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CC Chemours

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 28, 2021
Cover [Abstract]
Entity Registrant NameThe Chemours Company
Entity Central Index Key0001627223
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Document Type10-Q
Trading SymbolCC
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Common Stock, Shares Outstanding165,526,315
Entity Shell Companyfalse
Entity File Number001-36794
Entity Tax Identification Number46-4845564
Entity Address, Address Line One1007 Market Street
Entity Address, City or TownWilmington
Entity Address, State or ProvinceDE
Entity Address, Postal Zip Code19801
City Area Code302
Local Phone Number773-1000
Title of 12(b) SecurityCommon Stock ($0.01 par value)
Security Exchange NameNYSE
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse

Interim Consolidated Statements

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Net sales $ 1,436 $ 1,305
Cost of goods sold1,139 1,007
Gross profit297 298
Selling, general, and administrative expense139 125
Research and development expense24 24
Restructuring, asset-related, and other charges(5)11
Total other operating expenses158 160
Equity in earnings of affiliates10 8
Interest expense, net(49)(54)
Other income (expense), net1 (15)
Income before income taxes101 77
Provision for (benefit from) income taxes5 (23)
Net income96 100
Net income attributable to Chemours $ 96 $ 100
Per share data
Basic earnings per share of common stock $ 0.58 $ 0.61
Diluted earnings per share of common stock $ 0.57 $ 0.61

Interim Consolidated Statemen_2

Interim Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income, pre-tax $ 101 $ 77
Net Income, tax(5)23
Net income96 100
Hedging activities:
Unrealized (loss) gain on net investment hedge, pre-tax37 10
Unrealized (loss) gain on net investment hedge, tax(9)(2)
Unrealized (loss) gain on net investment hedge, after tax28 8
Unrealized (loss) gain on cash flow hedge, pre-tax5 2
Unrealized (loss) gain on cash flow hedge, tax(1)
Unrealized (loss) gain on cash flow hedge, after-tax4 2
Reclassifications to net income - cash flow hedge, pre-tax2 (2)
Reclassifications to net income - cash flow hedge, after-tax2 (2)
Hedging activities, net, pre-tax44 10
Hedging activities, net, tax(10)(2)
Hedging activities, net, after-tax34 8
Cumulative translation adjustment, pre-tax(72)(115)
Cumulative translation adjustment, after-tax(72)(115)
Defined benefit plans:
Effect of foreign exchange rates, pre-tax4 1
Effect of foreign exchange rates, after-tax4 1
Amortization of actuarial loss, pre-tax2 3
Amortization of actuarial loss, tax(1)
Amortization of actuarial loss, after-tax1 3
Amortization of prior service gain, pre- tax(1)(1)
Amortization of prior service gain, after-tax(1)(1)
Defined benefit plans, net, pre-tax5 3
Defined benefit plans, net, tax(1)
Defined benefit plans, net, after-tax4 3
Other comprehensive (loss) income, after-tax(34)(104)
Comprehensive income (loss), after-tax62 (4)
Comprehensive income (loss) attributable to Chemours, after-tax $ 62 $ (4)

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 1,008 $ 1,105
Accounts and notes receivable, net723 511
Inventories988 939
Prepaid expenses and other67 78
Total current assets2,786 2,633
Property, plant, and equipment9,553 9,582
Less: Accumulated depreciation(6,121)(6,108)
Property, plant, and equipment, net3,432 3,474
Operating lease right-of-use assets228 236
Goodwill, net152 153
Other intangible assets, net11 14
Investments in affiliates169 167
Other assets392 405
Total assets7,170 7,082
Current liabilities:
Accounts payable976 844
Short-term and current maturities of long-term debt23 21
Other accrued liabilities502 577
Total current liabilities1,501 1,442
Long-term debt, net3,970 4,005
Operating lease liabilities186 194
Deferred income taxes51 36
Other liabilities610 590
Total liabilities6,318 6,267
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 190,783,383 shares issued and 165,464,148 shares outstanding at March 31, 2021; 190,239,883 shares issued and 164,920,648 shares outstanding at December 31, 2020)2 2
Treasury stock, at cost (25,319,235 shares at March 31, 2021 and December 31, 2020)(1,072)(1,072)
Additional paid-in capital907 890
Retained earnings1,357 1,303
Accumulated other comprehensive loss(344)(310)
Total Chemours stockholders’ equity850 813
Non-controlling interests2 2
Total equity852 815
Total liabilities and equity $ 7,170 $ 7,082

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
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)190,783,383 190,239,883
Common stock, shares outstanding (in shares)165,464,148 164,920,648
Treasury stock (in shares)25,319,235 25,319,235

Interim Consolidated Statemen_3

Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in MillionsTotalCommon Stock [Member]Treasury Stock [Member]Additional Paid-in Capital [Member]Retained Earnings [Member]Accumulated Other Comprehensive (Loss) Income [Member]Non-controlling Interests [Member]
Total stockholders' equity, beginning balance at Dec. 31, 2019 $ 695 $ 2 $ (1,072) $ 859 $ 1,249 $ (349) $ 6
Shares, beginning balance at Dec. 31, 2019188,893,478 25,319,235
Common stock issued - compensation plans (in shares)210,757
Exercise of stock options, net5 5
Exercise of stock options, net (in shares)433,483
Stock-based compensation expense8 8
Cancellation of unissued stock awards withheld to cover taxes(2)(2)
Net income100 100
Dividends(41)(41)
Other comprehensive income (loss)(104)(104)
Total stockholders' equity, ending balance at Mar. 31, 2020661 $ 2 $ (1,072)870 1,308 (453)6
Shares, ending balance at Mar. 31, 2020189,537,718 25,319,235
Total stockholders' equity, beginning balance at Dec. 31, 2020815 $ 2 $ (1,072)890 1,303 (310)2
Shares, beginning balance at Dec. 31, 2020190,239,883 25,319,235
Common stock issued - compensation plans1 (1)
Common stock issued - compensation plans (in shares)146,172
Exercise of stock options, net6 6
Exercise of stock options, net (in shares)397,328
Stock-based compensation expense12 12
Cancellation of unissued stock awards withheld to cover taxes(2)(2)
Net income96 96
Dividends(41)(41)
Other comprehensive income (loss)(34)(34)
Total stockholders' equity, ending balance at Mar. 31, 2021 $ 852 $ 2 $ (1,072) $ 907 $ 1,357 $ (344) $ 2
Shares, ending balance at Mar. 31, 2021190,783,383 25,319,235

Interim Consolidated Statemen_4

Interim Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends per share declared during period $ 0.25 $ 0.25

Interim Consolidated Statemen_5

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net income $ 96 $ 100
Adjustments to reconcile net income to cash provided by (used for) operating activities:
Depreciation and amortization83 79
Equity in earnings of affiliates, net(10)(4)
Amortization of debt issuance costs and issue discounts2 2
Deferred tax benefit(6)(43)
Asset-related charges0 1
Stock-based compensation expense12 8
Net periodic pension cost1 3
Defined benefit plan contributions(5)(8)
Other operating charges and credits, net29 3
Decrease (increase) in operating assets:
Accounts and notes receivable, net(213)(11)
Inventories and other operating assets(31)(42)
(Decrease) increase in operating liabilities:
Accounts payable and other operating liabilities81 (44)
Cash provided by operating activities39 44
Cash flows from investing activities
Purchases of property, plant, and equipment(60)(106)
Foreign exchange contract settlements, net(17)(6)
Cash used for investing activities(77)(112)
Cash flows from financing activities
Proceeds from accounts receivable securitization facility0 12
Debt repayments(3)(128)
Payments on finance leases(2)(1)
Proceeds from exercised stock options, net6 5
Payments related to tax withholdings on vested stock awards(2)(2)
Payments of dividends to the Company's common shareholders(41)(41)
Cash used for financing activities(42)(155)
Effect of exchange rate changes on cash and cash equivalents(17)(6)
Decrease in cash and cash equivalents(97)(229)
Cash and cash equivalents at January 1,1,105 943
Cash and cash equivalents at March 31,1,008 714
Non-cash investing and financing activities:
Purchases of property, plant, and equipment included in accounts payable $ 44 $ 37

Background, Description of the

Background, Description of the Business, and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Background, Description of the Business, and Basis of PresentationNote 1. Background, Description of the Business, and Basis of Presentation 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. 2 2 Chemours separated from E. I. du Pont de Nemours and Company (“EID”) on July 1, 2015 (the “Separation”). On August 31, 2017, EID completed a merger with The Dow Chemical Company (“Dow”). Following their merger, EID 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. (“DuPont”), 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 to “EID” refer to E. I. du Pont de Nemours and Company, which is now a subsidiary of Corteva. The accompanying interim consolidated financial statements have been prepared in accordance 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 statement of the Company’s results for interim periods have been included. The notes that follow are an integral part of the Company’s interim consolidated financial statements. The Company’s results for interim periods should not be considered indicative of its results for a full year, and the year-end consolidated balance sheet does not include all of the disclosures required by GAAP. As such, these interim consolidated financial statements should be read in conjunction with the 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 interim consolidated financial statements. Change in Segment Reporting During the fourth quarter of 2020, the Company changed the level of detail at which its Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) (together, the Chief Operating Decision Maker, or “CODM”) regularly review and manage certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). The Company now manages and reports its operating results through four reportable segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure. Considerations related to the current novel coronavirus disease (“COVID-19”) In December 2019, an outbreak of illness caused by COVID-19 was identified in Wuhan, China, and the virus has since continued to spread globally. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. Since the initial stages of the pandemic, certain economies in regions throughout the world have started to reopen; however, certain of these regions have also seen further spread and even resurgences in the number of positively identified infections. Particularly in the Americas and Europe, infections have continued to spread, including more contagious variants of the COVID-19 virus, leading to health-related concerns in regions where the Company has several key manufacturing facilities. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions have been imposed throughout the U.S. and abroad, including travel bans, quarantines, restrictions on public gatherings, shelter-in-place orders, and/or safer-at-home orders. These restrictions, while necessary and important for public health, have negative business-related implications for the Company and the U.S. and global economies. In consideration of the Company’s global customer base, the rates at which economies across the globe recover or worsen may drive varying levels of end-market demand for the various performance chemicals provided by the Company’s four segments. In turn, the magnitude and duration of the COVID-19 pandemic and the related global rollout of COVID-19 vaccines create significant uncertainties for the Company’s customer demand and financial results. In response to the macroeconomic uncertainties driven by COVID-19, beginning in the second quarter of 2020, management decided to take certain precautionary measures. In 2020, management also elected to accept tax relief provided by various taxing jurisdictions, resulting in the deferral of approximately $80 in tax payments, of which approximately $35 was paid in the fourth quarter of 2020, the remainder of which will be paid in 2021. continues to expect that cash generated from operations, available cash, receivables securitization, and existing debt financing arrangements will provide the Company with sufficient liquidity through at least May 2022. In the preparation of these financial statements and related disclosures, management has assessed the impact of COVID-19 on its results, estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As the COVID-19 situation is unprecedented and ever evolving, future events and effects related to the illness cannot be determined with precision, and actual results could significantly differ from estimates or forecasts.

Recent Accounting Pronouncement

Recent Accounting Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Recent Accounting PronouncementsNote 2. Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). The amendments in this update provide optional guidance for a limited period of time to ease the potential burden associated with accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU No. 2020-04 is effective March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts this standard will have on its accounting for contracts and hedging relationships. Recently Adopted Accounting Guidance Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Net Sales

Net Sales3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Net SalesNote 3. 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 three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Net sales by geographic region (1)
North America:
Titanium Technologies
$
206
$
193
Thermal & Specialized Solutions
147
146
Advanced Performance Materials
111
118
Chemical Solutions
33
54
Total North America
497
511
Asia Pacific:
Titanium Technologies
246
193
Thermal & Specialized Solutions
37
29
Advanced Performance Materials
139
104
Chemical Solutions
6
8
Total Asia Pacific
428
334
Europe, the Middle East, and Africa:
Titanium Technologies
174
149
Thermal & Specialized Solutions
87
98
Advanced Performance Materials
68
61
Chemical Solutions
4
6
Total Europe, the Middle East, and Africa
333
314
Latin America (2):
Titanium Technologies
97
78
Thermal & Specialized Solutions
33
35
Advanced Performance Materials
15
9
Chemical Solutions
33
24
Total Latin America
178
146
Total net sales
$
1,436
$
1,305
Net sales by segment and product group
Titanium Technologies:
Titanium dioxide and other minerals
$
723
$
613
Thermal & Specialized Solutions:
Refrigerants
241
251
Foam, propellants, and other
63
57
Advanced Performance Materials:
Fluoropolymers and advanced materials
333
292
Chemical Solutions:
Mining solutions
53
50
Performance chemicals and intermediates
23
42
Total net sales
$
1,436
$
1,305
(1)
Net sales are attributed 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 March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Accounts receivable - trade, net (1)
$
656
$
449
Deferred revenue
10
12
Customer rebates
44
69
(1)
Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $6 and Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the three months ended March 31, 2021 were not significant. For the three months ended March 31, 2021, the amount of net sales recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not significant. Contract asset balances or capitalized costs associated with obtaining or fulfilling customer contracts were not significant as of March 31, 2021 or December 31, 2020. Remaining Performance Obligations Certain of the Company’s master services agreements 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 March 31, 2021, Chemours had $71 of remaining performance obligations. The Company expects to recognize approximately 20% of its remaining performance obligations as revenue in 2021, approximately an additional 16% as revenue in 2022, and the balance thereafter. The Company applies the allowable 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 March 31, 2021 are also excluded.

