Chemours CoCC

Chemours Co Segments Disclosure

10-KFiled Feb 24, 20268 min read

Note 29. Geographic and Segment Information

 

As described further in "Note 2 – Basis of Presentation", certain prior period amounts reflected in the tables below have been revised to correct for immaterial errors pertaining to income statement presentation of byproduct revenue sales.

 

Geographic Information

 

The following table sets forth the geographic locations of the Company’s net sales for the years ended and property, plant, and equipment, net as of December 31, 2025, 2024 and 2023.

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Net Sales (1)

 

 

Property, Plant, and Equipment, Net

 

 

Net Sales (1)

 

 

Property, Plant, and Equipment, Net

 

 

Net Sales (1)

 

 

Property, Plant, and Equipment, Net

 

North America

 

$

2,654

 

 

$

2,303

 

 

$

2,589

 

 

$

2,436

 

 

$

2,745

 

 

$

2,336

 

Asia Pacific

 

 

1,243

 

 

 

34

 

 

 

1,386

 

 

 

56

 

 

 

1,462

 

 

 

56

 

Europe, the Middle East, and Africa

 

 

1,163

 

 

 

296

 

 

 

1,138

 

 

 

285

 

 

 

1,197

 

 

 

298

 

Latin America (2)

 

 

748

 

 

 

445

 

 

 

669

 

 

 

411

 

 

 

674

 

 

 

517

 

Total

 

$

5,808

 

 

$

3,078

 

 

$

5,782

 

 

$

3,188

 

 

$

6,078

 

 

$

3,207

 
(1)
Net sales are attributed to countries based on customer location.
(2)
Latin America includes Mexico.

 

Segment Information

 

Chemours operates through its three principal reportable segments, which were organized based on their similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Other non-reportable segment includes the Company’s Performance Chemicals and Intermediates business.

 

The Company's Chief Operating Decision Maker ("CODM"), which is the Company's President and Chief Executive Officer, is regularly provided adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") which is the primary measure of segment profitability, by segment and on a consolidated basis. The CODM uses Segment Adjusted EBITDA as the primary basis to measure segment performance relative to expectations set during the Company's annual budget process, which is where decisions regarding allocation of the Company's capital expenditures, employees and financial resources predominately occurs. This regular review of segment and consolidated Adjusted EBITDA, which takes place in monthly Business Operating Reviews (BORs), includes budget-to-actual and various period-over-period variances, which allows the CODM to modify resource allocation accordingly. Adjusted EBITDA is defined as income (loss) before income taxes, excluding the following:

•
interest expense, depreciation, and amortization;
•
non-operating pension and other post-retirement employee benefit costs, which represents the non-service cost component of net periodic pension (income) costs;
•
exchange (gains) losses included in other income, net;
•
restructuring, asset-related, and other charges;
•
(gains) losses on sales of assets and businesses; and,
•
other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA.

The following table sets forth financial information for the Company’s reportable segments as of, and for the years ended December 31, 2025, 2024 and 2023.

 

 

 

Thermal & Specialized Solutions

 

 

Titanium Technologies

 

 

Advanced Performance Materials

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Operations:

 

 

 

 

 

 

 

 

 

Net sales to external customers (1)

 

$

2,066

 

 

$

2,429

 

 

$

1,263

 

 

Segment cost of goods sold

 

 

1,341

 

 

 

2,274

 

 

 

1,108

 

 

Segment selling, general, and administrative expense

 

 

104

 

 

 

113

 

 

 

134

 

 

Segment research and development expense

 

 

31

 

 

 

30

 

 

 

46

 

 

Add back: Depreciation and amortization (2)

 

 

70

 

 

 

132

 

 

 

115

 

 

Equity in earnings of affiliates

 

 

8

 

 

 

—

 

 

 

27

 

 

Other segment items (3)

 

 

(2

)

 

 

(1

)

 

 

9

 

 

Segment Adjusted EBITDA

 

$

670

 

 

$

145

 

 

$

108

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,694

 

 

$

2,399

 

 

$

1,677

 

 

Investments in affiliates

 

 

73

 

 

 

—

 

 

 

