Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | Chemours Co | ||
Entity Central Index Key | 0001627223 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Trading Symbol | CC | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 164,006,272 | ||
Entity Shell Company | false | ||
Entity File Number | 001-36794 | ||
Entity Tax Identification Number | 46-4845564 | ||
Entity Address, Address Line One | 1007 Market Street | ||
Entity Address, City or Town | Wilmington | ||
Entity Address, State or Province | DE | ||
Entity Address, Postal Zip Code | 19801 | ||
City Area Code | 302 | ||
Local Phone Number | 773-1000 | ||
Title of 12(b) Security | Common Stock ($.01 par value) | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 3.9 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement relating to its 2020 annual meeting of shareholders (the “2020 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2020 Proxy Statement will be filed with the U. S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Cost of goods sold | 1,203 | 1,096 | 1,085 | 1,080 | 1,064 | 1,151 | 1,259 | 1,193 | 4,463 | 4,667 | 4,438 |
Gross profit | 1,063 | 1,971 | 1,745 | ||||||||
Selling, general, and administrative expense | 548 | 657 | 626 | ||||||||
Research and development expense | 80 | 82 | 81 | ||||||||
Restructuring, asset-related, and other charges | 87 | 49 | 57 | ||||||||
Total other operating expenses | 715 | 788 | 764 | ||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | ||||||||
Interest expense, net | (208) | (195) | (214) | ||||||||
Loss on extinguishment of debt | 0 | (38) | (1) | ||||||||
Other (expense) income, net | (293) | 162 | 113 | ||||||||
(Loss) income before income taxes | (454) | 91 | 133 | 107 | 182 | 269 | 323 | 381 | (124) | 1,155 | 912 |
(Benefit from) provision for income taxes | (72) | 159 | 165 | ||||||||
Net (loss) income | (317) | 76 | 96 | 94 | 142 | 275 | 282 | 297 | (52) | 996 | 747 |
Less: Net income attributable to non-controlling interests | 0 | 1 | 1 | ||||||||
Net (loss) income attributable to Chemours | $ (317) | $ 76 | $ 96 | $ 94 | $ 142 | $ 275 | $ 281 | $ 297 | $ (52) | $ 995 | $ 746 |
Per share data | |||||||||||
Basic (loss) earnings per share of common stock | $ (1.94) | $ 0.46 | $ 0.58 | $ 0.56 | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ (0.32) | $ 5.62 | $ 4.04 |
Diluted (loss) earnings per share of common stock | $ (1.94) | $ 0.46 | $ 0.57 | $ 0.55 | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ (0.32) | $ 5.45 | $ 3.91 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (loss) income, pre-tax | $ (124) | $ 1,155 | $ 912 |
Net (loss) income, tax | 72 | (159) | (165) |
Net (loss) income | (52) | 996 | 747 |
Hedging activities: | |||
Unrealized gain (loss) on net investment hedge, pre-tax | 20 | 32 | (86) |
Unrealized gain (loss) on net investment hedge, tax | (5) | (8) | 24 |
Unrealized gain (loss) on net investment hedge, after-tax | 15 | 24 | (62) |
Unrealized gain on cash flow hedge, pre-tax | 6 | 10 | 0 |
Unrealized gain on cash flow hedge, tax | (1) | (1) | 0 |
Unrealized gain on cash flow hedge, after-tax | 5 | 9 | 0 |
Reclassifications to net income - cash flow hedge, pre-tax | (10) | (4) | 0 |
Reclassifications to net income - cash flow hedge, tax | 1 | 1 | 0 |
Reclassifications to net income - cash flow hedge, after-tax | (9) | (3) | 0 |
Hedging activities, net, pre-tax | 16 | 38 | (86) |
Hedging activities, net, tax | (5) | (8) | 24 |
Hedging activities, net, after-tax | 11 | 30 | (62) |
Cumulative translation adjustment, pre-tax | 2 | (75) | 200 |
Cumulative translation adjustment, tax | 0 | 0 | 0 |
Cumulative translation adjustment, after-tax | 2 | (75) | 200 |
Defined benefit plans: | |||
Net (loss) gain, pre-tax | (144) | (115) | 24 |
Net (loss) gain, tax | 31 | 29 | (5) |
Net (loss) gain, after-tax | (113) | (86) | 19 |
Prior service benefit, pre-tax | 5 | 0 | 0 |
Prior service benefit, tax | (1) | 0 | 0 |
Prior service benefit, after-tax | 4 | 0 | 0 |
Effect of foreign exchange rates, pre-tax | 7 | 8 | (38) |
Effect of foreign exchange rates, tax | 0 | 0 | 0 |
Effect of foreign exchange rates, after-tax | 7 | 8 | (38) |
Amortization of prior service gain, pre- tax | (2) | (2) | (2) |
Amortization of prior service gain, tax | 0 | 0 | 0 |
Amortization of prior service gain, after-tax | (2) | (2) | (2) |
Amortization of actuarial loss, pre-tax | 18 | 16 | 24 |
Amortization of actuarial loss, tax | (4) | (4) | (6) |
Amortization of actuarial loss, after-tax | 14 | 12 | 18 |
Settlement loss, pre-tax | 383 | 0 | 0 |
Settlement loss, tax | (91) | 0 | 0 |
Settlement loss, after-tax | 292 | 0 | 0 |
Defined benefit plans, net, pre-tax | 267 | (93) | 8 |
Defined benefit plans, net, tax | (65) | 25 | (11) |
Defined benefit plans, net, after-tax | 202 | (68) | (3) |
Other comprehensive income (loss), pre-tax | 285 | (130) | 122 |
Other comprehensive income (loss), tax | (70) | 17 | 13 |
Other comprehensive income (loss), after-tax | 215 | (113) | 135 |
Comprehensive income, pre-tax | 161 | 1,025 | 1,034 |
Comprehensive income, tax | 2 | (151) | (152) |
Comprehensive income, after-tax | 163 | 874 | 882 |
Less: Comprehensive income attributable to non-controlling interests, pre-tax | 0 | 1 | 1 |
Less: Comprehensive income attributable to non-controlling interests, tax | 0 | 0 | 0 |
Less: Comprehensive income attributable to non-controlling interests, after-tax | 0 | 1 | 1 |
Comprehensive income attributable to Chemours, pre-tax | 161 | 1,024 | 1,033 |
Comprehensive income attributable to Chemours, tax | 2 | (151) | (152) |
Comprehensive income attributable to Chemours, after-tax | 163 | 873 | 881 |
Accounting Standards Update 2018-02 [Member] | |||
Defined benefit plans: | |||
Cumulative effect of adopting ASU No. 2018-02, pre-tax | 0 | 0 | 0 |
Cumulative effect of adopting ASU No. 2018-02, tax | 0 | (9) | 0 |
Cumulative effect of adopting ASU No. 2018-02, after-tax | $ 0 | $ (9) | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 943 | $ 1,201 |
Accounts and notes receivable, net | 674 | 861 |
Inventories | 1,079 | 1,147 |
Prepaid expenses and other | 81 | 84 |
Total current assets | 2,777 | 3,293 |
Property, plant, and equipment | 9,413 | 8,992 |
Less: Accumulated depreciation | (5,854) | (5,701) |
Property, plant, and equipment, net | 3,559 | 3,291 |
Operating lease right-of-use assets | 294 | |
Goodwill and other intangible assets, net | 174 | 181 |
Investments in affiliates | 162 | 160 |
Other assets | 292 | 437 |
Total assets | 7,258 | 7,362 |
Current liabilities: | ||
Accounts payable | 923 | 1,137 |
Short-term and current maturities of long-term debt | 134 | 13 |
Other accrued liabilities | 484 | 559 |
Total current liabilities | 1,541 | 1,709 |
Long-term debt, net | 4,026 | 3,959 |
Operating lease liabilities | 245 | |
Deferred income taxes | 118 | 217 |
Other liabilities | 633 | 457 |
Total liabilities | 6,563 | 6,342 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 188,893,478 shares issued and 163,574,243 shares outstanding at December 31, 2019; 187,204,567 shares issued and 170,780,474 shares outstanding at December 31, 2018) | 2 | 2 |
Treasury stock, at cost (25,319,235 shares at December 31, 2019; 16,424,093 shares at December 31, 2018) | (1,072) | (750) |
Additional paid-in capital | 859 | 860 |
Retained earnings | 1,249 | 1,466 |
Accumulated other comprehensive loss | (349) | (564) |
Total Chemours stockholders’ equity | 689 | 1,014 |
Non-controlling interests | 6 | 6 |
Total equity | 695 | 1,020 |
Total liabilities and equity | $ 7,258 | $ 7,362 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 810,000,000 | 810,000,000 |
Common stock , par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares Issued (in shares) | 188,893,478 | 187,204,567 |
Common stock, shares outstanding (in shares) | 163,574,243 | 170,780,474 |
Treasury stock (in shares) | 25,319,235 | 16,424,093 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-controlling Interests [Member] |
Total stockholders' equity, beginning balance at Dec. 31, 2016 | $ 104 | $ 2 | $ 789 | $ (114) | $ (577) | $ 4 | |
Shares, beginning balance at Dec. 31, 2016 | 182,600,533 | ||||||
Common stock issued - compensation plans (in shares) | 569,263 | ||||||
Exercise of stock options, net | 31 | 31 | |||||
Exercise of stock options, net (in shares) | 2,173,238 | ||||||
Purchases of treasury stock, at cost | (116) | $ (116) | |||||
Purchases of treasury stock at cost (in shares) | 2,386,406 | ||||||
Stock-based compensation expense | 29 | 29 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (12) | (12) | |||||
Net income (loss) | 747 | 746 | 1 | ||||
Dividends | (53) | (53) | |||||
Other comprehensive income (loss) | 135 | 135 | |||||
Total stockholders' equity, ending balance at Dec. 31, 2017 | 865 | $ 2 | $ (116) | 837 | 579 | (442) | 5 |
Shares, ending balance at Dec. 31, 2017 | 185,343,034 | 2,386,406 | |||||
Common stock issued - compensation plans (in shares) | 783,346 | ||||||
Exercise of stock options, net | 16 | 16 | |||||
Exercise of stock options, net (in shares) | 1,078,187 | ||||||
Purchases of treasury stock, at cost | (634) | $ (634) | |||||
Purchases of treasury stock at cost (in shares) | 14,050,098 | ||||||
Shares issued under employee stock purchase plan (in shares) | (12,411) | ||||||
Stock-based compensation expense | 24 | 24 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (17) | (17) | |||||
Cumulative effect of adopting ASU No. 2018-02 | 9 | (9) | |||||
Net income (loss) | 996 | 995 | 1 | ||||
Dividends | (117) | (117) | |||||
Other comprehensive income (loss) | (113) | (113) | |||||
Total stockholders' equity, ending balance at Dec. 31, 2018 | 1,020 | $ 2 | $ (750) | 860 | 1,466 | (564) | 6 |
Shares, ending balance at Dec. 31, 2018 | 187,204,567 | 16,424,093 | |||||
Common stock issued - compensation plans | 1 | (1) | |||||
Common stock issued - compensation plans (in shares) | 1,098,542 | ||||||
Exercise of stock options, net | 9 | 9 | |||||
Exercise of stock options, net (in shares) | 590,369 | ||||||
Purchases of treasury stock, at cost | (322) | $ (322) | |||||
Purchases of treasury stock at cost (in shares) | 8,895,142 | ||||||
Stock-based compensation expense | 19 | 19 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (30) | (30) | |||||
Net income (loss) | (52) | (52) | |||||
Dividends | (164) | (164) | |||||
Other comprehensive income (loss) | 215 | 215 | |||||
Total stockholders' equity, ending balance at Dec. 31, 2019 | $ 695 | $ 2 | $ (1,072) | $ 859 | $ 1,249 | $ (349) | $ 6 |
Shares, ending balance at Dec. 31, 2019 | 188,893,478 | 25,319,235 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends per share declared during period | $ 1 | $ 0.67 | $ 0.29 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities | |||
Net (loss) income | $ (52) | $ 996 | $ 747 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||
Depreciation and amortization | 311 | 284 | 273 |
Gain on sales of assets and businesses | (10) | (45) | (22) |
Equity in earnings of affiliates, net | (3) | 18 | (33) |
Loss on extinguishment of debt | 0 | 38 | 1 |
Amortization of debt issuance costs and issue discounts | 9 | 11 | 13 |
Deferred tax (benefit) provision | (165) | 23 | 83 |
Asset-related charges | 43 | 4 | 3 |
Stock-based compensation expense | 19 | 24 | 29 |
Net periodic pension cost (income) | 381 | (18) | (22) |
Defined benefit plan contributions | (19) | (15) | (38) |
Other operating charges and credits, net | (2) | (7) | 12 |
Decrease (increase) in operating assets: | |||
Accounts and notes receivable, net | 191 | 47 | (88) |
Inventories and other operating assets | 116 | (284) | (146) |
(Decrease) increase in operating liabilities: | |||
Accounts payable and other operating liabilities | (169) | 64 | (172) |
Cash provided by operating activities | 650 | 1,140 | 640 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (481) | (498) | (411) |
Acquisition of business, net | (10) | (37) | 0 |
Proceeds from sales of assets and businesses, net | 9 | 46 | 39 |
Proceeds from life insurance policies | 1 | 0 | 0 |
Foreign exchange contract settlements, net | (2) | 2 | 2 |
Cash used for investing activities | (483) | (487) | (370) |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 0 | 520 | 495 |
Proceeds from revolving loan | 150 | 0 | 0 |
Repayments on revolving loan | (150) | 0 | 0 |
Proceeds from accounts receivable securitization facility | 128 | 0 | 0 |
Debt repayments | (37) | (679) | (27) |
Payments related to extinguishment of debt | 0 | (29) | (1) |
Payments of debt issuance costs | 0 | (12) | (6) |
Payments on finance leases | (3) | 0 | 0 |
Purchases of treasury stock, at cost | (322) | (644) | (106) |
Proceeds from exercised stock options, net | 9 | 16 | 31 |
Payments related to tax withholdings on vested stock awards | (30) | (17) | (12) |
Payments of dividends | (164) | (148) | (22) |
Cash (used for) provided by financing activities | (419) | (993) | 352 |
Effect of exchange rate changes on cash and cash equivalents | (6) | (15) | 32 |
(Decrease) increase in cash and cash equivalents | (258) | (355) | 654 |
Cash and cash equivalents at January 1, | 1,201 | 1,556 | 902 |
Cash and cash equivalents at December 31, | 943 | 1,201 | 1,556 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 204 | 206 | 208 |
Income taxes, net of refunds | 85 | 75 | 79 |
Non-cash investing and financing activities: | |||
Changes in property, plant, and equipment included in accounts payable | 85 | 37 | (14) |
Obligations incurred under build-to-suit lease arrangement | 40 | 47 | 8 |
Purchases of treasury stock not settled by year-end | 0 | 0 | 10 |
Non-cash financing arrangements | 11 | 0 | 0 |
Deferred payments related to acquisition of business | 15 | 0 | 0 |
Dividends accrued but not yet paid | $ 0 | $ 0 | $ 31 |
Background and Description of t
Background and Description of the Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Description of the Business | Note 1. Background and Description of the Business The Chemours Company (“Chemours,” or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemicals products for markets, including plastics and coatings, refrigeration and air conditioning, general industrial, electronics, mining, and oil refining. The Company’s principal products include refrigerants, industrial fluoropolymer resins, sodium cyanide, performance chemicals and intermediates, and titanium dioxide (“TiO 2 2 Chemours has manufacturing facilities, sales centers, administrative offices, and warehouses located throughout the world. Chemours’ operations are primarily located in the U.S., Canada, Mexico, Brazil, the Netherlands, Belgium, China, Taiwan, Japan, Switzerland, Singapore, Hong Kong, India, and France. At December 31, 2019, the Company operated 30 major production facilities globally, of which, 20 were dedicated to Fluoroproducts, one was dedicated to Chemical Solutions, seven were dedicated to Titanium Technologies, and two supported multiple segments. Chemours began operating as an independent company on July 1, 2015 (the “Separation Date”) after separating from E.I. DuPont de Nemours and Company (“DuPont”) (the “Separation”). The Separation was completed pursuant to a separation agreement and other agreements with DuPont, including an employee matters agreement, a tax matters agreement, a transition services agreement, and an intellectual property cross-license agreement. These agreements govern the relationship between Chemours and DuPont following the Separation and provided for the allocation of various assets, liabilities, rights, and obligations at the Separation Date. On August 31, 2017, DuPont completed a merger with The Dow Chemical Company (“Dow”). Following their merger, DuPont and Dow engaged in a series of reorganization steps and, in 2019, separated into three publicly-traded companies named Dow Inc., DuPont de Nemours, Inc., and Corteva, Inc. (“Corteva”). Unless the context otherwise requires, references herein to “The Chemours Company,” “Chemours,” “the Company,” “our Company,” “we,” “us,” and “our” refer to The Chemours Company and its consolidated subsidiaries. References herein to “DuPont” refer to E. I. du Pont de Nemours and Company, which is now a subsidiary of Corteva. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the Company’s financial position and results of operations have been included for the periods presented herein. The notes that follow are an integral part of the Company’s consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which, was not material to the Company’s consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. Revenue Recognition Chemours recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled to in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions as a component of other income (expense), net in the consolidated statements of operations. Income tax-related penalties are included in the provision for (benefit from) income taxes. Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly-liquid investments with original maturities of three months or less. Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written-off when management determines that they are uncollectible. Inventories Chemours’ U.S. inventories are valued at the lower of cost or market, as inventories held at substantially all U.S. locations are valued using the last-in, first-out (“LIFO”) method. Chemours’ non-U.S. inventories are valued at the lower of cost or net realizable value, as inventories held outside the U.S. are valued using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value. Cost is generally determined by the average cost method. Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation is discontinued for any long-lived assets classified as held for sale. Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, and customer lists, are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is periodically evaluated. Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years. Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Litigation Chemours accrues for legal matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and our planned remedial responses, which are derived from in-depth environmental studies, sampling, testing, and analyses Environmental liabilities and expenditures include claims for matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Accrued liabilities are undiscounted and do not include claims against third parties, and are included in other accrued liabilities and other liabilities on the consolidated balance sheets. Costs related to environmental remediation are charged to expense in the period that the associated liability is accrued and are reflected as a component of the cost of goods sold in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. Derivatives In the ordinary course of business, Chemours enters into contractual arrangements (i.e., derivatives) to reduce its exposure to foreign currency risks. The Company has established a derivative program to be utilized for financial risk management, which currently includes the following risk management strategies: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from the remeasurement of its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; and, (iii) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity resulting from changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of the Company’s international subsidiaries that use the euro as their functional currency. The Company’s derivative program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The derivative program operates within Chemours’ financial risk management policies and guidelines, and the Company does not enter into derivative financial instruments for trading or speculative purposes. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occurred, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occurred, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. Changes due to remeasurement of the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. Defined Benefit Plans Due to local regulations outside of the U.S., Chemours has defined benefit plans covering certain of its employees. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established to prioritize the valuation inputs used to measure fair value. The hierarchy gives highest priority to unadjusted, quoted prices in active markets for identical assets and liabilities (i.e., Level 1 measurements) and lowest priority to unobservable inputs (i.e., Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: Level 1 – Quoted prices in active markets for identical assets and liabilities; Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Adopted Accounting Guidance Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company adopted ASU No. 2016-02 on January 1, 2019 using the modified retrospective transition method, which did not require the Company to adjust comparative periods. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the consolidated balance sheets. The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. The Company’s incremental borrowing rate, which is based on information available at the adoption date for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The most significant impact of the Company’s adoption of ASU No. 2016-02 was the recognition of $333 of operating lease right-of-use assets and $349 of operating lease liabilities on its consolidated balance sheets at January 1, 2019. Operating lease right-of-use assets were reduced by $16 due to a tenant improvement allowance on a lease of office space. The Company’s adoption of ASU No. 2016-02 did not have any impact to the Company’s consolidated statements of operations, or its consolidated statements of cash flows. Further, there was no impact on the Company’s covenant compliance under its current debt agreements as a result of the adoption of ASU No. 2016-02. The Company elected the package of practical expedients included in this guidance, which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. The Company combines lease components with non-lease components for all classes of assets, except for certain manufacturing facilities. The Company also elected the practical expedient to not assess whether existing or expired land easements contain a lease. The Company does not recognize short-term leases on its consolidated balance sheets, and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Changes to Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation –Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU No. 2018-14”). This update removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of certain disclosures, and adds new disclosure requirements that are considered relevant for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted ASU No. 2018-14 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 4. Acquisitions and Divestitures Divestiture of Methylamines and Methylamides In December 2019, the Company entered into an asset purchase agreement with Belle Chemical Company (“Belle”), a subsidiary of Cornerstone Chemical Company, whereby Belle agreed to acquire the Methylamines and Methylamides business of Chemours’ Chemical Solutions segment for a negligible purchase price, subject to customary working capital and other adjustments, but not to exceed a loss on sale of $2. The Company completed the sale and, in December 2019, subsequent to working capital adjustments, received cash proceeds of $2. Prior to the completion of the sale, in the second half of 2019, the Company recorded accelerated depreciation of $34, which was recorded as a component of restructuring, asset-related, and other charges in the consolidated statements of operations. Upon completion of the sale, the Company also recorded an additional pre-tax loss on sale of $2, net of a benefit from working capital adjustments, in other expense, net in the consolidated statements of operations. Acquisition of Southern Ionics Minerals, LLC. In August 2019, the Company, through its wholly-owned subsidiary, The Chemours Company FC, LLC, entered into a Membership Interest Purchase Agreement to acquire all of the outstanding stock of Southern Ionics Minerals, LLC (“SIM”), for an estimated total consideration of approximately $25, which included customary working capital and other adjustments made within a specified time period. SIM is . The aggregate purchase price of $25 included an upfront payment of $10, an additional installment payment of $10, and contingent considerations with an estimated fair value of $5. The Company accounted for the acquisition of SIM as a business combination, and as such, all assets acquired and liabilities assumed were recorded at their estimated fair values. The purchase consideration has been primarily assigned to the property, plant, and equipment of the acquired business, and there is no goodwill associated with the transaction. These amounts were subject to further adjustment during the applicable measurement period as additional information was obtained, including the finalization of a third-party appraisal. The Company completed its assessment during the fourth quarter of 2019, and no subsequent adjustments were made to these amounts. The Company’s consolidated financial statements include SIM’s results of operations from August 1, 2019, the date of acquisition, through December 31, 2019. Net sales and net income (loss) attributable to Chemours contributed by SIM during this period were not material to the Company’s or its Titanium Technologies segment’s results of operations. Acquisition-related expenses amounted to less than $1 for the year ended December 31, 2019 and are included as a component of selling, general, and administrative expense in the consolidated statements of operations. Acquisition of ICOR International, Inc. In April 2018, the Company, through its wholly-owned subsidiary, The Chemours Company FC, LLC, entered into a Stock Purchase Agreement (“SPA”) to acquire all of the outstanding stock of ICOR International, Inc. (“ICOR”), a closely-held private company that produces, sells, and distributes replacement refrigerant gases for use in commercial, industrial, and automotive refrigerant applications. Pursuant to the terms of the SPA, the Company paid $37 in total consideration at closing in the all-cash acquisition, which included customary working capital and other adjustments made within a specified time period. The acquisition of ICOR complements the Company’s existing portfolio of product offerings within the Fluoroproducts segment, as well as provides the Company with access to ICOR’s established customer base and assembled workforce. The Company accounted for the acquisition of ICOR as a business combination, and as such, all assets acquired and liabilities assumed were recorded at their estimated fair values. The excess of the consideration transferred over the fair value of the identifiable net assets acquired was recorded as goodwill within the Fluoroproducts segment, which represents the expected future benefits arising from the assembled workforce and other synergies to be realized from the acquisition of ICOR. The Company elected to treat the acquisition of ICOR as an asset acquisition under the Internal Revenue Code, and as such, expects that all of the related goodwill will be deductible for federal income tax purposes. The following table sets forth the Company’s fair value estimates of the assets acquired and liabilities assumed in the acquisition of ICOR, which were finalized during the fourth quarter of 2018. Fair Value At Acquisition Date Measurement Period Adjustments Adjusted Fair Value Weighted-average Useful Life (in Years) Assets acquired: Accounts receivable - trade $ 4 $ — $ 4 Inventories 8 — 8 Property, plant, and equipment 1 — 1 Identifiable intangible asset: Customer relationships (1) 20 2 22 5 Total assets acquired 33 2 35 Liabilities assumed: Accounts payable 1 — 1 Other accrued liabilities 1 — 1 Total liabilities assumed 2 — 2 Total identifiable net assets acquired 31 2 33 Goodwill (1) 6 (2 ) 4 Net assets acquired $ 37 $ — $ 37 (1) During the third quarter of 2018, the Company recorded a measurement period adjustment to its customer relationships based on an ongoing analysis associated with the preparation of a third-party appraisal. The fair value of ICOR’s customer relationships was determined using the excess earnings method, which is a discounted cash flows approach. This method takes into account significant unobservable inputs and is a Level 3 fair value measurement within the fair value hierarchy. The use of this valuation methodology requires management to make various assumptions, including, but not limited to, assumptions about future profitability, cash flows, and discount rates applicable to the acquired business and, where applicable, market participants. These assumptions are based on management’s best estimates and include considerations related to management’s knowledge and experience, historical trends, general economic conditions, and other situational factors. The Company’s consolidated financial statements include ICOR’s results of operations from April 2, 2018, the date of acquisition, through December 31, 2018, as well as the year ended December 31, 2019. Net sales and net income (loss) attributable to Chemours contributed by ICOR during these periods were not material to the Company’s or its Fluoroproducts segment’s results of operations. Acquisition-related expenses amounted to less than $1 at December 31, 2018, and are included as a component of selling, general, and administrative expense in the consolidated statements of operations. Sale of Land in Linden, New Jersey In March 2016, the Company entered into an agreement to sell a 210-acre plot of land that formerly housed a DuPont manufacturing site located in Linden, New Jersey. The land was assigned to Chemours in connection with its separation from DuPont, and the Company completed the sale in March 2018 for a gain of $42 and net cash proceeds of $39. As part of the sales agreement, the buyer agreed to assume certain costs associated with ongoing environmental remediation activities at the site amounting to $3, which have been reflected as a component of prepaid expenses and other on the consolidated balance sheets. Chemours remains responsible for certain other ongoing environmental remediation activities at the site, which were previously accrued as a component of other liabilities on the consolidated balance sheets. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Note 5. Net Sales Disaggregation of Net Sales The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Net sales by geographic region (1) North America: Fluoroproducts $ 1,104 $ 1,143 Chemical Solutions 313 341 Titanium Technologies 727 894 Total North America 2,144 2,378 Asia Pacific: Fluoroproducts 673 675 Chemical Solutions 61 81 Titanium Technologies 809 964 Total Asia Pacific 1,543 1,720 Europe, the Middle East, and Africa: Fluoroproducts 666 825 Chemical Solutions 23 18 Titanium Technologies 474 842 Total Europe, the Middle East, and Africa 1,163 1,685 Latin America (2): Fluoroproducts 205 219 Chemical Solutions 136 162 Titanium Technologies 335 474 Total Latin America 676 855 Total net sales $ 5,526 $ 6,638 Net sales by segment and product group Fluoroproducts: Fluorochemicals $ 1,318 $ 1,497 Fluoropolymers 1,330 1,365 Chemical Solutions: Mining solutions 268 289 Performance chemicals and intermediates 265 313 Titanium Technologies: Titanium dioxide and other minerals 2,345 3,174 Total net sales $ 5,526 $ 6,638 (1) Net sales are attributable to countries based on customer location. (2) Latin America includes Mexico. Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time. Contract Balances The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price. The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Accounts receivable - trade, net (1) $ 602 $ 790 Customer rebates 72 79 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and $2 at December 31, 2019 and 2018, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2019 and 2018. Such allowances are equal to the estimated uncollectible amounts. The Company’s deferred revenue balances at December 31, 2019 and 2018 were not significant. Additionally, changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the years ended December 31, 2019 and 2018, were not significant. For the years ended December 31, 2019 and 2018, the amount of revenue recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not significant. There were no Remaining Performance Obligations Certain of the Company’s MSA or other arrangements contain take-or-pay clauses, whereby customers are required to purchase a fixed minimum quantity of product during a specified period, or pay the Company for such orders, even if not requested by the customer. The Company considers these take-or-pay clauses to be an enforceable contract, and as such, the legally-enforceable minimum amounts under such an arrangement are considered to be outstanding performance obligations on contracts with an original expected duration greater than one year. At December 31, 2019 and 2018, Chemours had $83 and $119 of remaining performance obligations, respectively. The Company expects to recognize approximately 69% of its remaining performance obligations as revenue in 2020, an approximate additional 16% in 2021, and the balance thereafter. The Company applies the practical expedient and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by December 31, 2019 and 2018 are also excluded. |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2019 | |
Research And Development [Abstract] | |
Research and Development Expense | Note 6. Research and Development Expense The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Fluoroproducts $ 48 $ 50 $ 48 Chemical Solutions 2 2 3 Titanium Technologies 29 28 29 Corporate and Other 1 2 1 Total research and development expense $ 80 $ 82 $ 81 |
Restructuring, Asset-Related, a
Restructuring, Asset-Related, and Other Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Asset-Related, and Other Charges | Note 7. Restructuring, Asset-related, and Other Charges The following table sets forth the components of the Company’s restructuring, asset-related, and other charges by category for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Restructuring and other charges: Employee separation charges $ 21 $ 14 $ 23 Decommissioning and other charges 23 31 33 Total restructuring and other charges 44 45 56 Asset-related charges (1) 43 4 1 Total restructuring, asset-related, and other charges $ 87 $ 49 $ 57 (1) Asset-related charges for the year ended December 31, 2019 included $34 for accelerated depreciation in connection with the Company’s exit of the Methylamines and Methylamides business at its Belle, West Virginia manufacturing plant, and $9 for accelerated depreciation in connection with its closure of the titanium tetrachloride production line at its New Johnsonville, Tennessee manufacturing plant. Asset-related charges for the year ended December 31, 2018 included $4 for a pre-tax goodwill impairment charge in the Company’s Chemical Solutions segment. The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Restructuring and other charges: Plant and product line closures: Fluoroproducts $ — $ — $ 3 Chemical Solutions 2 4 17 Titanium Technologies — — 4 Corporate and Other 18 9 — Total plant and product line closures 20 13 24 2017 Restructuring Program: Fluoroproducts 2 9 — Chemical Solutions — 2 — Titanium Technologies 1 1 — Corporate and Other — 15 32 Total 2017 Restructuring Program 3 27 32 2018 Restructuring Program: Corporate and Other (1 ) 5 — Total 2018 Restructuring Program (1 ) 5 — 2019 Restructuring Program: Fluoroproducts 7 — — Chemical Solutions 1 — — Titanium Technologies 5 — — Corporate and Other 9 — — Total 2019 Restructuring Program 22 — — Total restructuring and other charges 44 45 56 Asset-related charges: Chemical Solutions 34 4 — Titanium Technologies 9 — — Corporate and Other — — 1 Total asset-related charges 43 4 1 Total restructuring, asset-related, and other charges $ 87 $ 49 $ 57 Plant and Product Line Closures Fluoroproducts In August 2015, in an effort to improve the profitability of the Company’s Fluoroproducts segment, management approved the closure of certain production lines in the segment’s U.S. manufacturing plants. For the year ended December 31, 2017, the Company recorded additional decommissioning and dismantling-related charges of $3 for certain of these production lines. At December 31, 2017, the Company had substantially completed all actions related to the restructuring activities for certain of its production lines, which amounted to $17 in the aggregate, excluding asset-related charges. Chemical Solutions In the fourth quarter of 2015, the Company announced its completion of the strategic review of its Reactive Metals Solutions (“RMS”) business and the decision to stop production at its Niagara Falls, New York manufacturing plant. The Company recorded additional decommissioning and dismantling-related charges of $2, $4, and $17 for the years ended December 31, 2019, 2018, and 2017, respectively. The Company expects to incur approximately $5 in additional restructuring charges for similar activities through 2021. As of December 31, 2019, the Company incurred, in the aggregate, $37 in restructuring charges related to these activities, excluding asset-related charges. In the third quarter of 2019, in an effort to improve the profitability of the Company’s Chemical Solutions segment, the Company announced plans to exit its Methylamines and Methylamides business at its Belle, West Virginia manufacturing plant, which culminated in the completed exit and sale of the business in the fourth quarter of 2019. As a result, for the year ended December 31, 2019, the Company recorded accelerated depreciation of $34. We do not expect to incur additional charges related to the exit of the Methylamines and Methylamides business. Refer to “Note 4 – Acquisitions and Divestitures” for further details. Titanium Technologies In August 2015, the Company announced the closure of its Edge Moor, Delaware manufacturing plant. The Edge Moor plant produced TiO 2 2 In December 2019, in an effort to improve the profitability of the Company’s Titanium Technologies segment, management approved the discontinuation of the titanium tetrachloride production line at the Company’s New Johnsonville, Tennessee site. For the year ended December 31, 2019, the Company recorded accelerated depreciation of $9. The Company does not expect to incur material decommissioning and dismantling-related charges related to the discontinuation of this production line. Corporate and Other In the first quarter of 2018, the Company began a project to demolish and remove several dormant, unused buildings at its Chambers Works site in Deepwater, New Jersey, which were assigned to Chemours in connection with its separation from DuPont and never used in Chemours’ operations. For the years ended December 31, 2019 and 2018, the Company incurred $18 and $9, respectively, in decommissioning and dismantling-related charges associated with these efforts. The Company expects to incur approximately $6 in additional restructuring charges related to its Chambers Works site through the end of 2021. As of December 31, 2019, the Company incurred, in the aggregate, $27 in restructuring charges related to these activities. 2017 Restructuring Program In 2017, the Company announced certain restructuring activities designed to further the cost savings and productivity improvements outlined under management’s transformation plan. These activities include, among other efforts: (i) outsourcing and further centralizing certain business process activities; (ii) consolidating existing, outsourced third-party information technology (“IT”) providers; and, (iii) implementing various upgrades to the Company’s current IT infrastructure. In connection with these corporate function efforts, the Company recorded $3, $18, and $14 in restructuring-related charges for years ended December 31, 2019, 2018, and 2017, respectively. In 2017, the Company also announced a voluntary separation program (“VSP”) for certain eligible U.S. employees in an effort to better manage the anticipated future changes to its workforce. Employees who volunteered for and were accepted under the VSP were entitled to receive certain financial incentives above the Company’s customary involuntary termination benefits to end their employment with Chemours after providing a mutually agreed-upon service period. Approximately 300 employees separated from the Company through the end of 2018. An accrual representing the majority of these termination benefits, amounting to $18, was recognized in the fourth quarter of 2017. The remaining $9 of incremental, one-time financial incentives under the VSP were recognized over the period each participating employee continued to provide service to Chemours. The Company recorded charges of $3, $27, and $32 for the years ended December 31, 2019, 2018, and 2017, respectively, for its 2017 program. The cumulative amount incurred, in the aggregate, for the Company’s 2017 program amounted to $62 at December 31, 2019. The Company has substantially completed all actions related to this program. 