Restructuring, Asset-Related, a

Restructuring, Asset-Related, and Other Charges3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Restructuring, Asset-Related, and Other ChargesNote 4. Restructuring, Asset-related, and Other Charges The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Restructuring and other charges:
Employee separation charges
$
(1
)
$
9
Decommissioning and other charges
(4
)
1
Total restructuring and other charges
(5
)
10
Asset-related charges

1
Total restructuring, asset-related, and other charges
$
(5
)
$
11
The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Restructuring charges:
Plant and product line closures:
Chemical Solutions
$
4
$
1
Total plant and product line closures
4
1
2019 Restructuring Program:
Corporate and Other

1
Total 2019 Restructuring Program

1
2020 Restructuring Program:
Titanium Technologies

3
Thermal & Specialized Solutions

1
Advanced Performance Materials

1
Corporate and Other

3
Total 2020 Restructuring Program

8
Total restructuring charges
4
10
Asset-related charges:
Chemical Solutions

1
Total asset-related charges

1
Other charges:
Chemical Solutions
(9
)

Total other charges
(9
)

Total restructuring, asset-related, and other charges
$
(5
)
$
11
Other Charges In connection with the construction work at the Mining Solutions facility in Gomez Palacio, Durango, Mexico, the Company had previously entered into an agreement with a third-party services provider. In the fourth quarter of 2020, the Company entered into dispute resolution with the third-party services provider, resulting in a $26 charge related to probable contract termination fees, as well as immediate recognition of $11 of other related prepaid costs, for a total of $37 in Other Charges. During the first quarter, the Company and the third-party services provider reached an agreement to terminate the contractual relationship resulting in a payment of $26 for the aforementioned contract termination fees and, in exchange, the Company received title to approximately $22 of assets classified as construction-in-process, of which only approximately $9 are expected to be used by the Company when construction resumes. Accordingly, approximately $13 was recognized in impairment charges in the first quarter, offset by $22 of the liability recorded in the fourth quarter of 2020 being reversed, resulting in a net $9 gain in Other Charges. Plant and Product Line Closures and 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 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 $1 for the three months ended March 31, 2021 and 2020. The Company expects to incur and spend approximately $2 related to additional restructuring charges for similar activities through the first half of 2022, all of which relate to Chemical Solutions. As of March 31, 2021, the Company has incurred, in the aggregate, $41 in restructuring charges related to these activities, excluding asset-related charges. In the second quarter of 2020, the Company completed a business review of its Aniline business. It was determined that the Aniline business is not core to the Company’s future strategy, and production was ceased at the Pascagoula, Mississippi manufacturing plant in the fourth quarter of 2020. As a result, in 2020, the Company recorded employee separation-related liabilities of $2. The Company recorded decommissioning and dismantling-related charges of $4 for the three months ended March 31, 2021. At March 31, 2021 and December 31, 2020 $1 and $2 remained as an employee separation-related liability, respectively, and the remaining severance payments are expected to be made by the end of 2021. The Company expects to incur approximately $8 in additional restructuring charges related to decommissioning, dismantling, and other costs in connection with the exit of its Pascagoula site by the end of 2021, all of which relate to Chemical Solutions. The future net cash outflows associated with these exit costs are not expected to be material. 2019 Restructuring Program In the third quarter of 2019, management initiated a severance program of the Company’s corporate functions and businesses, and the majority of employees separated from the Company during the fourth quarter of 2019. As of March 31, 2021, the cumulative amount incurred, in the aggregate, for the Company’s 2019 Restructuring Program amounted to $25, the majority of which was incurred in the third and fourth quarters of 2019. The Company believes that it has completed incurring severance costs for this program. At March 31, 2021 and December 31, 2020, $1 and $2 remained as an employee separation-related liability, respectively, and the remaining severance payments are expected to be made by the end of 2021. 2020 Restructuring Program In the first quarter of 2020, management initiated the first phase of a severance program that was largely attributable to further aligning the cost structure of the Company’s businesses and corporate functions with its strategic and financial objectives. A second phase of this program was initiated in the third quarter of 2020. As of March 31, 2021, the cumulative amount incurred, in the aggregate, for the Company’s 2020 Restructuring Program amounted to $13. The Company believes that it has completed incurring severance costs for this program. At March 31, 2021 and December 31, 2020, $2 and $3 remained as an employee separation-related liability, respectively, and the majority of the remaining severance payments are expected to be made by the end of 2021. The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the three months ended March 31, 2021.
Chemical Solutions Site Closures
2019 Restructuring Program
2020 Restructuring Program
Total
Balance at December 31, 2020
$
2
$
2
$
3
$
7
Charges (credits) to income
(1
)


(1
)
Payments

(1
)
(1
)
(2
)
Balance at March 31, 2021
$
1
$
1
$
2
$
4
At March 31, 2021, there were no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges.

Other Income (Expense), Net

Other Income (Expense), Net3 Months Ended
Mar. 31, 2021
Other Income And Expenses [Abstract]
Other Income (Expense), NetNote 5. Other Income (Expense), Net The following table sets forth the components of the Company’s other income (expense), net for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Leasing, contract services, and miscellaneous income
$
5
$
5
Royalty income (1)
3
4
Exchange losses, net (2)
(8
)
(24
)
Non-operating pension and other post-retirement employee benefit income (3)
1

Total other income (expense), net
$
1
$
(15
)
(1)
Royalty income for the periods ended March 31, 2021 and 2020 is primarily from technology licensing.
(2)
Exchange losses, net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge.
(3)
Non-operating pension and other post-retirement employee benefit income represents the components of net periodic pension income (cost), excluding the service cost component.

Earnings Per Share of Common St

Earnings Per Share of Common Stock3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share of Common StockNote 6. 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 (“EPS”) calculations for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Numerator:
Net income attributable to Chemours
$
96
$
100
Denominator:
Weighted-average number of common shares outstanding - basic
165,652,778
164,247,449
Dilutive effect of the Company’s employee compensation plans
3,397,544
1,010,542
Weighted-average number of common shares outstanding - diluted
169,050,322
165,257,991
Basic earnings per share of common stock
$
0.58
$
0.61
Diluted earnings per share of common stock
0.57
0.61
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 EPS calculations for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Average number of stock options
1,509,760
5,055,943

Accounts and Notes Receivable,

Accounts and Notes Receivable, Net3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Accounts and Notes Receivable, NetNote 7. Accounts and Notes Receivable, Net The following table sets forth the components of the Company’s accounts and notes receivable, net at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Accounts receivable - trade, net (1)
$
656
$
449
VAT, GST, and other taxes (2)
58
49
Other receivables (3)
9
13
Total accounts and notes receivable, net
$
723
$
511
(1)
Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at March 31, 2021 and December 31, 2020, respectively. 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 three months ended March 31, 2021 and 2020

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventory Net [Abstract]
InventoriesNote 8. Inventories The following table sets forth the components of the Company’s inventories at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Finished products
$
571
$
579
Semi-finished products
173
180
Raw materials, stores, and supplies
494
433
Inventories before LIFO adjustment
1,238
1,192
Less: Adjustment of inventories to LIFO basis
(250
)
(253
)
Total inventories
$
988
$
939
Inventory values, before last-in, first-out (“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 $605 and $585 (or 49% and 49%, respectively) of inventories before the LIFO adjustments at March 31, 2021 and December 31, 2020, respectively. The remainder of the Company’s inventory held in international locations and certain U.S. locations is valued under the average cost method.

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant, and Equipment, NetNote 9. Property, Plant, and Equipment, Net The following table sets forth the components of the Company’s property, plant, and equipment, net at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Equipment
$
7,796
$
7,816
Buildings
1,184
1,198
Construction-in-progress
428
421
Land
109
111
Mineral rights
36
36
Property, plant, and equipment
9,553
9,582
Less: Accumulated depreciation
(6,121
)
(6,108
)
Total property, plant, and equipment, net
$
3,432
$
3,474
Property, plant, and equipment, net included gross assets under finance leases of $94 and $86 at March 31, 2021 and December 31, 2020, respectively. Depreciation expense amounted to $80 and $77 for the three months ended March 31, 2021 and 2020, respectively.

Investments in Affiliates

Investments in Affiliates3 Months Ended
Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in AffiliatesNote 10. Investments in Affiliates The Company engages in transactions with its equity method investees in the ordinary course of business. Net sales to the Company’s equity method investees amounted to $ 34 equity 36

Other Assets

Other Assets3 Months Ended
Mar. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other AssetsNote 11. Other Assets The following table sets forth the components of the Company’s other assets at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Capitalized repair and maintenance costs
$
175
$
198
Pension assets (1)
80
79
Deferred income taxes
106
95
Miscellaneous
31
33
Total other assets
$
392
$
405
(1)
Pension assets represents the funded status of certain of the Company's long-term employee benefit plans.

Other Accrued Liabilities

Other Accrued Liabilities3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Other Accrued LiabilitiesNote 12. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Compensation and other employee-related costs
$
85
$
107
Employee separation costs (1)
4
7
Accrued litigation (2)
33
37
Environmental remediation (2)
83
95
Asset retirement obligations (3)
13
13
Income taxes
59
64
Customer rebates
44
69
Deferred revenue
5
7
Accrued interest
55
18
Operating lease liabilities
56
57
Miscellaneous (4)
65
103
Total other accrued liabilities
$
502
$
577
(1)
Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities, which are discussed further in “Note 4 – Restructuring, Asset-related, and Other Charges”.
(2)
Represents the current portions of accrued litigation and environmental remediation, which are discussed further in “Note 15 – Commitments and Contingent Liabilities”.
(3)
Represents the current portion of asset retirement obligations, which are discussed further in “Note 14 – Other Liabilities”.
(4)
Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability and other miscellaneous expenses.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNote 13. Debt The following table sets forth the components of the Company’s debt at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025
$
873
$
875
Tranche B-2 euro term loan due April 2025 (€340 at March 31, 2021 and December 31, 2020)
400
417
Senior unsecured notes:
7.000% due May 2025
750
750
4.000% due May 2026 (€450 at March 31, 2021 and December 31, 2020)
530
551
5.375% due May 2027
500
500
5.750% due November 2028
800
800
Finance lease liabilities
80
74
Financing obligation (1)
94
94
Total debt principal
4,027
4,061
Less: Unamortized issue discounts
(7
)
(7
)
Less: Unamortized debt issuance costs
(27
)
(28
)
Less: Short-term and current maturities of long-term debt
(23
)
(21
)
Total long-term debt, net
$
3,970
$
4,005
(1)
At March 31, 2021 and December 31, 2020, financing obligation includes $94, in connection with the financed portion of the Company’s research and development facility on the Science, Technology, and Advanced Research Campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”). Senior Secured Credit Facilities The Company’s credit agreement, as amended and restated on April 3, 2018 (“Credit Agreement”), provides for a seven-year five-year 0.20 Accounts Receivable Securitization Facility The Company, through a wholly-owned special purpose entity (“SPE”), maintains an amended and restated receivables purchase agreement (the “Amended Purchase Agreement”), dated March 9, 2020, under its accounts receivable securitization facility (“Securitization Facility”). The Amended Purchase Agreement amends and restates, in its entirety, the receivables purchase agreement dated as of July 12, 2019 (the “Original Purchase Agreement”). Pursuant to the Amended Purchase Agreement, the Company no longer maintains effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. As a result, in the first quarter of 2020, the Company repurchased the then-outstanding receivables under the Securitization Facility through repayment of the secured borrowings under the Original Purchase Agreement, resulting in net repayments of $110 for the three months ended March 31, 2020, and sold $125 of its receivables to the bank. These sales were transacted at 100% of the face value of the relevant receivables, resulting in derecognition of the receivables from the Company’s consolidated balance sheets. On March 5, 2021, the Company, through the SPE, entered into an amendment (the “First Amendment”) to its Amended Purchase Agreement (the “Amended Purchase Agreement”) to, among other things, extend the term of the Amended Purchase Agreement (as amended by the First Amendment), such that the SPE may sell certain receivables and request investments and letters of credit until the earlier of March 6, 2023 or another event that constitutes a “Termination Date” under the Amended Purchase Agreement (as amended by the First Amendment). The First Amendment also increases the facility limit under the arrangement from $125 to $150. Following the First Amendment, the Company maintained $25 of unused capacity within the facility. Cash received from collections of sold receivables is used to fund additional purchases of receivables at 100% of face value on a revolving basis, not to exceed the facility limit, which is the aggregate purchase limit. During the three months ended March 31, 2021 and 2020, the Company received $271 and $60 of cash collections on receivables sold under the Securitization Facility, respectively, following which it sold and derecognized $271 and $60 of incremental accounts receivable, respectively. The Company maintains continuing involvement as it acts as the servicer for the sold receivables and guarantees payment to the bank. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which amounted to $110 and $33 at March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, the Company incurred $1 and less than $1 of servicing and other fees associated with the Securitization Facility, respectively. Costs associated with the sales of receivables are reflected in the Company’s consolidated statements of operations for the periods in which the sales occur. Maturities The Company has required quarterly principal payments related to its senior secured term loans 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 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 Company is not required to make additional principal payments in 2021. The following table sets forth the Company’s debt principal maturities for the next five years and thereafter.
Remainder of 2021
$
10
2022
13
2023
13
2024
13
2025
1,974
Thereafter
1,830
Total principal maturities on debt
$
3,853
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.
March 31, 2021
December 31, 2020
Carrying Value
Fair Value
Carrying Value
Fair Value
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025
$
873
$
863
$
875
$
862
Tranche B-2 euro term loan due April 2025 (€340 at March 31, 2021 and December 31, 2020)
400
400
417
413
Senior unsecured notes:
7.000% due May 2025
750
773
750
774
4.000% due May 2026 (€450 at March 31, 2021 and December 31, 2020)
530
538
551
551
5.375% due May 2027
500
530
500
536
5.750% due November 2028
800
842
800
821
Total senior debt
3,853
$
3,946
3,893
$
3,957
Less: Unamortized issue discounts
(7
)
(7
)
Less: Unamortized debt issuance costs
(27
)
(28
)
Total senior debt, net
$
3,819
$
3,858