87

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Cash Flow:

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

$

64

 

 

$

98

 

 

$

44

 

 

 

 

 

Thermal & Specialized Solutions

 

 

Titanium Technologies

 

 

Advanced Performance Materials

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Operations:

 

 

 

 

 

 

 

 

 

Net sales to external customers (1)

 

$

1,830

 

 

$

2,572

 

 

$

1,326

 

 

Segment cost of goods sold

 

 

1,185

 

 

 

2,250

 

 

 

1,102

 

 

Segment selling, general, and administrative expense

 

 

104

 

 

 

118

 

 

 

147

 

 

Segment research and development expense

 

 

29

 

 

 

28

 

 

 

50

 

 

Add back: Depreciation and amortization (2)

 

 

53

 

 

 

124

 

 

 

89

 

 

Equity in earnings of affiliates

 

 

8

 

 

 

—

 

 

 

35

 

 

Other segment items (3)

 

 

2

 

 

 

(1

)

 

 

(9

)

 

Segment Adjusted EBITDA

 

$

571

 

 

$

301

 

 

$

160

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,541

 

 

$

2,289

 

 

$

1,748

 

 

Investments in affiliates

 

 

72

 

 

 

—

 

 

 

81

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Cash Flow:

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

$

168

 

 

$

55

 

 

$

122

 

 

 

 

 

 

Thermal & Specialized Solutions

 

 

Titanium Technologies

 

 

Advanced Performance Materials

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Operations:

 

 

 

 

 

 

 

 

 

Net sales to external customers (1)

 

$

1,851

 

 

$

2,680

 

 

$

1,462

 

 

Segment cost of goods sold

 

 

1,132

 

 

 

2,372

 

 

 

1,127

 

 

Segment selling, general, and administrative expense

 

 

98

 

 

 

122

 

 

 

145

 

 

Segment research and development expense

 

 

25

 

 

 

32

 

 

 

48

 

 

Add back: Depreciation and amortization (2)

 

 

62

 

 

 

135

 

 

 

85

 

 

Equity in earnings of affiliates

 

 

10

 

 

 

—

 

 

 

35

 

 

Other segment items (3)

 

 

(15

)

 

 

(1

)

 

 

(11

)

 

Segment Adjusted EBITDA

 

$

683

 

 

$

290

 

 

$

273

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,280

 

 

$

2,217

 

 

$

1,833

 

 

Investments in affiliates

 

 

75

 

 

 

—

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment information from Consolidated Statements of Cash Flow:

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

$

75

 

 

$

83

 

 

$

193

 

 
(1)
Segment net sales to external customers are provided by product group in “Note 5 – 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.


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.

 

Year Ended December 31,

 

Segment Total

 

 

Other Non-Reportable Segment

 

 

Corporate

 

 

Total Consolidated

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

5,758

 

 

$

50

 

 

$

—

 

 

$

5,808

 

Depreciation and amortization

 

$

317

 

 

$

5

 

 

$

18

 

 

$

340

 

Total assets (1)

 

$

5,770

 

 

$

95

 

 

$

1,517

 

 

$

7,382

 

Purchases of property, plant, and equipment

 

$

206

 

 

$

3

 

 

$

4

 

 

$

213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

5,728

 

 

$

54

 

 

$

—

 

 

$

5,782

 

Depreciation and amortization

 

$

266

 

 

$

5

 

 

$

21

 

 

$

292

 

Total assets (1)

 

$

5,578

 

 

$

97

 

 

$

1,834

 

 

$

7,509

 

Purchases of property, plant, and equipment

 

$

345

 

 

$

5

 

 

$

10

 

 

$

360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

5,993

 

 

$

85

 

 

$

—

 

 

$

6,078

 

Depreciation and amortization

 

$

282

 

 

$

6

 

 

$

21

 

 

$

309

 

Total assets (1)

 

$

5,330

 

 

$

96

 

 

$

2,815

 

 

$

8,241

 

Purchases of property, plant, and equipment

 

$

351

 

 

$

7

 

 

$

12

 

 

$

370

 
(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.

 

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023.

