Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

The following table sets forth certain summary financial information for the Company’s reportable segments for the periods presented.


	Thermal & Specialized Solutions			Titanium Technologies			Advanced Performance Materials
Three Months Ended March 31, 2025
Segment information from Interim Consolidated Statements of Operations:
Net sales to external customers (1)	$	466		$	597		$	294
Segment cost of goods sold		312			544			250
Segment selling, general and administrative expense		25			28			33
Segment research and development expense		7			7			12
Add back: Depreciation and amortization (2)		16			31			35
Equity in earnings of affiliates		2			—			6
Other segment items (3)		(5	)		(1	)		(4	)
Segment Adjusted EBITDA	$	141		$	50		$	32

March 31, 2025
Segment information from Interim Consolidated Balance Sheets:
Total assets	$	1,646		$	2,290		$	1,759
Investments in affiliates		75			—			90

Three Months Ended March 31, 2025
Segment information from Interim Consolidated Statements of Cash Flow:
Purchases of property, plant and equipment		33			37			13

	Thermal & Specialized Solutions			Titanium Technologies			Advanced Performance Materials
Three Months Ended March 31, 2024
Segment information from Interim Consolidated Statements of Operations:
Net sales to external customers (1)	$	454		$	591		$	303
Segment cost of goods sold		277			514			252
Segment selling, general and administrative expense		26			28			38
Segment research and development expense		8			7			12
Add back: Depreciation and amortization (2)		13			31			21
Equity in earnings of affiliates		2			—			10
Other segment items (3)		4			4			(18	)
Segment Adjusted EBITDA	$	150		$	69		$	30

December 31, 2024
Segment information from Consolidated Balance Sheets:
Total assets	$	1,541		$	2,289		$	1,748
Investments in affiliates		72			—			81

Three Months Ended March 31, 2024
Segment information from Interim Consolidated Statements of Cash Flow:
Purchases of property, plant and equipment		24			19			54

(1)

Segment net sales to external customers are provided by product group in "Note 3 – Net Sales".

(2)

Segment depreciation and amortization expense is included as a component of cost of goods sold; selling, general, and administrative expense; and research and development expense in the amounts regularly provided to the CODM and are therefore added back to arrive at Segment Adjusted EBITDA.

(3)

Other segment items includes segment other (income) expense, net.

Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income Before Income Taxes

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income before income taxes for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025			2024
Thermal & Specialized Solutions	$	141		$	150
Titanium Technologies		50			69
Advanced Performance Materials		32			30
Segment Adjusted EBITDA		223			249
Other non-reportable segment Adjusted EBITDA		1			2
Corporate expenses (1)		(57	)		(55	)
Unallocated Items:
Interest expense, net		(66	)		(63	)
Depreciation and amortization		(88	)		(71	)
Non-operating pension and other post-retirement employee benefit income		2			1
Exchange (losses) gains, net		(3	)		1
Restructuring, asset-related, and other charges (2) (Note 4)		(21	)		(4	)
Gain on sales of assets and businesses, net		1			3
Transaction costs (3)		(1	)		(5	)
Qualified spend recovery (4)		9			7
Litigation-related charges		—			5
Income (loss) before income taxes	$	—		$	70

(1)

Includes corporate costs and certain legal and environmental expenses, and stock-based compensation expenses excluding unallocated items as listed above.

(2)

Accelerated depreciation charges of $11 incurred as part of the Company's decision to exit its SPS CapstoneTM business are included within the "Depreciation and amortization" caption above, and therefore are not included as separate adjustment within this caption.

(3)

For the three months ended March 31, 2025 and 2024, transaction costs includes $1 and $5, respectively, of third-party costs related to the Titanium Technologies Transformation Plan, which were not allocated in the measurement of Titanium Technologies segment profitability used by the CODM.

(4)

Qualified spend recovery represents costs and expenses that were previously excluded from the determination of segment Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 16 – Commitments and Contingent Liabilities".

Summary of Reconciliation for Summary Financial Information for Reportable Segments

The following table sets forth a reconciliation for instances in which the above financial information for the Company's reportable segments does not sum to consolidated amounts.


		Segment Total			Other Non-Reportable Segment			Corporate			Total Consolidated
Three Months Ended March 31, 2025
Net sales to external customers	$		1,357	$		11	$		—	$		1,368
Depreciation and amortization	$		82	$		1	$		5	$		88
Purchases of property, plant, and equipment	$		83	$		1	$		—	$		84

Three Months Ended March 31, 2024
Net sales to external customers	$		1,348	$		14	$		—	$		1,362
Depreciation and amortization	$		65	$		1	$		5	$		71
Purchases of property, plant, and equipment	$		97	$		2	$		3	$		102

Total Assets (1)
March 31, 2025	$		5,695	$		96	$		1,603	$		7,394
December 31, 2024	$		5,578	$		97	$		1,838	$		7,513

(1)

Corporate assets primarily includes cash and cash equivalents, property, plant and equipment associated with the Chemours Discovery Hub, pension assets and deferred tax assets.