Other Liabilities

Other Liabilities3 Months Ended
Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other LiabilitiesNote 14. Other Liabilities The following table sets forth the components of the Company’s other liabilities at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Employee-related costs (1)
$
105
$
108
Accrued litigation (2)
52
51
Environmental remediation (2)
311
295
Asset retirement obligations
62
63
Deferred revenue
5
5
Miscellaneous (3)
75
68
Total other liabilities
$
610
$
590
(1)
Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans.
(2)
Represents the long-term portions of accrued litigation and environmental remediation, which are discussed further in “Note 15 – Commitments and Contingent Liabilities”.
(3)
Miscellaneous primarily includes an accrued indemnification liability of $37 each as of at March 31, 2021 and December 31, 2020, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingent LiabilitiesNote 1 5 . Commitments and Contingent Liabilities 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 EID prior to the Separation, is subject to or required under the Separation-related agreements executed prior to the Separation to indemnify EID 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. Disputes between Chemours and EID may arise regarding indemnification matters, including disputes based on matters of law or contract interpretation. Should disputes arise, they could materially adversely affect Chemours. In January 2021, Chemours, DuPont, Corteva, and EID, a subsidiary of Corteva, entered into a binding Memorandum of Understanding (the “MOU”), reflecting the parties’ agreement to share potential future legacy liabilities relating to per- and polyfluoroalkyl substances (“PFAS”) arising out of pre-July 1, 2015 conduct (i.e., “Indemnifiable Losses”, as defined in the separation agreement, dated as of June 26, 2015, as amended, between EID and Chemours (the “Separation Agreement”)) until the earlier to occur of: (i) December 31, 2040; (ii) the day on which the aggregate amount of Qualified Spend is equal to $4,000; or, (iii) a termination in accordance with the terms of the MOU (e.g., non-performance of the escrow funding requirements pursuant to the MOU by any party). As defined in the MOU, Qualified Spend includes:

All Indemnifiable Losses (as defined in the Separation Agreement), including punitive damages, to the extent relating to, arising out of, by reason of, or otherwise in connection with PFAS Liabilities as defined in the MOU (including any mutually agreed-upon settlements);

Any costs or amounts to abate, remediate, financially assure, defend, settle, or otherwise pay for all pre-July 1, 2015 PFAS Liabilities or exposure, regardless of when those liabilities are manifested; includes Natural Resources Damages claims associated with PFAS Liabilities;

Fines and/or penalties from governmental agencies for legacy EID PFAS emissions or discharges prior to the spin-off; and,

Site-Related GenX Claims as defined in the MOU. The parties have agreed that, during the term of the cost-sharing arrangement, Chemours will bear half of the cost of such future potential legacy PFAS liabilities, and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities. Any recoveries of Qualified Spend from DuPont and/or Corteva under the cost-sharing arrangement will be recognized as an offset to the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when realizable. Any Qualified Spend incurred by DuPont and/or Corteva under the cost-sharing arrangement will be recognized in the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when the amounts of such costs are probable and estimable. The first quarter 2021 Qualified Spend is estimated at approximately $14, of which half would be subject to recovery from DuPont and Corteva. The Company does not have a receivable recorded at March 31, 2021, as the recovery is treated as a gain contingency and not yet considered realizable. After the term of this arrangement, Chemours’ indemnification obligations under the Separation Agreement would continue unchanged, subject in each case to certain exceptions set out in the MOU. Pursuant to the terms of the MOU, the parties have agreed to release certain claims regarding Chemours’ Delaware lawsuit and pending confidential arbitration (concerning the indemnification of specified liabilities that EID assigned to Chemours in its spin-off), including that Chemours has released any claim set forth in the complaint filed in the Delaware lawsuit, any other similar claims arising out of or resulting from the facts recited by Chemours in the complaint or the process and manner in which EID structured or conducted the spin-off, and any other claims that challenge the spin-off or the assumption of Chemours Liabilities (as defined in the Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set out in the MOU. The parties have further agreed not to bring any future, additional claims regarding the Separation Agreement or the MOU outside of arbitration. In order to support and manage the payments for potential future PFAS liabilities, the parties have also agreed to establish an escrow account. The MOU provides that: (i) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 into an escrow account and DuPont and Corteva shall together deposit $100 in the aggregate into an escrow account, and (ii) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 into an escrow account and DuPont and Corteva shall together deposit $50 in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700, Chemours will make 50% of the deposits and DuPont and Corteva together will make 50% of the deposits necessary to restore the balance of the escrow account to $700. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. Any funds that remain in escrow at termination of the MOU will revert to the party that deposited them. As such, future payments made by the Company into the escrow account will remain an asset of Chemours, and such payments will be reflected as a transfer to restricted cash on its consolidated balance sheets. No withdrawals are permitted from the escrow account before January 2026, except for funding mutually agreed-upon third-party settlements in excess of $125. Starting in January 2026, withdrawals may be made from the escrow account to fund Qualified Spend if the parties’ aggregate Qualified Spend in that particular year is greater than $200. Starting in January 2031, the amounts in the escrow account can be used to fund any Qualified Spend. Future payments from the escrow account for potential future PFAS liabilities will be reflected on the Company’s consolidated statement of cash flows at that point in time. The parties will cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU. 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. 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. When a material loss contingency is reasonably possible, but not probable, we do not record a liability, but instead disclose the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. The following table sets forth the components of the Company’s accrued litigation at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Asbestos
$
34
$
34
PFOA (1)
45
50
All other matters
6
4
Total accrued litigation
$
85
$
88
(1)
At March 31, 2021 and December 31, 2020, PFOA includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at March 31, 2021 and December 31, 2020.
Balance Sheet Location
March 31, 2021
December 31, 2020
Accrued Litigation:
Current accrued litigation (1)
Other accrued liabilities (Note 12)
$
33
$
37
Long-term accrued litigation
Other liabilities (Note 14)
52
51
Total accrued litigation
$
85
$
88
(1)
At March 31, 2021 and December 31, 2020, current accrued litigation includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. 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 15 – Commitments and Contingent Liabilities”. Asbestos In the Separation, EID assigned its asbestos docket to Chemours. At March 31, 2021 and December 31, 2020, there were approximately 1,000 and 1,100 lawsuits pending against EID alleging personal injury from exposure to asbestos, respectively. 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 EID employees or household members of contractors or EID employees. Finally, certain lawsuits allege personal injury as a result of exposure to EID products. At March 31, 2021 and December 31, 2020, Chemours had an accrual of $34 related to these matters. Benzene In the Separation, EID assigned its benzene docket to Chemours. At March 31, 2021 and December 31, 2020, there were 19 and 17 cases pending against EID 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 EID 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 EID 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 EID 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 March 31, 2021 and December 31, 2020, Chemours maintained accruals of $22 and $21, respectively, related to PFOA matters under the Leach Settlement, EID’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, EID 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, EID 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 March 31, 2021, 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, EID 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 $22 and $21 was accrued for these matters at March 31, 2021 and December 31, 2020, respectively. PFOA Leach Class Personal Injury Further, under the Leach settlement, class members may pursue personal injury claims against EID 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 EID 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 (“First MDL Settlement”) for $670.7 in cash, with half paid by Chemours, and half paid by EID. Concurrently with the First MDL Settlement, EID and Chemours agreed to a limited sharing of potential future PFOA costs (i.e. “Indemnifiable Losses”, as defined in the Separation agreement between EID 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, EID would 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 would expire, and Chemours’ indemnification obligations under the Separation agreement would continue unchanged. Chemours also agreed that it will not contest its indemnification obligations to EID 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 waived any such defenses with respect to PFOA costs. Chemours, however, retained other defenses, including as to whether any particular PFOA claim was within the scope of the indemnification provisions of the Separation agreement. The cost-sharing agreement entered concurrently with the First MDL Settlement has been superseded by the binding MOU addressing certain PFAS matter and costs as detailed in “Note 15 – Commitments and Contingent Liabilities”. While all MDL lawsuits were dismissed or resolved through the First MDL Settlement, the First 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. Approximately 96 plaintiffs filed matters after the First MDL Settlement. In January 2021, EID and Chemours entered into settlement agreements with counsel representing these plaintiffs, providing for a settlement of all but one of the 96 then filed and pending cases, as well as additional pre-suit claims, under which those cases and claims of settling plaintiffs will be resolved for approximately $83 (the “Second MDL Settlement”). Chemours will contribute approximately $29, and DuPont and Corteva will each contribute approximately $27 to the Second MDL Settlement. During the first quarter of 2021 Chemours made payments of $7 associated with the Second MDL Settlement, and at March 31, 2021 and December 31, 2020, Chemours has accrued approximately $22 and $29, respectively, associated with this matter. The $22 remainder related to this matter was paid in April of 2021. The single matter not included in the Second MDL Settlement is a testicular cancer case tried in March 2020 to a verdict of $40 in compensatory and emotional distress damages and $10 in loss of consortium damages. The jury found that EID’s conduct did not warrant punitive damages. In March 2021, the trial court issued post trial rulings which reduced the consortium damages to $0.25. The Company will appeal the verdict. Management believes that the probability of a loss regarding the verdict is remote, given numerous meritorious grounds for pending post-trial motions and appeal. State of Ohio In February 2018, the State of Ohio initiated litigation against EID 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 EID 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 PFAS, including PFOA. Many actions include an allegation of fraudulent transfer in the spin-off that created Chemours. Chemours has declined EID’s requests for indemnity for fraudulent transfer claims. Chemours has responded to letters and inquiries from governmental law enforcement entities regarding PFAS, including in January 2020, 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. In July 2020, Chemours received a grand jury subpoena for documents. 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”). Numerous defendants, including EID and Chemours have been named in approximately 1,100 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 multi-district 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 AFFF lawsuits pending outside the AFFF MDL that have not been designated by a party for inclusion in the MDL. These matters identifying EID and/or Chemours as a defendant are:   Valero Refining (“Valero”) has five 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 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, Michigan, North Carolina, Mississippi, and Alaska have filed lawsuits against defendants, including EID and Chemours, relating to the alleged contamination of state natural resources with PFAS compounds either from AFFF and/or other 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. Additionally, Chemours has engaged with the State of Delaware regarding potential similar causes of action for PFAS and other contaminants. Other PFAS Matters EID has also been named in approximately 40 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 EID, 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 EID 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 2020, this matter was transferred to the AFFF MDL. In October 2018, a putative class action was filed in Ohio federal court against 3M, EID, 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 EID 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. This lawsuit has since been dismissed. In May 2019, a putative class action was filed in Delaware state court against two electroplating companies, 3M and EID, alleging responsibility for PFAS contamination, including PFOA and PFOS, in drinking water and the environment in the nearby community. Although initially named in the lawsuit, Chemours was subsequently dismissed. The putative class of residents alleges negligence, nuisance, trespass, and other claims and seeks medical monitoring, personal injury and property damages, and punitive damages. The matter was removed to federal court. Since August 2019, 12 Long Island water suppliers have filed lawsuits in New York federal court against defendants including EID and Chemours regarding alleged PFAS, PFOA, and PFOS contamination through releases from industrial and manufacturing facilities and business locations where PFAS-contaminated water was used for irrigation and         Since November 2019, seven lawsuits representing approximately 50 residents have been filed against EID, Chemours, and other defendants alleging that they are responsible for PFAS contamination, including PFOA and PFOS, in groundwater and drinking water. Plaintiffs have claims including medical monitoring, property value diminution, trespass, punitive damages, and personal injury. The lawsuits are pending in New Jersey federal court. In November 2019, the City of Rome, Georgia filed suit against numerous carpet manufacturers located in Dalton, Georgia, suppliers, EID, 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, EID, 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. The matter was removed to federal court. Damages sought include compensatory damages for increased water surcharges, as well as punitive damages and injunctive relief for abatement and remediation. In May 2020, the Weirton Area Water Board and City of Weirton, West Virginia, filed a lawsuit in West Virginia state court against defendants , including EID and Chemours , alleging PFAS, PFOA and PFOS contamination through releases from the manufacture, sale , and use of PFAS and from facilities owned by AccelorMittal . Damages sought include declaratory relief, economic damages, indemnification, expenses, remediation , and punitive damages. The matter has been removed to federal court. In January 2021, this matter was transferred to the AFFF MDL. Since July 2020, four lawsuits were filed in New Jersey federal court by parents of adult children alleging that exposure to PFAS and other chemicals, including two suits by parents on behalf of their adult children claiming pre-natal exposure resulting in the children’s cognitive delays, neurological, genetic and autoimmune conditions. Plaintiffs seek compensatory and punitive damages. In September 2020, the Golden State Water Company filed a lawsuit in California federal court against several defendants, including EID and Chemours, alleging manufacturers of PFOA and PFOS are responsible for contaminating the drinking water supply. The complaint alleges products liability, negligence, nuisance, trespass, and fraudulent transfer. Plaintiff seeks injunctive relief, as well as compensatory and punitive damages. In January 2021, the court dismissed the complaint on defendants’ motion regarding jurisdiction grounds. In December 2020, Suez Water New Jersey and Suez Water New York filed lawsuits in New Jersey and New York federal courts against defendants, including EID and Chemours, alleging damages from PFAS releases into the environment, including PFOA and PFOS, that impacted water sources that the utilities use to provide water. The complaints allege products liability, negligence, nuisance, and trespass. Plaintiffs seek monetary damages, including present and future compliance costs for the respective state-adopted PFAS maximum contaminant levels for public water systems. In December 2020, 11 southern California public water systems filed a lawsuit in California federal court against several defendants, including EID and Chemours, alleging manufacturers of PFOA and PFOS are responsible for contaminating the drinking water supply. The complaint alleges products liability, negligence, nuisance, trespass, state law claims, and fraudulent transfer. Plaintiffs seek injunctive relief, as well as compensatory and punitive damages. In February 2021, the City of Corona, California and the Corona Utility Authority filed a lawsuit in California state court against several defendants, including Chemours and DuPont, alleging manufacturers of PFOA and PFOS are responsible for contaminating the drinking water supply. The lawsuit alleges product liability, negligence, nuisance, trespass, state law claims and fraudulent transfer. Plaintiff seeks injunctive relief, as well as compensatory and punitive damages. In April 2021, Chemours, along with DuPont and Corteva entities, received a civil summons filed before the Court of Rotterdam by four municipalities (Dordrecht, Papendrecht, Sliedrecht and Molenlanden) seeking liability declarations relating to the Dordrecht site’s operations and emissions. Chemours is reviewing the summons and, at this time, management believes that a loss related to this matter is remote. 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 EID, 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 EID 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 EID, 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 ; In August 2020, a Second Amended Complaint was filed in each matter, adding fraudulent transfer and other claims against DuPont SP USA, Corteva, Inc., and DuPont. For the Salem County matter, NJDEP added claims relating to failure to comply with state directives, including the state-wide PFAS Directive. The matters were removed to federal court and consolidated for case management and pretrial purposes. EID requested that Chemours defend and indemnify it in these matters. Chemours has accepted the indemnity and defense of EID while reserving rights and declining EID’s demand as to matters involving other EID entities, as well as ISRA and fraudulent transfer to the terms of the MOU. PFOA and PFAS Summary With the exception of the trial verdict in the testicular cancer ca