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Thermal & Specialized Solutions

 

$

670

 

 

$

571

 

 

$

683

 

Titanium Technologies

 

 

145

 

 

 

301

 

 

 

290

 

Advanced Performance Materials

 

 

108

 

 

 

160

 

 

 

274

 

Segment Adjusted EBITDA

 

 

923

 

 

 

1,032

 

 

 

1,247

 

Other non-reportable segment Adjusted EBITDA

 

 

8

 

 

 

8

 

 

 

18

 

Corporate expenses (1)

 

 

(181

)

 

 

(256

)

 

 

(212

)

Unallocated Items:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(269

)

 

 

(263

)

 

 

(208

)

Depreciation and amortization

 

 

(340

)

 

 

(292

)

 

 

(309

)

Non-operating pension and other post-retirement employee benefit income

 

 

10

 

 

 

3

 

 

 

—

 

Exchange losses, net (Note 8)

 

 

(11

)

 

 

(9

)

 

 

(38

)

Restructuring, asset-related, and other charges (2) (Note 7)

 

 

(35

)

 

 

(58

)

 

 

(153

)

Goodwill impairment charge (Note 15)

 

 

—

 

 

 

(56

)

 

 

—

 

Inventory write-offs (3)

 

 

(7

)

 

 

—

 

 

 

(40

)

Loss on extinguishment of debt

 

 

(5

)

 

 

(1

)

 

 

(1

)

Gain on sales of assets and businesses, net (Note 4)

 

 

8

 

 

 

3

 

 

 

110

 

Transaction costs (4)

 

 

(7

)

 

 

(18

)

 

 

(16

)

Qualified spend recovery (5)

 

 

42

 

 

 

26

 

 

 

54

 

Litigation-related charges (6)

 

 

(320

)

 

 

2

 

 

 

(761

)

Environmental charges (7)

 

 

(93

)

 

 

(15

)

 

 

(9

)

(Loss) income before income taxes

 

$

(277

)

 

$

106

 

 

$

(318

)
(1)
Includes corporate costs and certain legal and environmental expenses, and stock-based compensations expenses excluding unallocated items as listed above.
(2)
As part of the Company's decision to exit its SPS CapstoneTM business, the Company incurred accelerated depreciation charges of $23 during the year ended December 31, 2025, which are included within the "Depreciation and amortization" caption above, and therefore are not included as separate adjustment within this caption.
(3)
Inventory write-offs for the year ended December 31, 2025 represents write-off of certain inventories from the SPS CapstoneTM business, which was not allocated in the measurement of Advanced Performance Materials segment profitability used by the CODM.
(4)
In 2025, transaction costs includes $4 of costs associated with the Senior Secured Credit Facilities, which is discussed in further detail in "Note 20 – Debt". In 2025 and 2024, transaction costs also includes $1 and $16 of third-party costs, respectively, related to the Titanium Technologies Transformation Plan, which was not allocated in the measurement of Titanium Technologies segment profitability used by the CODM.
(5)
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 our cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 22 – Commitments and Contingent Liabilities".
(6)
Litigation-related charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the year ended December 31, 2025, litigation-related charges primarily includes $270 related to the Company's portion of Chemours, DuPont, Corteva, EID and the State of New Jersey's settlement agreement reached in August 2025, $12 in third-party legal fees directly related to the New Jersey Settlement agreement, $14 related to the Company's portion of Chemours, DuPont, Corteva, EID's settlement agreement to resolve the Hoosick Falls class action lawsuit and $18 related to reserves for asbestos and production liability matters. For the year ended December 31, 2024, litigation-related charges primarily includes $44 of benefit from insurance recoveries, along with the $29 accrual associated with the Ohio MDL.
(7)
Environmental charges pertains to management’s assessment of estimated liabilities associated with certain non-recurring environmental remediation expenses at various sites. For the year ended December 31, 2025, environmental charges primarily includes changes in remediation reserves at the four sites covered by the New Jersey settlement agreement. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 18, 2025
2023Mar 27, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 12, 2021
2019Feb 14, 2020
2018Feb 15, 2019
2017Feb 16, 2018
2016Feb 17, 2017
2015Feb 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.

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