MPS (Monolithic Power Systems) defines thermal resistance as a chain of $R_\theta$ values that must be summed from junction to ambient. Each resistor represents a physical interface or material.
Parallel paths: When heat can flow via multiple routes (heatsink + PCB copper pour), combine as parallel resistances: $\frac{1}{R_{eff}} = \frac{1}{R_1} + \frac{1}{R_2}$.
Derating: MPS recommends keeping $T_j \leq T_{j,max} - 20°C$ for full reliability. Design margin is $P_{derate} = \frac{T_{j,max} - T_a}{R_{\theta JA}}$.