N. Financial Information by Segment The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (CODM), who is Cabots President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company has determined that all of its businesses are operating segments. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Operating segments are aggregated into a reportable segment if the operating segments are determined to have similar economic characteristics and if the operating segments are similar in the following areas: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. The Company has three reportable segments: Reinforcement Materials, Performance Chemicals and Purification Solutions. The Companys former Specialty Fluids business was a separate reporting segment prior to divestiture in the third quarter of fiscal 2019. The Reinforcement Materials segment consists of the rubber blacks and elastomer composites product lines. The Performance Chemicals segment combines the specialty carbons, fumed metal oxides and aerogel product lines into the Performance Additives business, and combines the specialty compounds and inkjet colorants product lines into the Formulated Solutions business. These businesses are similar in terms of economic characteristics, nature of products, processes, customer class and product distribution methods, and, therefore, have been aggregated into one reportable segment. The net sales from each of these businesses for the three and nine months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30 Nine Months Ended June 30 2020 2019 2020 2019 (In millions) Performance Additives $ 151 $ 172 $ 489 $ 518 Formulated Solutions 69 79 218 218 Total Performance Chemicals $ 220 $ 251 $ 707 $ 736 The Purification Solutions segment consists of the Companys activated carbon business. Income (loss) before income taxes (Segment EBIT) is presented for each reportable segment in the table below. Segment EBIT excludes Interest expense, general unallocated income (expense), unallocated corporate costs, and certain items, meaning items management does not consider representative of on-going operating segment results. In addition, Segment EBIT includes Equity in earnings of affiliated companies, net of tax, the full operating results of a contractual joint venture in Purification Solutions, royalties, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable. Financial information by reportable segment is as follows: Reinforcement Materials Performance Chemicals Purification Solutions Specialty Fluids (1) Segment Total Unallocated and Other (2) Consolidated Total (In millions) Three Months Ended June 30, 2020 Revenues from external customers (3) $ 197 $ 220 $ 63 $  $ 480 $ 38 $ 518 Income (loss) before income taxes (4) $ (5 ) $ 21 $ 2 $  $ 18 $ (29 ) $ (11 ) Three Months Ended June 30, 2019 Revenues from external customers (3) $ 461 $ 251 $ 73 $ 13 $ 798 $ 47 $ 845 Income (loss) before income taxes (4) $ 72 $ 37 $ 1 $ 2 $ 112 $ (43 ) $ 69 Nine Months Ended June 30, 2020 Revenues from external customers (3) $ 931 $ 707 $ 186 $  $ 1,824 $ 131 $ 1,955 Income (loss) before income taxes (4) $ 103 $ 93 $ 3 $  $ 199 $ (148 ) $ 51 Nine Months Ended June 30, 2019 Revenues from external customers (3) $ 1,363 $ 736 $ 210 $ 56 $ 2,365 $ 145 $ 2,510 Income (loss) before income taxes (4) $ 195 $ 111 $ (1 ) $ 24 $ 329 $ (141 ) $ 188 (1) Cabot divested its Specialty Fluids business during the third quarter of fiscal 2019. The agreement to divest this business did not meet the criteria for reporting this business as a discontinued operation, and therefore, the prior periods financial statements and disclosures have not been recast. For more detail on the sale of the Specialty Fluids business, please refer to the 2019 10-K and Note C above. (2) Unallocated and Other includes certain items and eliminations necessary to reflect managements reporting of operating segment results. These items are reflective of the segment reporting presented to the CODM. ( 3 ) Consolidated Total Revenues from external customers reconciles to Net sales and other operating revenues on the Consolidated Statements of Operations. Revenues from external customers that are categorized as Unallocated and Other reflects