Stock-based Compensation

Stock-based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based CompensationNote 16. Stock-based Compensation The Company’s total stock-based compensation expense amounted to $12 and $8 for the three months ended March 31, 2021 and 2020, respectively. Stock Options During the three months ended March 31, 2021, Chemours granted approximately 1,120,000 non-qualified stock options to certain of its employees. These awards will vest over a three-year The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair value of the Company’s stock option awards that were granted during the three months ended March 31, 2021.
Three Months Ended March 31, 2021
Risk-free interest rate
0.91
%
Expected term (years)
6.00
Volatility
63.85
%
Dividend yield
4.16
%
Fair value per stock option
$
9.78
The Company recorded $5 in stock-based compensation expense specific to its stock options for the three months ended March 31, 2021 and 2020. At March 31, 2021, approximately 8,020,000 stock options remained outstanding. Restricted Stock Units During the three months ended March 31, 2021, Chemours granted approximately 340,000 restricted stock units (“RSUs”) to certain of its employees. These awards will vest over a three-year The Company recorded $4 and $2 in stock-based compensation expense specific to its RSUs for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, approximately 1,420,000 RSUs remained non-vested. Performance Share Units During the three months ended March 31, 2021, Chemours granted approximately 290,000 performance share units (“PSUs”) to key senior management employees. Upon vesting, these awards 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. 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 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 conditions are satisfied. The Company recorded $3 and $1 in stock-based compensation expense specific to its PSUs for the three months ended March 31, 2021 and 2020, respectively, based on its assessment of Company performance relative to award-based financial objectives. At March 31, 2021, approximately 1,010,000 PSUs at 100% of the target amount remained non-vested. Employee Stock Purchase Plan Since 2017, the Company has provided employees the opportunity to participate in The Chemours Company Employee Stock Purchase Plan (“ESPP”). Under the ESPP, a total of 7,000,000 shares of Chemours’ common stock is 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. The initial offering period under the ESPP began on October 2, 2017. Participating employees are eligible to purchase the Company’s common stock at a discounted rate equal to 95% of its fair value on the last trading day of each purchase period. In the first quarter of 2021, the Company executed an open market transaction to purchase the Company’s common stock on behalf of ESPP participants, which amounted to approximately 22,000 shares at $1.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive LossNote 17. Accumulated Other Comprehensive Loss The following table sets forth the changes and after-tax balances of the Company’s components comprising accumulated other comprehensive loss.
Net Investment Hedge
Cash Flow Hedge
Cumulative Translation Adjustment
Defined Benefit Plans
Total
Balance at January 1, 2021
$
(76
)
$
(8
)
$
(120
)
$
(106
)
$
(310
)
Other comprehensive income (loss)
28
6
(72
)
4
(34
)
Balance at March 31, 2021
$
(48
)
$
(2
)
$
(192
)
$
(102
)
$
(344
)
Balance at January 1, 2020
$
(10
)
$
2
$
(231
)
$
(110
)
$
(349
)
Other comprehensive income (loss)
8

(115
)
3
(104
)
Balance at March 31, 2020
$
(2
)
$
2
$
(346
)
$
(107
)
$
(453
)

Financial Instruments

Financial Instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial InstrumentsNote 18. Financial Instruments Objectives and Strategies for Holding Financial Instruments In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency risks. The Company has established a financial risk management program, which currently includes four distinct risk management instruments: (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 remeasuring 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; (iii) interest rate swaps, which are used to mitigate the volatility in the Company’s cash payments for interest due to fluctuations in LIBOR, as is applicable to the portion of the Company’s senior secured term loan facility denominated in U.S. dollars; and, (iv) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity caused by changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of its international subsidiaries that use the euro as their functional currency. The Company’s financial risk management program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The 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. Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts At March 31, 2021, the Company had 22 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $577, and an average maturity of one month. At December 31, 2020, the Company had 25 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $688, and an average maturity of one month. Chemours recognized net losses of $20 and $6 for the three ended March 31, 2021 and 2020, respectively, in other income (expense), net. Cash Flow Hedge – Foreign Currency Forward Contracts At March 31, 2021, the Company had 156 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $122, and an average maturity of four months. At December 31, 2020, the Company had 144 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $101, and an average maturity of four months. Chemours recognized pre-tax gains of $4 and $2 for the three months ended March 31, 2021 and 2020, respectively, within accumulated other comprehensive loss. For the three months ended March 31, 2021 and 2020, $2 of loss and $2 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. The Company expects to reclassify less than $1 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. Cash Flow Hedge – Interest Rate Swaps At March 31, 2021 and December 31, 2020, the Company had three interest rate swaps outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $400; each of the interest rate swaps mature on March 31, 2023. Chemours recognized a pre-tax gain of $1 for the three months ended March 31, 2021, within accumulated other comprehensive loss. For the three months ended March 31, 2021, less than $1 of loss was reclassified to interest expense, net from accumulated other comprehensive loss. The Company expects to reclassify an approximate $1 of net loss from accumulated other comprehensive loss to interest expense, net over the next 12 months. Net Investment Hedge – Foreign Currency Borrowings T he Company recognized pre-tax gains of $37 and $10 for the three months ended March 31, 2021 and 2020, respectively, on its net investment hedge within accumulated other comprehensive loss. amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the three months ended March 31, 2021 and 2020. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities at March 31, 2021 and December 31, 2020.
Fair Value Using Level 2 Inputs
Balance Sheet Location
March 31, 2021
December 31, 2020
Asset derivatives:
Foreign currency forward contracts not designated as a hedging instrument
Accounts and notes receivable, net (Note 7)
$
1
$
4
Foreign currency forward contracts designated as a cash flow hedge
Accounts and notes receivable, net (Note 7)
2

Total asset derivatives
$
3
$
4
Liability derivatives:
Foreign currency forward contracts not designated as a hedging instrument
Other accrued liabilities (Note 12)
$
1
$
1
Foreign currency forward contracts designated as a cash flow hedge
Other accrued liabilities (Note 12)

4
Interest rate swaps designated as a cash flow hedge
Other accrued liabilities (Note 12)
2
3
Total liability derivatives
$
3
$
8
The Company’s foreign currency forward contracts and interest rate swaps 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 Financial Instruments The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three months ended March 31, 2021 and 2020.
Gain (Loss) Recognized In
Accumulated Other
Cost of
Interest
Other Income
Comprehensive
Three Months Ended March 31,
Goods Sold
Expense, Net
(Expense), Net
Loss
2021
Foreign currency forward contracts not designated as a hedging instrument
$

$

$
(20
)
$

Foreign currency forward contracts designated as a cash flow hedge
(2
)


4
Interest rate swaps designated as a cash flow hedge



1
Euro-denominated debt designated as a net investment hedge



37
2020
Foreign currency forward contracts not designated as a hedging instrument
$

$

$
(6
)
$

Foreign currency forward contracts designated as a cash flow hedge
2


2
Euro-denominated debt designated as a net investment hedge



10

Long-term Employee Benefits

Long-term Employee Benefits3 Months Ended
Mar. 31, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Long-term Employee BenefitsNote 19. Long-term Employee Benefits Chemours sponsors defined benefit pension plans for certain of its employees in various jurisdictions outside of the U.S. The Company’s net periodic pension (cost) income is based on estimated values and the use of assumptions about the discount rate, expected return on plan assets, and the rate of future compensation increases received by its employees. The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Service cost
$
(4
)
$
(3
)
Interest cost
(1
)
(2
)
Expected return on plan assets
5
4
Amortization of actuarial loss
(2
)
(3
)
Amortization of prior service gain
1
1
Total net periodic pension cost
$
(1
)
$
(3
)
Amortization of actuarial loss
2
3
Amortization of prior service gain
(1
)
(1
)
Effect of foreign exchange rates
4
1
Benefit recognized in other comprehensive income
5
3
Total changes in plan assets and benefit obligations recognized in other comprehensive income
$
4
$

The Company made cash contributions of $5 and $8 to its defined benefit pension plans during the three months ended March 31, 2021 and 2020, respectively, and expects to make additional cash contributions of $11 to its defined benefit pension plans during the remainder of 2021. The Company’s future contributions to its defined benefit pension plans are dependent on market-based discount rates, and, as stated in “Note 1 – Background, Description of the Business, and Basis of Presentation” to these interim consolidated financial statements

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationNote 20. Segment Information Chemours’ operations consist of four reportable segments based on similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. 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. During the fourth quarter of 2020, the Company changed the level of detail at which its CODM regularly reviews and manages certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure. 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 research and development facilities and the amortization of other intangible assets, excluding any write-downs of assets. Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is the primary measure of segment profitability used by the Company’s Chief Operating Decision Maker 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 represents 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;

