XML 43 R25.htm IDEA: XBRL DOCUMENT v3.26.1
Segment Financial Data
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Financial Data Segment Financial Data
The Company globally manages its business operations through two reportable business segments. Segment information is consistent with how the President and Chief Executive Officer of Solstice Advanced Materials, who is the Chief Operating Decision Maker (“CODM”), and management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance. The Company manages and reports its operating results through its two reportable segments: (i) Refrigerants & Applied Solutions and (ii) Electronic & Specialty Materials, in accordance with ASC 280, Segment Reporting. The remainder of the Business’s operations are presented in Corporate and All Other, which is not a reportable business segment.
The CODM evaluates segment performance based on segment adjusted EBITDA, by comparing budget-to-actual and period-over-period results. Segment Adjusted EBITDA is defined as segment net income excluding income taxes, general corporate unallocated expense, depreciation, amortization, interest and other financial charges, remeasurement of foreign currencies, stock-based compensation expense, nonoperating pension expense (income), transaction-related costs, repositioning charges, asset retirement obligations accretion, asset impairment charges, litigation costs and insurance settlements (net of recoveries), gains and losses on disposal of assets, and certain other items that are otherwise of an unusual or non-recurring nature.
The below table summarizes information about segment revenues, significant segment expenses and other segment items, for each historical period:
For The Three Months Ended March 31,
20262025
Refrigerants & Applied SolutionsElectronic & Specialty MaterialsRefrigerants & Applied SolutionsElectronic & Specialty Materials
Net sales
Products
$634 $281 $577 $261 
Services
77 — 59 — 
Total Net sales
711 281 636 261 
Less
Cost of products and services sold1
459 210 387 193 
Selling, general and administrative expenses2
37 19 32 21 
Research & development expenses18 10 13 9 
Other segment items3
(2)(2)(4)(2)
Add
Depreciation
39 14 36 12 
Amortization
4 — 6 1 
Segment Adjusted EBITDA
$242 $58 $250 $53 
__________________
1.Amounts exclude ARO accretion, repositioning charges, and other non-recurring items.
2.Amounts exclude stock-based compensation expense, transaction costs, nonoperating pension expense (income), repositioning charges, and other non-recurring items.
3.Other segment items primarily consisted of gains and losses from segment-related equity-method investments.
A reconciliation of segment adjusted EBITDA to Net income attributable to Solstice Advanced Materials is as follows:
For The Three Months Ended March 31,
20262025
Refrigerants & Applied Solutions
$242 $250 
Electronic & Specialty Materials
58 

53 
Segment Adjusted EBITDA
$301 

$303 
Corporate and All Other
(52)

(32)
Adjusted EBITDA$249 $271 
Depreciation
(53)

(50)
Amortization
(6)

(7)
Interest and other financial charges
(29)

(1)
Other adjustments1
2 

8 
Stock-based compensation expense
(5)

(6)
Transaction-related costs
(23)

(28)
Income tax expense
(31)(47)
Net income
$105 

$140 
Less: Net income attributable to noncontrolling interest
20 6 
Net income attributable to Solstice Advanced Materials$85 $134 
__________________
1.Other adjustments primarily consisted of gains and losses from disposal of long-lived assets, remeasurement of foreign currencies, environmental reserves, asset retirement obligations, nonoperating pension expense (income), and certain legal costs, net of recoveries.

March 31, 2026December 31, 2025
Total assets reconciliation
Refrigerants & Applied Solutions
$3,433 

$3,490 
Electronic & Specialty Materials
1,498 

1,471 
Corporate and All Other
817 

712 
Total assets
$5,748 

$5,673 
For The Three Months Ended March 31,
20262025
Capital expenditures
Refrigerants & Applied Solutions
$43 

$39 
Electronic & Specialty Materials
37 

22 
Corporate and All Other
2 

1 
Total1
$82 

$62 
__________________
1.Unpaid capital expenditures were $117 million and $39 million as of March 31, 2026 and March 31, 2025, respectively.