royalties, external shipping and handling fees, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate, discounting charges for certain Notes receivable, and by-product revenue. Details are provided in the table below: Three Months Ended June 30 Nine Months Ended June 30 2020 2019 2020 2019 (In millions) Royalties, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate and discounting charges for certain notes receivable $ 4 $ (3 ) $ 2 $ (9 ) Shipping and handling fees 22 32 83 96 By-product sales 12 18 46 58 Total $ 38 $ 47 $ 131 $ 145 ( 4 ) Consolidated Total Income (loss) before income taxes reconciles to Income (loss) before income taxes and equity in earnings of affiliated companies on the Consolidated Statements of Operations. Income (loss) before income taxes that are categorized as Unallocated and Other includes: Three Months Ended June 30 Nine Months Ended June 30 2020 2019 2020 2019 (In millions) Interest expense $ (13 ) $ (14 ) $ (41 ) $ (43 ) Certain items (a) Legal and environmental matters and reserves (1 )  (51 ) (1 ) Global restructuring activities (Note K) (3 ) (4 ) (16 ) (15 ) Employee benefit plan settlements (2 )  (5 ) 3 Acquisition and integration-related charges (1 ) (1 ) (3 ) (5 ) Indirect tax settlement credits   3  Specialty Fluids loss on sale and asset impairment charge (Note C)  (8 ) (1 ) (28 ) Equity affiliate investment impairment charge    (11 ) Other  (1 ) (1 ) (4 ) Total certain items, pre-tax (7 ) (14 ) (74 ) (61 ) Unallocated corporate costs (b) (10 ) (14 ) (32 ) (39 ) General unallocated income (expense) (c) 2  1 3 Less: Equity in earnings of affiliated companies, net of tax (d) 1 1 2 1 Total $ (29 ) $ (43 ) $ (148 ) $ (141 ) (a) Certain items are items of expense and income that management does not consider representative of the Companys fundamental on-going segment results and they are, therefore, excluded from Segment EBIT. (b) Unallocated corporate costs are costs that are not controlled by the segments and primarily benefit corporate interests. (c) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue, the impact of including the full operating results of a contractual joint venture in Purification Solutions Segment EBIT and unrealized holding gains (losses) for equity securities. (d) Equity in earnings of affiliated companies, net of tax, is included in Segment EBIT and is removed in Unallocated and other to reconcile to Income (loss) from operations before income taxes and equity in earnings from affiliated co mpanies. The Companys segments operate globally. In addition to presenting Revenue from external customers by reportable segment, the following tables further disaggregate Revenues from external customers by geographic region. Three Months Ended June 30, 2020 Reinforcement Materials Performance Chemicals Purification Solutions Consolidated Total (In millions) Americas $ 59 $ 54 $ 28 $ 141 Asia Pacific 106 98 8 212 Europe, Middle East and Africa 32 68 27 127 Segment revenues from external customers 197 220 63 480 Unallocated and other 38 Net sales and other operating revenues $ 518 Three Months Ended June 30, 2019 Reinforcement Materials Performance Chemicals Purification Solutions Specialty Fluids Consolidated Total (In millions) Americas $ 179 $ 69 $ 33 $ 2 $ 283 Asia Pacific 191 93 10  294 Europe, Middle East and Africa 91 89 30 11 221 Segment revenues from external customers 461 251 73 13 798 Unallocated and other 47 Net sales and other operating revenues $ 845 Nine Months Ended June 30, 2020 Reinforcement Materials Performance Chemicals Purification Solutions Consolidated Total (In millions) Americas $ 354 $ 206 $ 83 $ 643 Asia Pacific 398 271 26 695 Europe, Middle East and Africa 179 230 77 486 Segment revenues from external customers 931 707 186 1,824 Unallocated and other 131 Net sales and other operating revenues $ 1,955 Nine Months Ended June 30, 2019 Reinforcement Materials Performance Chemicals Purification Solutions Specialty Fluids Consolidated Total (In millions) Americas $ 515 $ 222 $ 93 $ 6 $ 836 Asia Pacific 573 253 26 1 853 Europe, Middle East and Africa 275 261 91 49 676 Segment revenues from external customers 1,363 736 210 56 2,365 Unallocated and other 145 Net sales and other operating revenues $ 2,510