(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 for the three months ended March 31, 2021 and 2020.
Titanium Technologies
Thermal & Specialized Solutions
Advanced Performance Materials
Chemical Solutions
Segment Total
Three Months Ended March 31, 2021
Net sales to external customers
$
723
$
304
$
333
$
76
$
1,436
Adjusted EBITDA
169
93
51
10
323
Depreciation and amortization
33
16
23
5
77
Three Months Ended March 31, 2020
Net sales to external customers
$
613
$
308
$
292
$
92
$
1,305
Adjusted EBITDA
138
88
52
15
293
Depreciation and amortization
30
13
22
5
70
Total Assets
March 31, 2021
$
2,233
$
1,083
$
1,550
$
545
$
5,411
December 31, 2020
2,130
1,041
1,520
531
5,222
Corporate and Other depreciation and amortization expense amounted to $6 and $9 for the three months ended March 31, 2021 and 2020, respectively. Corporate and Other total assets amounted to $1,759 and $1,860 at March 31, 2021 and December 31, 2020, respectively. The following table sets forth a reconciliation of segment Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Segment Adjusted EBITDA
$
323
$
293
Corporate and Other expenses (excluding items below)
(55
)
(36
)
Interest expense, net
(49
)
(54
)
Depreciation and amortization
(83
)
(79
)
Non-operating pension and other post-retirement employee benefit income
1

Exchanges losses, net
(8
)
(24
)
Restructuring, asset-related, and other charges (1)
5
(11
)
Natural disasters and catastrophic events (2)
(16
)

Transaction costs (3)
(4
)
(2
)
Legal and environmental charges (4,5)
(13
)
(10
)
Income before income taxes
$
101
$
77
(1)
Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 4 – Restructuring, Asset-related, and Other Charges”.
(2)
Natural disasters and catastrophic events pertains to the total cost of plant repairs and utility charges in excess of historical averages caused by Winter Storm Uri.
(3)
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.
(4)
Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. See “Note 15 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements
(5)
In 2020, environmental charges pertains to management’s assessment of estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The three months ended March 31, 2020 includes $8 based on the aforementioned assessment associated with certain estimated liabilities at Fayetteville. See “Note 15 – Commitments and Contingent Liabilities” for further details.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)3 Months Ended
Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Recent Accounting PronouncementsAccounting Guidance Issued and Not Yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). The amendments in this update provide optional guidance for a limited period of time to ease the potential burden associated with accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU No. 2020-04 is effective March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts this standard will have on its accounting for contracts and hedging relationships. Recently Adopted Accounting Guidance Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Net Sales (Tables)

Net Sales (Tables)3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product GroupThe following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Net sales by geographic region (1)
North America:
Titanium Technologies
$
206
$
193
Thermal & Specialized Solutions
147
146
Advanced Performance Materials
111
118
Chemical Solutions
33
54
Total North America
497
511
Asia Pacific:
Titanium Technologies
246
193
Thermal & Specialized Solutions
37
29
Advanced Performance Materials
139
104
Chemical Solutions
6
8
Total Asia Pacific
428
334
Europe, the Middle East, and Africa:
Titanium Technologies
174
149
Thermal & Specialized Solutions
87
98
Advanced Performance Materials
68
61
Chemical Solutions
4
6
Total Europe, the Middle East, and Africa
333
314
Latin America (2):
Titanium Technologies
97
78
Thermal & Specialized Solutions
33
35
Advanced Performance Materials
15
9
Chemical Solutions
33
24
Total Latin America
178
146
Total net sales
$
1,436
$
1,305
Net sales by segment and product group
Titanium Technologies:
Titanium dioxide and other minerals
$
723
$
613
Thermal & Specialized Solutions:
Refrigerants
241
251
Foam, propellants, and other
63
57
Advanced Performance Materials:
Fluoropolymers and advanced materials
333
292
Chemical Solutions:
Mining solutions
53
50
Performance chemicals and intermediates
23
42
Total net sales
$
1,436
$
1,305
(1)
Net sales are attributed to countries based on customer location.
(2)
Latin America includes Mexico.
Summary of Contract Balances from Contracts with CustomersThe following table sets forth the Company’s contract balances from contracts with customers at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Accounts receivable - trade, net (1)
$
656
$
449
Deferred revenue
10
12
Customer rebates
44
69
(1)
Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $6 and

Restructuring, Asset-Related,_2

Restructuring, Asset-Related, and Other Charges (Tables)3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Schedule of Restructuring ProgramThe following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Restructuring and other charges:
Employee separation charges
$
(1
)
$
9
Decommissioning and other charges
(4
)
1
Total restructuring and other charges
(5
)
10
Asset-related charges

1
Total restructuring, asset-related, and other charges
$
(5
)
$
11
The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Restructuring charges:
Plant and product line closures:
Chemical Solutions
$
4
$
1
Total plant and product line closures
4
1
2019 Restructuring Program:
Corporate and Other

1
Total 2019 Restructuring Program

1
2020 Restructuring Program:
Titanium Technologies

3
Thermal & Specialized Solutions

1
Advanced Performance Materials

1
Corporate and Other

3
Total 2020 Restructuring Program

8
Total restructuring charges
4
10
Asset-related charges:
Chemical Solutions

1
Total asset-related charges

1
Other charges:
Chemical Solutions
(9
)

Total other charges
(9
)

Total restructuring, asset-related, and other charges
$
(5
)
$
11
Schedule of Restructuring ChargesThe following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the three months ended March 31, 2021.
Chemical Solutions Site Closures
2019 Restructuring Program
2020 Restructuring Program
Total
Balance at December 31, 2020
$
2
$
2
$
3
$
7
Charges (credits) to income
(1
)


(1
)
Payments

(1
)
(1
)
(2
)
Balance at March 31, 2021
$
1
$
1
$
2
$
4

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)3 Months Ended
Mar. 31, 2021
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 three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Leasing, contract services, and miscellaneous income
$
5
$
5
Royalty income (1)
3
4
Exchange losses, net (2)
(8
)
(24
)
Non-operating pension and other post-retirement employee benefit income (3)
1

Total other income (expense), net
$
1
$
(15
)
(1)
Royalty income for the periods ended March 31, 2021 and 2020 is primarily from technology licensing.
(2)
Exchange losses, net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge.
(3)
Non-operating pension and other post-retirement employee benefit income represents the components of net periodic pension income (cost), excluding the service cost component.

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share (“EPS”) calculations for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Numerator:
Net income attributable to Chemours
$
96
$
100
Denominator:
Weighted-average number of common shares outstanding - basic
165,652,778
164,247,449
Dilutive effect of the Company’s employee compensation plans
3,397,544
1,010,542
Weighted-average number of common shares outstanding - diluted
169,050,322
165,257,991
Basic earnings per share of common stock
$
0.58
$
0.61
Diluted earnings per share of common stock
0.57
0.61
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per ShareThe following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted EPS calculations for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Average number of stock options
1,509,760
5,055,943

Accounts and Notes Receivable_2

Accounts and Notes Receivable, Net (Tables)3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing ReceivableThe following table sets forth the components of the Company’s accounts and notes receivable, net at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Accounts receivable - trade, net (1)
$
656
$
449
VAT, GST, and other taxes (2)
58
49
Other receivables (3)
9
13
Total accounts and notes receivable, net
$
723
$
511
(1)
Accounts receivable - trade, net includes trade notes receivable of $1 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at March 31, 2021 and December 31, 2020, respectively. 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)3 Months Ended
Mar. 31, 2021
Inventory Net [Abstract]
Schedule of InventoriesThe following table sets forth the components of the Company’s inventories at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Finished products
$
571
$
579
Semi-finished products
173
180
Raw materials, stores, and supplies
494
433
Inventories before LIFO adjustment
1,238
1,192
Less: Adjustment of inventories to LIFO basis
(250
)
(253
)
Total inventories
$
988
$
939

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, Net (Tables)3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Summary of Property, Plant, and Equipment, NetThe following table sets forth the components of the Company’s property, plant, and equipment, net at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Equipment
$
7,796
$
7,816
Buildings
1,184
1,198
Construction-in-progress
428
421
Land
109
111
Mineral rights
36
36
Property, plant, and equipment
9,553
9,582
Less: Accumulated depreciation
(6,121
)
(6,108
)
Total property, plant, and equipment, net
$
3,432
$
3,474

Other Assets (Tables)

Other Assets (Tables)3 Months Ended
Mar. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other AssetsThe following table sets forth the components of the Company’s other assets at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Capitalized repair and maintenance costs
$
175
$
198
Pension assets (1)
80
79
Deferred income taxes
106
95
Miscellaneous
31
33
Total other assets
$
392
$
405
(1)
Pension assets represents the funded status of certain of the Company's long-term employee benefit plans.

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Schedule of Other Accrued LiabilitiesThe following table sets forth the components of the Company’s other accrued liabilities at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Compensation and other employee-related costs
$
85
$
107
Employee separation costs (1)
4
7
Accrued litigation (2)
33
37
Environmental remediation (2)
83
95
Asset retirement obligations (3)
13
13
Income taxes
59
64
Customer rebates
44
69
Deferred revenue
5
7
Accrued interest
55
18
Operating lease liabilities
56
57
Miscellaneous (4)
65
103
Total other accrued liabilities
$
502
$
577
(1)
Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities, which are discussed further in “Note 4 – Restructuring, Asset-related, and Other Charges”.
(2)
Represents the current portions of accrued litigation and environmental remediation, which are discussed further in “Note 15 – Commitments and Contingent Liabilities”.
(3)
Represents the current portion of asset retirement obligations, which are discussed further in “Note 14 – Other Liabilities”.
(4)
Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability and other miscellaneous expenses.

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Components of DebtThe following table sets forth the components of the Company’s debt at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025
$
873
$
875
Tranche B-2 euro term loan due April 2025 (€340 at March 31, 2021 and December 31, 2020)
400
417
Senior unsecured notes:
7.000% due May 2025
750
750
4.000% due May 2026 (€450 at March 31, 2021 and December 31, 2020)
530
551
5.375% due May 2027
500
500
5.750% due November 2028
800
800
Finance lease liabilities
80
74
Financing obligation (1)
94
94
Total debt principal
4,027
4,061
Less: Unamortized issue discounts
(7
)
(7
)
Less: Unamortized debt issuance costs
(27
)
(28
)
Less: Short-term and current maturities of long-term debt
(23
)
(21
)
Total long-term debt, net
$
3,970
$
4,005
(1)
At March 31, 2021 and December 31, 2020, financing obligation includes $94, in connection with the financed portion of the Company’s research and development facility on the Science, Technology, and Advanced Research Campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”).
Schedule of Debt Principal MaturitiesThe following table sets forth the Company’s debt principal maturities for the next five years and thereafter.
Remainder of 2021
$
10
2022
13
2023
13
2024
13
2025
1,974
Thereafter
1,830
Total principal maturities on debt
$
3,853
Estimated Fair Values of Senior Debt IssuesThe 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.
March 31, 2021
December 31, 2020
Carrying Value
Fair Value
Carrying Value
Fair Value
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025
$
873
$
863
$
875
$
862
Tranche B-2 euro term loan due April 2025 (€340 at March 31, 2021 and December 31, 2020)
400
400
417
413
Senior unsecured notes:
7.000% due May 2025
750
773
750
774
4.000% due May 2026 (€450 at March 31, 2021 and December 31, 2020)
530
538
551
551
5.375% due May 2027
500
530
500
536
5.750% due November 2028
800
842
800
821
Total senior debt
3,853
$
3,946
3,893
$
3,957
Less: Unamortized issue discounts
(7
)
(7
)
Less: Unamortized debt issuance costs
(27
)
(28
)
Total senior debt, net
$
3,819
$
3,858

Other Liabilities (Tables)

Other Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other LiabilitiesThe following table sets forth the components of the Company’s other liabilities at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Employee-related costs (1)
$
105
$
108
Accrued litigation (2)
52
51
Environmental remediation (2)
311
295
Asset retirement obligations
62
63
Deferred revenue
5
5
Miscellaneous (3)
75
68
Total other liabilities
$
610
$
590
(1)
Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans.
(2)
Represents the long-term portions of accrued litigation and environmental remediation, which are discussed further in “Note 15 – Commitments and Contingent Liabilities”.
(3)
Miscellaneous primarily includes an accrued indemnification liability of $37 each as of at March 31, 2021 and December 31, 2020, respectively.