2018 Restructuring Program In the fourth quarter of 2018, management initiated a restructuring program of the Company’s corporate functions and recorded the related estimated severance costs of $5. The Company has substantially completed all actions related to this program. 2019 Restructuring Program In the third quarter of 2019, management initiated a severance program of the Company’s corporate functions and businesses. For the year ended December 31, 2019, the Company recorded the related estimated severance costs of $22, which it believes to be substantially complete for this program. The majority of employees separated from the Company during the fourth quarter of 2019, and the majority of the associated payments will be made by the end of 2020. The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the years ended December 31, 2019 and 2018. Chemical Solutions Site Closures Titanium Technologies Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program 2019 Restructuring Program Total Balance at January 1, 2018 $ 2 $ 1 $ 1 $ 23 $ — $ — $ 27 Charges to income — — — 9 5 — 14 Payments (2 ) (1 ) — (22 ) — — (25 ) Balance at December 31, 2018 — — 1 10 5 — 16 (Credits) charges to income — — (1 ) — (1 ) 22 20 Payments — — — (9 ) (4 ) (8 ) (21 ) Balance at December 31, 2019 $ — $ — $ — $ 1 $ — $ 14 $ 15 At December 31, 2019 and 2018, there were no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net | Note 8. Other Income (Expense), Net The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Leasing, contract services, and miscellaneous income (1) $ 51 $ 79 $ 30 Royalty income (2) 16 10 24 Gain on sales of assets and businesses (3) 10 45 22 Exchange (losses) gains, net (4) (2 ) 1 3 Non-operating pension and other post-retirement employee benefit (loss) income (5) (368 ) 27 34 Total other (expense) income, net $ (293 ) $ 162 $ 113 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $41, $67, and $15 for the years ended December 31, 2019, 2018, and 2017, respectively. (2) Royalty income for the years ended December 31, 2019 and 2018 is primarily from technology licensing. Royalty income for the year ended December 31, 2017 is primarily from technology and trademark licensing. (3) For the year ended December 31, 2019, gain on sale includes a $9 non-cash gain associated with the sale of the Company’s Repauno, New Jersey site. (4) Exchange gains (losses), net includes gains (losses) on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. (5) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employee Benefits” for further details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Current tax expense (benefit): U.S. federal $ 13 $ 23 $ (8 ) U.S. state and local (1 ) 4 1 International 79 110 89 Total current tax expense 91 137 82 Deferred tax expense (benefit): U.S. federal (77 ) 20 60 U.S. state and local (5 ) 3 6 International (81 ) (1 ) 17 Total deferred tax (benefit) expense (163 ) 22 83 Total (benefit from) provision for income taxes $ (72 ) $ 159 $ 165 The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Deferred tax assets: Environmental and other liabilities $ 99 $ 80 Accrued litigation 37 28 Stock-based compensation and accrued employee benefits 29 28 Other assets and other accrued liabilities 6 8 Tax attribute carryforwards 96 29 Operating lease liability 75 — Foreign tax credit carryforwards 18 18 Total deferred tax assets 360 191 Less: Valuation allowance (10 ) (2 ) Total deferred tax assets, net 350 189 Deferred tax liabilities: Pension and other liabilities (7 ) (35 ) Property, plant, and equipment (320 ) (313 ) Operating lease asset (71 ) — Inventories and other assets (30 ) (12 ) Total deferred tax liabilities (428 ) (360 ) Deferred tax liability, net $ (78 ) $ (171 ) The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 $ % $ % $ % Statutory U.S. federal income tax rate $ (26 ) 21.0 % $ 243 21.0 % $ 319 35.0 % State income taxes, net of federal benefit (7 ) 5.6 % 7 0.6 % 7 0.7 % Lower effective tax rate on international operations, net (28 ) 22.7 % (44 ) (3.8 )% (149 ) (16.3 )% Depletion (5 ) 4.0 % (6 ) (0.5 )% (8 ) (0.9 )% Exchange (gains) losses (7 ) 5.6 % (4 ) (0.3 )% 5 0.6 % Provision to return and other adjustments (4 ) 3.2 % (9 ) (0.8 )% 6 0.6 % Valuation allowance 8 (6.5 )% (15 ) (1.3 )% (33 ) (3.6 )% Net impact of U.S. tax reform — — % (10 ) (0.9 )% 39 4.3 % Stock-based compensation (14 ) 11.4 % (14 ) (1.2 )% (20 ) (2.2 )% Executive compensation limitation 9 (7.3 )% 4 0.3 % 6 0.7 % R&D credit (6 ) 4.8 % (5 ) (0.4 )% (1 ) (0.1 )% Uncertain tax positions 7 (5.6 )% 2 0.2 % (6 ) (0.7 )% Other, net 1 (0.8 )% 10 0.9 % — — % Total effective tax rate $ (72 ) 58.1 % $ 159 13.8 % $ 165 18.1 % The following table sets forth the Company’s income (loss) before income taxes for its U.S. and international operations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 U.S. operations (including exports) $ (375 ) $ 114 $ (306 ) International operations 251 1,041 1,218 Total (loss) income before income taxes $ (124 ) $ 1,155 $ 912 U.S. Tax Reform With respect to U.S. tax reform, while management has completed its analysis within the applicable measurement period, pursuant to Staff Accounting Bulletin No. 118 as issued by the SEC, the Company accounts for the tax impacts of new provisions based on interpretation of existing statutory law, including proposed regulations issued by the U.S. Treasury and the Internal Revenue Service (“IRS”). While there can be no assurances as to the effect of any final regulations on the Company’s provision for (benefit from) income taxes, management will continue to evaluate the impacts as any issued regulations become final and adjust our estimates, as appropriate. At December 31, 2019, management believed that sufficient liquidity was available in the U.S. As a result, the Company is indefinitely reinvested with respect to the historical unremitted pre-2018 Earnings and Profits (“E&P”) of its foreign subsidiaries, which was approximately $440 at December 31, 2019. Management asserts that it is indefinitely reinvested with respect to current year earnings from certain foreign subsidiaries, and therefore, has not recorded deferred tax liabilities with respect to those earnings. At December 31, 2019, deferred tax liabilities for foreign subsidiaries that are not indefinitely reinvested were not material to the Company’s consolidated financial statements. The potential tax implications of the repatriation of unremitted earnings are driven by the facts at the time of distribution; however, due to U.S. tax reform and the U.S. Transition Tax, the incremental cost to repatriate earnings is not expected to be material if a distribution is made in the future as there are minimal foreign withholding taxes in the applicable foreign jurisdictions. Other Matters For the year ended December 31, 2019, the Company recorded $5 of valuation allowance on certain foreign subsidiary earnings and $3 of valuation allowance on certain foreign tax credits. Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward or back, subject to statutory limitations, to reduce taxable income or taxes payable in future or prior years. At December 31, 2019, the Company’s U.S federal and state tax losses amounted to $13, which substantially expire between 2036 and 2038. The Company also had U.S. foreign tax credit carryforwards of $18, which expire in 2026, and $24 in R&D tax credits, which expire between 2035 and 2039. Lastly, the Company had foreign net operating losses of $3, which expire between 2026 and 2029. Each year, Chemours and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and non-U.S. jurisdictions. The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2019 India 2015 through 2019 Mexico 2013 through 2019 Netherlands 2015 through 2019 Singapore 2015 through 2019 Switzerland 2015 through 2019 Taiwan 2015 through 2019 U.S. 2015 through 2019 Positions challenged by the taxing authorities may be settled or appealed by Chemours and/or DuPont in accordance with the tax matters agreement. As a result, income tax uncertainties are recognized in the Company’s consolidated financial statements in accordance with accounting for income taxes, when applicable. The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 2 $ — $ 6 Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period — — (6 ) Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 7 2 — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — — — Balance at December 31, $ 9 $ 2 $ — Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 9 $ 2 $ — Total amount of interest and penalties recognized in the consolidated statements of operations — — — Total amount of interest and penalties recognized in the consolidated balance sheets — — — The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 2 $ 17 $ 50 Net charges to income tax expense 8 — — Release of valuation allowance — (15 ) (33 ) Balance at December 31, $ 10 $ 2 $ 17 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 10. Earnings Per Share of Common Stock The following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Numerator: Net (loss) income attributable to Chemours $ (52 ) $ 995 $ 746 Denominator: Weighted-average number of common shares outstanding - basic 164,816,839 176,968,554 184,844,106 Dilutive effect of the Company’s employee compensation plans (1) — 5,603,467 6,139,885 Weighted-average number of common shares outstanding - diluted (1) 164,816,839 182,572,021 190,983,991 Basic (loss) earnings per share of common stock $ (0.32 ) $ 5.62 $ 4.04 Diluted (loss) earnings per share of common stock (1) (0.32 ) 5.45 3.91 (1) In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of earnings per share as its inclusion would have an anti-dilutive effect. The following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted earnings per share calculations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Average number of stock options 2,206,609 393,016 43,072 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | Note 11. Accounts and Notes Receivable, Net The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2019 and 2018. December 31, 2019 2018 Accounts receivable - trade, net (1) $ 602 $ 790 VAT, GST, and other taxes (2) 59 56 Other receivables (3) 13 15 Total accounts and notes receivable, net $ 674 $ 861 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and $2 at December 31, 2019 and 2018, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2019 and 2018. Such allowances are equal to the estimated uncollectible amounts. (2) Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions. (3) Other receivables consist of derivative instruments, advances, and other deposits. Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to less than $1 for the years ended December 31, 2019 and 2018, and $1 for the year ended December 31, 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Net [Abstract] | |
Inventories | Note 12. Inventories The following table sets forth the components of the Company’s inventories at December 31, 2019 and 2018. December 31, 2019 2018 Finished products $ 589 $ 701 Semi-finished products 189 195 Raw materials, stores, and supplies 559 476 Inventories before LIFO adjustment 1,337 1,372 Less: Adjustment of inventories to LIFO basis (258 ) (225 ) Total inventories $ 1,079 $ 1,147 Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at substantially all of the Company’s U.S. locations, which comprised $674 and $622 (or |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Note 13. Property, Plant, and Equipment, Net The following table sets forth the components of the Company’s property, plant, and equipment, net at December 31, 2019 and 2018. December 31, 2019 2018 Equipment $ 7,595 $ 7,344 Buildings (1) 1,174 914 Construction-in-progress 493 579 Land 115 119 Mineral rights 36 36 Property, plant, and equipment 9,413 8,992 Less: Accumulated depreciation (5,854 ) (5,701 ) Total property, plant, and equipment, net $ 3,559 $ 3,291 (1) At December 31, 2019, b uildings includes $95 in connection with the financed portion of the Chemours Discovery Hub, which was considered a build-to-suit lease asset of $55 at December 31, 2018. Refer to note “Note 14 – Leases” for further details. Property, plant, and equipment, net included gross assets under finance leases of $68 and $7 at December 31, 2019 and 2018, respectively. In the second quarter of 2019, a subsidiary of the Company renegotiated the terms of an existing Fluoroproducts supply contract with Changshu 3F Zhonghao New Chemical Materials Co., Ltd., a related party and equity method investee, to improve the long-term supply security and competitiveness relative to not-in-kind competition of its low global warming potential foam offering. The renegotiated supply contract resulted in the recognition of a finance lease asset and a corresponding finance lease liability, both of which amounted to $62. Interest expense capitalized as part of property, plant, and equipment, net amounted to $10, $17, and $9 for the years ended December 31, 2019, 2018, and 2017, respectively. Depreciation expense amounted to $304, $276, and $269 for the years ended December 31, 2019, 2018, and 2017, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 14. Leases The Company leases certain office space, equipment, railcars, tanks, barges, tow boats, and warehouses. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets, and lease expense is recognized over the term of these leases on a straight-line basis. The Company’s leases have remaining terms of up to 17 years. Some leases of equipment contain immaterial amounts of residual value guarantees. The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet location at December 31, 2019. Balance Sheet Location December 31, 2019 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 294 Finance lease assets Property, plant, and equipment, net (Note 13) 58 Total lease assets $ 352 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 66 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 5 Total current lease liabilities 71 Non-current: Operating lease liabilities Operating lease liabilities 245 Finance lease liabilities Long-term debt, net (Note 20) 54 Total non-current lease liabilities 299 Total lease liabilities $ 370 The following table sets forth the components of the Company’s lease cost for the year ended December 31, 2019. Year Ended December 31, 2019 Operating lease cost $ 99 Short-term lease cost 5 Variable lease cost 16 Finance lease cost: Amortization of lease assets 5 Interest on lease liabilities 2 Total lease cost $ 127 The following table sets forth the cash flows related to the Company’s leases for the year ended December 31, 2019. Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 101 Operating cash flows from finance leases 2 Financing cash flows from finance leases 3 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 48 Leased assets obtained in exchange for new finance lease liabilities 62 The following table sets forth the weighted-average term and weighted-average discount rate for the Company’s leases at December 31, 2019. December 31, 2019 Weighted-average remaining lease term (years): Operating leases 8.5 Finance leases 9.2 Weighted-average discount rate: Operating leases 5.10 % Finance leases 5.90 % The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. As of December 31, 2019 Operating Leases Finance Leases Total 2020 $ 82 $ 9 $ 91 2021 66 8 74 2022 49 8 57 2023 35 8 43 2024 29 8 37 Thereafter 118 35 153 Total lease payments 379 76 455 Less: Imputed interest 68 17 85 Present value of lease liabilities $ 311 $ 59 $ 370 Prior to the adoption of ASU No. 2016-02, the following table set forth the Company’s lease liabilities’ maturities for the subsequent five years and thereafter. As of December 31, 2018 Operating Leases Finance Leases Total 2019 $ 92 $ — $ 92 2020 70 2 72 2021 59 — 59 2022 42 — 42 2023 27 — 27 Thereafter 134 — 134 Total lease payments $ 424 $ 2 $ 426 The Chemours Discovery Hub In October 2017, Chemours executed a build-to-suit lease agreement to construct a new 312,000-square-foot research and development facility on the Science, Technology, and Advanced Research campus of the University of Delaware (“UD”) in Newark, Delaware (“Chemours Discovery Hub”). Chemours was deemed to be the owner for accounting purposes during construction of the facility. Construction was completed in the fourth quarter of 2019, and, upon its completion, Chemours evaluated whether a sale occurred for purposes of sale-leaseback accounting treatment. The Company determined that this transaction did not qualify for sale-leaseback accounting, and, as a result, the leasing arrangement is considered to be a financing transaction. At completion of the construction, the build-to-suit lease liability was reclassified as a financing obligation within long-term debt, net, and the build-to-suit lease asset was capitalized in property, plant and equipment, net. At December 31, 2019, a financing obligation of $95 and property, plant, and equipment of $95 are recorded on the Company’s consolidated balance sheet. The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation . December 31, 2019 2020 $ 6 2021 7 2022 7 2023 7 2024 7 Thereafter 160 Total payments $ 194 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Note 15. Goodwill and Other Intangible Assets, Net Goodwill The following table sets forth the changes in the carrying amount of the Company’s goodwill by segment for the years ended December 31, 2019 and 2018. December 31, 2019 2018 Fluoroproducts: Balance at January 1, $ 89 $ 85 Acquisition of business — 4 Balance at December 31, 89 89 Chemical Solutions: Balance at January 1, 51 55 Goodwill impairment — (4 ) Balance at December 31, 51 51 Titanium Technologies: Balance at January 1, 13 13 Balance at December 31, 13 13 Total goodwill $ 153 $ 153 Chemours consists of three operating segments: Fluoroproducts, Chemical Solutions, and Titanium Technologies. The Company defines its reporting units as one level below these operating segments, with the exception of the Titanium Technologies segment, which is both an operating segment and a reporting unit. The Company tested the goodwill balances attributable to each of its reporting units for potential impairment on October 1, 2019 and 2018, the dates of Chemours’ annual goodwill assessment, and concluded that $ 4 of goodwill associated with the Performance Chemicals and Intermediates reporting unit in the Chemical Solutions segment was impaired at October 1, 2018. No further goodwill impairments were recorded for the years ended December 31, 2019 and 2018, as the fair values of the Company’s other reporting units that carry goodwill exceeded each respective reporting unit’s carrying amount on October 1, 2019 and 2018. The total accumulated impairment losses included in the Company’s goodwill balance at December 31, 2019 and 2018 amounted to $4. Other Intangible Assets, Net The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s other intangible assets by major class at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (8 ) $ 1 Customer relationships 22 (8 ) 14 22 (3 ) 19 Patents 19 (19 ) — 19 (19 ) — Purchased trademarks 5 (3 ) 2 5 (3 ) 2 Purchased and licensed technology 3 (3 ) — 3 (3 ) — Other (1) 10 (6 ) 4 10 (4 ) 6 Total other intangible assets, net $ 68 $ (47 ) $ 21 $ 68 $ (40 ) $ 28 (1) Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. The aggregate pre-tax amortization expense for definite-lived intangible assets was $7, $6, and $4 for the years ended December 31, 2019, 2018, and 2017, respectively. The estimated aggregate pre-tax amortization expense for 2020, 2021, 2022, 2023, and 2024 is $7, $7, $5, $1, and less than $1, respectively. Definite-lived intangible assets are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is periodically evaluated. The Company does not have any indefinite-lived intangible assets. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Affiliates | Note 16. Investments in Affiliates The Company holds investments in companies where it, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee. The following table sets forth the carrying value, jurisdiction, and ownership percentages of the Company’s investments in affiliates at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 96 50.0% $ 94 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 33 50.0% 36 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 33 10.0% 30 10.0% $ 162 $ 160 The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 160 $ 173 $ 136 Equity in earnings of affiliates 29 43 33 Dividends (28 ) (58 ) — Currency translation and other 1 2 4 Balance at December 31, $ 162 $ 160 $ 173 The Company engages in transactions with its equity method investees in the ordinary course of business. For the years ended December 31, 2019, 2018, and 2017, net sales to the Company’s equity method investees amounted to $135, $143, and $99, respectively, and purchases from the Company’s equity method investees amounted to $249, $125, and $87, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 17. Other Assets The following table sets forth the components of the Company’s other assets at December 31, 2019 and 2018. December 31, 2019 2018 Capitalized repair and maintenance costs $ 148 $ 178 Pension assets (1) 59 174 Deferred income taxes 40 46 Miscellaneous 45 39 Total other assets $ 292 $ 437 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. During the year ended December 31, 2019, pension assets decreased primarily due to the Company’s settlement of a significant portion of the Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employees Benefits” for further details. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable | Note 18. Accounts Payable The following table sets forth the components of the Company’s accounts payable at December 31, 2019 and 2018. December 31, 2019 2018 Trade payables $ 901 $ 1,111 VAT and other payables 22 26 Total accounts payable $ 923 $ 1,137 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Note 19. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Compensation and other employee-related costs $ 52 $ 108 Employee separation costs (1) 15 16 Accrued litigation (2) 10 11 Environmental remediation (2) 74 139 Income taxes 65 87 Customer rebates 72 79 Deferred revenue 7 6 Accrued interest 21 21 Operating lease liabilities (3) 66 — Miscellaneous (4) 102 92 Total other accrued liabilities $ 484 $ 559 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities. (2) Represents the current portions of environmental remediation and accrued litigation, which are discussed further in “Note 22 – Commitments and Contingent Liabilities.” With respect to the Company’s ongoing matters at Fayetteville, environmental remediation includes $20 and $75 at December 31, 2019 and 2018, respectively. (3) Represents the current portion of the Company’s operating lease liabilities, which is discussed further in “Note 3 – Summary of Significant Accounting Policies” and “Note 14 – Leases.” (4) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, the current portion of the Company’s asset retirement obligations, and other miscellaneous expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 20. Debt The following table sets forth the components of the Company’s debt at December 31, 2019 and 2018. December 31, 2019 2018 Senior secured term loans: Tranche B-2 U.S. dollar term loan due May 2025 $ 884 $ 893 Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) 383 396 Senior unsecured notes: 6.625% due May 2023 908 908 7.000% due May 2025 750 750 4.000% due May 2026 (€450 at December 31, 2019 and 2018) 501 513 5.375% due May 2027 500 500 Securitization Facility 110 — Finance lease liabilities 59 2 Financing obligation (1) 95 55 Other 6 — Total debt 4,196 4,017 Less: Unamortized issue discounts (8 ) (10 ) Less: Unamortized debt issuance costs (28 ) (35 ) Less: Short-term and current maturities of long-term debt (134 ) (13 ) Total long-term debt, net $ 4,026 $ 3,959 (1) At December 31, 2019, financing obligation includes $95 in connection with the financed portion of the Chemours Discovery Hub, which was considered a build-to-suit lease liability of $55 at December 31, 2018. Refer to “Note 14 – Leases” for further details. Senior Secured Credit Facilities On April 3, 2018, the Company amended and restated its credit agreement (“Credit Agreement”) that provides for a seven-year five-year The senior secured term loan facility under the Senior Secured Credit Facilities provides for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $900 (“Dollar Term Loan”) and a class of term loans, denominated in euros, in an aggregate principal amount of €350 (“Euro Term Loan”) (collectively, the “Term Loans”). The Dollar Term Loan bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75% or adjusted base rate plus 0.75%, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00% or 1.00%, respectively. The Euro Term Loan bears a variable interest rate equal to adjusted EURIBOR plus 2.00%, subject to an adjusted EURIBOR floor of 0.50%. The Term Loans will mature on April 3, 2025, and are subject to acceleration in certain circumstances. The proceeds of any loans made under the Revolving Credit Facility can be used for working capital needs and other general corporate purposes, including permitted acquisitions, as defined in the Credit Agreement. The Revolving Credit Facility bears a variable interest rate range based on the Company’s total net leverage ratio, as defined in the Credit Agreement, between (i) a 0.25% and a 1.00% spread for adjusted base rate loans, and (ii) a 1.25% and a 2.00% spread for LIBOR and EURIBOR loans. In addition, the Company is required to pay a commitment fee on the average daily unused amount of the Revolving Credit Facility within an interest rate range based on its total net leverage ratio, between 0.10% and 0.25%. The Revolving Credit Facility will mature on April 3, 2023, and is subject to acceleration in certain circumstances. During the year ended December 31, 2019, the Company borrowed and subsequently repaid $150 under the Revolving Credit Facility. There were no borrowings outstanding under the Revolving Credit Facility at December 31, 2019 and 2018. Issued and outstanding letters of credit under the Revolving Credit Facility amounted to $103 and $104 at December 31, 2019 and 2018, respectively. At December 31, 2019, the effective interest rates on the Dollar Term Loan and the Euro Term Loan were 3.6% and 2.5%, respectively, and commitment fees on the Revolving Credit Facility were assessed at a rate of 0.20% per annum. In connection with the issuance of the Senior Secured Credit Facilities, the Company incurred a loss on debt extinguishment of $3 for the year ended December 31, 2018. Under the Credit Agreement, solely with respect to the Revolving Credit Facility, the Company is required to maintain a senior secured net leverage ratio not to exceed 2.00 to 1.00 in each quarter, through the date of maturity. In addition, the Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict the Company’s and its subsidiaries’ ability, subject to certain exceptions, to incur additional indebtedness or liens, pay dividends, and engage in certain transactions, including mergers, acquisitions, asset sales, or investments, outside of specified carve-outs. The Credit Agreement also contains customary representations and warranties and events of default. The Company was in compliance with its debt covenants at December 31, 2019 and 2018. The Company’s obligations under the Senior Secured Credit Facilities are guaranteed on a senior secured basis by all of its material domestic subsidiaries, which are also guarantors of the Company’s outstanding notes, subject to certain exceptions. The obligations under the Senior Secured Credit Facilities are also, subject to certain exceptions, secured by a first priority lien on substantially all of the Company’s assets and substantially all of the assets of its wholly-owned, material domestic subsidiaries, including 100% of the stock of certain of its domestic subsidiaries and 65% of the stock of certain of its foreign subsidiaries. Senior Unsecured Notes Senior Unsecured Notes due May 2023 and May 2025 On May 12, 2015, Chemours issued an aggregate principal amount of $2,503 in senior unsecured notes consisting of an aggregate principal amount of $1,350 6.625% senior unsecured notes due May 2023 May 2023 May 2025 The Original Notes were or are, as applicable, fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis, by each of Chemours’ existing and future direct or indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the Original Notes, the Company was or is, as applicable, obligated to offer to purchase the Original Notes at a price of (i) 101 % of their principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events, and (ii) 100 % of their principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, with the proceeds from certain asset dispositions. These restrictions and prohibitions were or are, as applicable, subject to certain qualifications and exceptions set forth in the indenture governing the Original Notes, including without limitation, reinvestment rights with respect to the proceeds of asset dispositions. Chemours is permitted to currently redeem some or all of the 2023 Dollar Notes at specified redemption prices, and may redeem some or all of the 2025 Notes on or after May 15, 2020 at specified redemption prices. Chemours may also redeem some or all of the 2023 Dollar Notes or the 2025 Notes by means other than a redemption, including tender offer or open market purchases. Pursuant to the terms of the tax matters agreement entered into at the time of the Separation, the Company’s ability to pre-pay, pay down, redeem, retire, or otherwise acquire the 2025 Notes is limited in the absence of obtaining certain tax opinions. Senior Unsecured Notes Due May 2027 On May 23, 2017, Chemours issued a $500 aggregate principal amount of 5.375% senior unsecured notes due May 2027 (the “2027 Notes”). The 2027 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $489, net of an original issue discount of $5 and underwriting fees and other related expenses of $6, which are deferred and amortized to interest expense using the effective interest method over the term of the 2027 Notes. A portion of the net proceeds from the 2027 Notes was used to pay the $335 accrued for the global settlement of the multi-district “PFOA MDL Settlement,” as discussed in “Note 22 – Commitments and Contingent Liabilities.” The remaining proceeds from the 2027 Notes were available for general corporate purposes. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of Chemours’ existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of Chemours or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the 2027 Notes, Chemours may redeem the 2027 Notes, in whole or in part, at an amount equal to 100% of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase prior to February 15, 2027. Chemours may also redeem some or all of the 2027 Notes by means other than a redemption, including tender offer and open market repurchases. Chemours is obligated to offer to purchase the 2027 Notes at a price of 101% of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Senior Unsecured Notes due May 2026 On June 6, 2018, the Company issued an aggregate principal amount of €450 4.000% senior unsecured notes due May 2026 Pursuant to the terms of the indenture governing the 2026 Euro Notes, the Company is obligated to offer to purchase the 2026 Euro Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to May 15, 2021, the Company may redeem the 2026 Euro Notes (i) in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium, and (ii) on one or more occasions, up to 35 % of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 104 % of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. The guarantees of the 2026 Euro Notes will rank equally with all other senior indebtedness of the guarantors. The 2026 Euro Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is, by its terms, expressly subordinated in right of payment to the 2026 Euro Notes. The 2026 Euro Notes are subordinated to indebtedness under the Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and are structurally subordinated to the liabilities of any non-guarantor subsidiaries. The Company received net proceeds of €445 from the offering of the 2026 Euro Notes, which, together with cash on hand, were used to purchase or redeem, as the case may be, all of the outstanding 2023 Euro Notes and a $250 aggregate principal amount of the 2023 Dollar Notes 2023 Notes Tender Offers and Redemption of the 2023 Euro Notes On May 21, 2018, the Company commenced two all-cash tender offers to purchase: (i) up to $250 of the outstanding 2023 Dollar Notes, for a purchase price of $1,052.50 per $1,000.00 of principal amount through an early tender deadline of June 4, 2018, and $1,022.50 per $1,000.00 of principal amount thereafter, through June 18, 2018, the tender expiration date, plus any accrued and unpaid interest thereon (the “Dollar Tender Offer”); and, (ii) any and all of the outstanding 2023 Euro Notes (collectively, the “2023 Notes”), for a purchase price of €1,048.75 per €1,000.00 of principal amount through an early tender deadline of June 4, 2018, and €1,018.75 per €1,000.00 of principal amount thereafter, through June 18, 2018, the tender expiration date, plus any accrued and unpaid interest thereon (the “Euro Tender Offer”) (collectively, the “Tender Offers”). The Company completed the Dollar Tender Offer on June 6, 2018 for an aggregate purchase price of $264, inclusive of an early participation premium of $13 and accrued interest of $1. The Company completed the Euro Tender Offer on June 8, 2018 for an aggregate purchase price of €310, inclusive of an early participation premium of €14 and accrued interest of €1. In connection with the Euro Tender Offer, the Company received consents from the holders of a majority of the aggregate principal amount of the 2023 Euro Notes to amend certain provisions of the indenture governing the 2023 Euro Notes, thereby allowing the Company to call and redeem the remaining 2023 Euro Notes outstanding upon two business days’ notice to the noteholders. On June 8, 2018, the Company completed the redemption of the remaining outstanding 2023 Euro Notes that were not purchased pursuant to the Euro Tender Offer. The Tender Offers and the redemption of the 2023 Euro Notes were funded with the proceeds from the offering of the 2026 Euro Notes and cash on hand. Accounts Receivable Securitization Facility On July 12, 2019, the Company, through a wholly-owned special purpose entity (“SPE”), executed an agreement with a bank for an accounts receivable securitization facility (“Securitization Facility”) for the purpose of enhancing the Company’s liquidity. Under the Securitization Facility, certain of the Company’s subsidiaries will sell their accounts receivable to the SPE, which is a non-guarantor subsidiary. In turn, the SPE may transfer undivided ownership interests in such receivables to the bank in exchange for cash. The Securitization Facility permits the SPE to borrow up to a total of $125, with an option to increase to $200. The bank has a first priority security interest in all receivables held by the SPE, and the SPE has not granted a security interest to anyone else . At December 31, 2019, receivables held by the SPE totaled $176 Because the SPE maintains effective control over the accounts receivable, transfers of the ownership interests to the bank do not meet the criteria to account for the transfers as true sales. As a result, the Company accounted for the transfers under the Securitization Facility as collateralized borrowings. Cash received from the bank is a short-term obligation of the Company, which is fully-collateralized by all receivables held by the SPE. The Securitization Facility is subject to interest charges against both the amount of outstanding borrowings and the amount of available but undrawn commitments. The Securitization Facility bears a variable interest rate on outstanding borrowings and a fixed commitment fee on the average daily undrawn amount. During the year ended December 31, 2019, the weighted average interest rate on the outstanding borrowings under the Securitization Facility was 2.0%. Borrowings under the Securitization Facility are classified in its consolidated balance sheets as a component of its current liabilities due to the short-term nature of the obligation. Borrowings and repayments under the Securitization Facility amounted to $128 and $18, respectively. Net borrowings of $110 remained outstanding as of December 31, 2019 Other During the third quarter of 2019, the Company entered into a financing arrangement, by which an external financing company funded certain of the Company’s annual insurance premiums for $11. During the year ended December 31, 2019, the Company made payments of $5 to the financing company, and the remaining $6 is to be repaid within the next twelve months. Maturities The Company has required quarterly principal payments related to the Senior Secured Credit Facilities equivalent to 1.00% per annum through December 2024, with the balance due at maturity. Also, following the end of each fiscal year commencing on the year ended December 31, 2019, on an annual basis, the Company is required to make additional principal payments depending on leverage levels, as defined in the amended and restated credit agreement, equivalent to up to 50% of excess cash flows based on certain leverage targets with step-downs to 25% and 0% as actual leverage decreases to below a 3.50 to 1.00 leverage target. The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. Year Ended December 31, 2020 $ 122 2021 13 2022 13 2023 921 2024 13 Thereafter (1) 2,954 Total principal maturities on debt $ 4,036 (1) The Senior Secured Credit Facilities are subject to a springing maturity in the event that the senior unsecured notes due in May 2023 Debt Fair Value The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. The carrying value of the Securitization Facility approximates its fair value based on its short-term nature and maturity. December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due May 2025 $ 884 $ 865 $ 893 $ 862 Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) 383 378 396 394 Senior unsecured notes: 6.625% due May 2023 908 917 908 918 7.000% due May 2025 750 755 750 761 4.000% due May 2026 (€450 at December 31, 2019 and 2018) 501 455 513 487 5.375% due May 2027 500 450 500 454 Securitization Facility 110 110 — — Total senior debt 4,036 $ 3,930 3,960 $ 3,876 Less: Unamortized issue discounts (8 ) (10 ) Less: Unamortized debt issuance costs (28 ) (35 ) Total senior debt, net $ 4,000 $ 3,915 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 21. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Environmental remediation (1) $ 332 $ 152 Employee-related costs (2) 113 130 Accrued litigation (1) 50 53 Asset retirement obligations 54 51 Deferred revenue 8 7 Miscellaneous (3) 76 64 Total other liabilities $ 633 $ 457 (1) Represents the long-term portions of environmental remediation and accrued litigation, which are discussed further in “Note 22 – Commitments and Contingent Liabilities.” With respect to the Company’s ongoing matters at Fayetteville, environmental remediation includes $181 at December 31, 2019. There were no amounts included in other liabilities for such matters at December 31, 2018. (2) Employee-related costs primarily represent liabilities associated with the Company’s long-term employee benefit plans. (3) Miscellaneous primarily includes an accrued indemnification liability of $41 and $46 at December 31, 2019 and 2018, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 22. Commitments and Contingent Liabilities Asset Retirement Obligations Chemours has recorded asset retirement obligations, which are inclusive of costs related to closure, reclamation, and removal for mining operations in the production of TiO 2 The following table sets forth the activity in the Company’s asset retirement obligations for the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Balance at January 1, $ 57 $ 48 Accretion expense 7 10 Settlements and payments (3 ) (1 ) Balance at December 31, $ 61 $ 57 Current portion $ 7 $ 6 Non-current portion 54 51 Litigation Overview In addition to the matters discussed below, the Company and certain of its subsidiaries, from time to time, are subject to various lawsuits, claims, assessments, and proceedings with respect to product liability, intellectual property, personal injury, commercial, contractual, employment, governmental, environmental, anti-trust, and other such matters that arise in the ordinary course of business. In addition, Chemours, by virtue of its status as a subsidiary of DuPont prior to the separation, is subject to or required, under the separation-related agreements executed prior to the separation, to indemnify DuPont against various pending legal proceedings. It is not possible to predict the outcomes of these various lawsuits, claims, assessments, or proceedings. Except as noted below, while management believes it is reasonably possible that Chemours could incur losses in excess of the amounts accrued, if any, for the aforementioned proceedings, it does not believe any such loss would have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. Additional disputes between Chemours and DuPont may also arise with respect to indemnification matters, including disputes based on matters of law or contract interpretation. If and to the extent these disputes arise, they could materially adversely affect Chemours. The Company accrues for litigation matters when it is probable that a liability has been incurred, and the amount of the liability can be reasonably estimated. Legal costs such as outside counsel fees and expenses are recognized in the period in which the expense was incurred. Management believes the Company’s litigation accruals are appropriate based on the facts and circumstances for each matter, which are discussed in further detail below. The following table sets forth the components of the Company’s accrued litigation at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Asbestos $ 34 $ 37 PFOA 20 22 All other matters 6 5 Total accrued litigation $ 60 $ 64 The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at December 31, 2019 and 2018. Balance Sheet Location December 31, 2019 December 31, 2018 Accrued Litigation: Current accrued litigation Other accrued liabilities (Note 19) $ 10 $ 11 Long-term accrued litigation Other liabilities (Note 21) 50 53 Total accrued litigation $ 60 $ 64 Fayetteville Works, Fayetteville, North Carolina For information regarding the Company’s ongoing litigation and environmental remediation matters at its Fayetteville Works site in Fayetteville, North Carolina (“Fayetteville”), refer to “Fayetteville Works, Fayetteville, North Carolina” under the “Environmental Overview” within this “Note 22 – Commitments and Contingent Liabilities”. Asbestos In the Separation, DuPont assigned its asbestos docket to Chemours. At December 31, 2019 and 2018, there were approximately 1,100 and 1,300 lawsuits pending against DuPont alleging personal injury from exposure to asbestos. These cases are pending in state and federal court in numerous jurisdictions in the U.S. and are individually set for trial. A small number of cases are pending outside of the U.S. Most of the actions were brought by contractors who worked at sites between the 1950s and the 1990s. A small number of cases involve similar allegations by DuPont employees or household members of contractors or DuPont employees. Finally, certain lawsuits allege personal injury as a result of exposure to DuPont products. At December 31, 2019 and 2018, Chemours had an accrual of $34 and $37 related to these matters, respectively. Benzene In the Separation, DuPont assigned its benzene docket to Chemours. At December 31, 2019 and 2018 there were 16 and 19 cases pending against DuPont alleging benzene-related illnesses, respectively. These cases consist of premises matters involving contractors and deceased former employees who claim exposure to benzene while working at DuPont sites primarily in the 1960s through the 1980s, and product liability claims based on alleged exposure to benzene found in trace amounts in aromatic hydrocarbon solvents used to manufacture DuPont products such as paints, thinners, and reducers. Management believes that a loss is reasonably possible as to the docket as a whole; however, given the evaluation of each benzene matter is highly fact-driven and impacted by disease, exposure, and other factors, a range of such losses cannot be reasonably estimated at this time. PFOA Chemours does not, and has never, used “PFOA” (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) as a polymer processing aid and/or sold it as a commercial product. Prior to the Separation, the performance chemicals segment of DuPont made PFOA at Fayetteville and used PFOA as a processing aid in the manufacture of fluoropolymers and fluoroelastomers at certain sites, including: Washington Works, Parkersburg, West Virginia; Chambers Works, Deepwater, New Jersey; Dordrecht Works, Netherlands; Changshu Works, China; and, Shimizu, Japan. These sites are now owned and/or operated by Chemours. At December 31, 2019 and 2018, Chemours maintained accruals of $20 and $22, respectively, related to PFOA matters under the Leach Settlement as discussed below. These accruals relate to DuPont’s obligations under agreements with the U.S. Environmental Protection Agency (“EPA”) and voluntary commitments to the New Jersey Department of Environmental Protection (“NJ DEP”). These obligations and voluntary commitments include surveying, sampling, and testing drinking water in and around certain Company sites, and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the state or the national health advisory. The Company will continue to work with the EPA and other authorities regarding the extent of work that may be required with respect to these matters. Leach Settlement In 2004, DuPont settled a class action captioned Leach v. DuPont The C8 Science Panel found probable links, as defined in the settlement agreement, between exposure to PFOA and pregnancy-induced hypertension, including preeclampsia, kidney cancer, testicular cancer, thyroid disease, ulcerative colitis, and diagnosed high cholesterol. Under the terms of the settlement, DuPont is obligated to fund up to $235 for a medical monitoring program for eligible class members and pay the administrative costs associated with the program, including class counsel fees. The court-appointed Director of Medical Monitoring implemented the program and testing is ongoing with associated payments to service providers disbursed from an escrow account which the Company replenishes pursuant to the settlement agreement. As of December 31, 2019, approximately $1.7 has been disbursed from escrow related to medical monitoring. While it is reasonably possible that the Company will incur additional costs related to the medical monitoring program, such costs cannot be reasonably estimated due to uncertainties surrounding the level of participation by eligible class members and the scope of testing. In addition, under the Leach settlement agreement, DuPont must continue to provide water treatment designed to reduce the level of PFOA in water to six area water districts and private well users. At separation, this obligation was assigned to Chemours, and $20 and $22 was accrued for these matters at December 31, 2019 and 2018, respectively. PFOA Leach Class Personal Injury Further, under the Leach settlement, class members may pursue personal injury claims against DuPont only for those diseases for which the C8 Science Panel determined a probable link exists. Approximately 3,500 lawsuits were subsequently filed in various federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation (“MDL”) in Ohio federal court. These were resolved in March 2017 when DuPont entered into an agreement settling all MDL cases and claims, including all filed and unfiled personal injury cases and claims that were part of the plaintiffs’ counsel’s claims inventory, as well as cases tried to a jury verdict (“MDL Settlement”) for $670.7 in cash, with half paid by Chemours, and half paid by DuPont. Concurrently with the MDL Settlement, DuPont and Chemours agreed to a limited sharing of potential future PFOA costs (indemnifiable losses, as defined in the separation agreement between DuPont and Chemours) for a period of five years. During that five-year period, Chemours will annually pay future PFOA costs up to $25 and, if such amount is exceeded, DuPont will pay any excess amount up to the next $25 (which payment will not be subject to indemnification by Chemours), with Chemours annually bearing any further excess costs under the terms of the separation agreement. After the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the separation agreement will continue unchanged. Chemours has also agreed that it will not contest its indemnification obligations to DuPont under the separation agreement for PFOA costs on the basis of defenses generally applicable to the indemnification provisions under the separation agreement, including defenses relating to punitive damages, fines or penalties, or attorneys’ fees, and waives any such defenses with respect to PFOA costs. Chemours has, however, retained other defenses, including as to whether any particular PFOA claim is within the scope of the indemnification provisions of the separation agreement. While all MDL lawsuits were dismissed or resolved through the MDL Settlement, the MDL Settlement did not resolve PFOA personal injury claims of plaintiffs who did not have cases or claims in the MDL or personal injury claims based on diseases first diagnosed after February 11, 2017. Since the resolution of the MDL, approximately 61 personal injury cases have been filed and are pending in West Virginia or Ohio courts alleging status as a Leach class member. These cases are consolidated before the MDL court. A two-plaintiff trial commenced in January 2020, and a six-plaintiff trial is scheduled for June 2020. State of Ohio In February 2018, the State of Ohio initiated litigation against DuPont regarding historical PFOA emissions from the Washington Works site. Chemours is an additional named defendant. Ohio alleges damage to natural resources and fraudulent transfer in the spin-off that created Chemours and seeks damages including remediation and other costs and punitive damages. PFAS DuPont and Chemours have received governmental and regulatory inquiries and have been named in other litigations, including class actions, brought by individuals, municipalities, businesses and water districts alleging exposure to and/or contamination from perfluorinated and polyfluorinated compounds (“PFAS”), including PFOA. Many actions include an allegation of fraudulent transfer in the spin-off that created Chemours. Chemours has declined DuPont’s requests for indemnity for fraudulent transfer claims. In January 2020, Chemours received a letter informing it that the U.S. Department of Justice, Consumer Protection Branch, and the United States Attorney’s Office for the Eastern District of Pennsylvania are considering whether to open a criminal investigation under the Federal Food, Drug, and Cosmetic Act and asking that it retain its documents regarding PFAS and food contact applications. Based upon the letter, we are presently unable to predict the duration, scope, or result of any potential governmental, criminal, or civil proceeding that may result, the imposition of fines and penalties, and/or other remedies. We are also unable to develop a reasonable estimate of a possible loss or range of losses, if any. Aqueous Film Forming Foam Matters Chemours does not, and has never, manufactured aqueous film forming foam (“AFFF”). DuPont and Chemours have been named in 154 matters, involving AFFF, which is used to extinguish hydrocarbon-based (i.e., Class B) fires and subject to U.S. military specifications. Most matters have been transferred to or filed directly into a multidistrict litigation (“AFFF MDL”) in South Carolina federal court or identified by a party for transfer. The matters pending in the AFFF MDL allege damages as a result of contamination, in most cases due to migration from military installations or airports, or personal injury from exposure to AFFF. Plaintiffs seek to recover damages for investigating, monitoring, remediating, treating, and otherwise responding to the contamination. Others have claims for personal injury, property diminution and punitive damages. There are 8 AFFF lawsuits currently pending outside the AFFF MDL that have not been designated by a party for inclusion in the MDL. These matters are: Valero Refining (“Valero”) has six pending state court lawsuits filed commencing in June 2019 regarding its Tennessee, Texas, Oklahoma, California, and Louisiana facilities. These lawsuits allege that several defendants that designed, manufactured, marketed, and/or sold AFFF or PFAS incorporated into AFFF have caused Valero to incur damages and costs including remediation, AFFF disposal, and replacement. Valero also alleges fraudulent transfer. In August 2019, a putative class action was filed in Alaska state court seeking class status for property owners whose groundwater has been contaminated by AFFF use at Fairbanks International Airport, a nearby fire training facility, and other state operations. In September 2019, a lawsuit alleging personal injury resulting from exposure to AFFF in Long Island drinking water was filed by four individuals in New York state court. State Natural Resource Damages Matters In addition to the State of New Jersey actions (as detailed below) and the State of Ohio action (as detailed above), the states of Vermont, New Hampshire, New York, and Michigan have filed lawsuits against defendants, including DuPont and Chemours, relating to the alleged contamination of state natural resources with PFAS compounds either from AFFF and/or other unidentified sources. These lawsuits seek damages including costs to investigate, clean up, restore, treat, monitor, or otherwise respond to contamination to natural resources. The lawsuits include counts for fraudulent transfer. Other PFAS Matters DuPont has also been named in approximately 51 lawsuits pending in New York courts, which are not part of the Leach class, brought by individual plaintiffs alleging negligence and other claims in the release of PFAS, including PFOA, into drinking water, and seeking medical monitoring, compensatory, and punitive damages against current and former owners and suppliers of a manufacturing facility in Hoosick Falls, New York. Two other lawsuits in New York have been filed by a business seeking to recover its losses and by nearby property owners and residents in a putative class action seeking medical monitoring, compensatory and punitive damages, and injunctive relief. In May 2017, the Water Works and Sewer Board of the Town of Centre, Alabama filed suit against numerous carpet manufacturers located in Dalton, Georgia and suppliers and former suppliers, including DuPont, in Alabama state court. The complaint alleges negligence, nuisance, and trespass in the release of PFAS, including PFOA, into a river leading to the town’s water source, and seeks compensatory and punitive damages. In February 2018, the New Jersey-American Water Company, Inc. (“NJAW”) filed suit against DuPont and Chemours in New Jersey federal court alleging that discharges in violation of the New Jersey Spill Compensation and Control Act (“Spill Act”), were made into groundwater utilized in the NJAW Penns Grove water system. NJAW alleges that damages include costs associated with remediating, operating, and maintaining its system, and attorney fees. In October 2018, a putative class action was filed in Ohio federal court against 3M, DuPont, Chemours, and other defendants seeking class action status for U.S. residents having a detectable level of PFAS in their blood serum. The complaint seeks declaratory and injunctive relief, including the establishment of a “PFAS Science Panel.” In December 2018, the owners of a dairy farm filed a lawsuit in Maine state court against numerous defendants including DuPont and Chemours alleging that their dairy farm was contaminated by PFAS, including perfluorooctanesulfonic acid (“PFOS”) and PFOA present in treated municipal sewer sludge used in agricultural spreading applications on their farm. The complaint asserts negligence, trespass, and other tort and state statutory claims and seeks damages. In May 2019, a putative class action was filed in Delaware state court against two electroplating companies alleging that they are responsible for PFAS contamination, including PFOA and PFOS, in drinking water and the environment in the nearby community. The suit also names 3M, DuPont, and Chemours, asserting they sold PFAS containing materials to the electroplating companies. The putative class of residents alleges negligence, nuisance, trespass, and other claims and seeks medical monitoring, personal injury and property damages, and punitive damages. Commencing In November 2019, 30 residents filed a lawsuit in New Jersey state court against DuPont, Chemours, and other defendants alleging that they are responsible for PFAS contamination including PFOA and PFOS in groundwater and drinking water. Plaintiffs have claims for medical monitoring, property value diminution, trespass, and punitive damages. In November 2019, the City of Rome, Georgia filed suit against numerous carpet manufacturers located in Dalton, Georgia, suppliers, DuPont, and Chemours in Georgia state court alleging negligence, nuisance, and trespass in the release of perfluorinated compounds, including PFOA, into a river leading to the town’s water source. City of Rome alleges damages to property and lost profits, and expenses for abatement and remediation and punitive damages. In December 2019, a putative class action was filed in Georgia state court on behalf of customers of the Rome, Georgia water division and the Floyd County, Georgia water department against numerous carpet manufacturers located in Dalton, Georgia, suppliers, DuPont, and Chemours in Georgia state court alleging negligence and nuisance and related to the release of perfluorinated compounds, including PFOA, into a river leading to their water sources. Damages sought include compensatory damages for increased water surcharges as well as punitive damages and injunctive relief for abatement and remediation. New Jersey Department of Environmental Protection Directives and Litigation In March 2019, the NJ DEP issued two Directives and filed four lawsuits against Chemours and other defendants. The Directives are: (i) a state-wide PFAS Directive issued to DuPont, DowDuPont, DuPont Specialty Products USA (“DuPont SP USA”), Solvay S.A., 3M, and Chemours seeking a meeting to discuss future costs for PFAS related costs incurred by the NJ DEP and establishing a funding source for such costs by the Directive recipients, and information relating to historic and current use of certain PFAS compounds; and, (ii) a Pompton Lakes Natural Resources Damages (“NRD”) Directive to DuPont and Chemours demanding $0.1 to cover the cost of preparation of a natural resource damage assessment plan and access to related documents. The lawsuits filed in New Jersey state courts by the NJ DEP are: (i) in Salem County, against DuPont, 3M, and Chemours primarily alleging clean-up and removal costs and damages and natural resource damages under the Spill Act, the Water Pollution Control Act (“WPCA”), the Industrial Site Recovery Act (“ISRA”), and common law regarding past and present operations at Chambers Works, a site assigned to Chemours at separation ; DuPont requested that Chemours defend and indemnify it in these matters. Chemours has accepted the defense while reserving rights and declining DuPont’s demand as to matters under ISRA, fraudulent transfer, or involving other DuPont entities. PFOA and PFAS Summary Management believes that it is reasonably possible that the Company could incur losses related to PFOA and/or PFAS matters in excess of amounts accrued, but any such losses are not estimable at this time due to various reasons, including, among others, that such matters are in their early stages and have significant factual issues to be resolved. U.S. Smelter and Lead Refinery, Inc. There are six lawsuits, including one putative class action in which class certification was denied, pending against DuPont by area residents concerning the U.S. Smelter and Lead Refinery multi-party Superfund site in East Chicago, Indiana. Several of the lawsuits allege that Chemours is now responsible for DuPont environmental liabilities. The lawsuits include allegations for personal injury damages, property diminution, and other damages. At separation, DuPont assigned Chemours its former plant site, which is located south of the residential portion of the Superfund area, and its responsibility for the environmental remediation at the Superfund site. Management believes a loss is reasonably possible, but not estimable at this time due to various reasons including, among others, that such matters are in their early stages and have significant factual issues to be resolved. Securities Litigation Commencing in October 2019, two putative class action complaints were filed in Delaware federal court alleging that Chemours and certain of its officers violated the Securities Exchange Act of 1934 by making materially false and misleading statements and omissions in public disclosures regarding environmental liabilities assigned to Chemours in connection with its spin-off from DuPont. The complaints seek a class of purchasers of Chemours stock between February 16, 2017 and August 1, 2019 and allege compensatory damages and fees. The Company believes the allegations are without merit and intends to vigorously defend against them. In January 2020, the court appointed a lead plaintiff for the consolidated litigation and set a schedule providing for the filing of a consolidated amended complaint in March 2020. Management believes that it is not possible at this time to reasonably assess the outcome of this litigation or to estimate the loss or range of loss as the matter is in the early stages with significant issues to be resolved. If the Company were not to prevail in the litigation, the impact could be material to the Company’s results of operations, financial position, and cash flows. Mining Solutions Facility Construction Stoppage In March 2018, a civil association in Mexico filed a complaint against the government authorities involved in the permitting process of the Company’s new Mining Solutions facility under construction in Gomez Palacio, Durango, Mexico. The claimant sought and obtained a suspension from the district judge to stop the Company’s construction work. The suspension was subsequently lifted on appeal, and the matter is before the Supreme Court of Mexico. A second similar complaint was filed in September 2019 and, again, a suspension of construction was granted. Chemours has filed an appeal. In the event that the suspension of construction is ultimately upheld, the Company would incur $26 of contract termination fees with a third-party services provider. At December 31, 2019 the Company had $144 long-lived assets under construction at the facility, $7 of other related prepaid costs, and $51 of the Company’s goodwill assigned to the Mining Solutions reporting unit. Management believes these amounts are recoverable as of December 31, 2019. Environmental Overview Chemours, due to the terms of the Separation-related agreements with DuPont, is subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances, which are attributable to DuPont’s activities before it spun-off Chemours. Much of this liability results from CERCLA, the Resource Conservation and Recovery Act, and similar state and global laws. These laws require Chemours to undertake certain investigative, remediation, and restoration activities at sites where Chemours conducts or once conducted operations or at sites where Chemours-generated waste was disposed. The accrual also includes estimated costs related to a number of sites identified for which it is probable that environmental remediation will be required, but which are not currently the subject of enforcement activities. Chemours accrues for remediation activities when it is probable that a liability has been incurred and a reasonable estimate of the liability can be made. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and the Company’s planned remedial responses, which are derived from in-depth environmental studies, sampling, testing, and analyses. Inherent uncertainties exist in such evaluations, primarily due to unknown environmental conditions, changing governmental regulations regarding liability, and emerging remediation technologies. These accruals are adjusted periodically as remediation efforts progress and as additional technological, regulatory, and legal information becomes available. Environmental liabilities and expenditures include claims for matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the separation-related agreements. These accrued liabilities are undiscounted and do not include claims against third parties. Costs related to environmental remediation are charged to expense in the period that the associated liability is accrued. The following table sets forth the components of the Company’s environmental remediation liabilities at December 31, 2019 and 2018, and for the five sites that are deemed the most significant by management, including Fayetteville as further discussed below. December 31, 2019 December 31, 2018 Chambers Works, Deepwater, New Jersey $ 20 $ 18 East Chicago, Indiana 17 21 Fayetteville Works, Fayetteville, North Carolina 201 75 Pompton Lakes, New Jersey 43 45 USS Lead, East Chicago, Indiana 13 15 All other sites 112 117 Total accrued environmental remediation $ 406 $ 291 The following table sets forth the current and long-term components of the Company’s environmental remediation liabilities and their balance sheet locations at December 31, 2019 and 2018. Balance Sheet Location December 31, 2019 December 31, 2018 Environmental Remediation: Current environmental remediation Other accrued liabilities (Note 19) $ 74 $ 139 Long-term environmental remediation Other liabilities (Note 21) 332 152 Total environmental remediation $ 406 $ 291 The time-frame for a site to go through all phases of remediation (investigation and active clean-up) may take about 15 to 20 years , followed by several years of OM&M activities. Remediation activities, including OM&M activities, vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, and diverse regulatory requirements, as well as the presence or absence of other potentially responsible parties. In addition, for claims that Chemours may be required to indemnify DuPont pursuant to the Separation-related agreements, Chemours, through DuPont, has limited available information for certain sites or is in the early stages of discussions with regulators. For these sites in particular, there may be considerable variability between the clean-up activities that are currently being undertaken or planned and the ultimate actions that could be required. Therefore, considerable uncertainty exists with respect to environmental remediation costs and, under adverse changes in circumstances, although deemed remote, the potential liability may range up to approximately $ 530 above the amount accrued at December 31, 2019. For the years ended December 31, 2019, 2018, and 2017, Chemours incurred environmental remediation expenses of $200, $101, and $48, respectively. Fayetteville Works, Fayetteville, North Carolina Fayetteville has been in operation since the 1970s and is located next to the Cape Fear River southeast of the City of Fayetteville, North Carolina. Hexafluoropropylene oxide dimer acid (“HFPO Dimer Acid,” sometimes referred to as “GenX” or “C3 Dimer Acid”) is manufactured at Fayetteville. The Company has operated the site since its separation from DuPont in 2015. The Company believes that discharges from Fayetteville to the Cape Fear River, site surface water, groundwater, and air emissions have not impacted the safety of drinking water in North Carolina. The Company is cooperating with a variety of ongoing inquiries and investigations from federal, state, and local authorities, regulators, and other governmental entities. Consent Order with North Carolina Department of Environmental Quality (“NC DEQ”) In September 2017, the NC DEQ issued a 60-day notice of intent to suspend the National Pollutant Discharge Elimination System (“NPDES”) permit for Fayetteville, and the State of North Carolina filed an action in North Carolina state court regarding site discharges, seeking a temporary restraining order and preliminary injunction, as well as other relief, including abatement and site correction. The state court entered a partial consent order resolving NC DEQ’s motion for a temporary restraining order. In November 2017, NC DEQ informed the Company that it was suspending the NPDES permit for Fayetteville. The Company thereafter commenced the capture and separate disposal of all process wastewater from Fayetteville related to the Company’s own operations. In June 2018, the North Carolina Legislature enacted legislation (i) granting the governor the authority, in certain circumstances, to require a facility with unauthorized PFAS discharges to cease operations, and (ii) granting the governor the authority, in certain circumstances, to direct the NC DEQ secretary to order a PFAS discharger to establish permanent replacement water supplies for parties whose water was contaminated by the discharge. In July 2018, Cape Fear River Watch (“CFRW”), a non-profit organization, sued NC DEQ in North Carolina state court, seeking to require NC DEQ to take additional actions at Fayetteville. On August 29, 2018, CFRW sued the Company in North Carolina federal court for alleged violations of the Clean Water Act (“CWA”) and the Toxic Substances Control Act (“TSCA”), seeking declaratory and injunctive relief and penalties. In February 2019, the North Carolina Superior Court for Bladen County approved a Consent Order (“CO”) between NC DEQ, CFRW and the Company, resolving the State’s and CFRW’s lawsuits and other matters (including Notices of Violation (“NOVs”) issued by the State). Under the terms of the CO, Chemours paid $13 in March 2019 to cover a civil penalty and investigative costs and agreed to certain compliance measures (with stipulated penalties for failures to do so), including the following: • Install a thermal oxidizer to control all PFAS in process streams from certain processes at Fayetteville at an efficiency of 99.99%; • Develop, submit, and implement, subject to approval from NC DEQ and CFRW, a plan for interim actions that are economically and technologically feasible to achieve the maximum PFAS reduction from Fayette |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Equity | Note 23. Equity Share Repurchase Program On November 30, 2017, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $500, plus any associated fees or costs in connection with the Company’s share repurchase activity (the “2017 Share Repurchase Program”). Under the 2017 Share Repurchase Program, shares of Chemours’ common stock were purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2017 Share Repurchase Program became effective on November 30, 2017. On May 31, 2018, the Company completed the aggregate $500 in authorized purchases of Chemours’ issued and outstanding common stock under the 2017 Share Repurchase Program, which amounted to a cumulative 10,085,647 shares purchased at an average share price of $49.58 per share. All common shares purchased under the 2017 Share Repurchase Program are held as treasury stock and are accounted for using the cost method. On August 1, 2018, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $750, plus any associated fees or costs in connection with the Company’s share repurchases activity (“2018 Share Repurchase Program”). On February 13, 2019, the Company’s board of directors increased the authorization amount of the 2018 Share Repurchase Program from $750 to $1,000. Under the 2018 Share Repurchase Program, shares of Chemours’ common stock can be purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2018 Share Repurchase Program became effective on August 1, 2018 and will continue through the earlier of its expiration on December 31, 2020, or the completion of repurchases up to the approved amount. The program may be suspended or discontinued at any time. All common shares purchased under the 2018 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method. During 2019, the Company purchased an aggregate 8,895,142 shares of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to $322 at an average share price of $36.24 per share. During 2018, the Company purchased an aggregate 6,350,857 shares of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to $250 at an average share price of $39.31 per share. The aggregate amount of Chemours’ common stock that remained available for purchase under this program at December 31, 2019 was $428. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 24. Stock-based Compensation The Company’s stock-based compensation expense amounted to $19, $24, and $29 for the years ended December 31, 2019, 2018, and 2017, respectively. On April 26, 2017, Chemours’ stockholders approved The Chemours Company 2017 Equity and Incentive Plan (the “2017 Plan”), which provides for grants to certain employees, independent contractors, or non-employee directors of the Company of different forms of awards, including stock options, RSUs, and PSUs. The 2017 Plan replaced The Chemours Company Equity and Incentive Plan (the “Prior Plan”), which was adopted by the Company at Separation. As a result, no further grants will be made under the Prior Plan. A total of 19,000,000 shares of the Company’s common stock may be subject to awards granted under the 2017 Plan, less one share for every one share that was subject to an option or stock appreciation right granted after December 31, 2016 under the Prior Plan, and one-and-a-half shares for every one share one-and-a-half shares for every one share The Chemours Compensation Committee determines the long-term incentive mix, including stock options, RSUs, and PSUs, and may authorize new grants annually. Stock Options During 2019, 2018, and 2017, Chemours granted non-qualified stock options to certain of its employees, which will serially vest over a three-year 10 years The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.53 % 2.65 % 2.14 % Expected term (years) 6 6 6 Volatility 48.05 % 47.56 % 44.49 % Dividend yield 2.81 % 1.42 % 0.35 % Fair value per stock option $ 13.66 $ 20.47 $ 15.21 The Company determined the dividend yield by dividing the expected annual dividend on the Company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the average volatility of peer companies adjusted for the Company’s debt leverage. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. The expected life is determined using a simplified approach, calculated as the mid-point between the graded vesting period and the contractual life of the award. The following table sets forth Chemours’ stock option activity for the years ended December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Exercise Price (per Share) Weighted-average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Thousands) Outstanding, December 31, 2016 7,969 $ 13.72 5.08 $ 66,668 Granted 878 34.84 Exercised (2,173 ) 14.36 Forfeited (47 ) 20.55 Expired (30 ) 12.29 Outstanding, December 31, 2017 6,597 $ 15.72 5.11 $ 226,524 Granted 495 48.41 Exercised (1,073 ) 14.69 Forfeited (46 ) 37.77 Expired (3 ) 18.80 Outstanding, December 31, 2018 5,970 $ 18.45 4.80 $ 72,108 Granted 836 36.48 Exercised (590 ) 14.56 Forfeited (110 ) 39.06 Expired (50 ) 22.12 Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Exercisable, December 31, 2019 4,620 $ 16.23 3.79 $ 18,630 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day at the end of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year-end. The amount changes based on the fair market value of the Company’s stock. The total intrinsic value of all options exercised for the years ended December 31, 2019, 2018, and 2017 amounted to $2, $37, and $49, respectively. For the years ended December 31, 2019, 2018, and 2017, the Company recorded $9, $8, and $7 in stock-based compensation expense specific to its non-qualified stock options, respectively. At December 31, 2019, there was $8 of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.83 years. Restricted Stock Units Chemours grants RSUs to key management employees that generally vest over a three-year The following table sets forth non-vested RSUs at December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2016 2,316 $ 11.23 Granted 214 36.68 Vested (1,316 ) 11.46 Forfeited (49 ) 14.27 Non-vested, December 31, 2017 1,165 $ 15.34 Granted 135 48.35 Vested (1,034 ) 14.86 Forfeited (19 ) 30.94 Non-vested, December 31, 2018 247 $ 34.22 Granted 439 26.89 Vested (110 ) 24.98 Forfeited (30 ) 33.90 Non-vested, December 31, 2019 546 $ 29.95 The Company recorded stock-based compensation expense specific to its RSUs of $7 for the years ended December 31, 2019 and 2018, and $14 for the year ended December 31, 2017. At December 31, 2019, there was $10 of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 0.88 years. Performance Share Units Chemours grants PSUs to key senior management employees which, upon vesting, convert one-for-one to Chemours’ common stock if specified performance goals, including certain market-based conditions, are met over the three-year performance period specified in the grant, subject to exceptions through the respective vesting period of three years. Each grantee is granted a target award of PSUs, and may earn between 0% and 250% of the target amount depending on the Company’s performance against stated performance goals. The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2016 803 $ 6.10 Granted 211 40.30 Vested — — Forfeited (27 ) 16.62 Non-vested, December 31, 2017 987 $ 12.94 Granted 139 52.34 Vested (19 ) 24.16 Non-vested, December 31, 2018 1,107 $ 17.71 Granted 240 44.38 Vested (1) (761 ) 5.07 Forfeited (57 ) 43.35 Non-vested, December 31, 2019 529 $ 39.53 (1) During the year ended December 31, 2019, approximately 1,520,000 PSUs granted in 2016 to the Company’s key senior management employees vested, based on the attainment of certain performance- and market-based conditions. Of the 1,520,000 PSUs that vested during the year ended December 31, 2019, approximately 680,000 non-issued shares were cancelled to cover the employee portion of income taxes related to such awards. A portion of the fair value of PSUs was estimated at the grant date based on the probability of satisfying the market-based conditions associated with the PSUs using the Monte Carlo valuation method, which assesses the probabilities of various outcomes of market conditions. The other portion of the fair value of the PSUs is based on the fair market value of the Company’s stock at the grant date, regardless of whether the market-based condition is satisfied. The per unit weighted-average fair value at the date of grant for PSUs granted during the year ended December 31, 2019 was $44.38. The fair value of each PSU grant is amortized monthly into compensation expense based on its respective vesting conditions over a three-year period. Compensation cost is incurred based on the Company’s estimate of the final expected value of the award, which is adjusted as required for the portion based on the performance-based condition. The Company assumes that forfeitures will be minimal and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. For the years ended December 31, 2019, 2018, and 2017, the Company recorded $3, $9, and $8 in stock-based compensation expense specific to its PSUs, respectively. At December 31, 2019, based on the Company’s assessment of its performance goals, approximately 600,000 additional shares may be awarded under the 2017 Plan. Employee Stock Purchase Plan On January 26, 2017, the Company’s board of directors approved The Chemours Company Employee Stock Purchase Plan (the “ESPP”), which was approved by Chemours’ stockholders on April 26, 2017. Under the ESPP, a total of 7,000,000 shares of Chemours’ common stock are reserved and authorized for issuance to participating employees, as defined by the ESPP, which excludes executive officers of the Company. The ESPP provides for consecutive 12-month offering periods, each with two purchase periods in March and September within those offering periods. To date, the Company has executed open market transactions to purchase the Company’s common stock on behalf of its ESPP participants, which amounted to 120,714 shares. During the year ended December 31, 2018, an additional 12,411 shares were issued from the Company’s treasury stock to ESPP participants. The total amount of Chemours’ common stock received by employees in connection with the ESPP amounted to $4 at December 31, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 25. Accumulated Other Comprehensive Loss The following table sets forth the components of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2019, 2018, and 2017. Net Investment Hedge Cash Flow Hedge Cumulative Translation Adjustment Employee Benefits Total Balance at January 1, 2017 $ 22 $ — $ (358 ) $ (241 ) $ (577 ) Other comprehensive (loss) income (62 ) — 200 (3 ) 135 Balance at December 31, 2017 (40 ) — (158 ) (244 ) (442 ) Other comprehensive income (loss) 15 6 (75 ) (68 ) (122 ) Balance at December 31, 2018 (25 ) 6 (233 ) (312 ) (564 ) Other comprehensive income (loss) 15 (4 ) 2 202 215 Balance at December 31, 2019 $ (10 ) $ 2 $ (231 ) $ (110 ) $ (349 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 26. Financial Instruments Derivative Instruments Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts At December 31, 2019, the Company had 16 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $530, and an average maturity of one month. At December 31, 2018, the Company had 20 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $503, and an average maturity of one month. Chemours recognized a net loss of $2, and net gains of $3 and $4 for the years ended December 31, 2019, 2018, and 2017, respectively, which were recorded in other income (expense), net in the consolidated statements of operations. Cash Flow Hedge – Foreign Currency Forward Contracts At December 31, 2019, the Company had 150 foreign currency forward contracts outstanding under Chemours’ cash flow hedge program with an aggregate notional U.S. dollar equivalent of $124, and an average maturity of five months. At December 31, 2018, the Company had 75 foreign currency forward contracts outstanding under Chemours’ cash flow hedge program with an aggregate notional U.S. dollar equivalent of $143, and an average maturity of four months. The Company recognized pre-tax gains of $6 and $10 for the years ended December 31, 2019 and 2018, respectively, on its cash flow hedge within accumulated other comprehensive loss. For the years ended December 31, 2019 and 2018, $10 and $4 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. The Company expects to reclassify an approximate $3 of net gain from accumulated other comprehensive loss to the cost of goods sold over the next 12 months, based on current foreign currency exchange rates. Net Investment Hedge – Foreign Currency Borrowings The Company recognized pre-tax gains of $20 and $32, and a pre-tax loss of $86 for the years ended December 31, 2019, 2018, and 2017, respectively, on its net investment hedges within accumulated other comprehensive loss. No amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the years ended December 31, 2019, 2018, and 2017. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2019 and 2018. December 31, Balance Sheet Location 2019 2018 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net $ 1 $ 1 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net 1 3 Total asset derivatives $ 2 $ 4 Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities $ 1 $ 1 Total liability derivatives $ 1 $ 1 The Company’s foreign currency forward contracts are classified as Level 2 financial instruments within the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data, and are subjected to tolerance and/or quality checks. Summary of Derivative Instruments The following table sets forth the pre-tax changes in fair value of the Company’s derivative assets and liabilities for the years ended December 31, 2019, 2018, and 2017. Gain (Loss) Recognized In Accumulated Other Year Ended December 31, Cost of Goods Sold Other Income (Expense), Net Comprehensive Loss 2019 Foreign currency forward contracts not designated as a hedging instrument $ — $ (2 ) $ — Foreign currency forward contracts designated as a cash flow hedge 10 — 6 Euro-denominated debt designated as a net investment hedge — — 20 2018 Foreign currency forward contracts not designated as a hedging instrument $ — $ 3 $ — Foreign currency forward contracts designated as a cash flow hedge 4 — 10 Euro-denominated debt designated as a net investment hedge — — 32 2017 Foreign currency forward contracts not designated as a hedging instrument $ — $ 4 $ — Euro-denominated debt designated as a net investment hedge — — (86 ) |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Long-term Employee Benefits | Note 27. Long-term Employee Benefits Plans Covering Employees in the U.S. On July 1, 2015, Chemours established a defined contribution plan, which covered all eligible U.S. employees. The purpose of the plan is to encourage employees to save for their future retirement needs. The plan is a tax-qualified contributory profit-sharing plan, with cash or deferred arrangement, and any eligible employee of Chemours may participate. Chemours matches 100% of the first 6% of the employee’s contribution election, and the plan’s matching contributions vest immediately upon contribution. Chemours may also provide an additional discretionary retirement savings contribution to eligible employees’ compensation. The amount of this contribution, if any, is at the sole discretion of the Company, and the discretionary contribution vests for employees with at least three years of service. From time to time, Chemours provides additional discretionary retirement savings contributions to eligible employees’ compensation. In lieu of a defined benefit plan, Chemours provides an enhanced 401(k) contribution for employees who previously participated in DuPont’s pension plan. The enhanced benefits consist of an additional contribution of 1% to 7% of the employee’s eligible compensation, depending upon the employee’s length of service with DuPont at the time of the Separation. The enhancement ended in 2019. Plans Covering Employees Outside the U.S. Pension coverage for employees of Chemours’ non-U.S. subsidiaries is provided, to the extent deemed appropriate, through separate plans established after the Separation and comparable to the DuPont plans in those countries. Obligations under such plans are either funded by depositing funds with trustees, covered by insurance contracts, or unfunded. In the fourth quarter of 2019, the Company, through its wholly-owned subsidiary Chemours Netherlands B.V., completed a settlement transaction related to a significant portion of its Netherlands pension plan. The Company transferred the future risk and administration associated with the $932 of its inactive participants’ vested pension benefits to a third-party asset management company in the Netherlands. The irrevocability of the transaction was contingent upon non-objection by the Dutch National Bank, which was received in October 2019. Following the receipt of non-objection, the responsibility for the associated pension obligation was transferred to the third-party asset management company in December 2019, thereby eliminating the Company’s exposure to the pension liabilities and formally effecting the settlement. At the time of settlement, a remeasurement of plan assets and projected benefit obligations was performed, resulting in a $158 decrease to net pension assets and increase to accumulated other comprehensive loss on the consolidated balance sheet. The cumulative loss associated with the inactive participants’ vested pension benefits was then immediately reclassified from accumulated other comprehensive loss and recognized in earnings, resulting in a charge of $380 recognized in other expense, net in the consolidated statements of operations. At December 31, 2019, the projected benefit obligations associated with the plan’s active employees remained on the Company’s consolidated balance sheet. The following table sets forth the Company’s net periodic pension income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Net periodic pension cost (income): Service cost $ 13 $ 14 $ 16 Interest cost 17 16 16 Expected return on plan assets (48 ) (58 ) (75 ) Amortization of prior service gain (2 ) (2 ) (2 ) Amortization of actuarial loss 18 12 22 Settlement loss 383 — 1 Net periodic pension cost (income) 381 (18 ) (22 ) Changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 144 115 (24 ) Amortization of actuarial loss (18 ) (16 ) (24 ) Prior service gain (5 ) — — Amortization of prior service gain 2 2 2 Settlement loss (383 ) — — Effect of foreign exchange rates (7 ) (8 ) 38 (Benefit) cost recognized in other comprehensive income (267 ) 93 (8 ) Total net periodic pension income and cost (benefit) recognized in other comprehensive income $ 114 $ 75 $ (30 ) The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Net loss $ 151 $ 419 $ 329 Prior service credit (14 ) (10 ) (11 ) Total amount recognized in accumulated other comprehensive loss $ 137 $ 409 $ 318 The following table sets forth summarized information on the Company ’ s pension plans at December 31, 2019 and 2018. December 31, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 1,168 $ 1,177 Service cost 13 14 Interest cost 17 16 Plan participants’ contributions 2 2 Actuarial loss 313 45 Benefits paid (37 ) (46 ) Plan amendments (5 ) — Settlements and transfers (945 ) 2 Currency translation (19 ) (42 ) Benefit obligation at end of year 507 1,168 Change in plan assets: Fair value of plan assets at beginning of year 1,268 1,363 Actual return (loss) on plan assets 217 (17 ) Employer contributions 19 15 Plan participants’ contributions 2 2 Benefits paid (37 ) (46 ) Settlements and transfers (945 ) 2 Currency translation (24 ) (51 ) Fair value of plan assets at end of year 500 1,268 Total funded status at end of year $ (7 ) $ 100 The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2019 and 2018. December 31, 2019 2018 Non-current assets $ 59 $ 174 Current liabilities (2 ) (1 ) Non-current liabilities (64 ) (73 ) Total net amount recognized $ (7 ) $ 100 The accumulated benefit obligation for all pension plans was $445 and $1,106 as of December 31, 2019 and 2018, respectively. The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2019 and 2018. December 31, Pension plans with projected benefit obligation in excess of plan assets 2019 2018 Projected benefit obligation $ 178 $ 177 Accumulated benefit obligation 150 149 Fair value of plan assets 111 103 December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2019 2018 Projected benefit obligation $ 178 $ 177 Accumulated benefit obligation 150 149 Fair value of plan assets 111 103 Assumptions The Company generally utilizes discount rates that are developed by matching the expected cash flows of each benefit plan to various yield curves constructed from a portfolio of high-quality, fixed income instruments provided by the plans’ actuaries as of the measurement date. The expected rate of return on plan assets reflects economic assumptions applicable to each country. The following tables set forth the assumptions that have been used to determine the Company’s benefit obligations and net benefit cost at December 31, 2019 and 2018. December 31, Weighted-average assumptions used to determine benefit obligations 2019 2018 Discount rate 1.4 % 2.0 % Rate of compensation increase (1) 2.6 % 2.5 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2019 2018 Discount rate 2.0 % 1.9 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 4.1 % 4.1 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. Plan Assets Each pension plan’s assets are invested through either an insurance vehicle, a master trust fund, or a stand-alone pension fund. The strategic asset allocation for each plan is selected by management, together with the pension board, where appropriate, reflecting the results of comprehensive asset and liability modeling. For assets under its control, Chemours establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in countries are selected in accordance with the laws and practices of those countries. The following table sets forth the weighted-average allocation for the Company’s pension plan assets at December 31, 2019 and 2018. December 31, 2019 2018 Cash and cash equivalents 8 % 5 % U.S. and non-U.S. equity securities 52 % 45 % Fixed income securities 40 % 50 % Total weighted-average allocation 100 % 100 % Fixed income securities include corporate-issued, government-issued, and asset-backed securities. Corporate debt investments encompass a range of credit risk and industry diversification. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Chemours believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2019 and 2018. Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Asset category: Debt - government issued $ 150 $ 9 $ 141 Debt - corporate issued 51 47 4 U.S. and non-U.S. equities 102 101 1 Mututal funds 135 — 135 Derivatives - asset position 28 — 28 Derivatives - liability position — — — Cash and cash equivalents 41 41 — Other 2 2 — Total pension assets before pension receivables 509 $ 200 $ 309 Pension trust payables, net (1) (9 ) Total pension assets $ 500 (1) Payables are primarily for investments purchased and received but not yet paid. Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Asset category: Debt - government issued $ 487 $ 3 $ 484 Debt - corporate issued 130 33 97 U.S. and non-U.S. equities 264 263 1 Mututal funds 296 — 296 Derivatives - asset position 9 — 9 Derivatives - liability position (5 ) — (5 ) Cash and cash equivalents 67 67 — Other 12 8 4 Total pension assets before pension receivables 1,260 $ 374 $ 886 Pension trust receivables, net (1) 8 Total pension assets $ 1,268 (1) Receivables are primarily for investment income earned but not yet received. For pension plan assets classified as Level 1 instruments within the fair value hierarchy, total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 instruments within the fair value hierarchy, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established, recognized vendors of market data and subjected to tolerance and/or quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates, and implied volatilities obtained from various market sources. Cash Flows – Defined Benefit Plans Employer Contributions For the years ended December 31, 2019, 2018, and 2017, Chemours contributed $19, $15, and $38, respectively, to its defined benefit plans. Of the contributions made in 2017, $10 relates to the settlement of the U.S. Pension Restoration Plan (“U.S. PRP”), which was a supplemental pension plan for certain U.S. employees. The liability associated with the U.S. PRP was transferred to Chemours from DuPont at the Separation Date, at which point the plan ceased accepting new participants. In October 2017, the Company made a cash payment of $10 to settle the remaining liability attributable to the remaining participants in the U.S. PRP. Chemours expects to contribute $18 to its pension plans in 2020. Future Benefit Payments The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter as of December 31, 2019. Year Ended December 31, 2020 $ 13 2021 9 2022 10 2023 13 2024 15 2025 to 2029 87 Cash Flows – Defined Contribution Plan Employer Contributions For the years ended December 31, 2019, 2018, and 2017, Chemours contributed $34, $51, and |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | Note 28. Geographic and Segment Information Geographic Information The following table sets forth the geographic locations of the Company’s net sales and property, plant, and equipment, net as of, and for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 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 $ 2,144 $ 2,533 $ 2,378 $ 2,279 $ 2,255 $ 2,018 Asia Pacific 1,543 121 1,720 124 1,593 131 Europe, the Middle East, and Africa 1,163 294 1,685 293 1,506 302 Latin America (2) 676 611 855 595 829 557 Total $ 5,526 $ 3,559 $ 6,638 $ 3,291 $ 6,183 $ 3,008 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. Segment Information Chemours’ operations consist of three reportable segments based on similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Fluoroproducts, Chemical Solutions, and Titanium Technologies. Corporate costs and certain legal and environmental expenses, stock-based compensation expenses, and foreign exchange gains and losses arising from the remeasurement of balances in currencies other than the functional currency of the Company’s legal entities are reflected in Corporate and Other. Segment net sales include transfers to another reportable segment. Certain products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. These product transfers were limited and were not significant for each of the periods presented. Depreciation and amortization includes depreciation on R&D facilities and amortization of other intangible assets, excluding any write-downs of assets. Segment net assets include net working capital, net property, plant, and equipment, and other non-current operating assets and liabilities of the segment. This is the measure of segment assets reviewed by the Company’s Chief Operating Decision Maker (“CODM”). Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is the primary measure of segment profitability used by the CODM and 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 represent the components of net periodic pension (income) costs excluding the service cost component; • exchange (gains) losses included in other income (expense), net; • restructuring, asset-related, and other charges; • asset impairments; • (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. The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, Fluoroproducts Chemical Solutions Titanium Technologies Segment Total 2019 Net sales to external customers $ 2,648 $ 533 $ 2,345 $ 5,526 Adjusted EBITDA 578 80 505 1,163 Depreciation and amortization 136 22 121 279 Equity in earnings of affiliates 29 — — 29 Total assets 2,582 574 2,291 5,447 Net assets 2,283 495 1,296 4,074 Investments in affiliates 162 — — 162 Purchases of property, plant, and equipment 201 40 121 362 2018 Net sales to external customers $ 2,862 $ 602 $ 3,174 $ 6,638 Adjusted EBITDA 783 64 1,055 1,902 Depreciation and amortization 117 20 119 256 Equity in earnings of affiliates 43 — — 43 Total assets 2,744 623 2,354 5,721 Net assets 2,309 506 1,487 4,302 Investments in affiliates 160 — — 160 Purchases of property, plant, and equipment 274 75 91 440 2017 Net sales to external customers $ 2,654 $ 571 $ 2,958 $ 6,183 Adjusted EBITDA 669 57 862 1,588 Depreciation and amortization 109 18 118 245 Equity in earnings of affiliates 33 — — 33 Total assets 2,311 581 2,502 5,394 Net assets 1,842 460 1,785 4,087 Investments in affiliates 173 — — 173 Purchases of property, plant, and equipment 249 65 65 379 The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. A reconciliation of Segment Adjusted EBITDA to consolidated results can be found in the table immediately thereafter. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2019 Depreciation and amortization 279 32 311 Total assets 5,447 1,811 7,258 Net assets 4,074 (3,379 ) 695 Purchases of property, plant, and equipment 362 119 481 2018 Depreciation and amortization 256 28 284 Total assets 5,721 1,641 7,362 Net assets 4,302 (3,282 ) 1,020 Purchases of property, plant, and equipment 440 58 498 2017 Depreciation and amortization 245 28 273 Total assets 5,394 1,899 7,293 Net assets 4,087 (3,222 ) 865 Purchases of property, plant, and equipment 379 32 411 The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Segment Adjusted EBITDA $ 1,163 $ 1,902 $ 1,588 Corporate and Other Adjusted EBITDA (143 ) (162 ) $ (166 ) Interest expense, net (208 ) (195 ) (214 ) Depreciation and amortization (311 ) (284 ) (273 ) Non-operating pension and other post-retirement employee benefit (cost) income (1) (368 ) 27 34 Exchange (losses) gains, net (2 ) 1 3 Restructuring, asset-related, and other charges (2) (87 ) (49 ) (57 ) Loss on extinguishment of debt — (38 ) (1 ) Gain on sales of assets and businesses (3) 10 45 22 Transaction costs (4) (3 ) (9 ) (3 ) Legal and environmental charges (5) (175 ) (82 ) (9 ) Other charges — (1 ) (12 ) (Loss) income before income taxes $ (124 ) $ 1,155 $ 912 (1) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employee Benefits” for further details. (2) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges.” (3) The year ended December 31, 2019, included a non-cash gain of $9 associated with the sale of the Company’s Repauno, New Jersey site. The year ended December 31, 2018, included gains of $3 and $42 associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. The year ended December 31, 2017 included gains of $13 and $12 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and for the sale of its Edge Moor, Delaware plant site, respectively, net of certain losses on other disposals. (4) Includes costs associated with the Company’s debt transactions, as well as accounting, legal, and bankers’ transaction costs incurred in connection with the Company’s strategic initiatives. (5) Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. Environmental charges pertains to estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The year ended December 31, 2019 included $168 in additional charges for the approved final Consent Order associated with certain matters at Fayetteville. The year ended December 31, 2018 included $63 in additional charges for the estimated liability associated with Fayetteville. See “Note 22 – Commitments and Contingent Liabilities” for further details. The following table sets forth the Company’s net sales to external customers by product group for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Fluorochemicals $ 1,318 $ 1,497 $ 1,378 Fluoropolymers 1,330 1,365 1,276 Mining solutions 268 289 261 Performance chemicals and intermediates 265 313 306 Titanium dioxide and other minerals 2,345 3,174 2,958 Divested businesses (1) — — 4 Total net sales $ 5,526 $ 6,638 $ 6,183 (1) Inclusive of the Company’s C&D and Sulfur businesses, as well as its Aniline facility in Beaumont, Texas, which were all sold in 2016. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 29. Quarterly Financial Data (Unaudited) The following table sets forth a summary of the Company’s quarterly results of operations for the years ended December 31, 2019 and 2018. For the Three Months Ended 2019 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,376 $ 1,408 $ 1,390 $ 1,353 $ 5,526 Cost of goods sold 1,080 1,085 1,096 1,203 4,463 Income (loss) before income taxes 107 133 91 (454 ) (124 ) Net income (loss) 94 96 76 (317 ) (52 ) Net income (loss) attributable to Chemours 94 96 76 (317 ) (52 ) Basic earnings (loss) per share of common stock 0.56 0.58 0.46 (1.94 ) (0.32 ) Diluted earnings (loss) per share of common stock 0.55 0.57 0.46 (1.94 ) (0.32 ) For the Three Months Ended 2018 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,730 $ 1,816 $ 1,628 $ 1,464 $ 6,638 Cost of goods sold 1,193 1,259 1,151 1,064 4,667 Income before income taxes 381 323 269 182 1,155 Net income 297 282 275 142 996 Net income attributable to Chemours 297 281 275 142 995 Basic earnings per share of common stock 1.63 1.58 1.56 0.83 5.62 Diluted earnings per share of common stock 1.58 1.53 1.51 0.81 5.45 (1) Individual quarters may not sum to full year amounts due to rounding. |
Guarantor Condensed Consolidati
Guarantor Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor Condensed Consolidating Financial Information | Note 30. Guarantor Condensed Consolidating Financial Information The following guarantor condensed consolidating financial information is included in accordance with Rule 3-10 of Regulation S-X (“Rule 3-10”) in connection with the subsidiary guarantees of the “Notes” (collectively, the 2023 Dollar Notes, the 2025 Notes, the 2026 Euro Notes, and the 2027 Notes), in each case, issued by The Chemours Company (the “Parent Issuer”). As of the dates indicated, each series of the Notes was fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, subject to certain exceptions, by the same group of subsidiaries of the Parent Issuer (together, the “Guarantor Subsidiaries”). Each of the Guarantor Subsidiaries is 100% owned by the Company. None of the other subsidiaries of the Company, either direct or indirect, guarantee the Notes (together, the “Non-Guarantor Subsidiaries”). Pursuant to the indentures governing the Notes, the Guarantor Subsidiaries will be automatically released from those guarantees upon the occurrence of certain customary release provisions. The following condensed consolidating financial information is presented to comply with the Company’s requirements under Rule 3-10: • the consolidating statements of comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017; • the consolidating balance sheets at December 31, 2019 and 2018; and, • the consolidating statements of cash flows for the years ended December 31, 2019, 2018, and 2017. The following guarantor condensed financial information is presented using the equity method of accounting for the Company’s investments in its wholly-owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of its subsidiaries’ cumulative results of operations, capital contributions, distributions, and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information included herein may not necessarily be indicative of the financial positions, results of operations, or cash flows of the Company’s subsidiaries had they operated as independent entities, and should be read in conjunction with the consolidated financial statements and the related notes thereto. Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,357 $ 3,656 $ (1,487 ) $ 5,526 Cost of goods sold — 3,068 2,882 (1,487 ) 4,463 Gross profit — 289 774 — 1,063 Selling, general, and administrative expense 19 406 141 (18 ) 548 Research and development expense — 73 7 — 80 Restructuring, asset-related, and other charges — 74 13 — 87 Total other operating expenses 19 553 161 (18 ) 715 Equity in earnings of affiliates — — 29 — 29 Equity in earnings (loss) of subsidiaries 73 (3 ) — (70 ) — Interest (expense) income, net (209 ) — 1 — (208 ) Intercompany interest income (expense), net 41 16 (57 ) — — Other income (expense), net 21 122 (417 ) (19 ) (293 ) (Loss) income before income taxes (93 ) (129 ) 169 (71 ) (124 ) Benefit from income taxes (41 ) (28 ) (2 ) (1 ) (72 ) Net (loss) income (52 ) (101 ) 171 (70 ) (52 ) Less: Net income attributable to non-controlling interests — — — — — Net (loss) income attributable to Chemours $ (52 ) $ (101 ) $ 171 $ (70 ) $ (52 ) Comprehensive income (loss) attributable to Chemours $ 163 $ (101 ) $ 371 $ (270 ) $ 163 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,974 $ 4,484 $ (1,820 ) $ 6,638 Cost of goods sold — 3,112 3,380 (1,825 ) 4,667 Gross profit — 862 1,104 5 1,971 Selling, general, and administrative expense 33 485 163 (24 ) 657 Research and development expense — 76 6 — 82 Restructuring, asset-related, and other charges — 46 3 — 49 Total other operating expenses 33 607 172 (24 ) 788 Equity in earnings of affiliates — — 43 — 43 Equity in earnings of subsidiaries 1,155 2 — (1,157 ) — Interest (expense) income, net (210 ) 5 10 — (195 ) Loss on extinguishment of debt (38 ) — — — (38 ) Intercompany interest income (expense), net 47 10 (57 ) — — Other income (expense), net 25 199 (40 ) (22 ) 162 Income before income taxes 946 471 888 (1,150 ) 1,155 (Benefit from) provision for income taxes (50 ) 98 111 — 159 Net income 996 373 777 (1,150 ) 996 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 996 $ 373 $ 776 $ (1,150 ) $ 995 Comprehensive income attributable to Chemours $ 873 $ 375 $ 637 $ (1,012 ) $ 873 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,887 $ 4,030 $ (1,734 ) $ 6,183 Cost of goods sold — 3,084 3,045 (1,691 ) 4,438 Gross profit — 803 985 (43 ) 1,745 Selling, general, and administrative expense 36 449 179 (38 ) 626 Research and development expense — 74 7 — 81 Restructuring, asset-related, and other charges — 56 1 — 57 Total other operating expenses 36 579 187 (38 ) 764 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (220 ) 3 3 — (214 ) Loss on extinguishment of debt (1 ) — — — (1 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (21 ) (34 ) 113 Income before income taxes 685 366 749 (888 ) 912 (Benefit from) provision for income taxes (62 ) 117 114 (4 ) 165 Net income 747 249 635 (884 ) 747 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 747 $ 249 $ 634 $ (884 ) $ 746 Comprehensive income attributable to Chemours $ 881 $ 253 $ 828 $ (1,081 ) $ 881 Condensed Consolidating Balance Sheets Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 104 $ 839 $ — $ 943 Accounts and notes receivable, net — 53 621 — 674 Intercompany receivable 2 1,023 180 (1,205 ) — Inventories — 552 612 (85 ) 1,079 Prepaid expenses and other — 60 15 6 81 Total current assets 2 1,792 2,267 (1,284 ) 2,777 Property, plant, and equipment — 7,207 2,206 — 9,413 Less: Accumulated depreciation — (4,697 ) (1,157 ) — (5,854 ) Property, plant, and equipment, net — 2,510 1,049 — 3,559 Operating lease right-of-use assets — 273 21 — 294 Goodwill and other intangible assets, net — 160 14 — 174 Investments in affiliates — — 162 — 162 Investments in subsidiaries 4,077 148 — (4,225 ) — Intercompany notes receivable 1,250 — — (1,250 ) — Other assets 7 140 145 — 292 Total assets $ 5,336 $ 5,023 $ 3,658 $ (6,759 ) $ 7,258 Liabilities Current liabilities: Accounts payable $ — $ 528 $ 395 $ — $ 923 Short-term and current maturities of long-term debt 13 11 110 — 134 Intercompany payable 720 138 345 (1,203 ) — Other accrued liabilities 21 294 171 (2 ) 484 Total current liabilities 754 971 1,021 (1,205 ) 1,541 Long-term debt, net 3,876 150 — — 4,026 Operating lease liabilities — 233 12 — 245 Intercompany notes payable — — 1,250 (1,250 ) — Deferred income taxes 17 45 56 — 118 Other liabilities — 551 82 — 633 Total liabilities 4,647 1,950 2,421 (2,455 ) 6,563 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 689 3,073 1,231 (4,304 ) 689 Non-controlling interests — — 6 — 6 Total equity 689 3,073 1,237 (4,304 ) 695 Total liabilities and equity $ 5,336 $ 5,023 $ 3,658 $ (6,759 ) $ 7,258 Condensed Consolidating Balance Sheets Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 239 $ 962 $ — $ 1,201 Accounts and notes receivable, net — 297 564 — 861 Intercompany receivable 2 1,057 91 (1,150 ) — Inventories — 483 749 (85 ) 1,147 Prepaid expenses and other — 58 26 — 84 Total current assets 2 2,134 2,392 (1,235 ) 3,293 Property, plant, and equipment — 6,870 2,122 — 8,992 Less: Accumulated depreciation — (4,591 ) (1,110 ) — (5,701 ) Property, plant, and equipment, net — 2,279 1,012 — 3,291 Goodwill and other intangible assets, net — 167 14 — 181 Investments in affiliates — — 160 — 160 Investments in subsidiaries 4,487 11 — (4,498 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 17 154 274 (8 ) 437 Total assets $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 Liabilities Current liabilities: Accounts payable $ — $ 637 $ 500 $ — $ 1,137 Current maturities of long-term debt 13 — — — 13 Intercompany payable 698 92 360 (1,150 ) — Other accrued liabilities 21 341 198 (1 ) 559 Total current liabilities 732 1,070 1,058 (1,151 ) 1,709 Long-term debt, net 3,902 57 — — 3,959 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes 8 143 82 (16 ) 217 Other liabilities — 372 85 — 457 Total liabilities 4,642 1,642 2,375 (2,317 ) 6,342 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 1,014 3,103 1,471 (4,574 ) 1,014 Non-controlling interests — — 6 — 6 Total equity 1,014 3,103 1,477 (4,574 ) 1,020 Total liabilities and equity $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash provided by (used for) operating activities $ 140 $ (892 ) $ 1,684 $ (282 ) $ 650 Cash flows from investing activities Purchases of property, plant, and equipment — (403 ) (78 ) — (481 ) Intercompany investing activities — 26 (398 ) 372 — Acquisition of business, net — (10 ) — — (10 ) Proceeds from sales of assets and businesses, net — 7 2 — 9 Proceeds from life insurance policies — 1 — — 1 Foreign exchange contract settlements, net — (2 ) — — (2 ) Cash used for investing activities — (381 ) (474 ) 372 (483 ) Cash flows from financing activities Proceeds from revolving loan 150 — — — 150 Repayments on revolving loan (150 ) — — — (150 ) Proceeds from accounts receivable securitization facility — — 128 — 128 Debt repayments (13 ) (5 ) (19 ) — (37 ) Payments on finance leases — (1 ) (2 ) — (3 ) Purchases of treasury stock, at cost (322 ) — — — (322 ) Intercompany financing activities (1) 380 1,144 (1,434 ) (90 ) — Proceeds from exercised stock options, net 9 — — — 9 Payments related to tax withholdings on vested stock awards (30 ) — — — (30 ) Payments of dividends (164 ) — — — (164 ) Cash (used for) provided by financing activities (140 ) 1,138 (1,327 ) (90 ) (419 ) Effect of exchange rate changes on cash and cash equivalents — — (6 ) — (6 ) Decrease in cash and cash equivalents — (135 ) (123 ) — (258 ) Cash and cash equivalents at January 1, — 239 962 — 1,201 Cash and cash equivalents at December 31, $ — $ 104 $ 839 $ — $ 943 (1) During the year ended December 31, 2019, the Company received $1,034 in collections on its accounts receivable sold into the SPE under the Securitization Facility, which, inclusive of net borrowings, led to a total of $1,144 received by the SPE and distributed to the Guarantor Subsidiaries during the period. Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (159 ) $ 10 $ 1,289 $ — $ 1,140 Cash flows from investing activities Purchases of property, plant, and equipment — (390 ) (108 ) — (498 ) Acquisition of business, net — (37 ) — — (37 ) Proceeds from sales of assets and businesses, net — 46 — — 46 Intercompany investing activities — (153 ) (999 ) 1,152 — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (532 ) (1,107 ) 1,152 (487 ) Cash flows from financing activities Proceeds from issuance of debt, net 520 — — — 520 Debt repayments (679 ) — — — (679 ) Payments related to extinguishment of debt (29 ) — — — (29 ) Payments of debt issuance costs (12 ) — — — (12 ) Purchases of treasury stock, at cost (644 ) — — — (644 ) Intercompany financing activities 1,152 — — (1,152 ) — Proceeds from exercised stock options, net 16 — — — 16 Payments related to tax withholdings on vested restricted stock units (17 ) — — — (17 ) Payments of dividends (148 ) — — — (148 ) Cash provided by (used for) financing activities 159 — — (1,152 ) (993 ) Effect of exchange rate changes on cash and cash equivalents — — (15 ) — (15 ) (Decrease) increase in cash and cash equivalents — (522 ) 167 — (355 ) Cash and cash equivalents at January 1, — 761 795 — 1,556 Cash and cash equivalents at December 31, $ — $ 239 $ 962 $ — $ 1,201 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (132 ) $ 603 $ 169 $ — $ 640 Cash flows from investing activities Purchases of property, plant, and equipment — (327 ) (84 ) — (411 ) Proceeds from sales of assets and businesses, net — 39 — — 39 Intercompany investing activities — 220 — (220 ) — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (66 ) (84 ) (220 ) (370 ) Cash flows from financing activities Intercompany short-term borrowings, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payments related to extinguishment of debt (1 ) — — — (1 ) Payments of debt issuance costs (6 ) — — — (6 ) Purchases of treasury stock, at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Payments related to tax withholdings on vested restricted stock units (12 ) — — — (12 ) Payments of dividends (22 ) — — — (22 ) Cash provided by financing activities 132 — — 220 352 Effect of exchange rate changes on cash and cash equivalents — — 32 — 32 Increase in cash and cash equivalents — 537 117 — 654 Cash and cash equivalents at January 1, — 224 678 — 902 Cash and cash equivalents at December 31, $ — $ 761 $ 795 $ — $ 1,556 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Preparation of Financial Statements | Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Revenue Recognition | Revenue Recognition Chemours recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled to in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. |
Research and Development Expense | Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Provision for (Benefit from) Income Taxes | Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions as a component of other income (expense), net in the consolidated statements of operations. Income tax-related penalties are included in the provision for (benefit from) income taxes. |
Earnings Per Share | Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly-liquid investments with original maturities of three months or less. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written-off when management determines that they are uncollectible. |
Inventories | Inventories Chemours’ U.S. inventories are valued at the lower of cost or market, as inventories held at substantially all U.S. locations are valued using the last-in, first-out (“LIFO”) method. Chemours’ non-U.S. inventories are valued at the lower of cost or net realizable value, as inventories held outside the U.S. are valued using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value. Cost is generally determined by the average cost method. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation is discontinued for any long-lived assets classified as held for sale. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, and customer lists, are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is periodically evaluated. |
Asset Retirement Obligations | Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years. |
Insurance | Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Litigation | Litigation Chemours accrues for legal matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. |
Environmental Liabilities and Expenditures | Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and our planned remedial responses, which are derived from in-depth environmental studies, sampling, testing, and analyses Environmental liabilities and expenditures include claims for matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Accrued liabilities are undiscounted and do not include claims against third parties, and are included in other accrued liabilities and other liabilities on the consolidated balance sheets. Costs related to environmental remediation are charged to expense in the period that the associated liability is accrued and are reflected as a component of the cost of goods sold in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. |
Treasury Stock | Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. |
Stock-based Compensation | Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. |
Derivatives | Derivatives In the ordinary course of business, Chemours enters into contractual arrangements (i.e., derivatives) to reduce its exposure to foreign currency risks. The Company has established a derivative program to be utilized for financial risk management, which currently includes the following risk management strategies: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from the remeasurement of its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; and, (iii) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity resulting from changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of the Company’s international subsidiaries that use the euro as their functional currency. The Company’s derivative program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The derivative program operates within Chemours’ financial risk management policies and guidelines, and the Company does not enter into derivative financial instruments for trading or speculative purposes. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occurred, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occurred, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. Changes due to remeasurement of the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. |
Foreign Currency Translation | Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. |
