accounted for 10 % of our consolidated net sales.
Net sales to external customers based on country of production, were as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| U.S. operations | $ | 702 | $ | 763 | $ | 686 | |||||||||||
| International operations: | |||||||||||||||||
| United Kingdom | 357 | 307 | 267 | ||||||||||||||
| Australia | 696 | 704 | 659 | ||||||||||||||
| South Africa | 323 | 419 | 398 | ||||||||||||||
| Saudi Arabia | 384 | 349 | 318 | ||||||||||||||
| Other - international | 436 | 532 | 522 | ||||||||||||||
| Total net sales | $ | 2,898 | $ | 3,074 | $ | 2,850 | |||||||||||
See Note 4 for further information on revenues.
There is no difference between the total consolidated assets and our segment assets. Property, plant and equipment, net, mineral leaseholds, net, and lease right of use assets, net by geographic region, were as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| U.S. operations | $ | 273 | $ | 294 | |||||||
| International operations: | |||||||||||
| United Kingdom | 125 | 107 | |||||||||
| Saudi Arabia | 192 | 210 | |||||||||
| South Africa | 1,012 | 818 | |||||||||
| Australia | 987 | 1,004 | |||||||||
| Other - international | 199 | 250 | |||||||||
| Total | $ | 2,788 | $ | 2,683 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.