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Components of Accrued LitigationThe following table sets forth the components of the Company’s accrued litigation at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Asbestos
$
34
$
34
PFOA (1)
45
50
All other matters
6
4
Total accrued litigation
$
85
$
88
(1)
At March 31, 2021 and December 31, 2020, PFOA includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio.
Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet LocationsThe following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at March 31, 2021 and December 31, 2020.
Balance Sheet Location
March 31, 2021
December 31, 2020
Accrued Litigation:
Current accrued litigation (1)
Other accrued liabilities (Note 12)
$
33
$
37
Long-term accrued litigation
Other liabilities (Note 14)
52
51
Total accrued litigation
$
85
$
88
(1)
At March 31, 2021 and December 31, 2020, current accrued litigation includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio.
Schedule of Components of Environmental Remediation LiabilitiesThe following table sets forth the components of the Company’s environmental remediation liabilities at March 31, 2021 and December 31, 2020 for the five sites that are deemed the most significant by management, including Fayetteville as further discussed below.
March 31, 2021
December 31, 2020
Chambers Works, Deepwater, New Jersey (1)
$
27
$
20
East Chicago, Indiana
11
11
Fayetteville Works, Fayetteville, North Carolina
191
194
Pompton Lakes, New Jersey
41
42
USS Lead, East Chicago, Indiana
12
12
All other sites
112
111
Total environmental remediation
$
394
$
390
(1)
In the first quarter of 2021, in connection with ongoing discussions with EPA and NJDEP relating to such remaining work as well as the scope of remedial programs and investigation relating to the Chambers Works site, the Company recorded adjustments of $7 related to the remediation estimate associated with certain areas of the site relating to historic industrial activity as well as ongoing remedial programs.
Schedule of Current and Long-term Components of Environmental Remediation Accrual and Balance Sheet LocationsThe following table sets forth the current and long-term components of the Company’s environmental remediation liabilities and their balance sheet locations at March 31, 2021 and December 31, 2020.
Balance Sheet Location
March 31, 2021
December 31, 2020
Environmental Remediation:
Current environmental remediation
Other accrued liabilities (Note 12)
$
83
$
95
Long-term environmental remediation
Other liabilities (Note 14)
311
295
Total environmental remediation
$
394
$
390
Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFASThe following table sets forth the on-site and off-site components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville at March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
On-site remediation
$
138
$
140
Off-site groundwater remediation
53
54
Total accrued liabilities
$
191
$
194
Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet LocationsThe 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 March 31, 2021 and December 31, 2020.
Balance Sheet Location
March 31, 2021
December 31, 2020
Current accrued liabilities
Other accrued liabilities (Note 12)
$
34
$
39
Long-term accrued liabilities
Other liabilities (Note 14)
157
155
Total accrued liabilities
$
191
$
194

Stock-based Compensation (Table

Stock-based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Weighted Average Assumptions of Stock OptionsThe following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair value of the Company’s stock option awards that were granted during the three months ended March 31, 2021.
Three Months Ended March 31, 2021
Risk-free interest rate
0.91
%
Expected term (years)
6.00
Volatility
63.85
%
Dividend yield
4.16
%
Fair value per stock option
$
9.78

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive LossThe following table sets forth the changes and after-tax balances of the Company’s components comprising accumulated other comprehensive loss.
Net Investment Hedge
Cash Flow Hedge
Cumulative Translation Adjustment
Defined Benefit Plans
Total
Balance at January 1, 2021
$
(76
)
$
(8
)
$
(120
)
$
(106
)
$
(310
)
Other comprehensive income (loss)
28
6
(72
)
4
(34
)
Balance at March 31, 2021
$
(48
)
$
(2
)
$
(192
)
$
(102
)
$
(344
)
Balance at January 1, 2020
$
(10
)
$
2
$
(231
)
$
(110
)
$
(349
)
Other comprehensive income (loss)
8

(115
)
3
(104
)
Balance at March 31, 2020
$
(2
)
$
2
$
(346
)
$
(107
)
$
(453
)

Financial Instruments (Tables)

Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities At Fair ValueThe following table sets forth the fair value of the Company’s derivative assets and liabilities at March 31, 2021 and December 31, 2020.
Fair Value Using Level 2 Inputs
Balance Sheet Location
March 31, 2021
December 31, 2020
Asset derivatives:
Foreign currency forward contracts not designated as a hedging instrument
Accounts and notes receivable, net (Note 7)
$
1
$
4
Foreign currency forward contracts designated as a cash flow hedge
Accounts and notes receivable, net (Note 7)
2

Total asset derivatives
$
3
$
4
Liability derivatives:
Foreign currency forward contracts not designated as a hedging instrument
Other accrued liabilities (Note 12)
$
1
$
1
Foreign currency forward contracts designated as a cash flow hedge
Other accrued liabilities (Note 12)

4
Interest rate swaps designated as a cash flow hedge
Other accrued liabilities (Note 12)
2
3
Total liability derivatives
$
3
$
8
Schedule of Pre-tax Charge Fair Value of Financial InstrumentsThe following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three months ended March 31, 2021 and 2020.
Gain (Loss) Recognized In
Accumulated Other
Cost of
Interest
Other Income
Comprehensive
Three Months Ended March 31,
Goods Sold
Expense, Net
(Expense), Net
Loss
2021
Foreign currency forward contracts not designated as a hedging instrument
$

$

$
(20
)
$

Foreign currency forward contracts designated as a cash flow hedge
(2
)


4
Interest rate swaps designated as a cash flow hedge



1
Euro-denominated debt designated as a net investment hedge



37
2020
Foreign currency forward contracts not designated as a hedging instrument
$

$

$
(6
)
$

Foreign currency forward contracts designated as a cash flow hedge
2


2
Euro-denominated debt designated as a net investment hedge



10

Long-term Employee Benefits (Ta

Long-term Employee Benefits (Tables)3 Months Ended
Mar. 31, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Schedules of Net Periodic Pension (Cost) IncomeThe following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Service cost
$
(4
)
$
(3
)
Interest cost
(1
)
(2
)
Expected return on plan assets
5
4
Amortization of actuarial loss
(2
)
(3
)
Amortization of prior service gain
1
1
Total net periodic pension cost
$
(1
)
$
(3
)
Amortization of actuarial loss
2
3
Amortization of prior service gain
(1
)
(1
)
Effect of foreign exchange rates
4
1
Benefit recognized in other comprehensive income
5
3
Total changes in plan assets and benefit obligations recognized in other comprehensive income
$
4
$

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment InformationThe following table sets forth certain summary financial information for the Company’s reportable segments for the three months ended March 31, 2021 and 2020.
Titanium Technologies
Thermal & Specialized Solutions
Advanced Performance Materials
Chemical Solutions
Segment Total
Three Months Ended March 31, 2021
Net sales to external customers
$
723
$
304
$
333
$
76
$
1,436
Adjusted EBITDA
169
93
51
10
323
Depreciation and amortization
33
16
23
5
77
Three Months Ended March 31, 2020
Net sales to external customers
$
613
$
308
$
292
$
92
$
1,305
Adjusted EBITDA
138
88
52
15
293
Depreciation and amortization
30
13
22
5
70
Total Assets
March 31, 2021
$
2,233
$
1,083
$
1,550
$
545
$
5,411
December 31, 2020
2,130
1,041
1,520
531
5,222
Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income TaxesThe following table sets forth a reconciliation of segment Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the three months ended March 31, 2021 and 2020.
Three Months Ended March 31,
2021
2020
Segment Adjusted EBITDA
$
323
$
293
Corporate and Other expenses (excluding items below)
(55
)
(36
)
Interest expense, net
(49
)
(54
)
Depreciation and amortization
(83
)
(79
)
Non-operating pension and other post-retirement employee benefit income
1

Exchanges losses, net
(8
)
(24
)
Restructuring, asset-related, and other charges (1)
5
(11
)
Natural disasters and catastrophic events (2)
(16
)

Transaction costs (3)
(4
)
(2
)
Legal and environmental charges (4,5)
(13
)
(10
)
Income before income taxes
$
101
$
77
(1)
Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 4 – Restructuring, Asset-related, and Other Charges”.
(2)
Natural disasters and catastrophic events pertains to the total cost of plant repairs and utility charges in excess of historical averages caused by Winter Storm Uri.
(3)
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.
(4)
Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. See “Note 15 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements
(5)
In 2020, environmental charges pertains to management’s assessment of estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The three months ended March 31, 2020 includes $8 based on the aforementioned assessment associated with certain estimated liabilities at Fayetteville. See “Note 15 – Commitments and Contingent Liabilities” for further details.

Background, Description of th_2

Background, Description of the Business, and Basis of Presentation - Narrative (Details) $ in Millions3 Months Ended
Mar. 31, 2021segmentDec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment4
COVID 19 [Member]
Segment Reporting Information [Line Items]
Deferred tax payments $ 80
Payment of tax $ 35

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Narrative (Details)3 Months Ended
Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Change In Accounting Principle Accounting Standards Update Adoptedtrue
Change In Accounting Principle Accounting Standards Update Adoption DateJan. 1,
2021
Change In Accounting Principle Accounting Standards Update Immaterial Effecttrue
Accounting Standards Update Extensible Listus-gaap:AccountingStandardsUpdate201912Member

Net Sales - Summary of Disaggre

Net Sales - Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales $ 1,436 $ 1,305
Topic 606 [Member] | Transferred at a Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales1,436 1,305
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales497 511
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales206 193
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales147 146
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales111 118
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Chemical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales33 54
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 Sales333 314
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 Sales174 149
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales87 98
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales68 61
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 Sales4 6
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales178 146
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales97 78
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales33 35
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales15 9
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Chemical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales33 24
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales428 334
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales246 193
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales37 29
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales139 104
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Chemical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales6 8
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Dioxide and Other Minerals [Member] | Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales723 613
Topic 606 [Member] | Transferred at a Point in Time [Member] | Refrigerants [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales241 251
Topic 606 [Member] | Transferred at a Point in Time [Member] | Foam, Propellants, and Other [Member] | Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales63 57
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoropolymers and Advanced Materials [Member] | Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales333 292
Topic 606 [Member] | Transferred at a Point in Time [Member] | Mining Solutions [Member] | Chemical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales53 50
Topic 606 [Member] | Transferred at a Point in Time [Member] | Performance Chemicals and Intermediates [Member] | Chemical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales $ 23 $ 42

Net Sales - Summary of Contract

Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Accounts receivable - trade, net $ 656 $ 449
Deferred revenue10 12
Customer rebates $ 44 $ 69

Net Sales - Summary of Contra_2

Net Sales - Summary of Contract Balances from Contracts with Customers (Parenthetical) (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Accounts receivable - trade, net $ 656,000,000 $ 449,000,000
Allowance for doubtful accounts6,000,000 7,000,000
Trade Notes Receivable [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable - trade, net $ 1,000,000
Maximum [Member] | Trade Notes Receivable [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable - trade, net $ 1,000,000

Net Sales - Narrative (Details)

Net Sales - Narrative (Details) - Topic 606 [Member] $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Disaggregation Of Revenue [Line Items]
Remaining performance obligations $ 71
Revenue, practical expedient, financing componenttrue

Net Sales - Narrative (Details1

Net Sales - Narrative (Details1) - Topic 606 [Member]Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue20.00%
Remaining performance obligations original expected period9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue16.00%
Remaining performance obligations original expected period1 year

Restructuring, Asset-Related,_3

Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring And Related Activities [Abstract]
Employee separation charges $ (1) $ 9
Decommissioning and other charges(4)1
Total restructuring and other charges(5)10
Asset-related charges0 1
Total restructuring, asset-related, and other charges $ (5) $ 11

Restructuring, Asset-Related,_4

Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Programs to Segment (Details) - USD ($) $ in Millions3 Months Ended15 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges $ 4 $ 10
Asset-related charges0 1
Total restructuring, asset-related, and other charges(5)11
Plant and Product Line Closures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges4 1
2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 1
2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 8 $ 13
Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Other charges(9)0
Operating Segments [Member] | Chemical Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Asset-related charges0 1
Other charges(9)0
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges4 1
Operating Segments [Member] | Titanium Technologies [Member] | 2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 3
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 1
Operating Segments [Member] | Advanced Performance Materials [Member] | 2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 1
Corporate and Other [Member] | 2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges0 1
Corporate and Other [Member] | 2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges $ 0 $ 3

Restructuring, Asset-Related,_5

Restructuring, Asset-Related, and Other Charges - Narrative (Details) - USD ($) $ in Millions3 Months Ended15 Months Ended
Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring, asset-related and other charges $ (5) $ 11
Employee separation related liabilities4 $ 7 $ 4
Restructuring charges4 10
2019 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges incurred to date25 25
Employee separation related liabilities1 2 1
Restructuring charges0 1
2020 Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Employee separation related liabilities2 3 2
Restructuring charges0 8 13
Plant and Product Line Closures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges4 1
Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Other charges9 0
Chemical Solutions [Member] | Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Other charges9 0
Chemical Solutions [Member] | Operating Segments [Member] | Plant and Product Line Closures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges4 1
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges incurred to date41 41
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Decommissioning Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring, asset-related and other charges1 $ 1
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Additional Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges expected to be incurred2 2
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Decommissioning, Dismantling, and Other Costs [Member]
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges expected to be incurred8 8
Restructuring charges4
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Plant and Product Line Closures [Member]
Restructuring Cost and Reserve [Line Items]
Employee separation related liabilities1 2 $ 1
Chemical Solutions [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Other charges37
Gain loss on other charges9
Chemical Solutions [Member] | Contract Termination Fees [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Other charges26
Payment of contract termination fees26
Chemical Solutions [Member] | Other Related Prepaid Costs [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Other charges11
Chemical Solutions [Member] | Construction-in-Process [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Reversal of liability recorded22 $ 22
Chemical Solutions [Member] | Construction Resumes [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Other charges9
Chemical Solutions [Member] | Impairment Charges [Member] | Mining Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Other charges $ 13