Defined Benefit Plans | Defined Benefit Plans Due to local regulations outside of the U.S., Chemours has defined benefit plans covering certain of its employees. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established to prioritize the valuation inputs used to measure fair value. The hierarchy gives highest priority to unadjusted, quoted prices in active markets for identical assets and liabilities (i.e., Level 1 measurements) and lowest priority to unobservable inputs (i.e., Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: Level 1 – Quoted prices in active markets for identical assets and liabilities; Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Adopted Accounting Guidance Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company adopted ASU No. 2016-02 on January 1, 2019 using the modified retrospective transition method, which did not require the Company to adjust comparative periods. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the consolidated balance sheets. The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. The Company’s incremental borrowing rate, which is based on information available at the adoption date for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The most significant impact of the Company’s adoption of ASU No. 2016-02 was the recognition of $333 of operating lease right-of-use assets and $349 of operating lease liabilities on its consolidated balance sheets at January 1, 2019. Operating lease right-of-use assets were reduced by $16 due to a tenant improvement allowance on a lease of office space. The Company’s adoption of ASU No. 2016-02 did not have any impact to the Company’s consolidated statements of operations, or its consolidated statements of cash flows. Further, there was no impact on the Company’s covenant compliance under its current debt agreements as a result of the adoption of ASU No. 2016-02. The Company elected the package of practical expedients included in this guidance, which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. The Company combines lease components with non-lease components for all classes of assets, except for certain manufacturing facilities. The Company also elected the practical expedient to not assess whether existing or expired land easements contain a lease. The Company does not recognize short-term leases on its consolidated balance sheets, and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Changes to Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation –Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU No. 2018-14”). This update removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of certain disclosures, and adds new disclosure requirements that are considered relevant for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted ASU No. 2018-14 on December 31, 2019 using retrospective application, the effect of which, was not material to its financial statement disclosures. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition | The following table sets forth the Company’s fair value estimates of the assets acquired and liabilities assumed in the acquisition of ICOR, which were finalized during the fourth quarter of 2018. Fair Value At Acquisition Date Measurement Period Adjustments Adjusted Fair Value Weighted-average Useful Life (in Years) Assets acquired: Accounts receivable - trade $ 4 $ — $ 4 Inventories 8 — 8 Property, plant, and equipment 1 — 1 Identifiable intangible asset: Customer relationships (1) 20 2 22 5 Total assets acquired 33 2 35 Liabilities assumed: Accounts payable 1 — 1 Other accrued liabilities 1 — 1 Total liabilities assumed 2 — 2 Total identifiable net assets acquired 31 2 33 Goodwill (1) 6 (2 ) 4 Net assets acquired $ 37 $ — $ 37 (1) During the third quarter of 2018, the Company recorded a measurement period adjustment to its customer relationships based on an ongoing analysis associated with the preparation of a third-party appraisal. |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group | The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Net sales by geographic region (1) North America: Fluoroproducts $ 1,104 $ 1,143 Chemical Solutions 313 341 Titanium Technologies 727 894 Total North America 2,144 2,378 Asia Pacific: Fluoroproducts 673 675 Chemical Solutions 61 81 Titanium Technologies 809 964 Total Asia Pacific 1,543 1,720 Europe, the Middle East, and Africa: Fluoroproducts 666 825 Chemical Solutions 23 18 Titanium Technologies 474 842 Total Europe, the Middle East, and Africa 1,163 1,685 Latin America (2): Fluoroproducts 205 219 Chemical Solutions 136 162 Titanium Technologies 335 474 Total Latin America 676 855 Total net sales $ 5,526 $ 6,638 Net sales by segment and product group Fluoroproducts: Fluorochemicals $ 1,318 $ 1,497 Fluoropolymers 1,330 1,365 Chemical Solutions: Mining solutions 268 289 Performance chemicals and intermediates 265 313 Titanium Technologies: Titanium dioxide and other minerals 2,345 3,174 Total net sales $ 5,526 $ 6,638 (1) Net sales are attributable to countries based on customer location. (2) Latin America includes Mexico. |
Summary of Contract Balances from Contracts with Customers | The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Accounts receivable - trade, net (1) $ 602 $ 790 Customer rebates 72 79 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and $2 at December 31, 2019 and 2018, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2019 and 2018. Such allowances are equal to the estimated uncollectible amounts. |
Research and Development Expe_2
Research and Development Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Research And Development [Abstract] | |
Summary of R&D Expense by Segment | The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Fluoroproducts $ 48 $ 50 $ 48 Chemical Solutions 2 2 3 Titanium Technologies 29 28 29 Corporate and Other 1 2 1 Total research and development expense $ 80 $ 82 $ 81 |
Restructuring, Asset-Related,_2
Restructuring, Asset-Related, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program | The following table sets forth the components of the Company’s restructuring, asset-related, and other charges by category for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Restructuring and other charges: Employee separation charges $ 21 $ 14 $ 23 Decommissioning and other charges 23 31 33 Total restructuring and other charges 44 45 56 Asset-related charges (1) 43 4 1 Total restructuring, asset-related, and other charges $ 87 $ 49 $ 57 (1) Asset-related charges for the year ended December 31, 2019 included $34 for accelerated depreciation in connection with the Company’s exit of the Methylamines and Methylamides business at its Belle, West Virginia manufacturing plant, and $9 for accelerated depreciation in connection with its closure of the titanium tetrachloride production line at its New Johnsonville, Tennessee manufacturing plant. Asset-related charges for the year ended December 31, 2018 included $4 for a pre-tax goodwill impairment charge in the Company’s Chemical Solutions segment. The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Restructuring and other charges: Plant and product line closures: Fluoroproducts $ — $ — $ 3 Chemical Solutions 2 4 17 Titanium Technologies — — 4 Corporate and Other 18 9 — Total plant and product line closures 20 13 24 2017 Restructuring Program: Fluoroproducts 2 9 — Chemical Solutions — 2 — Titanium Technologies 1 1 — Corporate and Other — 15 32 Total 2017 Restructuring Program 3 27 32 2018 Restructuring Program: Corporate and Other (1 ) 5 — Total 2018 Restructuring Program (1 ) 5 — 2019 Restructuring Program: Fluoroproducts 7 — — Chemical Solutions 1 — — Titanium Technologies 5 — — Corporate and Other 9 — — Total 2019 Restructuring Program 22 — — Total restructuring and other charges 44 45 56 Asset-related charges: Chemical Solutions 34 4 — Titanium Technologies 9 — — Corporate and Other — — 1 Total asset-related charges 43 4 1 Total restructuring, asset-related, and other charges $ 87 $ 49 $ 57 |
Schedule of Restructuring Charges | The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the years ended December 31, 2019 and 2018. Chemical Solutions Site Closures Titanium Technologies Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program 2019 Restructuring Program Total Balance at January 1, 2018 $ 2 $ 1 $ 1 $ 23 $ — $ — $ 27 Charges to income — — — 9 5 — 14 Payments (2 ) (1 ) — (22 ) — — (25 ) Balance at December 31, 2018 — — 1 10 5 — 16 (Credits) charges to income — — (1 ) — (1 ) 22 20 Payments — — — (9 ) (4 ) (8 ) (21 ) Balance at December 31, 2019 $ — $ — $ — $ 1 $ — $ 14 $ 15 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Components of Other Income (Expense) | The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Leasing, contract services, and miscellaneous income (1) $ 51 $ 79 $ 30 Royalty income (2) 16 10 24 Gain on sales of assets and businesses (3) 10 45 22 Exchange (losses) gains, net (4) (2 ) 1 3 Non-operating pension and other post-retirement employee benefit (loss) income (5) (368 ) 27 34 Total other (expense) income, net $ (293 ) $ 162 $ 113 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $41, $67, and $15 for the years ended December 31, 2019, 2018, and 2017, respectively. (2) Royalty income for the years ended December 31, 2019 and 2018 is primarily from technology licensing. Royalty income for the year ended December 31, 2017 is primarily from technology and trademark licensing. (3) For the year ended December 31, 2019, gain on sale includes a $9 non-cash gain associated with the sale of the Company’s Repauno, New Jersey site. (4) Exchange gains (losses), net includes gains (losses) on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. (5) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employee Benefits” for further details. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for (Benefit from) Income Taxes | The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Current tax expense (benefit): U.S. federal $ 13 $ 23 $ (8 ) U.S. state and local (1 ) 4 1 International 79 110 89 Total current tax expense 91 137 82 Deferred tax expense (benefit): U.S. federal (77 ) 20 60 U.S. state and local (5 ) 3 6 International (81 ) (1 ) 17 Total deferred tax (benefit) expense (163 ) 22 83 Total (benefit from) provision for income taxes $ (72 ) $ 159 $ 165 |
Schedule of Deferred Tax Assets and Liabilities Components | The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Deferred tax assets: Environmental and other liabilities $ 99 $ 80 Accrued litigation 37 28 Stock-based compensation and accrued employee benefits 29 28 Other assets and other accrued liabilities 6 8 Tax attribute carryforwards 96 29 Operating lease liability 75 — Foreign tax credit carryforwards 18 18 Total deferred tax assets 360 191 Less: Valuation allowance (10 ) (2 ) Total deferred tax assets, net 350 189 Deferred tax liabilities: Pension and other liabilities (7 ) (35 ) Property, plant, and equipment (320 ) (313 ) Operating lease asset (71 ) — Inventories and other assets (30 ) (12 ) Total deferred tax liabilities (428 ) (360 ) Deferred tax liability, net $ (78 ) $ (171 ) |
Schedule of Effective Income Tax Rate | The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 $ % $ % $ % Statutory U.S. federal income tax rate $ (26 ) 21.0 % $ 243 21.0 % $ 319 35.0 % State income taxes, net of federal benefit (7 ) 5.6 % 7 0.6 % 7 0.7 % Lower effective tax rate on international operations, net (28 ) 22.7 % (44 ) (3.8 )% (149 ) (16.3 )% Depletion (5 ) 4.0 % (6 ) (0.5 )% (8 ) (0.9 )% Exchange (gains) losses (7 ) 5.6 % (4 ) (0.3 )% 5 0.6 % Provision to return and other adjustments (4 ) 3.2 % (9 ) (0.8 )% 6 0.6 % Valuation allowance 8 (6.5 )% (15 ) (1.3 )% (33 ) (3.6 )% Net impact of U.S. tax reform — — % (10 ) (0.9 )% 39 4.3 % Stock-based compensation (14 ) 11.4 % (14 ) (1.2 )% (20 ) (2.2 )% Executive compensation limitation 9 (7.3 )% 4 0.3 % 6 0.7 % R&D credit (6 ) 4.8 % (5 ) (0.4 )% (1 ) (0.1 )% Uncertain tax positions 7 (5.6 )% 2 0.2 % (6 ) (0.7 )% Other, net 1 (0.8 )% 10 0.9 % — — % Total effective tax rate $ (72 ) 58.1 % $ 159 13.8 % $ 165 18.1 % |
Schedule of Income (Loss) before Income Taxes | The following table sets forth the Company’s income (loss) before income taxes for its U.S. and international operations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 U.S. operations (including exports) $ (375 ) $ 114 $ (306 ) International operations 251 1,041 1,218 Total (loss) income before income taxes $ (124 ) $ 1,155 $ 912 |
Schedule of open tax years by significant jurisdiction | The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2019 India 2015 through 2019 Mexico 2013 through 2019 Netherlands 2015 through 2019 Singapore 2015 through 2019 Switzerland 2015 through 2019 Taiwan 2015 through 2019 U.S. 2015 through 2019 |
Schedule of Unrecognized Tax Benefits | The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 2 $ — $ 6 Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period — — (6 ) Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 7 2 — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — — — Balance at December 31, $ 9 $ 2 $ — Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 9 $ 2 $ — Total amount of interest and penalties recognized in the consolidated statements of operations — — — Total amount of interest and penalties recognized in the consolidated balance sheets — — — |
Summary of Deferred Tax Asset Valuation Allowance | The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 2 $ 17 $ 50 Net charges to income tax expense 8 — — Release of valuation allowance — (15 ) (33 ) Balance at December 31, $ 10 $ 2 $ 17 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Numerator: Net (loss) income attributable to Chemours $ (52 ) $ 995 $ 746 Denominator: Weighted-average number of common shares outstanding - basic 164,816,839 176,968,554 184,844,106 Dilutive effect of the Company’s employee compensation plans (1) — 5,603,467 6,139,885 Weighted-average number of common shares outstanding - diluted (1) 164,816,839 182,572,021 190,983,991 Basic (loss) earnings per share of common stock $ (0.32 ) $ 5.62 $ 4.04 Diluted (loss) earnings per share of common stock (1) (0.32 ) 5.45 3.91 (1) In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of earnings per share as its inclusion would have an anti-dilutive effect. |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted earnings per share calculations for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Average number of stock options 2,206,609 393,016 43,072 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2019 and 2018. December 31, 2019 2018 Accounts receivable - trade, net (1) $ 602 $ 790 VAT, GST, and other taxes (2) 59 56 Other receivables (3) 13 15 Total accounts and notes receivable, net $ 674 $ 861 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and $2 at December 31, 2019 and 2018, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2019 and 2018. Such allowances are equal to the estimated uncollectible amounts. (2) Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions. (3) Other receivables consist of derivative instruments, advances, and other deposits. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Net [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventories at December 31, 2019 and 2018. December 31, 2019 2018 Finished products $ 589 $ 701 Semi-finished products 189 195 Raw materials, stores, and supplies 559 476 Inventories before LIFO adjustment 1,337 1,372 Less: Adjustment of inventories to LIFO basis (258 ) (225 ) Total inventories $ 1,079 $ 1,147 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant, and Equipment, Net | The following table sets forth the components of the Company’s property, plant, and equipment, net at December 31, 2019 and 2018. December 31, 2019 2018 Equipment $ 7,595 $ 7,344 Buildings (1) 1,174 914 Construction-in-progress 493 579 Land 115 119 Mineral rights 36 36 Property, plant, and equipment 9,413 8,992 Less: Accumulated depreciation (5,854 ) (5,701 ) Total property, plant, and equipment, net $ 3,559 $ 3,291 (1) At December 31, 2019, b uildings includes $95 in connection with the financed portion of the Chemours Discovery Hub, which was considered a build-to-suit lease asset of $55 at December 31, 2018. Refer to note “Note 14 – Leases” for further details. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Location | The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet location at December 31, 2019. Balance Sheet Location December 31, 2019 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 294 Finance lease assets Property, plant, and equipment, net (Note 13) 58 Total lease assets $ 352 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 66 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 5 Total current lease liabilities 71 Non-current: Operating lease liabilities Operating lease liabilities 245 Finance lease liabilities Long-term debt, net (Note 20) 54 Total non-current lease liabilities 299 Total lease liabilities $ 370 |
Schedule of Components of Company's Lease Cost | The following table sets forth the components of the Company’s lease cost for the year ended December 31, 2019. Year Ended December 31, 2019 Operating lease cost $ 99 Short-term lease cost 5 Variable lease cost 16 Finance lease cost: Amortization of lease assets 5 Interest on lease liabilities 2 Total lease cost $ 127 |
Schedule of Cash Flows Related to Company's Leases | The following table sets forth the cash flows related to the Company’s leases for the year ended December 31, 2019. Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 101 Operating cash flows from finance leases 2 Financing cash flows from finance leases 3 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 48 Leased assets obtained in exchange for new finance lease liabilities 62 |
Schedule of Weighted-Average Term and Weighted-Average Discount Rate For Company's Leases | The following table sets forth the weighted-average term and weighted-average discount rate for the Company’s leases at December 31, 2019. December 31, 2019 Weighted-average remaining lease term (years): Operating leases 8.5 Finance leases 9.2 Weighted-average discount rate: Operating leases 5.10 % Finance leases 5.90 % |
Schedule of Company's Lease Liabilities' Maturities for Next Five Years and Thereafter | The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. As of December 31, 2019 Operating Leases Finance Leases Total 2020 $ 82 $ 9 $ 91 2021 66 8 74 2022 49 8 57 2023 35 8 43 2024 29 8 37 Thereafter 118 35 153 Total lease payments 379 76 455 Less: Imputed interest 68 17 85 Present value of lease liabilities $ 311 $ 59 $ 370 |
Schedule of Company's Lease Liabilities' Maturities for Subsequent Five Years and Thereafter under Previous Lease Accounting Standard | Prior to the adoption of ASU No. 2016-02, the following table set forth the Company’s lease liabilities’ maturities for the subsequent five years and thereafter. As of December 31, 2018 Operating Leases Finance Leases Total 2019 $ 92 $ — $ 92 2020 70 2 72 2021 59 — 59 2022 42 — 42 2023 27 — 27 Thereafter 134 — 134 Total lease payments $ 424 $ 2 $ 426 |
Summary of Future Minimum Lease Payments Related to Chemours Discovery Hub Financing Obligation | The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation . December 31, 2019 2020 $ 6 2021 7 2022 7 2023 7 2024 7 Thereafter 160 Total payments $ 194 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying amount of the Company’s goodwill by segment for the years ended December 31, 2019 and 2018. December 31, 2019 2018 Fluoroproducts: Balance at January 1, $ 89 $ 85 Acquisition of business — 4 Balance at December 31, 89 89 Chemical Solutions: Balance at January 1, 51 55 Goodwill impairment — (4 ) Balance at December 31, 51 51 Titanium Technologies: Balance at January 1, 13 13 Balance at December 31, 13 13 Total goodwill $ 153 $ 153 |
Schedule of Other Intangible Assets | The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s other intangible assets by major class at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (8 ) $ 1 Customer relationships 22 (8 ) 14 22 (3 ) 19 Patents 19 (19 ) — 19 (19 ) — Purchased trademarks 5 (3 ) 2 5 (3 ) 2 Purchased and licensed technology 3 (3 ) — 3 (3 ) — Other (1) 10 (6 ) 4 10 (4 ) 6 Total other intangible assets, net $ 68 $ (47 ) $ 21 $ 68 $ (40 ) $ 28 (1) Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in Affiliates | The following table sets forth the carrying value, jurisdiction, and ownership percentages of the Company’s investments in affiliates at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 96 50.0% $ 94 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 33 50.0% 36 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 33 10.0% 30 10.0% $ 162 $ 160 |
Schedule of Changes in Investments in Affiliates | The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Balance at January 1, $ 160 $ 173 $ 136 Equity in earnings of affiliates 29 43 33 Dividends (28 ) (58 ) — Currency translation and other 1 2 4 Balance at December 31, $ 162 $ 160 $ 173 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table sets forth the components of the Company’s other assets at December 31, 2019 and 2018. December 31, 2019 2018 Capitalized repair and maintenance costs $ 148 $ 178 Pension assets (1) 59 174 Deferred income taxes 40 46 Miscellaneous 45 39 Total other assets $ 292 $ 437 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. During the year ended December 31, 2019, pension assets decreased primarily due to the Company’s settlement of a significant portion of the Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employees Benefits” for further details. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable | The following table sets forth the components of the Company’s accounts payable at December 31, 2019 and 2018. December 31, 2019 2018 Trade payables $ 901 $ 1,111 VAT and other payables 22 26 Total accounts payable $ 923 $ 1,137 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Compensation and other employee-related costs $ 52 $ 108 Employee separation costs (1) 15 16 Accrued litigation (2) 10 11 Environmental remediation (2) 74 139 Income taxes 65 87 Customer rebates 72 79 Deferred revenue 7 6 Accrued interest 21 21 Operating lease liabilities (3) 66 — Miscellaneous (4) 102 92 Total other accrued liabilities $ 484 $ 559 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities. (2) Represents the current portions of environmental remediation and accrued litigation, which are discussed further in “Note 22 – Commitments and Contingent Liabilities.” With respect to the Company’s ongoing matters at Fayetteville, environmental remediation includes $20 and $75 at December 31, 2019 and 2018, respectively. (3) Represents the current portion of the Company’s operating lease liabilities, which is discussed further in “Note 3 – Summary of Significant Accounting Policies” and “Note 14 – Leases.” (4) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, the current portion of the Company’s asset retirement obligations, and other miscellaneous expenses. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2019 and 2018. December 31, 2019 2018 Senior secured term loans: Tranche B-2 U.S. dollar term loan due May 2025 $ 884 $ 893 Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) 383 396 Senior unsecured notes: 6.625% due May 2023 908 908 7.000% due May 2025 750 750 4.000% due May 2026 (€450 at December 31, 2019 and 2018) 501 513 5.375% due May 2027 500 500 Securitization Facility 110 — Finance lease liabilities 59 2 Financing obligation (1) 95 55 Other 6 — Total debt 4,196 4,017 Less: Unamortized issue discounts (8 ) (10 ) Less: Unamortized debt issuance costs (28 ) (35 ) Less: Short-term and current maturities of long-term debt (134 ) (13 ) Total long-term debt, net $ 4,026 $ 3,959 (1) At December 31, 2019, financing obligation includes $95 in connection with the financed portion of the Chemours Discovery Hub, which was considered a build-to-suit lease liability of $55 at December 31, 2018. Refer to “Note 14 – Leases” for further details. |
Schedule of Debt Principal Maturities | The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. Year Ended December 31, 2020 $ 122 2021 13 2022 13 2023 921 2024 13 Thereafter (1) 2,954 Total principal maturities on debt $ 4,036 (1) The Senior Secured Credit Facilities are subject to a springing maturity in the event that the senior unsecured notes due in May 2023 |
Estimated Fair Values of Senior Debt Issues | The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. The carrying value of the Securitization Facility approximates its fair value based on its short-term nature and maturity. December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due May 2025 $ 884 $ 865 $ 893 $ 862 Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) 383 378 396 394 Senior unsecured notes: 6.625% due May 2023 908 917 908 918 7.000% due May 2025 750 755 750 761 4.000% due May 2026 (€450 at December 31, 2019 and 2018) 501 455 513 487 5.375% due May 2027 500 450 500 454 Securitization Facility 110 110 — — Total senior debt 4,036 $ 3,930 3,960 $ 3,876 Less: Unamortized issue discounts (8 ) (10 ) Less: Unamortized debt issuance costs (28 ) (35 ) Total senior debt, net $ 4,000 $ 3,915 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at December 31, 2019 and 2018. December 31, 2019 2018 Environmental remediation (1) $ 332 $ 152 Employee-related costs (2) 113 130 Accrued litigation (1) 50 53 Asset retirement obligations 54 51 Deferred revenue 8 7 Miscellaneous (3) 76 64 Total other liabilities $ 633 $ 457 (1) Represents the long-term portions of environmental remediation and accrued litigation, which are discussed further in “Note 22 – Commitments and Contingent Liabilities.” With respect to the Company’s ongoing matters at Fayetteville, environmental remediation includes $181 at December 31, 2019. There were no amounts included in other liabilities for such matters at December 31, 2018. (2) Employee-related costs primarily represent liabilities associated with the Company’s long-term employee benefit plans. (3) Miscellaneous primarily includes an accrued indemnification liability of $41 and $46 at December 31, 2019 and 2018, respectively. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Asset Retirement Obligations | The following table sets forth the activity in the Company’s asset retirement obligations for the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 2018 Balance at January 1, $ 57 $ 48 Accretion expense 7 10 Settlements and payments (3 ) (1 ) Balance at December 31, $ 61 $ 57 Current portion $ 7 $ 6 Non-current portion 54 51 |
Schedule of Components of Accrued Litigation | The following table sets forth the components of the Company’s accrued litigation at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Asbestos $ 34 $ 37 PFOA 20 22 All other matters 6 5 Total accrued litigation $ 60 $ 64 |
Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at December 31, 2019 and 2018. Balance Sheet Location December 31, 2019 December 31, 2018 Accrued Litigation: Current accrued litigation Other accrued liabilities (Note 19) $ 10 $ 11 Long-term accrued litigation Other liabilities (Note 21) 50 53 Total accrued litigation $ 60 $ 64 |
Schedule of Components of Environmental Remediation Liabilities | The following table sets forth the components of the Company’s environmental remediation liabilities at December 31, 2019 and 2018, and for the five sites that are deemed the most significant by management, including Fayetteville as further discussed below. December 31, 2019 December 31, 2018 Chambers Works, Deepwater, New Jersey $ 20 $ 18 East Chicago, Indiana 17 21 Fayetteville Works, Fayetteville, North Carolina 201 75 Pompton Lakes, New Jersey 43 45 USS Lead, East Chicago, Indiana 13 15 All other sites 112 117 Total accrued environmental remediation $ 406 $ 291 |
Schedule of Current and Long-term Components of Environmental Remediation Accrual and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s environmental remediation liabilities and their balance sheet locations at December 31, 2019 and 2018. Balance Sheet Location December 31, 2019 December 31, 2018 Environmental Remediation: Current environmental remediation Other accrued liabilities (Note 19) $ 74 $ 139 Long-term environmental remediation Other liabilities (Note 21) 332 152 Total environmental remediation $ 406 $ 291 |
Schedule of Components of Accrued Environmental Remediation Liabilities Related to PFAS | The following table sets forth the components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 On-site remediation $ 155 $ 10 Off-site groundwater remediation 46 65 Total accrued liabilities $ 201 $ 75 |
Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville and their balance sheet locations at December 31, 2019 and 2018. Balance Sheet Location December 31, 2019 December 31, 2018 Current accrued liabilities Other accrued liabilities (Note 19) $ 20 $ 75 Long-term accrued liabilities Other liabilities (Note 21) 181 — Total accrued liabilities $ 201 $ 75 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions of Stock Options | The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Risk-free interest rate 2.53 % 2.65 % 2.14 % Expected term (years) 6 6 6 Volatility 48.05 % 47.56 % 44.49 % Dividend yield 2.81 % 1.42 % 0.35 % Fair value per stock option $ 13.66 $ 20.47 $ 15.21 |
Schedule of Stock Options Activity | The following table sets forth Chemours’ stock option activity for the years ended December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Exercise Price (per Share) Weighted-average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in Thousands) Outstanding, December 31, 2016 7,969 $ 13.72 5.08 $ 66,668 Granted 878 34.84 Exercised (2,173 ) 14.36 Forfeited (47 ) 20.55 Expired (30 ) 12.29 Outstanding, December 31, 2017 6,597 $ 15.72 5.11 $ 226,524 Granted 495 48.41 Exercised (1,073 ) 14.69 Forfeited (46 ) 37.77 Expired (3 ) 18.80 Outstanding, December 31, 2018 5,970 $ 18.45 4.80 $ 72,108 Granted 836 36.48 Exercised (590 ) 14.56 Forfeited (110 ) 39.06 Expired (50 ) 22.12 Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Exercisable, December 31, 2019 4,620 $ 16.23 3.79 $ 18,630 |
Schedule of Restricted Stock Units Activity | The following table sets forth non-vested RSUs at December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2016 2,316 $ 11.23 Granted 214 36.68 Vested (1,316 ) 11.46 Forfeited (49 ) 14.27 Non-vested, December 31, 2017 1,165 $ 15.34 Granted 135 48.35 Vested (1,034 ) 14.86 Forfeited (19 ) 30.94 Non-vested, December 31, 2018 247 $ 34.22 Granted 439 26.89 Vested (110 ) 24.98 Forfeited (30 ) 33.90 Non-vested, December 31, 2019 546 $ 29.95 |
Schedule of Performance Share Units Activity | The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2019, 2018, and 2017. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2016 803 $ 6.10 Granted 211 40.30 Vested — — Forfeited (27 ) 16.62 Non-vested, December 31, 2017 987 $ 12.94 Granted 139 52.34 Vested (19 ) 24.16 Non-vested, December 31, 2018 1,107 $ 17.71 Granted 240 44.38 Vested (1) (761 ) 5.07 Forfeited (57 ) 43.35 Non-vested, December 31, 2019 529 $ 39.53 (1) During the year ended December 31, 2019, approximately 1,520,000 PSUs granted in 2016 to the Company’s key senior management employees vested, based on the attainment of certain performance- and market-based conditions. Of the 1,520,000 PSUs that vested during the year ended December 31, 2019, approximately 680,000 non-issued shares were cancelled to cover the employee portion of income taxes related to such awards. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The following table sets forth the components of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2019, 2018, and 2017. Net Investment Hedge Cash Flow Hedge Cumulative Translation Adjustment Employee Benefits Total Balance at January 1, 2017 $ 22 $ — $ (358 ) $ (241 ) $ (577 ) Other comprehensive (loss) income (62 ) — 200 (3 ) 135 Balance at December 31, 2017 (40 ) — (158 ) (244 ) (442 ) Other comprehensive income (loss) 15 6 (75 ) (68 ) (122 ) Balance at December 31, 2018 (25 ) 6 (233 ) (312 ) (564 ) Other comprehensive income (loss) 15 (4 ) 2 202 215 Balance at December 31, 2019 $ (10 ) $ 2 $ (231 ) $ (110 ) $ (349 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities At Fair Value | The following table sets forth the fair value of the Company’s derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2019 and 2018. December 31, Balance Sheet Location 2019 2018 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net $ 1 $ 1 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net 1 3 Total asset derivatives $ 2 $ 4 Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities $ 1 $ 1 Total liability derivatives $ 1 $ 1 |
Schedule of Pre-tax Charge the Fair Value of Derivative Assets and Liabilities | The following table sets forth the pre-tax changes in fair value of the Company’s derivative assets and liabilities for the years ended December 31, 2019, 2018, and 2017. Gain (Loss) Recognized In Accumulated Other Year Ended December 31, Cost of Goods Sold Other Income (Expense), Net Comprehensive Loss 2019 Foreign currency forward contracts not designated as a hedging instrument $ — $ (2 ) $ — Foreign currency forward contracts designated as a cash flow hedge 10 — 6 Euro-denominated debt designated as a net investment hedge — — 20 2018 Foreign currency forward contracts not designated as a hedging instrument $ — $ 3 $ — Foreign currency forward contracts designated as a cash flow hedge 4 — 10 Euro-denominated debt designated as a net investment hedge — — 32 2017 Foreign currency forward contracts not designated as a hedging instrument $ — $ 4 $ — Euro-denominated debt designated as a net investment hedge — — (86 ) |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedules of Net Periodic Pension Income | The following table sets forth the Company’s net periodic pension income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Net periodic pension cost (income): Service cost $ 13 $ 14 $ 16 Interest cost 17 16 16 Expected return on plan assets (48 ) (58 ) (75 ) Amortization of prior service gain (2 ) (2 ) (2 ) Amortization of actuarial loss 18 12 22 Settlement loss 383 — 1 Net periodic pension cost (income) 381 (18 ) (22 ) Changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 144 115 (24 ) Amortization of actuarial loss (18 ) (16 ) (24 ) Prior service gain (5 ) — — Amortization of prior service gain 2 2 2 Settlement loss (383 ) — — Effect of foreign exchange rates (7 ) (8 ) 38 (Benefit) cost recognized in other comprehensive income (267 ) 93 (8 ) Total net periodic pension income and cost (benefit) recognized in other comprehensive income $ 114 $ 75 $ (30 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Net loss $ 151 $ 419 $ 329 Prior service credit (14 ) (10 ) (11 ) Total amount recognized in accumulated other comprehensive loss $ 137 $ 409 $ 318 |
Summary of Benefit Obligations and Fair Value of Plan Assets and Funded Status of Plan | The following table sets forth summarized information on the Company ’ s pension plans at December 31, 2019 and 2018. December 31, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 1,168 $ 1,177 Service cost 13 14 Interest cost 17 16 Plan participants’ contributions 2 2 Actuarial loss 313 45 Benefits paid (37 ) (46 ) Plan amendments (5 ) — Settlements and transfers (945 ) 2 Currency translation (19 ) (42 ) Benefit obligation at end of year 507 1,168 Change in plan assets: Fair value of plan assets at beginning of year 1,268 1,363 Actual return (loss) on plan assets 217 (17 ) Employer contributions 19 15 Plan participants’ contributions 2 2 Benefits paid (37 ) (46 ) Settlements and transfers (945 ) 2 Currency translation (24 ) (51 ) Fair value of plan assets at end of year 500 1,268 Total funded status at end of year $ (7 ) $ 100 |
Schedule of Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2019 and 2018. December 31, 2019 2018 Non-current assets $ 59 $ 174 Current liabilities (2 ) (1 ) Non-current liabilities (64 ) (73 ) Total net amount recognized $ (7 ) $ 100 |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2019 and 2018. December 31, Pension plans with projected benefit obligation in excess of plan assets 2019 2018 Projected benefit obligation $ 178 $ 177 Accumulated benefit obligation 150 149 Fair value of plan assets 111 103 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2019 and 2018. December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2019 2018 Projected benefit obligation $ 178 $ 177 Accumulated benefit obligation 150 149 Fair value of plan assets 111 103 |
Schedule of Assumptions Used | The following tables set forth the assumptions that have been used to determine the Company’s benefit obligations and net benefit cost at December 31, 2019 and 2018. December 31, Weighted-average assumptions used to determine benefit obligations 2019 2018 Discount rate 1.4 % 2.0 % Rate of compensation increase (1) 2.6 % 2.5 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2019 2018 Discount rate 2.0 % 1.9 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 4.1 % 4.1 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. |
Schedule of Allocation of Plan Assets | The following table sets forth the weighted-average allocation for the Company’s pension plan assets at December 31, 2019 and 2018. December 31, 2019 2018 Cash and cash equivalents 8 % 5 % U.S. and non-U.S. equity securities 52 % 45 % Fixed income securities 40 % 50 % Total weighted-average allocation 100 % 100 % The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2019 and 2018. Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Asset category: Debt - government issued $ 150 $ 9 $ 141 Debt - corporate issued 51 47 4 U.S. and non-U.S. equities 102 101 1 Mututal funds 135 — 135 Derivatives - asset position 28 — 28 Derivatives - liability position — — — Cash and cash equivalents 41 41 — Other 2 2 — Total pension assets before pension receivables 509 $ 200 $ 309 Pension trust payables, net (1) (9 ) Total pension assets $ 500 (1) Payables are primarily for investments purchased and received but not yet paid. Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Asset category: Debt - government issued $ 487 $ 3 $ 484 Debt - corporate issued 130 33 97 U.S. and non-U.S. equities 264 263 1 Mututal funds 296 — 296 Derivatives - asset position 9 — 9 Derivatives - liability position (5 ) — (5 ) Cash and cash equivalents 67 67 — Other 12 8 4 Total pension assets before pension receivables 1,260 $ 374 $ 886 Pension trust receivables, net (1) 8 Total pension assets $ 1,268 (1) Receivables are primarily for investment income earned but not yet received. |
Schedule of Expected Benefit Payments | The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter as of December 31, 2019. Year Ended December 31, 2020 $ 13 2021 9 2022 10 2023 13 2024 15 2025 to 2029 87 |
Geographic and Segment Inform_2
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area | The following table sets forth the geographic locations of the Company’s net sales and property, plant, and equipment, net as of, and for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 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 $ 2,144 $ 2,533 $ 2,378 $ 2,279 $ 2,255 $ 2,018 Asia Pacific 1,543 121 1,720 124 1,593 131 Europe, the Middle East, and Africa 1,163 294 1,685 293 1,506 302 Latin America (2) 676 611 855 595 829 557 Total $ 5,526 $ 3,559 $ 6,638 $ 3,291 $ 6,183 $ 3,008 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Schedule of Segment Information | The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, Fluoroproducts Chemical Solutions Titanium Technologies Segment Total 2019 Net sales to external customers $ 2,648 $ 533 $ 2,345 $ 5,526 Adjusted EBITDA 578 80 505 1,163 Depreciation and amortization 136 22 121 279 Equity in earnings of affiliates 29 — — 29 Total assets 2,582 574 2,291 5,447 Net assets 2,283 495 1,296 4,074 Investments in affiliates 162 — — 162 Purchases of property, plant, and equipment 201 40 121 362 2018 Net sales to external customers $ 2,862 $ 602 $ 3,174 $ 6,638 Adjusted EBITDA 783 64 1,055 1,902 Depreciation and amortization 117 20 119 256 Equity in earnings of affiliates 43 — — 43 Total assets 2,744 623 2,354 5,721 Net assets 2,309 506 1,487 4,302 Investments in affiliates 160 — — 160 Purchases of property, plant, and equipment 274 75 91 440 2017 Net sales to external customers $ 2,654 $ 571 $ 2,958 $ 6,183 Adjusted EBITDA 669 57 862 1,588 Depreciation and amortization 109 18 118 245 Equity in earnings of affiliates 33 — — 33 Total assets 2,311 581 2,502 5,394 Net assets 1,842 460 1,785 4,087 Investments in affiliates 173 — — 173 Purchases of property, plant, and equipment 249 65 65 379 |
Reconciliation of Segment Adjusted EBITDA to Consolidated Results | The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. A reconciliation of Segment Adjusted EBITDA to consolidated results can be found in the table immediately thereafter. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2019 Depreciation and amortization 279 32 311 Total assets 5,447 1,811 7,258 Net assets 4,074 (3,379 ) 695 Purchases of property, plant, and equipment 362 119 481 2018 Depreciation and amortization 256 28 284 Total assets 5,721 1,641 7,362 Net assets 4,302 (3,282 ) 1,020 Purchases of property, plant, and equipment 440 58 498 2017 Depreciation and amortization 245 28 273 Total assets 5,394 1,899 7,293 Net assets 4,087 (3,222 ) 865 Purchases of property, plant, and equipment 379 32 411 |
Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes | The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Segment Adjusted EBITDA $ 1,163 $ 1,902 $ 1,588 Corporate and Other Adjusted EBITDA (143 ) (162 ) $ (166 ) Interest expense, net (208 ) (195 ) (214 ) Depreciation and amortization (311 ) (284 ) (273 ) Non-operating pension and other post-retirement employee benefit (cost) income (1) (368 ) 27 34 Exchange (losses) gains, net (2 ) 1 3 Restructuring, asset-related, and other charges (2) (87 ) (49 ) (57 ) Loss on extinguishment of debt — (38 ) (1 ) Gain on sales of assets and businesses (3) 10 45 22 Transaction costs (4) (3 ) (9 ) (3 ) Legal and environmental charges (5) (175 ) (82 ) (9 ) Other charges — (1 ) (12 ) (Loss) income before income taxes $ (124 ) $ 1,155 $ 912 (1) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. See “Note 27 – Long-term Employee Benefits” for further details. (2) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges.” (3) The year ended December 31, 2019, included a non-cash gain of $9 associated with the sale of the Company’s Repauno, New Jersey site. The year ended December 31, 2018, included gains of $3 and $42 associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. The year ended December 31, 2017 included gains of $13 and $12 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and for the sale of its Edge Moor, Delaware plant site, respectively, net of certain losses on other disposals. (4) Includes costs associated with the Company’s debt transactions, as well as accounting, legal, and bankers’ transaction costs incurred in connection with the Company’s strategic initiatives. (5) Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. Environmental charges pertains to estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The year ended December 31, 2019 included $168 in additional charges for the approved final Consent Order associated with certain matters at Fayetteville. The year ended December 31, 2018 included $63 in additional charges for the estimated liability associated with Fayetteville. See “Note 22 – Commitments and Contingent Liabilities” for further details. |
Schedule of Net Sales to External Customers by Product Group | The following table sets forth the Company’s net sales to external customers by product group for the years ended December 31, 2019, 2018, and 2017. Year Ended December 31, 2019 2018 2017 Fluorochemicals $ 1,318 $ 1,497 $ 1,378 Fluoropolymers 1,330 1,365 1,276 Mining solutions 268 289 261 Performance chemicals and intermediates 265 313 306 Titanium dioxide and other minerals 2,345 3,174 2,958 Divested businesses (1) — — 4 Total net sales $ 5,526 $ 6,638 $ 6,183 (1) Inclusive of the Company’s C&D and Sulfur businesses, as well as its Aniline facility in Beaumont, Texas, which were all sold in 2016. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table sets forth a summary of the Company’s quarterly results of operations for the years ended December 31, 2019 and 2018. For the Three Months Ended 2019 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,376 $ 1,408 $ 1,390 $ 1,353 $ 5,526 Cost of goods sold 1,080 1,085 1,096 1,203 4,463 Income (loss) before income taxes 107 133 91 (454 ) (124 ) Net income (loss) 94 96 76 (317 ) (52 ) Net income (loss) attributable to Chemours 94 96 76 (317 ) (52 ) Basic earnings (loss) per share of common stock 0.56 0.58 0.46 (1.94 ) (0.32 ) Diluted earnings (loss) per share of common stock 0.55 0.57 0.46 (1.94 ) (0.32 ) For the Three Months Ended 2018 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,730 $ 1,816 $ 1,628 $ 1,464 $ 6,638 Cost of goods sold 1,193 1,259 1,151 1,064 4,667 Income before income taxes 381 323 269 182 1,155 Net income 297 282 275 142 996 Net income attributable to Chemours 297 281 275 142 995 Basic earnings per share of common stock 1.63 1.58 1.56 0.83 5.62 Diluted earnings per share of common stock 1.58 1.53 1.51 0.81 5.45 (1) Individual quarters may not sum to full year amounts due to rounding. |
Guarantor Condensed Consolida_2
Guarantor Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,357 $ 3,656 $ (1,487 ) $ 5,526 Cost of goods sold — 3,068 2,882 (1,487 ) 4,463 Gross profit — 289 774 — 1,063 Selling, general, and administrative expense 19 406 141 (18 ) 548 Research and development expense — 73 7 — 80 Restructuring, asset-related, and other charges — 74 13 — 87 Total other operating expenses 19 553 161 (18 ) 715 Equity in earnings of affiliates — — 29 — 29 Equity in earnings (loss) of subsidiaries 73 (3 ) — (70 ) — Interest (expense) income, net (209 ) — 1 — (208 ) Intercompany interest income (expense), net 41 16 (57 ) — — Other income (expense), net 21 122 (417 ) (19 ) (293 ) (Loss) income before income taxes (93 ) (129 ) 169 (71 ) (124 ) Benefit from income taxes (41 ) (28 ) (2 ) (1 ) (72 ) Net (loss) income (52 ) (101 ) 171 (70 ) (52 ) Less: Net income attributable to non-controlling interests — — — — — Net (loss) income attributable to Chemours $ (52 ) $ (101 ) $ 171 $ (70 ) $ (52 ) Comprehensive income (loss) attributable to Chemours $ 163 $ (101 ) $ 371 $ (270 ) $ 163 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,974 $ 4,484 $ (1,820 ) $ 6,638 Cost of goods sold — 3,112 3,380 (1,825 ) 4,667 Gross profit — 862 1,104 5 1,971 Selling, general, and administrative expense 33 485 163 (24 ) 657 Research and development expense — 76 6 — 82 Restructuring, asset-related, and other charges — 46 3 — 49 Total other operating expenses 33 607 172 (24 ) 788 Equity in earnings of affiliates — — 43 — 43 Equity in earnings of subsidiaries 1,155 2 — (1,157 ) — Interest (expense) income, net (210 ) 5 10 — (195 ) Loss on extinguishment of debt (38 ) — — — (38 ) Intercompany interest income (expense), net 47 10 (57 ) — — Other income (expense), net 25 199 (40 ) (22 ) 162 Income before income taxes 946 471 888 (1,150 ) 1,155 (Benefit from) provision for income taxes (50 ) 98 111 — 159 Net income 996 373 777 (1,150 ) 996 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 996 $ 373 $ 776 $ (1,150 ) $ 995 Comprehensive income attributable to Chemours $ 873 $ 375 $ 637 $ (1,012 ) $ 873 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,887 $ 4,030 $ (1,734 ) $ 6,183 Cost of goods sold — 3,084 3,045 (1,691 ) 4,438 Gross profit — 803 985 (43 ) 1,745 Selling, general, and administrative expense 36 449 179 (38 ) 626 Research and development expense — 74 7 — 81 Restructuring, asset-related, and other charges — 56 1 — 57 Total other operating expenses 36 579 187 (38 ) 764 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (220 ) 3 3 — (214 ) Loss on extinguishment of debt (1 ) — — — (1 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (21 ) (34 ) 113 Income before income taxes 685 366 749 (888 ) 912 (Benefit from) provision for income taxes (62 ) 117 114 (4 ) 165 Net income 747 249 635 (884 ) 747 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 747 $ 249 $ 634 $ (884 ) $ 746 Comprehensive income attributable to Chemours $ 881 $ 253 $ 828 $ (1,081 ) $ 881 |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 104 $ 839 $ — $ 943 Accounts and notes receivable, net — 53 621 — 674 Intercompany receivable 2 1,023 180 (1,205 ) — Inventories — 552 612 (85 ) 1,079 Prepaid expenses and other — 60 15 6 81 Total current assets 2 1,792 2,267 (1,284 ) 2,777 Property, plant, and equipment — 7,207 2,206 — 9,413 Less: Accumulated depreciation — (4,697 ) (1,157 ) — (5,854 ) Property, plant, and equipment, net — 2,510 1,049 — 3,559 Operating lease right-of-use assets — 273 21 — 294 Goodwill and other intangible assets, net — 160 14 — 174 Investments in affiliates — — 162 — 162 Investments in subsidiaries 4,077 148 — (4,225 ) — Intercompany notes receivable 1,250 — — (1,250 ) — Other assets 7 140 145 — 292 Total assets $ 5,336 $ 5,023 $ 3,658 $ (6,759 ) $ 7,258 Liabilities Current liabilities: Accounts payable $ — $ 528 $ 395 $ — $ 923 Short-term and current maturities of long-term debt 13 11 110 — 134 Intercompany payable 720 138 345 (1,203 ) — Other accrued liabilities 21 294 171 (2 ) 484 Total current liabilities 754 971 1,021 (1,205 ) 1,541 Long-term debt, net 3,876 150 — — 4,026 Operating lease liabilities — 233 12 — 245 Intercompany notes payable — — 1,250 (1,250 ) — Deferred income taxes 17 45 56 — 118 Other liabilities — 551 82 — 633 Total liabilities 4,647 1,950 2,421 (2,455 ) 6,563 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 689 3,073 1,231 (4,304 ) 689 Non-controlling interests — — 6 — 6 Total equity 689 3,073 1,237 (4,304 ) 695 Total liabilities and equity $ 5,336 $ 5,023 $ 3,658 $ (6,759 ) $ 7,258 Condensed Consolidating Balance Sheets Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 239 $ 962 $ — $ 1,201 Accounts and notes receivable, net — 297 564 — 861 Intercompany receivable 2 1,057 91 (1,150 ) — Inventories — 483 749 (85 ) 1,147 Prepaid expenses and other — 58 26 — 84 Total current assets 2 2,134 2,392 (1,235 ) 3,293 Property, plant, and equipment — 6,870 2,122 — 8,992 Less: Accumulated depreciation — (4,591 ) (1,110 ) — (5,701 ) Property, plant, and equipment, net — 2,279 1,012 — 3,291 Goodwill and other intangible assets, net — 167 14 — 181 Investments in affiliates — — 160 — 160 Investments in subsidiaries 4,487 11 — (4,498 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 17 154 274 (8 ) 437 Total assets $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 Liabilities Current liabilities: Accounts payable $ — $ 637 $ 500 $ — $ 1,137 Current maturities of long-term debt 13 — — — 13 Intercompany payable 698 92 360 (1,150 ) — Other accrued liabilities 21 341 198 (1 ) 559 Total current liabilities 732 1,070 1,058 (1,151 ) 1,709 Long-term debt, net 3,902 57 — — 3,959 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes 8 143 82 (16 ) 217 Other liabilities — 372 85 — 457 Total liabilities 4,642 1,642 2,375 (2,317 ) 6,342 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 1,014 3,103 1,471 (4,574 ) 1,014 Non-controlling interests — — 6 — 6 Total equity 1,014 3,103 1,477 (4,574 ) 1,020 Total liabilities and equity $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash provided by (used for) operating activities $ 140 $ (892 ) $ 1,684 $ (282 ) $ 650 Cash flows from investing activities Purchases of property, plant, and equipment — (403 ) (78 ) — (481 ) Intercompany investing activities — 26 (398 ) 372 — Acquisition of business, net — (10 ) — — (10 ) Proceeds from sales of assets and businesses, net — 7 2 — 9 Proceeds from life insurance policies — 1 — — 1 Foreign exchange contract settlements, net — (2 ) — — (2 ) Cash used for investing activities — (381 ) (474 ) 372 (483 ) Cash flows from financing activities Proceeds from revolving loan 150 — — — 150 Repayments on revolving loan (150 ) — — — (150 ) Proceeds from accounts receivable securitization facility — — 128 — 128 Debt repayments (13 ) (5 ) (19 ) — (37 ) Payments on finance leases — (1 ) (2 ) — (3 ) Purchases of treasury stock, at cost (322 ) — — — (322 ) Intercompany financing activities (1) 380 1,144 (1,434 ) (90 ) — Proceeds from exercised stock options, net 9 — — — 9 Payments related to tax withholdings on vested stock awards (30 ) — — — (30 ) Payments of dividends (164 ) — — — (164 ) Cash (used for) provided by financing activities (140 ) 1,138 (1,327 ) (90 ) (419 ) Effect of exchange rate changes on cash and cash equivalents — — (6 ) — (6 ) Decrease in cash and cash equivalents — (135 ) (123 ) — (258 ) Cash and cash equivalents at January 1, — 239 962 — 1,201 Cash and cash equivalents at December 31, $ — $ 104 $ 839 $ — $ 943 (1) During the year ended December 31, 2019, the Company received $1,034 in collections on its accounts receivable sold into the SPE under the Securitization Facility, which, inclusive of net borrowings, led to a total of $1,144 received by the SPE and distributed to the Guarantor Subsidiaries during the period. Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (159 ) $ 10 $ 1,289 $ — $ 1,140 Cash flows from investing activities Purchases of property, plant, and equipment — (390 ) (108 ) — (498 ) Acquisition of business, net — (37 ) — — (37 ) Proceeds from sales of assets and businesses, net — 46 — — 46 Intercompany investing activities — (153 ) (999 ) 1,152 — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (532 ) (1,107 ) 1,152 (487 ) Cash flows from financing activities Proceeds from issuance of debt, net 520 — — — 520 Debt repayments (679 ) — — — (679 ) Payments related to extinguishment of debt (29 ) — — — (29 ) Payments of debt issuance costs (12 ) — — — (12 ) Purchases of treasury stock, at cost (644 ) — — — (644 ) Intercompany financing activities 1,152 — — (1,152 ) — Proceeds from exercised stock options, net 16 — — — 16 Payments related to tax withholdings on vested restricted stock units (17 ) — — — (17 ) Payments of dividends (148 ) — — — (148 ) Cash provided by (used for) financing activities 159 — — (1,152 ) (993 ) Effect of exchange rate changes on cash and cash equivalents — — (15 ) — (15 ) (Decrease) increase in cash and cash equivalents — (522 ) 167 — (355 ) Cash and cash equivalents at January 1, — 761 795 — 1,556 Cash and cash equivalents at December 31, $ — $ 239 $ 962 $ — $ 1,201 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (132 ) $ 603 $ 169 $ — $ 640 Cash flows from investing activities Purchases of property, plant, and equipment — (327 ) (84 ) — (411 ) Proceeds from sales of assets and businesses, net — 39 — — 39 Intercompany investing activities — 220 — (220 ) — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (66 ) (84 ) (220 ) (370 ) Cash flows from financing activities Intercompany short-term borrowings, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payments related to extinguishment of debt (1 ) — — — (1 ) Payments of debt issuance costs (6 ) — — — (6 ) Purchases of treasury stock, at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Payments related to tax withholdings on vested restricted stock units (12 ) — — — (12 ) Payments of dividends (22 ) — — — (22 ) Cash provided by financing activities 132 — — 220 352 Effect of exchange rate changes on cash and cash equivalents — — 32 — 32 Increase in cash and cash equivalents — 537 117 — 654 Cash and cash equivalents at January 1, — 224 678 — 902 Cash and cash equivalents at December 31, $ — $ 761 $ 795 $ — $ 1,556 |
Background and Description of_2
Background and Description of the Business - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segmentfacility | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Number of facilities | 30 |
Operating Segments [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 2 |
Titanium Technologies [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 7 |
Fluoroproducts [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 20 |
Chemical Solutions [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 294 | |
Operating lease liabilities | 311 | |
ASU 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 333 | |
Operating lease liabilities | $ 349 | |
Office Space [Member] | ASU 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ (16) | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 20 years | |
Long-lived asset estimated remaining useful life | 25 years | |
Maximum [Member] | Equipment and Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 25 years | |
Maximum [Member] | Software Development [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 7 years | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 5 years | |
Long-lived asset estimated remaining useful life | 2 years | |
Minimum [Member] | Equipment and Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 15 years | |
Minimum [Member] | Software Development [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 5 years | |
Consolidated Subsidiaries [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Voting stock ownership percentage | 50.00% | |
Consolidated Subsidiaries [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Voting stock ownership percentage | 20.00% | |
Consolidated Subsidiaries [Member] | Outside Shareholders [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non controlling interests, ownership percentage by parent | 100.00% |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2016a | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 03, 2018USD ($) | |
Business Acquisition [Line Items] | ||||||||
Recognized gain on sale of land | $ 42,000,000 | $ 10,000,000 | $ 45,000,000 | $ 22,000,000 | ||||
Net cash proceeds of transaction | 39,000,000 | 9,000,000 | 46,000,000 | 39,000,000 | ||||
Environmental remediation activities amount | $ 3,000,000 | 200,000,000 | 101,000,000 | $ 48,000,000 | ||||
Linden, New Jersey [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of acre of land for sale | a | 210 | |||||||
Southern Ionics Minerals, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated total consideration | $ 25,000,000 | |||||||
Upfront payment | 10,000,000 | |||||||
Installment payment | 10,000,000 | |||||||
Contingent considerations with estimated fair value | 5,000,000 | |||||||
Goodwill | $ 0 | |||||||
Southern Ionics Minerals, LLC [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related expenses | 1,000,000 | |||||||
ICOR International, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | 4,000,000 | $ 6,000,000 | ||||||
Total consideration in all cash acquisition | $ 37,000,000 | |||||||
ICOR International, Inc. [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related expenses | $ 1,000,000 | |||||||
Methylamines and Methylamides Business [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Maximum agreed loss on sale of business under asset purchase agreement | 2,000,000 | |||||||
Cash proceeds received | 2,000,000 | |||||||
Accelerated depreciation | 34,000,000 | |||||||
Additional pre-tax loss on sale | $ 2,000,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition (Details) - ICOR International, Inc. [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Apr. 03, 2018 | |
Fair Value, Assets acquired: | ||
Fair Value, Accounts receivable - trade | $ 4 | $ 4 |
Fair Value, Inventories | 8 | 8 |
Fair Value,Property, plant, and equipment | 1 | 1 |
Fair Value, Identifiable intangible asset: | ||
Fair Value, Customer relationships | 22 | 20 |
Fair Value, Total assets acquired | 35 | 33 |
Fair Value, Liabilities assumed: | ||
Fair Value, Accounts payable | 1 | 1 |
Fair Value, Other accrued liabilities | 1 | 1 |
Fair Value, Total liabilities assumed | 2 | 2 |
Fair Value, Total identifiable net assets acquired | 33 | 31 |
Fair Value, Goodwill | 4 | 6 |
Fair Value, Net assets acquired | $ 37 | $ 37 |
Weighted-average Useful Life (Years), Customer relationships | 5 years | |
Adjustments [Member] | ||
Fair Value, Identifiable intangible asset: | ||
Fair Value, Customer relationships | $ 2 | |
Fair Value, Total assets acquired | 2 | |
Fair Value, Liabilities assumed: | ||
Fair Value, Total identifiable net assets acquired | 2 | |
Fair Value, Goodwill | $ (2) |
Net Sales - Summary of Disaggre
Net Sales - Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Fluorochemicals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,318 | 1,497 | 1,378 | ||||||||
Fluoropolymers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,330 | 1,365 | 1,276 | ||||||||
Mining Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 268 | 289 | 261 | ||||||||
Performance Chemicals and Intermediates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 265 | 313 | 306 | ||||||||
Titanium Dioxide and Other Minerals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,345 | 3,174 | 2,958 | ||||||||
North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,144 | 2,378 | 2,255 | ||||||||
Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,543 | 1,720 | 1,593 | ||||||||
Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,163 | 1,685 | 1,506 | ||||||||
Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 676 | 855 | $ 829 | ||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 5,526 | 6,638 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Fluorochemicals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,318 | 1,497 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Fluoropolymers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,330 | 1,365 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Mining Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 268 | 289 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Performance Chemicals and Intermediates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 265 | 313 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | Titanium Dioxide and Other Minerals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,345 | 3,174 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,144 | 2,378 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Fluoroproducts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,104 | 1,143 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Chemical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 313 | 341 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Titanium Technologies [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 727 | 894 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,543 | 1,720 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Fluoroproducts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 673 | 675 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Chemical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 61 | 81 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Titanium Technologies [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 809 | 964 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,163 | 1,685 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Fluoroproducts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 666 | 825 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Chemical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 23 | 18 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Titanium Technologies [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 474 | 842 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 676 | 855 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Fluoroproducts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 205 | 219 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Chemical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 136 | 162 | |||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Titanium Technologies [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | $ 335 | $ 474 |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - Topic 606 [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 602 | $ 790 |
Customer rebates | $ 72 | $ 79 |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Balances from Contracts with Customers (Parenthetical) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | ||
Trade notes receivable | $ 13,000,000 | $ 15,000,000 |
Allowance for doubtful accounts | 5,000,000 | 5,000,000 |
Topic 606 [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Allowance for doubtful accounts | 5,000,000 | 5,000,000 |
Topic 606 [Member] | Maximum [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Trade notes receivable | $ 1,000,000 | $ 2,000,000 |
Net Sales - Narrative (Details)
Net Sales - Narrative (Details) - Topic 606 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Contract asset balances | $ 0 | $ 0 |
Capitalized costs | 0 | 0 |
Remaining performance obligations | $ 83,000,000 | $ 119,000,000 |
Revenue, practical expedient, financing component | true | true |
Net Sales - Narrative (Details1
Net Sales - Narrative (Details1) - Topic 606 [Member] | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 69.00% |
Remaining performance obligations original expected period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 16.00% |
Remaining performance obligations original expected period | 1 year |
Research and Development Expe_3
Research and Development Expense - Summary of R&D Expense by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Research and Development [Line Items] | |||
Total research and development expense | $ 80 | $ 82 | $ 81 |
Fluoroproducts [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 48 | 50 | 48 |
Chemical Solutions [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 2 | 2 | 3 |
Titanium Technologies [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 29 | 28 | 29 |
Corporate and Other [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | $ 1 | $ 2 | $ 1 |
Restructuring, Asset-Related,_3
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |||
Employee separation charges | $ 21 | $ 14 | $ 23 |
Decommissioning and other charges | 23 | 31 | 33 |
Total restructuring and other charges | 44 | 45 | 56 |
Asset-related charges | 43 | 4 | 1 |
Total restructuring, asset-related, and other charges | $ 87 | $ 49 | $ 57 |
Restructuring, Asset-Related,_4
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges - impairment | $ 43 | $ 4 | $ 1 |
Operating Segments [Member] | Chemical Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges - impairment | 34 | 4 | 0 |
Operating Segments [Member] | Titanium Technologies [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges - impairment | 9 | $ 0 | $ 0 |
Accelerated depreciation | $ 9 |
Restructuring, Asset-Related,_5
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Programs to Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 44 | $ 45 | $ 56 | |
Asset-related charges | 43 | 4 | 1 | |
Restructuring, asset-related and other charges | 87 | 49 | 57 | |
Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 20 | 13 | 24 | |
2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 3 | 27 | 32 | |
Restructuring, asset-related and other charges | 3 | 27 | 32 | |
2018 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (1) | 5 | 0 | |
Restructuring, asset-related and other charges | $ 5 | |||
2019 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | 0 | 0 | |
Operating Segments [Member] | Fluoroproducts [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 3 | |
Operating Segments [Member] | Fluoroproducts [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2 | 9 | 0 | |
Operating Segments [Member] | Fluoroproducts [Member] | 2019 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 7 | 0 | 0 | |
Operating Segments [Member] | Chemical Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges | 34 | 4 | 0 | |
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2 | 4 | 17 | |
Operating Segments [Member] | Chemical Solutions [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 2 | 0 | |
Operating Segments [Member] | Chemical Solutions [Member] | 2019 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 0 | 0 | |
Operating Segments [Member] | Titanium Technologies [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges | 9 | 0 | 0 | |
Operating Segments [Member] | Titanium Technologies [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 4 | |
Operating Segments [Member] | Titanium Technologies [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 1 | 0 | |
Operating Segments [Member] | Titanium Technologies [Member] | 2019 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 0 | 0 | |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges | 0 | 0 | 1 | |
Corporate and Other [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 18 | 9 | 0 | |
Corporate and Other [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 15 | 32 | |
Corporate and Other [Member] | 2018 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (1) | 5 | 0 | |
Corporate and Other [Member] | 2019 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 9 | $ 0 | $ 0 |
Restructuring, Asset-Related,_6
Restructuring, Asset-Related, and Other Charges - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2015production_line | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Employee | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | $ 87,000,000 | $ 49,000,000 | $ 57,000,000 | ||||
Asset-related charges | 43,000,000 | 4,000,000 | 1,000,000 | ||||
Employee separation charges | 21,000,000 | 14,000,000 | 23,000,000 | ||||
2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | 3,000,000 | 27,000,000 | 32,000,000 | ||||
Aggregate restructuring costs | 62,000,000 | ||||||
2018 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | $ 5,000,000 | ||||||
2019 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee separation charges | 22,000,000 | ||||||
New Johnsonville, Tennessee [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Number of production lines shut down during period | production_line | 1 | ||||||
Corporate Function Efforts [Member] | 2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee separation and asset related charges | 3,000,000 | 18,000,000 | $ 14,000,000 | ||||
Voluntary Separation Program [Member] | 2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Number of employees to be separated by end of 2018 | Employee | 300 | ||||||
Accrual of termination benefits recognized | $ 18,000,000 | ||||||
Voluntary Separation Program One-Time Financial Incentives [Member] | 2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Accrual of termination benefits recognized | 9,000,000 | ||||||
Operating Segments [Member] | Niagara Falls, NY [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring costs, excluding asset-related charges | 37,000,000 | ||||||
Operating Segments [Member] | Decommissioning Costs [Member] | Niagara Falls, NY [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | 2,000,000 | 4,000,000 | $ 17,000,000 | ||||
Operating Segments [Member] | Additional Restructuring Charges [Member] | Niagara Falls, NY [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Additional restructuring charges expected to be incurred | 5,000,000 | ||||||
Operating Segments [Member] | Fluoroproducts [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring costs, excluding asset-related charges | 17,000,000 | ||||||
Operating Segments [Member] | Fluoroproducts [Member] | Decommissioning Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | 3,000,000 | ||||||
Operating Segments [Member] | Chemical Solutions [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset-related charges | 34,000,000 | 4,000,000 | 0 | ||||
Operating Segments [Member] | Titanium Technologies [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset-related charges | 9,000,000 | 0 | 0 | ||||
Proceeds from sale of land | $ 10,000,000 | ||||||
Accelerated depreciation | 9,000,000 | ||||||
Operating Segments [Member] | Titanium Technologies [Member] | Edge Moor, Delaware Site [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring costs, excluding asset-related charges | 60,000,000 | ||||||
Operating Segments [Member] | Titanium Technologies [Member] | Decommissioning Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | 4,000,000 | ||||||
Corporate and Other [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset-related charges | 0 | 0 | $ 1,000,000 | ||||
Corporate and Other [Member] | Decommissioning Costs [Member] | Deepwater, New Jersey [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring, asset-related and other charges | 18,000,000 | $ 9,000,000 | |||||
Corporate and Other [Member] | Additional Restructuring Charges [Member] | Deepwater, New Jersey [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Additional restructuring charges expected to be incurred | 6,000,000 | ||||||
Restructuring charges incurred | $ 27,000,000 |
Restructuring, Asset-Related,_7
Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | $ 16 | $ 27 |
(Credits) charges to income | 20 | 14 |
Payments | (21) | (25) |
Restructuring reserve, ending | 15 | 16 |
Chemical Solutions Site Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 2 |
(Credits) charges to income | 0 | 0 |
Payments | 0 | (2) |
Restructuring reserve, ending | 0 | 0 |
Titanium Technologies Site Closure [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 1 |
(Credits) charges to income | 0 | 0 |
Payments | 0 | (1) |
Restructuring reserve, ending | 0 | 0 |
2015 Global Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 1 | 1 |
(Credits) charges to income | (1) | 0 |
Payments | 0 | 0 |
Restructuring reserve, ending | 0 | 1 |
2017 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 10 | 23 |
(Credits) charges to income | 0 | 9 |
Payments | (9) | (22) |
Restructuring reserve, ending | 1 | 10 |
2018 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 5 | 0 |
(Credits) charges to income | (1) | 5 |
Payments | (4) | 0 |
Restructuring reserve, ending | 0 | 5 |
2019 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 0 |
(Credits) charges to income | 22 | 0 |
Payments | (8) | 0 |
Restructuring reserve, ending | $ 14 | $ 0 |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income And Expenses [Abstract] | |||
Leasing, contract services and miscellaneous income | $ 51 | $ 79 | $ 30 |
Royalty income | 16 | 10 | 24 |
Gain on sales of assets and businesses | 10 | 45 | 22 |
Exchange (losses) gains, net | (2) | 1 | 3 |
Non-operating pension and other post-retirement employee benefit (loss) income | (368) | 27 | 34 |
Total other (expense) income, net | $ (293) | $ 162 | $ 113 |
Other Income (Expense), Net -_2
Other Income (Expense), Net - Components of Other Income (Expense) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component Of Other Income And Expenses [Line Items] | ||||
Leasing, contract services and miscellaneous income | $ 51 | $ 79 | $ 30 | |
Settlement loss | $ 380 | 381 | (18) | (22) |
Netherlands Pension Plan [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Settlement loss | 380 | |||
European Union [Member] | Fluorinated Greenhouse Gas [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Leasing, contract services and miscellaneous income | 41 | 67 | 15 | |
Repauno, New Jersey Sites [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Gain on sale of asset | $ 9 | |||
East Chicago, Indiana [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Gain on sale of asset | 3 | |||
Repauno New Jersey [Member] | Land [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Gain on sale of asset | 13 | |||
Linden, New Jersey Sites [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Gain on sale of asset | $ 42 | |||
Edge Moor, Delaware Site [Member] | ||||
Component Of Other Income And Expenses [Line Items] | ||||
Gain on sale of asset | $ 12 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense (benefit): | |||
U.S. federal | $ 13 | $ 23 | $ (8) |
U.S. state and local | (1) | 4 | 1 |
International | 79 | 110 | 89 |
Total current tax expense | 91 | 137 | 82 |
Deferred tax expense (benefit): | |||
U.S. federal | (77) | 20 | 60 |
U.S. state and local | (5) | 3 | 6 |
International | (81) | (1) | 17 |
Total deferred tax (benefit) expense | (163) | 22 | 83 |
Total (benefit from) provision for income taxes | $ (72) | $ 159 | $ 165 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Environmental and other liabilities | $ 99 | $ 80 |
Accrued litigation | 37 | 28 |
Stock-based compensation and accrued employee benefits | 29 | 28 |
Other assets and other accrued liabilities | 6 | 8 |
Tax attribute carryforwards | 96 | 29 |
Operating lease liability | 75 | 0 |
Foreign tax credit carryforwards | 18 | 18 |
Total deferred tax assets | 360 | 191 |
Less: Valuation allowance | (10) | (2) |
Total deferred tax assets, net | 350 | 189 |
Deferred tax liabilities: | ||
Pension and other liabilities | (7) | (35) |
Property, plant, and equipment | (320) | (313) |
Operating lease asset | (71) | 0 |
Inventories and other assets | (30) | (12) |
Total deferred tax liabilities | (428) | (360) |
Deferred tax liability, net | $ (78) | $ (171) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax rate | $ (26) | $ 243 | $ 319 |
State income taxes, net of federal benefit | (7) | 7 | 7 |
Lower effective tax rate on international operations, net | (28) | (44) | (149) |
Depletion | (5) | (6) | (8) |
Exchange (gains) losses | (7) | (4) | 5 |
Provision to return and other adjustments | (4) | (9) | 6 |
Valuation allowance | 8 | (15) | (33) |
Net impact of U.S. tax reform | (10) | 39 | |
Stock-based compensation | (14) | (14) | (20) |
Executive compensation limitation | 9 | 4 | 6 |
R&D credit | (6) | (5) | (1) |
Uncertain tax positions | 7 | 2 | (6) |
Other, net | 1 | 10 | |
Total (benefit from) provision for income taxes | $ (72) | $ 159 | $ 165 |
Income Taxes - Effective Inco_2
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal benefit | 5.60% | 0.60% | 0.70% |
Lower effective tax rate on international operations, net | 22.70% | (3.80%) | (16.30%) |
Depletion | 4.00% | (0.50%) | (0.90%) |
Exchange (gains) losses | 5.60% | (0.30%) | 0.60% |
Provision to return and other adjustments | 3.20% | (0.80%) | 0.60% |
Valuation allowance | (6.50%) | (1.30%) | (3.60%) |
Net impact of U.S. tax reform | 0.00% | (0.90%) | 4.30% |
Stock-based compensation | 11.40% | (1.20%) | (2.20%) |
Executive compensation limitation | (7.30%) | 0.30% | 0.70% |
R&D credit | 4.80% | (0.40%) | (0.10%) |
Uncertain tax positions | (5.60%) | 0.20% | (0.70%) |
Other, net | (0.80%) | 0.90% | 0.00% |
Total effective tax rate | 58.10% | 13.80% | 18.10% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. operations (including exports) | $ (375) | $ 114 | $ (306) | ||||||||
International operations | 251 | 1,041 | 1,218 | ||||||||
(Loss) income before income taxes | $ (454) | $ 91 | $ 133 | $ 107 | $ 182 | $ 269 | $ 323 | $ 381 | $ (124) | $ 1,155 | $ 912 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Earnings and Profits (E&P) of foreign subsidiaries | $ 440 | ||
Change in valuation allowance | 8 | $ (15) | $ (33) |
R&D tax credits | 6 | $ 5 | $ 1 |
Expiration Year 2035 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
R&D tax credits | 24 | ||
U.S Federal and State [Member] | Expiration Between Years 2036 To 2038 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 13 | ||
U.S Federal [Member] | Expiration Year 2026 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 18 | ||
Foreign [Member] | Expiration Between Years 2026 to 2029 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 3 | ||
Foreign Subsidiary Earnings [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Change in valuation allowance | (5) | ||
Foreign Tax Credits [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Change in valuation allowance | $ (3) |
Income Taxes - Summary of open
Income Taxes - Summary of open tax years by significant jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2013 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
U.S Federal [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
U.S Federal [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 2 | $ 0 | $ 6 |
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | 0 | 0 | (6) |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 7 | 2 | 0 |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 0 | 0 | 0 |
Balance at December 31, | 9 | 2 | 0 |
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate | 9 | 2 | 0 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 0 | 0 | 0 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $ 0 | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 2 | $ 17 | $ 50 |
Net charges to income tax expense | 8 | 0 | 0 |
Release of valuation allowance | 0 | (15) | (33) |
Balance at December 31, | $ 10 | $ 2 | $ 17 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net (loss) income attributable to Chemours | $ (317) | $ 76 | $ 96 | $ 94 | $ 142 | $ 275 | $ 281 | $ 297 | $ (52) | $ 995 | $ 746 |
Denominator: | |||||||||||
Weighted-average number of common shares outstanding - basic | 164,816,839 | 176,968,554 | 184,844,106 | ||||||||
Dilutive effect of the Company’s employee compensation plans | 5,603,467 | 6,139,885 | |||||||||
Weighted-average number of common shares outstanding - diluted | 164,816,839 | 182,572,021 | 190,983,991 | ||||||||
Basic (loss) earnings per share of common stock | $ (1.94) | $ 0.46 | $ 0.58 | $ 0.56 | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ (0.32) | $ 5.62 | $ 4.04 |
Diluted (loss) earnings per share of common stock | $ (1.94) | $ 0.46 | $ 0.57 | $ 0.55 | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ (0.32) | $ 5.45 | $ 3.91 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Average number of stock options | 2,206,609 | 393,016 | 43,072 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accounts receivable - trade, net | $ 602 | $ 790 |
VAT, GST and other taxes | 59 | 56 |
Other receivables | 13 | 15 |
Total accounts and notes receivable, net | $ 674 | $ 861 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 602 | $ 790 |
Allowance for doubtful accounts receivable | 5 | 5 |
Trade Notes Receivable [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 2 | |
Trade Notes Receivable [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 1 |
Accounts and Notes Receivable_5
Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 1,000,000 | ||
Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 1,000,000 | $ 1,000,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
Finished products | $ 589 | $ 701 |
Semi-finished products | 189 | 195 |
Raw materials, stores, and supplies | 559 | 476 |
Inventories before LIFO adjustment | 1,337 | 1,372 |
Less: Adjustment of inventories to LIFO basis | (258) | (225) |
Total inventories | $ 1,079 | $ 1,147 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
LIFO inventory amount | $ 674 | $ 622 |
Percentage of LIFO inventory | 50.00% | 45.00% |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 9,413 | $ 8,992 | |
Less: Accumulated depreciation | (5,854) | (5,701) | |
Property, plant, and equipment, net | 3,559 | 3,291 | $ 3,008 |
Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,595 | 7,344 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,174 | 914 | |
Construction-in-progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 493 | 579 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 115 | 119 | |
Mineral rights [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36 | $ 36 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net Parenthetical (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Discovery Hub [Member] | ||
Property Plant And Equipment [Line Items] | ||
Build To Suit Lease Asset | $ 95 | $ 55 |
Property, Plant, and Equipmen_5
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | |||
Finance leased assets gross | $ 68 | $ 7 | |
Finance lease asset | 58 | ||
Finance lease liability | 59 | 2 | |
Interest capitalized | 10 | 17 | $ 9 |
Depreciation expense | 304 | $ 276 | $ 269 |
Fluoroproducts [Member] | |||
Property Plant And Equipment [Line Items] | |||
Finance lease asset | 62 | ||
Finance lease liability | $ 62 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |
Lease agreements initial terms | 12 months |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term of contract | 17 years |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Location (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lease assets: | |
Operating lease right-of-use assets | $ 294 |
Finance lease assets | $ 58 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Total lease assets | $ 352 |
Current: | |
Operating lease liabilities | $ 66 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent |
Finance lease liabilities | $ 5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent |
Total current lease liabilities | $ 71 |
Non-current: | |
Operating lease liabilities | 245 |
Finance lease liabilities | $ 54 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent |
Total non-current lease liabilities | $ 299 |
Total lease liabilities | $ 370 |
Leases - Schedule of Components
Leases - Schedule of Components of Company's Lease Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 99 |
Short-term lease cost | 5 |
Variable lease cost | 16 |
Amortization of lease assets | 5 |
Interest on lease liabilities | 2 |
Total lease cost | $ 127 |
Leases - Schedule of Cash Flows
Leases - Schedule of Cash Flows Related to Company's Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 101 | ||
Operating cash flows from finance leases | 2 | ||
Financing cash flows from finance leases | 3 | $ 0 | $ 0 |
Non-cash lease liabilities activity: | |||
Leased assets obtained in exchange for new operating lease liabilities | 48 | ||
Leased assets obtained in exchange for new finance lease liabilities | $ 62 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Term and Weighted-Average Discount Rate For Company's Leases (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term (years): | |
Operating leases | 8 years 6 months |
Finance leases | 9 years 2 months 12 days |
Weighted-average discount rate: | |
Operating leases | 5.10% |
Finance leases | 5.90% |
Leases - Schedule of Company's
Leases - Schedule of Company's Lease Liabilities' Maturities For Next Five Years and Thereafter (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2020 | $ 82 | |
2021 | 66 | |
2022 | 49 | |
2023 | 35 | |
2024 | 29 | |
Thereafter | 118 | |
Total lease payments | 379 | |
Less: Imputed interest | 68 | |
Present value of lease liabilities | 311 | |
Finance Leases | ||
2020 | 9 | |
2021 | 8 | |
2022 | 8 | |
2023 | 8 | |
2024 | 8 | |
Thereafter | 35 | |
Total lease payments | 76 | |
Less: Imputed interest | 17 | |
Present value of lease liabilities | 59 | $ 2 |
Operating and Finance Leases, Total | ||
2020 | 91 | |
2021 | 74 | |
2022 | 57 | |
2023 | 43 | |
2024 | 37 | |
Thereafter | 153 | |
Total lease payments | 455 | |
Less: Imputed interest | 85 | |
Present value of lease liabilities | $ 370 |
Leases - Schedule of Company'_2
Leases - Schedule of Company's Lease Liabilities' Maturities For Subsequent Five Years and Thereafter under Previous Lease Accounting Standard (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases | |
2019 | $ 92 |
2020 | 70 |
2021 | 59 |
2022 | 42 |
2023 | 27 |
Thereafter | 134 |
Total lease payments | 424 |
Finance Leases | |
2020 | 2 |
Total lease payments | 2 |
Operating and Finance Leases, Total | |
2019 | 92 |
2020 | 72 |
2021 | 59 |
2022 | 42 |
2023 | 27 |
Thereafter | 134 |
Total lease payments | $ 426 |
Leases - Build-to-suit Lease Ob
Leases - Build-to-suit Lease Obligation - Narrative (Details) - Discovery Hub [Member] $ in Millions | Dec. 31, 2019USD ($) | Oct. 31, 2017ft² |
Lessee Lease Description [Line Items] | ||
Build to suit lease area of land | ft² | 312,000 | |
Build to suit lease liability reclassified as financing obligation | $ 95 | |
Build to suit lease asset capitalized in property, plant and equipment | $ 95 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Related to Chemours Discovery Hub Financing Obligation (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
2020 | $ 9 |
2021 | 8 |
2022 | 8 |
2023 | 8 |
2024 | 8 |
Thereafter | 35 |
Total lease payments | 76 |
Discovery Hub [Member] | |
Lessee Lease Description [Line Items] | |
2020 | 6 |
2021 | 7 |
2022 | 7 |
2023 | 7 |
2024 | 7 |
Thereafter | 160 |
Total lease payments | $ 194 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill impairment | $ 0 | $ 0 |
Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Total goodwill | 153,000,000 | 153,000,000 |
Fluoroproducts [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 89,000,000 | 85,000,000 |
Acquisition of business | 4,000,000 | |
Goodwill, ending balance | 89,000,000 | 89,000,000 |
Chemical Solutions [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 51,000,000 | 55,000,000 |
Goodwill impairment | (4,000,000) | |
Goodwill, ending balance | 51,000,000 | 51,000,000 |
Titanium Technologies [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 13,000,000 | 13,000,000 |
Goodwill, ending balance | $ 13,000,000 | $ 13,000,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Narrative (Details) | Oct. 01, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Goodwill and Other Intangible Assets | ||||
Number of operating segments | segment | 3 | |||
Goodwill impairments | $ 0 | $ 0 | ||
Accumulated impairment losses included in goodwill | 4,000,000 | 4,000,000 | ||
Amortization expense, 2020 | 7,000,000 | |||
Amortization expense, 2021 | 7,000,000 | |||
Amortization expense, 2022 | 5,000,000 | |||
Amortization expense, 2023 | 1,000,000 | |||
Maximum [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Amortization expense, 2024 | $ 1,000,000 | |||
Useful life | 20 years | |||
Minimum [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Useful life | 5 years | |||
Continuing Operations [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Aggregate pre-tax amortization expense | $ 7,000,000 | $ 6,000,000 | $ 4,000,000 | |
Chemical Solutions [Member] | Performance Chemicals and Intermediates [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Goodwill impairments | $ 4,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | $ 68 | $ 68 | |
Accumulated Amortization | (47) | (40) | |
Net | 21 | 28 | |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 9 | 9 | |
Accumulated Amortization | (8) | (8) | |
Net | 1 | 1 | |
Customer Relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 22 | 22 | |
Accumulated Amortization | (8) | (3) | |
Net | 14 | 19 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 19 | 19 | |
Accumulated Amortization | (19) | (19) | |
Net | 0 | 0 | |
Purchased Trademarks [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 5 | 5 | |
Accumulated Amortization | (3) | (3) | |
Net | 2 | 2 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 3 | 3 | |
Accumulated Amortization | (3) | (3) | |
Net | 0 | 0 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | [1] | 10 | 10 |
Accumulated Amortization | [1] | (6) | (4) |
Net | [1] | $ 4 | $ 6 |
[1] | Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. |
Investments in Affiliates - Nar
Investments in Affiliates - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investee [Member] | |||
Investments in Affiliates | |||
Net sales | $ 135 | $ 143 | $ 99 |
Purchases | $ 249 | $ 125 | $ 87 |
Consolidated Subsidiaries [Member] | Minimum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 20.00% | ||
Consolidated Subsidiaries [Member] | Maximum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 50.00% |
Investments in Affiliates - Sch
Investments in Affiliates - Schedule of Investments in Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in Affiliates | ||||
Investments in affiliates | $ 162 | $ 160 | $ 173 | $ 136 |
Chemours-Mitsui Fluorochemicals Company, Ltd. [Member] | Japan [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 96 | $ 94 | ||
Ownership | 50.00% | 50.00% | ||
The Chemours Chenguang Fluoromaterials Company Limited [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 33 | $ 36 | ||
Ownership | 50.00% | 50.00% | ||
Changshu 3F Zhonghao New Chemical Materials Co., Ltd. [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 33 | $ 30 | ||
Ownership | 10.00% | 10.00% |
Investments in Affiliates - S_2
Investments in Affiliates - Schedule of Changes in Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Beginning Balance | $ 160 | $ 173 | $ 136 |
Equity in earnings of affiliates | 29 | 43 | 33 |
Dividends | (28) | (58) | |
Currency translation and other | 1 | 2 | 4 |
Ending Balance | $ 162 | $ 160 | $ 173 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Capitalized repair and maintenance costs | $ 148 | $ 178 |
Pension assets | 59 | 174 |
Deferred income taxes | 40 | 46 |
Miscellaneous | 45 | 39 |
Total other assets | $ 292 | $ 437 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 901 | $ 1,111 |
VAT and other payables | 22 | 26 |
Total accounts payable | $ 923 | $ 1,137 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and other employee-related costs | $ 52 | $ 108 |
Employee separation costs | 15 | 16 |
Accrued litigation | 10 | 11 |
Environmental remediation | 74 | 139 |
Income taxes | 65 | 87 |
Customer rebates | 72 | 79 |
Deferred revenue | 7 | 6 |
Accrued interest | 21 | 21 |
Operating lease liabilities | 66 | |
Miscellaneous | 102 | 92 |
Total other accrued liabilities | $ 484 | $ 559 |
Other Accrued Liabilities - S_2
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Accrued Liabilities [Line Items] | ||
Environmental remediation | $ 74 | $ 139 |
Fayetteville Works, Fayetteville [Member] | ||
Other Accrued Liabilities [Line Items] | ||
Environmental remediation | $ 20 | $ 75 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 59 | $ 2 | ||
Financing obligation | 95 | 55 | ||
Other | 6 | |||
Total debt | 4,196 | 4,017 | ||
Less: Unamortized issue discounts | (8) | (10) | ||
Less: Unamortized debt issuance costs | (28) | (35) | ||
Less: Short-term and current maturities of long-term debt | (134) | (13) | ||
Total long-term debt, net | 4,026 | 3,959 | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 884 | 893 | ||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 383 | € 344 | 396 | € 347 |
Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | 110 | |||
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 908 | 908 | ||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 501 | € 450 | 513 | € 450 |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||
Financing obligation | $ 95 | $ 55 | ||
Build-to-suit lease liability | 55 | |||
Discovery Hub [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing obligation | 95 | |||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 383 | € 344 | 396 | € 347 |
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 908 | $ 908 | ||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 501 | € 450 | $ 513 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities - Narrative (Details) | Apr. 03, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 03, 2023 | Apr. 03, 2018EUR (€) |
Line of Credit Facility [Line Items] | ||||||
Repayment of outstanding borrowings | $ 150,000,000 | $ 0 | $ 0 | |||
Loss on extinguishment of debt | 0 | (38,000,000) | $ (1,000,000) | |||
Senior Secured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument term | 5 years | |||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | |||||
Line of credit facility, maturity date | Apr. 3, 2023 | |||||
Maximum net leverage ratio | 0.25% | |||||
Repayment of outstanding borrowings | $ 150,000,000 | |||||
Commitment fee percentage | 0.20% | |||||
Loss on extinguishment of debt | 3,000,000 | |||||
Senior Secured Revolving Credit Facility [Member] | Domestic Subsidiary [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Collateral as percentage of common stock | 100.00% | |||||
Senior Secured Revolving Credit Facility [Member] | Foreign Subsidiary [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Collateral as percentage of common stock | 65.00% | |||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 0.25% | |||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 0.10% | |||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 1.25% | |||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 1.00% | |||||
Senior Secured Revolving Credit Facility [Member] | Euro Interbank Offered Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 2.00% | |||||
Dollar Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | |||||
Line of credit facility, maturity date | Apr. 3, 2025 | |||||
Effective interest rates on senior secured term loan | 3.60% | |||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 1.75% | |||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 0.00% | |||||
Dollar Term Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 0.75% | |||||
Dollar Term Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 1.00% | |||||
Euro Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | € | € 350,000,000 | |||||
Line of credit facility, maturity date | Apr. 3, 2025 | |||||
Effective interest rates on senior secured term loan | 2.50% | |||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 2.00% | |||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 0.50% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | $ 0 | 0 | ||||
Letters of credit outstanding | $ 103,000,000 | $ 104,000,000 | ||||
Revolving Credit Facility [Member] | Scenario Forecast [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum net leverage ratio | 2.00% | |||||
Senior Secured Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument term | 7 years |
Debt - Senior Unsecured Notes -
Debt - Senior Unsecured Notes - Narrative (Details) | Jun. 06, 2018EUR (€) | May 21, 2018USD ($)Tender$ / shares | May 23, 2017USD ($) | May 12, 2015USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jun. 08, 2018EUR (€) | Jun. 06, 2018USD ($) | Jun. 06, 2018EUR (€) | May 12, 2015EUR (€) |
Debt Instrument [Line Items] | |||||||||||||
Debt instrument net issue discount | $ 8,000,000 | $ 10,000,000 | |||||||||||
Loss on extinguishment of debt | 0 | (38,000,000) | $ (1,000,000) | ||||||||||
PFOA MDL Settlement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Settlement payments | $ 335,000,000 | ||||||||||||
6.625% Senior Unsecured Notes Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 908,000,000 | $ 908,000,000 | |||||||||||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | |||||||||
Debt instrument maturity date | May 31, 2023 | ||||||||||||
4.000% Senior Unsecured Notes Due May 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 501,000,000 | $ 513,000,000 | € 450,000,000 | € 450,000,000 | |||||||||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||
Senior unsecured notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 2,503,000,000 | ||||||||||||
Senior unsecured notes, payment terms | The Original Notes required or require, as applicable, payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | ||||||||||||
Net proceeds from issuance of long term debt | 489,000,000 | ||||||||||||
Senior unsecured notes [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net proceeds from offering | € | € 445,000,000 | ||||||||||||
Senior unsecured notes [Member] | Redemption of 2023 Euro Notes and Issuance of 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 35,000,000 | ||||||||||||
Senior unsecured notes [Member] | Dollar Tender Offer [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer aggregate purchase price | $ 264,000,000 | ||||||||||||
Tender offer early participation premium | 13,000,000 | ||||||||||||
Tender offer accrued interest | 1,000,000 | ||||||||||||
Senior unsecured notes [Member] | Euro Tender Offer [member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer aggregate purchase price | € | € 310,000,000 | ||||||||||||
Tender offer early participation premium | € | 14,000,000 | ||||||||||||
Tender offer accrued interest | € | € 1,000,000 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | $ 1,350,000,000 | ||||||||||||
Debt instrument interest rate | 6.625% | 6.625% | |||||||||||
Debt instrument maturity date | May 31, 2023 | ||||||||||||
Debt instrument outstanding amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||||||
Number of tender offers | Tender | 2 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,052.50 | ||||||||||||
Tender offer principal amount price per share | 1,000.00 | ||||||||||||
Tender offer expiration date | Jun. 4, 2018 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,022.50 | ||||||||||||
Tender offer principal amount price per share | 1,000.00 | ||||||||||||
Tender offer expiration date | Jun. 18, 2018 | ||||||||||||
Senior unsecured notes [Member] | 2025 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | $ 750,000,000 | ||||||||||||
Debt instrument interest rate | 7.00% | 7.00% | |||||||||||
Debt instrument maturity date | May 31, 2025 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | € | € 360,000,000 | ||||||||||||
Debt instrument interest rate | 6.125% | 6.125% | |||||||||||
Debt instrument maturity date | May 31, 2023 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | Euro Tender Offer [member] | Tender Offer Purchase Price One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,048.75 | ||||||||||||
Tender offer principal amount price per share | 1,000.00 | ||||||||||||
Tender offer expiration date | Jun. 4, 2018 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | Euro Tender Offer [member] | Tender Offer Purchase Price Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,018.75 | ||||||||||||
Tender offer principal amount price per share | 1,000.00 | ||||||||||||
Tender offer expiration date | Jun. 18, 2018 | ||||||||||||
Senior unsecured notes [Member] | Original Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Obligation threshold for debt to become guaranteed | $ 75,000,000 | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101.00% | 101.00% | |||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of asset dispositions | 100.00% | 100.00% | |||||||||||
Senior unsecured notes [Member] | 2027 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 500,000,000 | ||||||||||||
Debt instrument interest rate | 5.375% | ||||||||||||
Obligation threshold for debt to become guaranteed | $ 100,000,000 | ||||||||||||
Debt instrument net issue discount | 5,000,000 | ||||||||||||
Underwriting fees and other related expenses | $ 6,000,000 | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101.00% | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100.00% | ||||||||||||
Senior unsecured notes [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | € | € 450,000,000 | ||||||||||||
Debt instrument interest rate | 4.00% | 4.00% | |||||||||||
Debt instrument maturity date | May 31, 2026 | ||||||||||||
Senior unsecured notes, payment terms | The 2026 Euro Notes require payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101.00% | 101.00% | |||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100.00% | ||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35.00% | 35.00% | |||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 104.00% | 104.00% | |||||||||||
Senior unsecured notes [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | Minimum [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | $ 100,000,000 |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Facility - Narrative (Details) - Securitization Facility [Member] - USD ($) | Jul. 12, 2019 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | ||
Short-term debt | $ 110,000,000 | |
Special Purpose Entity [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | |
Increase in borrowing capacity | $ 200,000,000 | |
Receivable from securitization facility | $ 176,000,000 | |
Weighted average interest rate on outstanding borrowings | 2.00% | |
Proceeds from short-term debt | $ 128,000,000 | |
Repayments of short-term debt | 18,000,000 | |
Short-term debt | $ 110,000,000 |
Debt - Other - Narrative (Detai
Debt - Other - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | ||
Remaining other short-term borrowings payable | $ 6 | $ 6 |
Financing Arrangement [Member] | ||
Line of Credit Facility [Line Items] | ||
Funds borrowed for insurance premiums | 11 | |
Repayments to financing company | 5 | |
Remaining other short-term borrowings payable | $ 6 | $ 6 |
Debt - Maturities and Fair Valu
Debt - Maturities and Fair Value - Narrative (Details) - Senior Secured Revolving Credit Facility [Member] | Apr. 03, 2018 |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 1.00% |
Additional principal repayment, percentage of excess cash flows | 50.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level one | 25.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level two | 0.00% |
Target leverage ratio | 3.50% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Maturities (Details) - Senior Debt [Member] $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 122 |
2021 | 13 |
2022 | 13 |
2023 | 921 |
2024 | 13 |
Thereafter | 2,954 |
Total principal maturities on debt | $ 4,036 |
Debt - Schedule of Debt Princ_2
Debt - Schedule of Debt Principal Maturities (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Senior Secured Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, springing maturity description | The Senior Secured Credit Facilities are subject to a springing maturity in the event that the senior unsecured notes due in May 2023 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date |
6.625% Senior Unsecured Notes Due May 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument maturity date | May 31, 2023 |
Debt - Estimated Fair Values of
Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||
Less: Unamortized issue discounts | $ (8) | $ (10) | ||
Less: Unamortized debt issuance costs | (28) | (35) | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 884 | 893 | ||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 383 | € 344 | 396 | € 347 |
Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt, Carrying Value | 110 | |||
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 908 | 908 | ||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 501 | € 450 | 513 | € 450 |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total senior debt, Fair Value | 3,930 | 3,876 | ||
Total senior debt, Carrying Value | 4,036 | 3,960 | ||
Less: Unamortized issue discounts | (8) | (10) | ||
Less: Unamortized debt issuance costs | (28) | (35) | ||
Total senior debt, net | 4,000 | 3,915 | ||
Level 2 [Member] | Senior Secured Tranche B-2 U.S Dollar Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 884 | 893 | ||
Long-term debt, Fair Value | 865 | 862 | ||
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 383 | 396 | ||
Long-term debt, Fair Value | 378 | 394 | ||
Level 2 [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 908 | 908 | ||
Long-term debt, Fair Value | 917 | 918 | ||
Level 2 [Member] | 7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
Long-term debt, Fair Value | 755 | 761 | ||
Level 2 [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 501 | 513 | ||
Long-term debt, Fair Value | 455 | 487 | ||
Level 2 [Member] | 5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
Long-term debt, Fair Value | $ 450 | $ 454 |
Debt - Estimated Fair Values _2
Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 908 | $ 908 | ||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 501 | € 450 | $ 513 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 383 | € 344 | $ 396 | € 347 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Environmental remediation | $ 332 | $ 152 |
Employee-related costs | 113 | 130 |
Accrued litigation | 50 | 53 |
Asset retirement obligations | 54 | 51 |
Deferred revenue | 8 | 7 |
Miscellaneous | 76 | 64 |
Total other liabilities | $ 633 | $ 457 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities [Line Items] | ||
Environmental remediation | $ 332,000,000 | $ 152,000,000 |
Accrued indemnification liability | 41,000,000 | 46,000,000 |
Fayetteville Works, Fayetteville [Member] | ||
Other Liabilities [Line Items] | ||
Environmental remediation | $ 181,000,000 | $ 0 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1, | $ 57 | $ 48 |
Accretion expense | 7 | 10 |
Settlements and payments | (3) | (1) |
Balance at December 31, | 61 | 57 |
Current portion | 7 | 6 |
Non-current portion | $ 54 | $ 51 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 60 | $ 64 |
Asbestos [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | 34 | 37 |
PFOA [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | 20 | 22 |
All Other Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 6 | $ 5 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Litigation: | ||
Current accrued litigation | $ 10 | $ 11 |
Long-term accrued litigation | 50 | 53 |
Total accrued litigation | 60 | 64 |
Other Accrued Liabilities [Member] | ||
Accrued Litigation: | ||
Current accrued litigation | 10 | 11 |
Other Liabilities [Member] | ||
Accrued Litigation: | ||
Long-term accrued litigation | $ 50 | $ 53 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Litigation - Narrative (Details) | May 23, 2017USD ($) | Aug. 31, 2019Supplier | Mar. 31, 2019USD ($)lawsuit | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)lawsuitwater_districtplaintiff | Dec. 31, 2004resident | Sep. 30, 2019lawsuit | Dec. 31, 2018USD ($)lawsuit | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | |||||||||
Accrual balance | $ 60,000,000 | $ 64,000,000 | |||||||
Number of water suppliers filed lawsuits | Supplier | 8 | ||||||||
Contract termination fees | 26,000,000 | ||||||||
Mining Solutions [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Long-lived assets | 144,000,000 | ||||||||
Goodwill | 51,000,000 | ||||||||
Other related prepaid costs | 7,000,000 | ||||||||
Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, potential additional loss | $ 530,000,000 | ||||||||
Funding for medical monitoring program [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Escrow deposit disbursements | $ 1,700,000 | ||||||||
MDL Settlement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Date of agreement month and year | 2017-03 | ||||||||
Total settlement amount | $ 670,700,000 | ||||||||
PFOA MDL Settlement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 61 | ||||||||
Settlement payments | $ 335,000,000 | ||||||||
Benzene Related Illness [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging illness | lawsuit | 16 | 19 | |||||||
PFOA Matters [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual balance | $ 20,000,000 | $ 22,000,000 | |||||||
Number of lawsuits filed | lawsuit | 4 | ||||||||
Cost of preparation of natural resource damage assessment plan and access to related documents | $ 100,000 | ||||||||
PFOA Matters [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement payments | $ 25,000,000 | ||||||||
Period of payments | 5 years | ||||||||
PFOA Matters: Drinking Water Actions [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual balance | $ 20,000,000 | $ 22,000,000 | |||||||
Binding settlement agreement, class size | resident | 80,000 | ||||||||
Number of water districts Company must provide treatment | water_district | 6 | ||||||||
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, potential additional loss | $ 235,000,000 | ||||||||
PFOA Matters: Additional Actions [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 3,500 | ||||||||
DuPont [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging illness | lawsuit | 51 | ||||||||
DuPont [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement payments | $ 25,000,000 | ||||||||
DuPont [Member] | Business Seeking to Recover Losses [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging illness | lawsuit | 2 | ||||||||
Scheduled In January 2020 [Member] | PFOA MDL Settlement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of individual plaintiffs | plaintiff | 2 | ||||||||
Scheduled In June 2020 [Member] | PFOA MDL Settlement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of individual plaintiffs | plaintiff | 6 | ||||||||
AFFF [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of lawsuits pending | lawsuit | 8 | ||||||||
Number of lawsuits filed | lawsuit | 4 | ||||||||
Asbestos Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 1,100 | 1,300 | |||||||
Accrual balance | $ 34,000,000 | $ 37,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | $ 406 | $ 291 |
Chambers Works, Deepwater, New Jersey [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 20 | 18 |
East Chicago, Indiana [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 17 | 21 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 201 | 75 |
Pompton Lakes, New Jersey [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 43 | 45 |
USS Lead, East Chicago, Indiana [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 13 | 15 |
All other sites [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | $ 112 | $ 117 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Environmental Remediation Liabilites and Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Environmental Remediation [Line Items] | ||
Current environmental remediation | $ 74 | $ 139 |
Long-term environmental remediation | 332 | 152 |
Total environmental remediation | 406 | 291 |
Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current environmental remediation | 74 | 139 |
Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term environmental remediation | $ 332 | $ 152 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities - Environmental - Narrative (Details) - USD ($) $ in Millions | Sep. 09, 2019 | Sep. 27, 2018 | Jun. 29, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Environmental Remediation [Line Items] | |||||||||
Environmental remediation activities amount | $ 3 | $ 200 | $ 101 | $ 48 | |||||
Sale of asset to third party | $ 39 | 9 | 46 | 39 | |||||
Accrual for environmental remediation activities | $ 406 | 406 | 291 | ||||||
Off-site Replacement Drinking Water Supplies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Estimated disbursements amount | $ 46 | ||||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||||
Disbursements period | 20 years | ||||||||
On-site Surface Water and Groundwater Remediation [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Estimated cost of remediation | 132 | ||||||||
Estimated cost of remediation related to construction | $ 42 | ||||||||
Construction costs projected paid period | 2025 | ||||||||
Estimated cost of remediation related to OM&M | $ 88 | ||||||||
OM&M projected paid period | 20 years | ||||||||
East Chicago, Indiana [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Sale of asset to third party | $ 1 | ||||||||
Environmental remediation cost assumed by seller | 21 | ||||||||
Accrual for environmental remediation activities | 21 | ||||||||
Gain on sale of asset | 3 | ||||||||
Purchase price of asset sold | 1 | ||||||||
Environmental remediation liability | $ 2 | ||||||||
Potomac River Site [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Sale of asset to third party | $ 4 | ||||||||
Gain on sale of asset | 3 | ||||||||
Environmental remediation liability | $ 4 | ||||||||
Oakley Site [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Sale of asset to third party | $ 7 | ||||||||
Gain on sale of asset | 2 | ||||||||
Environmental remediation liability | 10 | ||||||||
Sale of asset to third party received amount | 4 | ||||||||
Proceeds contingent upon the completion of certain future environmental remediation activities | $ 3 | ||||||||
Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrual for environmental remediation activities | $ 201 | $ 201 | $ 75 | ||||||
PFOA [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Civil penalty and investigative costs | $ 13 | ||||||||
Percentage of efficiency to control PFAS | 99.99% | ||||||||
Air quality test maximum period to conduct | 90 days | ||||||||
PFOA [Member] | Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Percentage of efficiency to control PFAS | 99.99% | ||||||||
Reduction of PFAS maximum period | 2 years | ||||||||
Percentage of baseline | 75.00% | ||||||||
Minimum [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Average time frame of disbursements of environmental site remediation | 15 years | ||||||||
Maximum [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Average time frame of disbursements of environmental site remediation | 20 years | ||||||||
Loss contingency, potential additional loss | $ 530 |
Commitments and Contingent - Sc
Commitments and Contingent - Schedule of Components of Accrued Environmental Remediation Liabilities Related to PFAS (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Environmental Remediation [Line Items] | ||
Total accrued liabilities | $ 406 | $ 291 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | 201 | 75 |
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | 155 | 10 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | $ 46 | $ 65 |
Commitments and Contingent L_10
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet Locations (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Environmental Remediation [Line Items] | ||
Current accrued liabilities | $ 74,000,000 | $ 139,000,000 |
Long-term accrued liabilities | 332,000,000 | 152,000,000 |
Total environmental remediation | 406,000,000 | 291,000,000 |
Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current accrued liabilities | 74,000,000 | 139,000,000 |
Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term accrued liabilities | 332,000,000 | 152,000,000 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Current accrued liabilities | 20,000,000 | 75,000,000 |
Long-term accrued liabilities | 181,000,000 | 0 |
Total environmental remediation | 201,000,000 | 75,000,000 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current accrued liabilities | 20,000,000 | $ 75,000,000 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term accrued liabilities | $ 181,000,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 13, 2019 | Aug. 01, 2018 | Nov. 30, 2017 |
Equity Class Of Treasury Stock [Line Items] | ||||||
Purchase of common stock value under the share repurchase program | $ 1,072,000,000 | $ 750,000,000 | ||||
Common Stock [Member] | 2017 Share Repurchase Program [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||
Stock repurchase program effective date | Nov. 30, 2017 | |||||
Average share price | $ 49.58 | |||||
Purchase of common stock under the share repurchase program | 10,085,647 | |||||
Common Stock [Member] | 2017 Share Repurchase Program [Member] | Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||||
Stock repurchase program effective date | Aug. 1, 2018 | |||||
Average share price | $ 36.24 | $ 39.31 | ||||
Purchase of common stock under the share repurchase program | 8,895,142 | 6,350,857 | ||||
Stock repurchase program expiration date | Dec. 31, 2020 | |||||
Purchase of common stock value under the share repurchase program | $ 322,000,000 | $ 250,000,000 | ||||
Remaining available amount of common stock under the share repurchase program | $ 428,000,000 | |||||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 750,000,000 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | Jan. 26, 2017Periodshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Apr. 26, 2017shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 19 | $ 24 | $ 29 | ||
Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 9 | $ 8 | $ 7 | ||
Expiration period | 10 years | 10 years | 10 years | ||
Stock-based compensation award vesting period | 3 years | 3 years | 3 years | ||
Total intrinsic value of options exercised | $ | $ 2 | $ 37 | $ 49 | ||
Unrecognized stock-based compensation expense related to stock options | $ | $ 8 | ||||
Unrecognized stock-based compensation expense period for recognition | 1 year 9 months 29 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 7 | $ 7 | $ 14 | ||
Stock-based compensation award vesting period | 3 years | ||||
Unrecognized stock-based compensation expense period for recognition | 10 months 17 days | ||||
Shares issued upon conversion of equity award | 1 | ||||
Unrecognized compensation cost related to equity awards other than options | $ | $ 10 | ||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 26.89 | $ 48.35 | $ 36.68 | ||
Performance Share Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 3 | $ 9 | $ 8 | ||
Stock-based compensation award vesting period | 3 years | ||||
Shares issued upon conversion of equity award | 1 | ||||
Percentage of target award available for grant | 100.00% | ||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 44.38 | $ 52.34 | $ 40.30 | ||
Number of additional shares to be awarded | 600,000 | ||||
Number of common stock shares reserved for issuance | 7,000,000 | ||||
Consecutive offering periods | 12 months | ||||
Number of purchase periods in offer period | Period | 2 | ||||
Employee stock purchase plan initial offering period | Oct. 2, 2017 | ||||
Percentage of common stock discount rate equal to the fair value | 95.00% | ||||
Stock purchased under employee stock purchase plan, Shares | 120,714 | ||||
Addtional stock purchased under employee stock purchase plan, Shares | 12,411 | ||||
Stock purchased under employee stock purchase plan, Value | $ | $ 4 | ||||
Performance Share Units [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of target award available for grant | 0.00% | ||||
Performance Share Units [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of target award available for grant | 250.00% | ||||
Chemours Company 2017 Equity and Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares reserved for grants (in shares) | 13,900,000 | 0 | |||
Shares authorized for grants (in shares) | 19,000,000 | ||||
Chemours Company Equity and Incentive Plan (the "Prior Plan") [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issued upon conversion of equity stock option awards granted | 1 | ||||
Shares issued upon conversion of equity stock other than option awards granted | 1.5 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Assumptions of Stock Option (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 2.53% | 2.65% | 2.14% |
Expected term (years) | 6 years | 6 years | 6 years |
Volatility | 48.05% | 47.56% | 44.49% |
Dividend yield | 2.81% | 1.42% | 0.35% |
Fair value per stock option | $ 13.66 | $ 20.47 | $ 15.21 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, beginning balance, shares | 5,970 | 6,597 | 7,969 | |
Granted, shares | 836 | 495 | 878 | |
Exercised, shares | (590) | (1,073) | (2,173) | |
Forfeited, shares | (110) | (46) | (47) | |
Expired, shares | (50) | (3) | (30) | |
Outstanding, ending balance, shares | 6,056 | 5,970 | 6,597 | 7,969 |
Exercisable, shares | 4,620 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 18.45 | $ 15.72 | $ 13.72 | |
Granted, weighted average exercise price (in dollars per share) | 36.48 | 48.41 | 34.84 | |
Exercised, weighted average exercise price (in dollars per share) | 14.56 | 14.69 | 14.36 | |
Forfeited, weighted average exercise price (in dollars per share) | 39.06 | 37.77 | 20.55 | |
Expired, weighted average exercise price (in dollars per share) | 22.12 | 18.80 | 12.29 | |
Outstanding, weighted average exercise price, ending balance (in dollars per share) | 20.92 | $ 18.45 | $ 15.72 | $ 13.72 |
Exercisable, weighted average exercise price (in dollars per share) | $ 16.23 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options outstanding, weighted average remaining contractual term | 4 years 8 months 15 days | 4 years 9 months 18 days | 5 years 1 month 9 days | 5 years 29 days |
Options exercisable, weighted average remaining contractual term | 3 years 9 months 14 days | |||
Options outstanding, aggregate intrinsic value | $ 19,087 | $ 72,108 | $ 226,524 | $ 66,668 |
Options exercisable, aggregate intrinsic value | $ 18,630 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning balance, shares | 247 | 1,165 | 2,316 |
Granted, shares | 439 | 135 | 214 |
Vested, shares | (110) | (1,034) | (1,316) |
Forfeited, shares | (30) | (19) | (49) |
Non-vested, ending balance, shares | 546 | 247 | 1,165 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ 34.22 | $ 15.34 | $ 11.23 |
Granted, weighted average grant date fair value (in dollars per share) | 26.89 | 48.35 | 36.68 |
Vested, weighted average grant date fair value (in dollars per share) | 24.98 | 14.86 | 11.46 |
Forfeited, weighted average grant date fair value (in dollars per share) | 33.90 | 30.94 | 14.27 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 29.95 | $ 34.22 | $ 15.34 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Share Units Activity (Details) - Performance Share Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning balance, shares | 1,107 | 987 | 803 |
Granted, shares | 240 | 139 | 211 |
Vested, shares | (761) | (19) | |
Forfeited, shares | (57) | (27) | |
Non-vested, ending balance, shares | 529 | 1,107 | 987 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ 17.71 | $ 12.94 | $ 6.10 |
Granted, weighted average grant date fair value (in dollars per share) | 44.38 | 52.34 | 40.30 |
Vested, weighted average grant date fair value (in dollars per share) | 5.07 | 24.16 | |
Forfeited, weighted average grant date fair value (in dollars per share) | 43.35 | 16.62 | |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 39.53 | $ 17.71 | $ 12.94 |
Stock-based Compensation - Pe_2
Stock-based Compensation - Performance Share Units Activity (Parenthetical) (Details) - Performance Share Units [Member] - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares vested | 761,000 | 19,000 | |
Number of non-issued shares cancelled | 57,000 | 27,000 | |
Chemours Company Equity and Incentive Plan (the "Prior Plan") [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares vested | 1,520,000 | ||
Number of non-issued shares cancelled | 680,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 1,014 | ||
Other comprehensive (loss) income | 11 | $ 30 | $ (62) |
Ending Balance | 689 | 1,014 | |
Net Investment Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (25) | (40) | 22 |
Other comprehensive (loss) income | 15 | 15 | (62) |
Ending Balance | (10) | (25) | (40) |
Cash Flow Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 6 | 0 | 0 |
Other comprehensive (loss) income | (4) | 6 | 0 |
Ending Balance | 2 | 6 | 0 |
Currency Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (233) | (158) | (358) |
Other comprehensive (loss) income | 2 | (75) | 200 |
Ending Balance | (231) | (233) | (158) |
Employee Benefits [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (312) | (244) | (241) |
Other comprehensive (loss) income | 202 | (68) | (3) |
Ending Balance | (110) | (312) | (244) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (564) | (442) | (577) |
Other comprehensive (loss) income | 215 | (122) | 135 |
Ending Balance | $ (349) | $ (564) | $ (442) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | |
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivative [Line Items] | |||
Recognized gain (loss) on derivative net investment hedge, pre-tax | $ 20,000,000 | $ 32,000,000 | $ (86,000,000) |
Reclassification on derivative net investment hedge, pre-tax | $ 0 | $ 0 | 0 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 16 | 20 | |
Derivative notional value | $ 530,000,000 | $ 503,000,000 | |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||
Derivative [Line Items] | |||
Derivative gains (losses) | (2,000,000) | 3,000,000 | 4,000,000 |
Gain reclassification to cost of goods sold on derivative cash flow hedge | $ (2,000,000) | $ 3,000,000 | $ 4,000,000 |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 150 | 75 | |
Derivative notional value | $ 124,000,000 | $ 143,000,000 | |
Recognized gains (loss) on derivative cash flow hedge, pre-tax | 6,000,000 | 10,000,000 | |
Derivative cash flow hedge gain from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months | 3,000,000 | ||
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cost of Goods Sold [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Gain reclassification to cost of goods sold on derivative cash flow hedge | $ 10,000,000 | $ 4,000,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Derivative Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - Foreign currency forward contracts [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 2 | $ 4 |
Liability derivatives | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1 | 1 |
Not Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 1 | 1 |
Cash Flow Hedge [Member] | Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 1 | $ 3 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Pre-tax Charge the Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | $ 20 | $ 32 | $ (86) |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | 6 | 10 | |
Foreign currency forward contracts [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | 10 | 4 | |
Foreign currency forward contracts [Member] | Other Income (Expense), Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | (2) | 3 | 4 |
Euro-denominated debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | $ 20 | $ 32 | $ (86) |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Decrease to net pension assets | $ 158 | ||||
Settlement loss | 380 | $ 381 | $ (18) | $ (22) | |
Employer contributions during period | 34 | $ 51 | $ 45 | ||
Netherlands Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension benefits | $ 932 | $ 932 | |||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution percent of employees' gross pay | 1.00% | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution percent of employees' gross pay | 7.00% | ||||
Parent Issuer [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution percent of match | 100.00% | ||||
Employer matching contribution percent of employees' gross pay | 6.00% | ||||
Employer contribution vesting period | 3 years |
Long-term Employee Benefits (Sc
Long-term Employee Benefits (Schedule of Net Periodic Pension Income and Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net periodic pension cost (income): | ||||
Net periodic pension cost (income) | $ 380 | $ 381 | $ (18) | $ (22) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: | ||||
Net loss (gain) | 144 | 115 | (24) | |
Amortization of actuarial loss | (18) | (16) | (24) | |
Prior service gain | (5) | 0 | 0 | |
Amortization of prior service gain | 2 | 2 | 2 | |
Effect of foreign exchange rates | (7) | (8) | 38 | |
(Benefit) cost recognized in other comprehensive income | (267) | 93 | (8) | |
Pension Plan [Member] | Foreign [Member] | ||||
Net periodic pension cost (income): | ||||
Service cost | 13 | 14 | 16 | |
Interest cost | 17 | 16 | 16 | |
Expected return on plan assets | (48) | (58) | (75) | |
Amortization of prior service gain | (2) | (2) | (2) | |
Amortization of actuarial loss | 18 | 12 | 22 | |
Settlement loss | 383 | 1 | ||
Net periodic pension cost (income) | 381 | (18) | (22) | |
Changes in plan assets and benefit obligations recognized in other comprehensive income: | ||||
Net loss (gain) | 144 | 115 | (24) | |
Amortization of actuarial loss | (18) | (16) | (24) | |
Prior service gain | (5) | |||
Amortization of prior service gain | 2 | 2 | 2 | |
Settlement loss | (383) | |||
Effect of foreign exchange rates | (7) | (8) | 38 | |
(Benefit) cost recognized in other comprehensive income | (267) | 93 | (8) | |
Total net periodic pension income and cost (benefit) recognized in other comprehensive income | $ 114 | $ 75 | $ (30) |
Long-term Employee Benefits (Am
Long-term Employee Benefits (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - Pension Plan [Member] - Foreign [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss | $ 151 | $ 419 | $ 329 |
Prior service credit | (14) | (10) | (11) |
Total amount recognized in accumulated other comprehensive loss | $ 137 | $ 409 | $ 318 |
Long-term Employee Benefits (Ch
Long-term Employee Benefits (Change in Benefit Obligation and Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 19 | $ 15 | $ 38 |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,168 | 1,177 | |
Service cost | 13 | 14 | 16 |
Interest cost | 17 | 16 | 16 |
Plan participants’ contributions | 2 | 2 | |
Actuarial loss | 313 | 45 | |
Benefits paid | (37) | (46) | |
Plan amendments | (5) | ||
Settlements and transfers | (945) | 2 | |
Currency translation | (19) | (42) | |
Benefit obligation at end of year | 507 | 1,168 | 1,177 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,268 | 1,363 | |
Actual return (loss) on plan assets | 217 | (17) | |
Employer contributions | 19 | 15 | |
Plan participants’ contributions | 2 | 2 | |
Benefits paid | (37) | (46) | |
Settlements and transfers | (945) | 2 | |
Currency translation | (24) | (51) | |
Fair value of plan assets at end of year | 500 | 1,268 | $ 1,363 |
Total funded status at end of year | $ (7) | $ 100 |
Long-term Employee Benefits (_2
Long-term Employee Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 59 | $ 174 |
The accumulated benefit obligation for all pension plans | 445 | 1,106 |
Pension Plan [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 59 | 174 |
Current liabilities | (2) | (1) |
Non-current liabilities | (64) | (73) |
Total net amount recognized | $ (7) | $ 100 |
Long-term Employee Benefits (Su
Long-term Employee Benefits (Summary of Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan [Member] - Foreign [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 178 | $ 177 |
Accumulated benefit obligation | 150 | 149 |
Fair value of plan assets | 111 | 103 |
Pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 178 | 177 |
Accumulated benefit obligation | 150 | 149 |
Fair value of plan assets | $ 111 | $ 103 |
Long-term Employee Benefits (As
Long-term Employee Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 1.40% | 2.00% |
Rate of compensation increase | 2.60% | 2.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.00% | 1.90% |
Rate of compensation increase | 2.50% | 2.50% |
Expected return on plan assets | 4.10% | 4.10% |
Long-term Employee Benefits (Pl
Long-term Employee Benefits (Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 100.00% | 100.00% | |
Pension Plan [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 500 | $ 1,268 | $ 1,363 |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 8.00% | 5.00% | |
Total pension assets before pension receivables | $ 41 | $ 67 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 41 | 67 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 0 | $ 0 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 52.00% | 45.00% | |
Total pension assets before pension receivables | $ 102 | $ 264 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 101 | 263 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 1 | $ 1 | |
Pension Plan [Member] | Foreign [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 40.00% | 50.00% | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 509 | $ 1,260 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 200 | 374 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 309 | 886 | |
Pension Plan [Member] | Foreign [Member] | Pension Trust Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | (9) | ||
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 150 | 487 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 9 | 3 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 141 | 484 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 51 | 130 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 47 | 33 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 4 | 97 | |
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 135 | 296 | |
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 135 | 296 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 28 | 9 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 28 | 9 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | 0 | (5) | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Liabilities | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Liabilities | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | 0 | (5) | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 2 | 12 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 2 | 8 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 0 | 4 | |
Pension Plan [Member] | Foreign [Member] | Pension Trust Receivables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 8 |
Long-term Employee Benefits (Ca
Long-term Employee Benefits (Cash Flows Defined Benefit Plans) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||||
2020 | $ 13 | |||
2021 | 9 | |||
2022 | 10 | |||
2023 | 13 | |||
2024 | 15 | |||
2025 to 2029 | 87 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by employer | $ 19 | $ 15 | $ 38 | |
Estimated future employer contributions in next fiscal year | $ 18 | |||
U.S. Pension Restoration Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by employer | $ 10 | |||
Cash payment to settle remaining liability | $ 10 |
Geographic and Segment Inform_3
Geographic and Segment Information - Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Property, Plant, and Equipment, Net | 3,559 | 3,291 | 3,559 | 3,291 | 3,008 | ||||||
North America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 2,144 | 2,378 | 2,255 | ||||||||
Property, Plant, and Equipment, Net | 2,533 | 2,279 | 2,533 | 2,279 | 2,018 | ||||||
Asia Pacific [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,543 | 1,720 | 1,593 | ||||||||
Property, Plant, and Equipment, Net | 121 | 124 | 121 | 124 | 131 | ||||||
Europe, the Middle East, and Africa [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,163 | 1,685 | 1,506 | ||||||||
Property, Plant, and Equipment, Net | 294 | 293 | 294 | 293 | 302 | ||||||
Latin America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 676 | 855 | 829 | ||||||||
Property, Plant, and Equipment, Net | $ 611 | $ 595 | $ 611 | $ 595 | $ 557 |
Geographic and Segment Inform_4
Geographic and Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segments Geographical Areas [Abstract] | |
Number of reportable segments | 3 |
Geographic and Segment Inform_5
Geographic and Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 | |
Adjusted EBITDA | 1,163 | 1,902 | 1,588 | |||||||||
Depreciation and amortization | 311 | 284 | 273 | |||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | |||||||||
Total assets | 7,258 | 7,362 | 7,258 | 7,362 | 7,293 | |||||||
Net assets | 695 | 1,020 | 695 | 1,020 | 865 | |||||||
Investments in affiliates | 162 | 160 | 162 | 160 | 173 | $ 136 | ||||||
Purchases of property, plant, and equipment | 481 | 498 | 411 | |||||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 5,526 | 6,638 | 6,183 | |||||||||
Adjusted EBITDA | 1,163 | 1,902 | 1,588 | |||||||||
Depreciation and amortization | 279 | 256 | 245 | |||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | |||||||||
Total assets | 5,447 | 5,721 | 5,447 | 5,721 | 5,394 | |||||||
Net assets | 4,074 | 4,302 | 4,074 | 4,302 | 4,087 | |||||||
Investments in affiliates | 162 | 160 | 162 | 160 | 173 | |||||||
Purchases of property, plant, and equipment | 362 | 440 | 379 | |||||||||
Operating Segments [Member] | Fluoroproducts [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,648 | 2,862 | 2,654 | |||||||||
Adjusted EBITDA | 578 | 783 | 669 | |||||||||
Depreciation and amortization | 136 | 117 | 109 | |||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | |||||||||
Total assets | 2,582 | 2,744 | 2,582 | 2,744 | 2,311 | |||||||
Net assets | 2,283 | 2,309 | 2,283 | 2,309 | 1,842 | |||||||
Investments in affiliates | 162 | 160 | 162 | 160 | 173 | |||||||
Purchases of property, plant, and equipment | 201 | 274 | 249 | |||||||||
Operating Segments [Member] | Chemical Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 533 | 602 | 571 | |||||||||
Adjusted EBITDA | 80 | 64 | 57 | |||||||||
Depreciation and amortization | 22 | 20 | 18 | |||||||||
Total assets | 574 | 623 | 574 | 623 | 581 | |||||||
Net assets | 495 | 506 | 495 | 506 | 460 | |||||||
Purchases of property, plant, and equipment | 40 | 75 | 65 | |||||||||
Operating Segments [Member] | Titanium Technologies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,345 | 3,174 | 2,958 | |||||||||
Adjusted EBITDA | 505 | 1,055 | 862 | |||||||||
Depreciation and amortization | 121 | 119 | 118 | |||||||||
Total assets | 2,291 | 2,354 | 2,291 | 2,354 | 2,502 | |||||||
Net assets | $ 1,296 | $ 1,487 | 1,296 | 1,487 | 1,785 | |||||||
Purchases of property, plant, and equipment | $ 121 | $ 91 | $ 65 |
Geographic and Segment Inform_6
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA to Consolidated Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 311 | $ 284 | $ 273 |
Total assets | 7,258 | 7,362 | 7,293 |
Net assets | 695 | 1,020 | 865 |
Purchases of property, plant, and equipment | 481 | 498 | 411 |
Segment Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 279 | 256 | 245 |
Total assets | 5,447 | 5,721 | 5,394 |
Net assets | 4,074 | 4,302 | 4,087 |
Purchases of property, plant, and equipment | 362 | 440 | 379 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 32 | 28 | 28 |
Total assets | 1,811 | 1,641 | 1,899 |
Net assets | (3,379) | (3,282) | (3,222) |
Purchases of property, plant, and equipment | $ 119 | $ 58 | $ 32 |
Geographic and Segment Inform_7
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||||||||||
Adjusted EBITDA | $ 1,163 | $ 1,902 | $ 1,588 | ||||||||
Corporate and Other Adjusted EBITDA | (143) | (162) | (166) | ||||||||
Interest expense, net | (208) | (195) | (214) | ||||||||
Depreciation and amortization | (311) | (284) | (273) | ||||||||
Non-operating pension and other post-retirement employee benefit (cost) income | (368) | 27 | 34 | ||||||||
Exchange (losses) gains, net | (2) | 1 | 3 | ||||||||
Restructuring, asset-related, and other charges | (87) | (49) | (57) | ||||||||
Loss on extinguishment of debt | 0 | (38) | (1) | ||||||||
Gain on sales of assets and businesses | 10 | 45 | 22 | ||||||||
Transaction costs | (3) | (9) | (3) | ||||||||
Legal and environmental charges | (175) | (82) | (9) | ||||||||
Other charges | (1) | (12) | |||||||||
(Loss) income before income taxes | $ (454) | $ 91 | $ 133 | $ 107 | $ 182 | $ 269 | $ 323 | $ 381 | $ (124) | $ 1,155 | $ 912 |
Geographic and Segment Inform_8
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Legal charges | $ 175 | $ 82 | $ 9 |
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | 168 | 63 | |
Edge Moor, Delaware Site [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 12 | ||
East Chicago, Indiana [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 3 | ||
Repauno New Jersey [Member] | Land [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 13 | ||
Linden, New Jersey Sites [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 42 | ||
Repauno, New Jersey Sites [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 9 | ||
Netherlands Pension Plan [Member] | |||
Segment Reporting Information [Line Items] | |||
Settlement loss | $ 380 |
Geographic and Segment Inform_9
Geographic and Segment Information - Schedule of Net Sales to External Customers by Product Group (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Divested Business [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4 | ||||||||||
Fluoropolymers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,330 | 1,365 | 1,276 | ||||||||
Fluorochemicals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,318 | 1,497 | 1,378 | ||||||||
Performance Chemicals and Intermediates [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 265 | 313 | 306 | ||||||||
Mining Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 268 | 289 | 261 | ||||||||
Titanium Dioxide and Other Minerals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 2,345 | $ 3,174 | $ 2,958 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Cost of goods sold | 1,203 | 1,096 | 1,085 | 1,080 | 1,064 | 1,151 | 1,259 | 1,193 | 4,463 | 4,667 | 4,438 |
Income (loss) before income taxes | (454) | 91 | 133 | 107 | 182 | 269 | 323 | 381 | (124) | 1,155 | 912 |
Net income (loss) | (317) | 76 | 96 | 94 | 142 | 275 | 282 | 297 | (52) | 996 | 747 |
Net income (loss) attributable to Chemours | $ (317) | $ 76 | $ 96 | $ 94 | $ 142 | $ 275 | $ 281 | $ 297 | $ (52) | $ 995 | $ 746 |
Basic earnings (loss) per share of common stock | $ (1.94) | $ 0.46 | $ 0.58 | $ 0.56 | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ (0.32) | $ 5.62 | $ 4.04 |
Diluted earnings (loss) per share of common stock | $ (1.94) | $ 0.46 | $ 0.57 | $ 0.55 | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ (0.32) | $ 5.45 | $ 3.91 |
Guarantor Condensed Consolida_3
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 1,353 | $ 1,390 | $ 1,408 | $ 1,376 | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 5,526 | $ 6,638 | $ 6,183 |
Cost of goods sold | 1,203 | 1,096 | 1,085 | 1,080 | 1,064 | 1,151 | 1,259 | 1,193 | 4,463 | 4,667 | 4,438 |
Gross profit | 1,063 | 1,971 | 1,745 | ||||||||
Selling, general, and administrative expense | 548 | 657 | 626 | ||||||||
Research and development expense | 80 | 82 | 81 | ||||||||
Restructuring, asset-related, and other charges | 87 | 49 | 57 | ||||||||
Total other operating expenses | 715 | 788 | 764 | ||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Interest (expense) income, net | (208) | (195) | (214) | ||||||||
Loss on extinguishment of debt | 0 | (38) | (1) | ||||||||
Intercompany interest income (expense), net | 0 | 0 | 0 | ||||||||
Other income (expense), net | (293) | 162 | 113 | ||||||||
(Loss) income before income taxes | (454) | 91 | 133 | 107 | 182 | 269 | 323 | 381 | (124) | 1,155 | 912 |
(Benefit from) provision for income taxes | (72) | 159 | 165 | ||||||||
Net (loss) income | (317) | 76 | 96 | 94 | 142 | 275 | 282 | 297 | (52) | 996 | 747 |
Less: Net income attributable to non-controlling interests | 0 | 1 | 1 | ||||||||
Net (loss) income attributable to Chemours | $ (317) | $ 76 | $ 96 | $ 94 | $ 142 | $ 275 | $ 281 | $ 297 | (52) | 995 | 746 |
Comprehensive income (loss) attributable to Chemours | 163 | 873 | 881 | ||||||||
Eliminations and Adjustments [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (1,487) | (1,820) | (1,734) | ||||||||
Cost of goods sold | (1,487) | (1,825) | (1,691) | ||||||||
Gross profit | 0 | 5 | (43) | ||||||||
Selling, general, and administrative expense | (18) | (24) | (38) | ||||||||
Research and development expense | 0 | 0 | 0 | ||||||||
Restructuring, asset-related, and other charges | 0 | 0 | 0 | ||||||||
Total other operating expenses | (18) | (24) | (38) | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | (70) | (1,157) | (849) | ||||||||
Interest (expense) income, net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Intercompany interest income (expense), net | 0 | 0 | 0 | ||||||||
Other income (expense), net | (19) | (22) | (34) | ||||||||
(Loss) income before income taxes | (71) | (1,150) | (888) | ||||||||
(Benefit from) provision for income taxes | (1) | 0 | (4) | ||||||||
Net (loss) income | (70) | (1,150) | (884) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Chemours | (70) | (1,150) | (884) | ||||||||
Comprehensive income (loss) attributable to Chemours | (270) | (1,012) | (1,081) | ||||||||
Parent Issuer [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general, and administrative expense | 19 | 33 | 36 | ||||||||
Research and development expense | 0 | 0 | 0 | ||||||||
Restructuring, asset-related, and other charges | 0 | 0 | 0 | ||||||||
Total other operating expenses | 19 | 33 | 36 | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | 73 | 1,155 | 849 | ||||||||
Interest (expense) income, net | (209) | (210) | (220) | ||||||||
Loss on extinguishment of debt | (38) | (1) | |||||||||
Intercompany interest income (expense), net | 41 | 47 | 64 | ||||||||
Other income (expense), net | 21 | 25 | 29 | ||||||||
(Loss) income before income taxes | (93) | 946 | 685 | ||||||||
(Benefit from) provision for income taxes | (41) | (50) | (62) | ||||||||
Net (loss) income | (52) | 996 | 747 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Chemours | (52) | 996 | 747 | ||||||||
Comprehensive income (loss) attributable to Chemours | 163 | 873 | 881 | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 3,357 | 3,974 | 3,887 | ||||||||
Cost of goods sold | 3,068 | 3,112 | 3,084 | ||||||||
Gross profit | 289 | 862 | 803 | ||||||||
Selling, general, and administrative expense | 406 | 485 | 449 | ||||||||
Research and development expense | 73 | 76 | 74 | ||||||||
Restructuring, asset-related, and other charges | 74 | 46 | 56 | ||||||||
Total other operating expenses | 553 | 607 | 579 | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | (3) | 2 | 0 | ||||||||
Interest (expense) income, net | 0 | 5 | 3 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Intercompany interest income (expense), net | 16 | 10 | 0 | ||||||||
Other income (expense), net | 122 | 199 | 139 | ||||||||
(Loss) income before income taxes | (129) | 471 | 366 | ||||||||
(Benefit from) provision for income taxes | (28) | 98 | 117 | ||||||||
Net (loss) income | (101) | 373 | 249 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Chemours | (101) | 373 | 249 | ||||||||
Comprehensive income (loss) attributable to Chemours | (101) | 375 | 253 | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 3,656 | 4,484 | 4,030 | ||||||||
Cost of goods sold | 2,882 | 3,380 | 3,045 | ||||||||
Gross profit | 774 | 1,104 | 985 | ||||||||
Selling, general, and administrative expense | 141 | 163 | 179 | ||||||||
Research and development expense | 7 | 6 | 7 | ||||||||
Restructuring, asset-related, and other charges | 13 | 3 | 1 | ||||||||
Total other operating expenses | 161 | 172 | 187 | ||||||||
Equity in earnings of affiliates | 29 | 43 | 33 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Interest (expense) income, net | 1 | 10 | 3 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Intercompany interest income (expense), net | (57) | (57) | (64) | ||||||||
Other income (expense), net | (417) | (40) | (21) | ||||||||
(Loss) income before income taxes | 169 | 888 | 749 | ||||||||
(Benefit from) provision for income taxes | (2) | 111 | 114 | ||||||||
Net (loss) income | 171 | 777 | 635 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 1 | 1 | ||||||||
Net (loss) income attributable to Chemours | 171 | 776 | 634 | ||||||||
Comprehensive income (loss) attributable to Chemours | $ 371 | $ 637 | $ 828 |
Guarantor Condensed Consolida_4
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 943 | $ 1,201 | ||
Accounts and notes receivable, net | 674 | 861 | ||
Intercompany receivable | 0 | 0 | ||
Inventories | 1,079 | 1,147 | ||
Prepaid expenses and other | 81 | 84 | ||
Total current assets | 2,777 | 3,293 | ||
Property, plant, and equipment | 9,413 | 8,992 | ||
Less: Accumulated depreciation | (5,854) | (5,701) | ||
Property, plant, and equipment, net | 3,559 | 3,291 | $ 3,008 | |
Operating lease right-of-use assets | 294 | |||
Goodwill and other intangible assets, net | 174 | 181 | ||
Investments in affiliates | 162 | 160 | 173 | $ 136 |
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 292 | 437 | ||
Total assets | 7,258 | 7,362 | 7,293 | |
Current liabilities: | ||||
Accounts payable | 923 | 1,137 | ||
Short-term and current maturities of long-term debt | 134 | 13 | ||
Intercompany payable | 0 | 0 | ||
Other accrued liabilities | 484 | 559 | ||
Total current liabilities | 1,541 | 1,709 | ||
Long-term debt, net | 4,026 | 3,959 | ||
Operating lease liabilities | 245 | |||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 118 | 217 | ||
Other liabilities | 633 | 457 | ||
Total liabilities | 6,563 | 6,342 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 689 | 1,014 | ||
Non-controlling interests | 6 | 6 | ||
Total equity | 695 | 1,020 | $ 865 | $ 104 |
Total liabilities and equity | 7,258 | 7,362 | ||
Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany receivable | (1,205) | (1,150) | ||
Inventories | (85) | (85) | ||
Prepaid expenses and other | 6 | 0 | ||
Total current assets | (1,284) | (1,235) | ||
Property, plant, and equipment | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Property, plant, and equipment, net | 0 | 0 | ||
Operating lease right-of-use assets | 0 | |||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | (4,225) | (4,498) | ||
Intercompany notes receivable | (1,250) | (1,150) | ||
Other assets | 0 | (8) | ||
Total assets | (6,759) | (6,891) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term and current maturities of long-term debt | 0 | 0 | ||
Intercompany payable | (1,203) | (1,150) | ||
Other accrued liabilities | (2) | (1) | ||
Total current liabilities | (1,205) | (1,151) | ||
Long-term debt, net | 0 | 0 | ||
Operating lease liabilities | 0 | |||
Intercompany notes payable | (1,250) | (1,150) | ||
Deferred income taxes | 0 | (16) | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (2,455) | (2,317) | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | (4,304) | (4,574) | ||
Non-controlling interests | 0 | 0 | ||
Total equity | (4,304) | (4,574) | ||
Total liabilities and equity | (6,759) | (6,891) | ||
Parent Issuer [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany receivable | 2 | 2 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other | 0 | 0 | ||
Total current assets | 2 | 2 | ||
Property, plant, and equipment | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Property, plant, and equipment, net | 0 | 0 | ||
Operating lease right-of-use assets | 0 | |||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | 4,077 | 4,487 | ||
Intercompany notes receivable | 1,250 | 1,150 | ||
Other assets | 7 | 17 | ||
Total assets | 5,336 | 5,656 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term and current maturities of long-term debt | 13 | 13 | ||
Intercompany payable | 720 | 698 | ||
Other accrued liabilities | 21 | 21 | ||
Total current liabilities | 754 | 732 | ||
Long-term debt, net | 3,876 | 3,902 | ||
Operating lease liabilities | 0 | |||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 17 | 8 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 4,647 | 4,642 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 689 | 1,014 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 689 | 1,014 | ||
Total liabilities and equity | 5,336 | 5,656 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 104 | 239 | ||
Accounts and notes receivable, net | 53 | 297 | ||
Intercompany receivable | 1,023 | 1,057 | ||
Inventories | 552 | 483 | ||
Prepaid expenses and other | 60 | 58 | ||
Total current assets | 1,792 | 2,134 | ||
Property, plant, and equipment | 7,207 | 6,870 | ||
Less: Accumulated depreciation | (4,697) | (4,591) | ||
Property, plant, and equipment, net | 2,510 | 2,279 | ||
Operating lease right-of-use assets | 273 | |||
Goodwill and other intangible assets, net | 160 | 167 | ||
Investments in affiliates | 0 | 0 | ||
Investments in subsidiaries | 148 | 11 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 140 | 154 | ||
Total assets | 5,023 | 4,745 | ||
Current liabilities: | ||||
Accounts payable | 528 | 637 | ||
Short-term and current maturities of long-term debt | 11 | 0 | ||
Intercompany payable | 138 | 92 | ||
Other accrued liabilities | 294 | 341 | ||
Total current liabilities | 971 | 1,070 | ||
Long-term debt, net | 150 | 57 | ||
Operating lease liabilities | 233 | |||
Intercompany notes payable | 0 | 0 | ||
Deferred income taxes | 45 | 143 | ||
Other liabilities | 551 | 372 | ||
Total liabilities | 1,950 | 1,642 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 3,073 | 3,103 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 3,073 | 3,103 | ||
Total liabilities and equity | 5,023 | 4,745 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 839 | 962 | ||
Accounts and notes receivable, net | 621 | 564 | ||
Intercompany receivable | 180 | 91 | ||
Inventories | 612 | 749 | ||
Prepaid expenses and other | 15 | 26 | ||
Total current assets | 2,267 | 2,392 | ||
Property, plant, and equipment | 2,206 | 2,122 | ||
Less: Accumulated depreciation | (1,157) | (1,110) | ||
Property, plant, and equipment, net | 1,049 | 1,012 | ||
Operating lease right-of-use assets | 21 | |||
Goodwill and other intangible assets, net | 14 | 14 | ||
Investments in affiliates | 162 | 160 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes receivable | 0 | 0 | ||
Other assets | 145 | 274 | ||
Total assets | 3,658 | 3,852 | ||
Current liabilities: | ||||
Accounts payable | 395 | 500 | ||
Short-term and current maturities of long-term debt | 110 | 0 | ||
Intercompany payable | 345 | 360 | ||
Other accrued liabilities | 171 | 198 | ||
Total current liabilities | 1,021 | 1,058 | ||
Long-term debt, net | 0 | 0 | ||
Operating lease liabilities | 12 | |||
Intercompany notes payable | 1,250 | 1,150 | ||
Deferred income taxes | 56 | 82 | ||
Other liabilities | 82 | 85 | ||
Total liabilities | 2,421 | 2,375 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 1,231 | 1,471 | ||
Non-controlling interests | 6 | 6 | ||
Total equity | 1,237 | 1,477 | ||
Total liabilities and equity | $ 3,658 | $ 3,852 |
Guarantor Condensed Consolida_5
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||||
Cash provided by (used for) operating activities | $ 650 | $ 1,140 | $ 640 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (481) | (498) | (411) | |
Intercompany investing activities | 0 | 0 | 0 | |
Acquisition of business, net | (10) | (37) | 0 | |
Proceeds from sales of assets and businesses, net | $ 39 | 9 | 46 | 39 |
Proceeds from life insurance policies | 1 | 0 | 0 | |
Foreign exchange contract settlements, net | (2) | 2 | 2 | |
Cash used for investing activities | (483) | (487) | (370) | |
Cash flows from financing activities | ||||
Proceeds from revolving loan | 150 | 0 | 0 | |
Repayments on revolving loan | (150) | 0 | 0 | |
Proceeds from accounts receivable securitization facility | 128 | 0 | 0 | |
Intercompany short-term borrowings, net | 0 | |||
Proceeds from issuance of debt, net | 0 | 520 | 495 | |
Debt repayments | (37) | (679) | (27) | |
Payments related to extinguishment of debt | 0 | (29) | (1) | |
Payments of debt issuance costs | 0 | (12) | (6) | |
Payments on finance leases | (3) | 0 | 0 | |
Purchases of treasury stock, at cost | (322) | (644) | (106) | |
Intercompany financing activities | 0 | 0 | ||
Proceeds from exercised stock options, net | 9 | 16 | 31 | |
Payments related to tax withholdings on vested stock awards | (30) | (17) | (12) | |
Payments of dividends | (164) | (148) | (22) | |
Cash (used for) provided by financing activities | (419) | (993) | 352 | |
Effect of exchange rate changes on cash and cash equivalents | (6) | (15) | 32 | |
(Decrease) increase in cash and cash equivalents | (258) | (355) | 654 | |
Cash and cash equivalents at January 1, | 1,201 | 1,556 | 902 | |
Cash and cash equivalents at December 31, | 943 | 1,201 | 1,556 | |
Eliminations and Adjustments [Member] | ||||
Cash flows from operating activities | ||||
Cash provided by (used for) operating activities | (282) | 0 | 0 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | 0 | 0 | 0 | |
Intercompany investing activities | 372 | 1,152 | (220) | |
Acquisition of business, net | 0 | 0 | ||
Proceeds from sales of assets and businesses, net | 0 | 0 | 0 | |
Proceeds from life insurance policies | 0 | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash used for investing activities | 372 | 1,152 | (220) | |
Cash flows from financing activities | ||||
Proceeds from revolving loan | 0 | |||
Repayments on revolving loan | 0 | |||
Proceeds from accounts receivable securitization facility | 0 | |||
Intercompany short-term borrowings, net | 220 | |||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | 0 | 0 | 0 | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | ||
Payments on finance leases | 0 | |||
Purchases of treasury stock, at cost | 0 | 0 | 0 | |
Intercompany financing activities | (90) | (1,152) | ||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested stock awards | 0 | 0 | 0 | |
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | (90) | (1,152) | 220 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 | |
Cash and cash equivalents at December 31, | 0 | 0 | 0 | |
Parent Issuer [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash provided by (used for) operating activities | 140 | (159) | (132) | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | 0 | 0 | 0 | |
Intercompany investing activities | 0 | 0 | 0 | |
Acquisition of business, net | 0 | 0 | ||
Proceeds from sales of assets and businesses, net | 0 | 0 | 0 | |
Proceeds from life insurance policies | 0 | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash used for investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | ||||
Proceeds from revolving loan | 150 | |||
Repayments on revolving loan | (150) | |||
Proceeds from accounts receivable securitization facility | 0 | |||
Intercompany short-term borrowings, net | (220) | |||
Proceeds from issuance of debt, net | 520 | 495 | ||
Debt repayments | (13) | (679) | (27) | |
Payments related to extinguishment of debt | (29) | (1) | ||
Payments of debt issuance costs | (12) | (6) | ||
Payments on finance leases | 0 | |||
Purchases of treasury stock, at cost | (322) | (644) | (106) | |
Intercompany financing activities | 380 | 1,152 | ||
Proceeds from exercised stock options, net | 9 | 16 | 31 | |
Payments related to tax withholdings on vested stock awards | (30) | (17) | (12) | |
Payments of dividends | (164) | (148) | (22) | |
Cash (used for) provided by financing activities | (140) | 159 | 132 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 | |
Cash and cash equivalents at December 31, | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash provided by (used for) operating activities | (892) | 10 | 603 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (403) | (390) | (327) | |
Intercompany investing activities | 26 | (153) | 220 | |
Acquisition of business, net | (10) | (37) | ||
Proceeds from sales of assets and businesses, net | 7 | 46 | 39 | |
Proceeds from life insurance policies | 1 | |||
Foreign exchange contract settlements, net | (2) | 2 | 2 | |
Cash used for investing activities | (381) | (532) | (66) | |
Cash flows from financing activities | ||||
Proceeds from revolving loan | 0 | |||
Repayments on revolving loan | 0 | |||
Proceeds from accounts receivable securitization facility | 0 | |||
Intercompany short-term borrowings, net | 0 | |||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | (5) | 0 | 0 | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | ||
Payments on finance leases | (1) | |||
Purchases of treasury stock, at cost | 0 | 0 | 0 | |
Intercompany financing activities | 1,144 | 0 | ||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested stock awards | 0 | 0 | 0 | |
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | 1,138 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | (135) | (522) | 537 | |
Cash and cash equivalents at January 1, | 239 | 761 | 224 | |
Cash and cash equivalents at December 31, | 104 | 239 | 761 | |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash provided by (used for) operating activities | 1,684 | 1,289 | 169 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (78) | (108) | (84) | |
Intercompany investing activities | (398) | (999) | 0 | |
Acquisition of business, net | 0 | 0 | ||
Proceeds from sales of assets and businesses, net | 2 | 0 | 0 | |
Proceeds from life insurance policies | 0 | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash used for investing activities | (474) | (1,107) | (84) | |
Cash flows from financing activities | ||||
Proceeds from revolving loan | 0 | |||
Repayments on revolving loan | 0 | |||
Proceeds from accounts receivable securitization facility | 128 | |||
Intercompany short-term borrowings, net | 0 | |||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | (19) | 0 | 0 | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | ||
Payments on finance leases | (2) | |||
Purchases of treasury stock, at cost | 0 | 0 | 0 | |
Intercompany financing activities | (1,434) | 0 | ||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested stock awards | 0 | 0 | 0 | |
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | (1,327) | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | (6) | (15) | 32 | |
(Decrease) increase in cash and cash equivalents | (123) | 167 | 117 | |
Cash and cash equivalents at January 1, | 962 | 795 | 678 | |
Cash and cash equivalents at December 31, | $ 839 | $ 962 | $ 795 |
Guarantor Condensed Consolida_6
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from accounts receivable securitization facility | $ 128 | $ 0 | $ 0 |
Securitization Facility [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from accounts receivable securitization facility | 1,034 | ||
Securitization Facility [Member] | Guarantor Subsidiaries [Member] | Special Purpose Entity [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from accounts receivable securitization facility | $ 1,144 |