Restructuring, Asset-Related,_6

Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning $ 7
Charges (credits) to income(1)
Payments(2)
Restructuring reserve, ending4
Chemical Solutions Site Closures [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning2
Charges (credits) to income(1)
Payments0
Restructuring reserve, ending1
2019 Restructuring Program [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning2
Charges (credits) to income0
Payments(1)
Restructuring reserve, ending1
2020 Restructuring Program [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning3
Charges (credits) to income0
Payments(1)
Restructuring reserve, ending $ 2

Other Income (Expense), Net - C

Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Other Income And Expenses [Abstract]
Leasing, contract services and miscellaneous income $ 5 $ 5
Royalty income3 4
Exchange losses, net(8)(24)
Non-operating pension and other post-retirement employee benefit income1 0
Total other income (expense), net $ 1 $ (15)

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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net income attributable to Chemours $ 96 $ 100
Denominator:
Weighted-average number of common shares outstanding - basic165,652,778 164,247,449
Dilutive effect of the Company’s employee compensation plans3,397,544 1,010,542
Weighted-average number of common shares outstanding - diluted169,050,322 165,257,991
Basic earnings per share of common stock $ 0.58 $ 0.61
Diluted earnings per share of common stock $ 0.57 $ 0.61

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) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Average number of stock options1,509,760 5,055,943

Accounts and Notes Receivable_3

Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Receivables [Abstract]
Accounts receivable - trade, net $ 656 $ 449
VAT, GST and other taxes58 49
Other receivables9 13
Total accounts and notes receivable, net $ 723 $ 511

Accounts and Notes Receivable_4

Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts receivable $ 6 $ 7
Trade Notes Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable - trade $ 1
Trade Notes Receivable [Member] | Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable - trade $ 1

Accounts and Notes Receivable_5

Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
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 MillionsMar. 31, 2021Dec. 31, 2020
Inventory Net [Abstract]
Finished products $ 571 $ 579
Semi-finished products173 180
Raw materials, stores, and supplies494 433
Inventories before LIFO adjustment1,238 1,192
Less: Adjustment of inventories to LIFO basis(250)(253)
Total inventories $ 988 $ 939

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Inventory Net [Abstract]
LIFO inventory amount $ 605 $ 585
Percentage of LIFO inventory49.00%49.00%

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant, and equipment $ 9,553 $ 9,582
Less: Accumulated depreciation(6,121)(6,108)
Property, plant, and equipment, net3,432 3,474
Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment7,796 7,816
Building [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment1,184 1,198
Construction-in-progress [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment428 421
Land [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment109 111
Mineral rights [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment $ 36 $ 36

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Property Plant And Equipment [Abstract]
Finance leased assets, gross $ 94 $ 86
Depreciation expense $ 80 $ 77

Investments in Affiliates - Nar

Investments in Affiliates - Narrative (Details) - Equity Method Investees [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Investments in Affiliates
Net sales $ 34 $ 23
Purchases36 35
Dividends $ 4
Maximum [Member]
Investments in Affiliates
Dividends $ 1

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Capitalized repair and maintenance costs $ 175 $ 198
Pension assets80 79
Deferred income taxes106 95
Miscellaneous31 33
Total other assets $ 392 $ 405

Other Accrued Liabilities - Sch

Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Compensation and other employee-related costs $ 85 $ 107
Employee separation costs4 7
Accrued litigation33 37
Environmental remediation83 95
Asset retirement obligations13 13
Income taxes59 64
Customer rebates44 69
Deferred revenue5 7
Accrued interest55 18
Operating lease liabilities56 57
Miscellaneous65 103
Total other accrued liabilities $ 502 $ 577

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) € in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Dec. 31, 2020USD ($)Dec. 31, 2020EUR (€)
Debt Instrument [Line Items]
Finance lease liabilities $ 80 $ 74
Financing obligation94 94
Total debt principal4,027 4,061
Less: Unamortized issue discounts(7)(7)
Less: Unamortized debt issuance costs(27)(28)
Less: Short-term and current maturities of long-term debt(23)(21)
Total long-term debt, net3,970 4,005
Total debt4,027 4,061
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt873 875
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt400 € 340 417 € 340
7.000% Senior Unsecured Notes Due May 2025 [Member]
Debt Instrument [Line Items]
Long-term debt750 750
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt530 € 450 551 € 450
5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt500 500
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt $ 800 $ 800

Debt - Components of Debt (Pare

Debt - Components of Debt (Parenthetical) (Details) € in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Dec. 31, 2020USD ($)Dec. 31, 2020EUR (€)
Debt Instrument [Line Items]
Financing obligation $ 94 $ 94
Discovery Hub [Member]
Debt Instrument [Line Items]
Financing obligation94 94
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt400 € 340 417 € 340
7.000% Senior Unsecured Notes Due May 2025 [Member]
Debt Instrument [Line Items]
Long-term debt $ 750 $ 750
Debt instrument interest rate7.00%7.00%7.00%7.00%
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt $ 530 € 450 $ 551 € 450
Debt instrument interest rate4.00%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 rate5.375%5.375%5.375%5.375%
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt $ 800 $ 800
Debt instrument interest rate5.75%5.75%5.75%5.75%

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facilities - Narrative (Details) - USD ($)Apr. 03, 2018Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Senior Secured Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument term7 years
Term loan payments $ 3,000,000 $ 3,000,000
Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument term5 years
Line of credit facility, maximum borrowing capacity $ 800,000,000
Long-term debt0 $ 0
Letters of credit outstanding $ 106,000,000 $ 102,000,000
Commitment fee percentage0.20%
Euro Term Loan [Member]
Line of Credit Facility [Line Items]
Effective interest rates on senior secured term loan2.50%
Dollar Term Loan [Member]
Line of Credit Facility [Line Items]
Effective interest rates on senior secured term loan1.90%

Debt - Accounts Receivable Secu

Debt - Accounts Receivable Securitization Facility - Narrative (Details) - USD ($) $ in MillionsMar. 05, 2021Mar. 09, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Line of Credit Facility [Line Items]
Proceeds from accounts receivable securitization facility $ 0 $ 12
Securitization Facility [Member] | Special Purpose Entity [Member]
Line of Credit Facility [Line Items]
Net repayments of securitization110
Sale of receivables to bank125
Percentage of fair value of sales receivables100.00%
Line of credit unused capacity within facility $ 25
Percentage of fair value on additional purchases of receivables100.00%
Proceeds from accounts receivable securitization facility271 60
Accounts receivable from securitization, amount derecognized271 60
Receivable from securitization facility110 $ 33
Servicing and other fees on securitization $ 1
Securitization Facility [Member] | Special Purpose Entity [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Increase in borrowing capacity125
Securitization Facility [Member] | Special Purpose Entity [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Increase in borrowing capacity $ 150
Servicing and other fees on securitization $ 1

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]
Percentage per annum for quarterly principal payments1.00%
Additional principal repayment, percentage of excess cash flow, stepdown level one25.00%
Additional principal repayment, percentage of excess cash flow, stepdown level two0.00%
Target leverage ratio3.50%
Maximum [Member]
Debt Instrument [Line Items]
Additional principal repayment, percentage of excess cash flows50.00%

Debt - Schedule of Debt Princip

Debt - Schedule of Debt Principal Maturities (Details) - Senior Debt [Member] $ in MillionsMar. 31, 2021USD ($)
Debt Instrument [Line Items]
Remainder of 2021 $ 10
202213
202313
202413
20251,974
Thereafter1,830
Total principal maturities on debt $ 3,853

Debt - Estimated Fair Values of

Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Dec. 31, 2020USD ($)Dec. 31, 2020EUR (€)
Debt Instrument [Line Items]
Less: Unamortized issue discounts $ (7) $ (7)
Less: Unamortized debt issuance costs(27)(28)
7.000% Senior Unsecured Notes Due May 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value750 750
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value530 € 450 551 € 450
5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value500 500
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value800 800
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value873 875
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value400 € 340 417 € 340
Level 2 [Member]
Debt Instrument [Line Items]
Total senior debt, Carrying Value3,853 3,893
Total senior debt, Fair Value3,946 3,957
Less: Unamortized issue discounts(7)(7)
Less: Unamortized debt issuance costs(27)(28)
Total senior debt, net3,819 3,858
Level 2 [Member] | 7.000% Senior Unsecured Notes Due May 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value750 750
Long-term debt, Fair Value773 774
Level 2 [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value530 551
Long-term debt, Fair Value538 551
Level 2 [Member] | 5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value500 500
Long-term debt, Fair Value530 536
Level 2 [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value800 800
Long-term debt, Fair Value842 821
Level 2 [Member] | Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value873 875
Long-term debt, Fair Value863 862
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value400 417
Long-term debt, Fair Value $ 400 $ 413

Debt - Estimated Fair Values _2

Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in MillionsMar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Dec. 31, 2020USD ($)Dec. 31, 2020EUR (€)
7.000% Senior Unsecured Notes Due May 2025 [Member]
Debt Instrument [Line Items]
Long-term debt $ 750 $ 750
Debt instrument interest rate7.00%7.00%7.00%7.00%
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt $ 530 € 450 $ 551 € 450
Debt instrument interest rate4.00%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 rate5.375%5.375%5.375%5.375%
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt $ 800 $ 800
Debt instrument interest rate5.75%5.75%5.75%5.75%
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt $ 400 € 340 $ 417 € 340

Other Liabilities - Schedule of

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other Liabilities Noncurrent [Abstract]
Employee-related costs $ 105 $ 108
Accrued litigation52 51
Environmental remediation311 295
Asset retirement obligations62 63
Deferred revenue5 5
Miscellaneous75 68
Total other liabilities $ 610 $ 590

Other Liabilities - Schedule _2

Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other Liabilities Noncurrent [Abstract]
Accrued indemnification liability $ 37 $ 37

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Litigation - Narrative (Details)1 Months Ended3 Months Ended12 Months Ended20 Months Ended
Mar. 31, 2021USD ($)lawsuitJan. 31, 2021USD ($)plaintiffMar. 31, 2020USD ($)Mar. 31, 2019USD ($)lawsuitMar. 31, 2017USD ($)lawsuitMar. 31, 2021USD ($)lawsuitwater_districtDec. 31, 2004residentMar. 31, 2021USD ($)lawsuitSupplierApr. 30, 2021USD ($)Dec. 31, 2020USD ($)lawsuitSep. 30, 2020lawsuitSep. 30, 2019lawsuit
Loss Contingencies [Line Items]
Accrual balance $ 85,000,000 $ 85,000,000 $ 85,000,000 $ 88,000,000
Number of long island water suppliers filed lawsuits | Supplier12
Chemical Solutions [Member] | Mining Solutions [Member]
Loss Contingencies [Line Items]
Long-lived assets155,000,000 155,000,000 $ 155,000,000 146,000,000
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, potential additional loss570,000,000 570,000,000 570,000,000
Funding for medical monitoring program [Member]
Loss Contingencies [Line Items]
Escrow deposit disbursements $ 1,700,000
First MDL Settlement [Member]
Loss Contingencies [Line Items]
Date of agreement month and year2017-03
Total settlement amount $ 670,700,000
PFOA MDL After First Settlement [Member]
Loss Contingencies [Line Items]
Number of individual plaintiffs | plaintiff96
P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Accrual balance22,000,000 $ 22,000,000 $ 22,000,000 $ 29,000,000
Loss contingency expected settlement amount $ 83,000,000
Loss contingency damages paid value7,000,000
Loss contingency accrual period decrease $ (250,000)
P F O A Second M D L Settlement | Subsequent Event [Member]
Loss Contingencies [Line Items]
Accrual balance $ 22,000,000
Asbestos Issue [Member]
Loss Contingencies [Line Items]
Lawsuits alleging personal injury - Filed | lawsuit1,000 1,000 1,000 1,100
Accrual balance $ 34,000,000 $ 34,000,000 $ 34,000,000 $ 34,000,000
Benzene Related Illness [Member]
Loss Contingencies [Line Items]
Lawsuits alleging illness | lawsuit19 19 19 17
PFOA Matters [Member]
Loss Contingencies [Line Items]
Accrual balance $ 22,000,000 $ 22,000,000 $ 22,000,000 $ 21,000,000
Number of lawsuits filed | lawsuit3
PFOA Matters [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Settlement payments $ 25,000,000
Period of payments5 years
PFOA Matters: Drinking Water Actions [Member]
Loss Contingencies [Line Items]
Accrual balance22,000,000 $ 22,000,000 22,000,000 $ 21,000,000
Binding settlement agreement, class size | resident80,000
Number of water districts Company must provide treatment | water_district6
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member]
Loss Contingencies [Line Items]
Loss contingency, potential additional loss $ 235,000,000 $ 235,000,000 $ 235,000,000
PFOA Matters: Additional Actions [Member]
Loss Contingencies [Line Items]
Lawsuits alleging personal injury - Filed | lawsuit3,500
EID [Member]
Loss Contingencies [Line Items]
Lawsuits alleging illness | lawsuit40 40 40
EID [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Settlement payments $ 25,000,000
EID [Member] | Business Seeking to Recover Losses [Member]
Loss Contingencies [Line Items]
Lawsuits alleging illness | lawsuit2 2 2
Compensatory and Emotional Distress Damages [Member] | P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Loss contingency damages awarded value $ 40,000,000
Du Pont | P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Loss contingency expected settlement amount27,000,000
Consortium Damages [Member] | P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Loss contingency damages awarded value $ 10,000,000
AFFF [Member]
Loss Contingencies [Line Items]
Number of lawsuits filed | lawsuit4
PFAS Matters [Member]
Loss Contingencies [Line Items]
Number of lawsuits filed | lawsuit4
Demanding amount to cover the cost of preparation of natural resource damage assessment plan and access to related documents $ 100,000
DuPont and Corteva [Member]
Loss Contingencies [Line Items]
Estimated amount of qualified spend $ 14,000,000 $ 14,000,000 $ 14,000,000
Chemours [Member] | P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Loss contingency expected settlement amount29,000,000
Corteva | P F O A Second M D L Settlement
Loss Contingencies [Line Items]
Loss contingency expected settlement amount27,000,000
Memorandum of Understanding [Member]
Loss Contingencies [Line Items]
Aggregate amount of qualified spend4,000,000,000
Memorandum of Understanding [Member] | Minimum Balance on December 31, 2028 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Escrow deposit700,000,000
Memorandum of Understanding [Member] | Before January 2026 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Minimum settlement amount required to allow withdrawals from escrow account125,000,000
Memorandum of Understanding [Member] | Starting in January 2026 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Minimum amount of qualified spend required to allow withdrawals from escrow account $ 200,000,000
Memorandum of Understanding [Member] | DuPont and Corteva [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Percentage of escrow deposits contribution to restore escrow balance to 70050.00%
Memorandum of Understanding [Member] | DuPont and Corteva [Member] | No Later Than Each of September 30, 2021 and September 30, 2022 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Escrow deposit $ 100,000,000
Memorandum of Understanding [Member] | DuPont and Corteva [Member] | No Later Than September 30 of Each Subsequent Year Through and Including 2028 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Escrow deposit $ 50,000,000
Memorandum of Understanding [Member] | Chemours [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Percentage of escrow deposits contribution to restore escrow balance to 70050.00%
Memorandum of Understanding [Member] | Chemours [Member] | No Later Than Each of September 30, 2021 and September 30, 2022 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Escrow deposit $ 100,000,000
Memorandum of Understanding [Member] | Chemours [Member] | No Later Than September 30 of Each Subsequent Year Through and Including 2028 [Member] | PFAS Liabilities [Member]
Loss Contingencies [Line Items]
Escrow deposit $ 50,000,000

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Loss Contingencies [Line Items]
Accrued litigation $ 85 $ 88
Asbestos [Member]
Loss Contingencies [Line Items]
Accrued litigation34 34
PFOA [Member]
Loss Contingencies [Line Items]
Accrued litigation[1]45 50
All Other Matters [Member]
Loss Contingencies [Line Items]
Accrued litigation $ 6 $ 4
[1]At March 31, 2021 and December 31, 2020, PFOA includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio.

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Loss Contingencies [Line Items]
Accrued litigation $ 85 $ 88
PFOA Multi District Litigation in Ohio [Member]
Loss Contingencies [Line Items]
Accrued litigation $ 22 $ 29

Commitments and Contingent Li_6

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accrued Litigation:
Current accrued litigation $ 33 $ 37
Long-term accrued litigation52 51
Total accrued litigation85 88
Other Accrued Liabilities [Member]
Accrued Litigation:
Current accrued litigation[1]33 37
Other Liabilities [Member]
Accrued Litigation:
Long-term accrued litigation $ 52 $ 51
[1]At March 31, 2021 and December 31, 2020, current accrued litigation includes $22 and $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio

Commitments and Contingent Li_7

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Loss Contingencies [Line Items]
Accrued litigation $ 33 $ 37
PFOA Multi District Litigation in Ohio [Member]
Loss Contingencies [Line Items]
Accrued litigation $ 22 $ 29

Commitments and Contingent Li_8

Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Environmental Remediation [Line Items]
Accrued environmental remediation $ 394 $ 390
Chambers Works, Deepwater, New Jersey [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation27 20
East Chicago, Indiana [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation11 11
Fayetteville Works, Fayetteville, North Carolina [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation191 194
Pompton Lakes, New Jersey [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation41 42
USS Lead, East Chicago, Indiana [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation12 12
All other sites [Member]
Environmental Remediation [Line Items]
Accrued environmental remediation $ 112 $ 111

Commitments and Contingent Li_9

Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Parenthetical) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Chambers Works, Deepwater, New Jersey [Member]
Environmental Remediation [Line Items]
Adjustments related to remediation estimate $ 7

Commitments and Contingent L_10

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Environmental Remediation Liabilites and Balance Sheet Locations (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Environmental Remediation [Line Items]
Current environmental remediation $ 83 $ 95
Long-term environmental remediation311 295
Total environmental remediation394 390
Other Accrued Liabilities [Member]
Environmental Remediation [Line Items]
Current environmental remediation83 95
Other Liabilities [Member]
Environmental Remediation [Line Items]
Long-term environmental remediation $ 311 $ 295

Commitments and Contingent L_11

Commitments and Contingent Liabilities - Environmental - Narrative (Details)1 Months Ended3 Months Ended
Mar. 31, 2019USD ($)lawsuitMar. 31, 2021USD ($)OwnerMar. 31, 2020USD ($)Dec. 31, 2020USD ($)Sep. 30, 2020lawsuit
Environmental Remediation [Line Items]
Environmental remediation expense $ 25,000,000 $ 15,000,000
Off-site Replacement Drinking Water Supplies [Member]
Environmental Remediation [Line Items]
Accrued for operation, maintenance, and monitoring period20 years
Accrual for environmental remediation activities $ 5,000,000 $ 5,000,000
Off-site Groundwater Remediation and Toxicity Studies [Member]
Environmental Remediation [Line Items]
Disbursements period20 years
Toxicity Studies [Member]
Environmental Remediation [Line Items]
Disbursements period3 years
Off-site Groundwater Remediation [Member]
Environmental Remediation [Line Items]
Estimated disbursements amount $ 53,000,000
On-site Surface Water and Groundwater Remediation [Member]
Environmental Remediation [Line Items]
Accrual for environmental remediation activities7,000,000
Estimated cost of remediation $ 138,000,000 $ 140,000,000
OM&M projected paid period20 years
PFAS [Member]
Environmental Remediation [Line Items]
Civil penalty and investigative costs $ 13,000,000
Percentage of efficiency to control PFAS99.999%
Air quality test maximum period to conduct90 days
Number of lawsuits filed | lawsuit4
PFAS [Member] | Fayetteville Works, Fayetteville, North Carolina [Member]
Environmental Remediation [Line Items]
Percentage of efficiency to control PFAS99.99%
Reduction of PFAS maximum period2 years
Percentage of baseline75.00%
PFOA [Member]
Environmental Remediation [Line Items]
Number of lawsuits filed | lawsuit3
Compensatory and Punitive Damages [Member]
Environmental Remediation [Line Items]
Number of private well owners seeking for damages | Owner1,000
Minimum [Member]
Environmental Remediation [Line Items]
Average time frame of disbursements of environmental site remediation15 years
Maximum [Member]
Environmental Remediation [Line Items]
Average time frame of disbursements of environmental site remediation20 years
Loss contingency, potential additional loss $ 570,000,000
Maximum [Member] | On-site Surface Water and Groundwater Remediation [Member] | January 26, 2021 NOV [Member]
Environmental Remediation [Line Items]
Civil assessments penalty $ 200,000

Commitments and Contingent - Sc

Commitments and Contingent - Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFAS (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Environmental Remediation [Line Items]
Total accrued liabilities $ 394 $ 390
Fayetteville Works, Fayetteville, North Carolina [Member]
Environmental Remediation [Line Items]
Total accrued liabilities191 194
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member]
Environmental Remediation [Line Items]
Total accrued liabilities138 140
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member]
Environmental Remediation [Line Items]
Total accrued liabilities $ 53 $ 54

Commitments and Contingent L_12

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet Locations (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Environmental Remediation [Line Items]
Current accrued liabilities $ 83 $ 95
Long-term accrued liabilities311 295
Total environmental remediation394 390
Other Accrued Liabilities [Member]
Environmental Remediation [Line Items]
Current accrued liabilities83 95
Other Liabilities [Member]
Environmental Remediation [Line Items]
Long-term accrued liabilities311 295
Fayetteville Works, Fayetteville, North Carolina [Member]
Environmental Remediation [Line Items]
Total environmental remediation191 194
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Accrued Liabilities [Member]
Environmental Remediation [Line Items]
Current accrued liabilities34 39
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Liabilities [Member]
Environmental Remediation [Line Items]
Long-term accrued liabilities $ 157 $ 155

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in MillionsJan. 26, 2017PeriodsharesMar. 31, 2021USD ($)sharesMar. 31, 2020USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense | $ $ 12 $ 8
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares reserved for issuance7,000,000
Consecutive offering periods12 months
Number of purchase periods in offer period | Period2
Employee stock purchase plan initial offering periodOct. 2,
2017
Percentage of common stock discount rate equal to the fair value95.00%
Stock purchased under employee stock purchase plan, Value | $ $ 1
Stock purchased under employee stock purchase plan, Share22,000
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense | $ $ 5 5
Number of shares granted1,120,000
Expiration period10 years
Stock-based compensation award vesting period3 years
Stock options outstanding8,020,000
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense | $ $ 4 2
Stock-based compensation award vesting period3 years
Shares issued upon conversion of equity award1
Number of shares non-vested1,420,000
Restricted Stock Units (RSUs) [Member] | Employees and Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted340,000
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense | $ $ 3 $ 1
Stock-based compensation award vesting period3 years
Number of shares granted290,000
Shares issued upon conversion of equity award1
Number of shares non-vested1,010,000
Percentage of target award available for grant100.00%
Performance Share Units [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target award available for grant0.00%
Performance Share Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target award available for grant250.00%

Stock-based Compensation - Weig

Stock-based Compensation - Weighted Average Assumptions of Stock Option (Details) - Stock Option [Member]3 Months Ended
Mar. 31, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate0.91%
Expected term (years)6 years
Volatility63.85%
Dividend yield4.16%
Fair value per stock option $ 9.78

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance $ 813
Other comprehensive (loss) income(34) $ (104)
Ending Balance850
Net Investment Hedge [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(76)(10)
Other comprehensive (loss) income28 8
Ending Balance(48)(2)
Cash Flow Hedge [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(8)2
Other comprehensive (loss) income6 0
Ending Balance(2)2
Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(120)(231)
Other comprehensive (loss) income(72)(115)
Ending Balance(192)(346)
Defined Benefit Plans [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(106)(110)
Other comprehensive (loss) income4 3
Ending Balance(102)(107)
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(310)(349)
Other comprehensive (loss) income(34)(104)
Ending Balance $ (344) $ (453)

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)contractInterestRateSwapMar. 31, 2020USD ($)Dec. 31, 2020USD ($)contractInterestRateSwap
Derivative [Line Items]
Recognized gains (losses) on derivative cash flow hedge, pre-tax $ 5,000,000 $ 2,000,000
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member]
Derivative [Line Items]
Recognized gain (loss) on derivative, pre-tax37,000,000 10,000,000
Reclassification on derivative, pre-tax $ 0 0
Foreign currency forward contracts [Member]
Derivative [Line Items]
Number of forward exchange currency contracts | contract22 25
Derivative notional value $ 577,000,000 $ 688,000,000
Average maturity period of derivative contract1 month1 month
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member]
Derivative [Line Items]
Derivative gains (losses) $ (20,000,000)(6,000,000)
Gain (loss) reclassification to cost of goods sold on derivative cash flow hedge $ (20,000,000)(6,000,000)
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member]
Derivative [Line Items]
Number of forward exchange currency contracts | contract156 144
Derivative notional value $ 122,000,000 $ 101,000,000
Average maturity period of derivative contract4 months4 months
Recognized gains (losses) on derivative cash flow hedge, pre-tax $ 4,000,000 2,000,000
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Maximum [Member]
Derivative [Line Items]
Derivative cash flow hedge gain from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months1,000,000
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cost of Goods Sold [Member] | Cash Flow Hedge [Member]
Derivative [Line Items]
Gain (loss) reclassification to cost of goods sold on derivative cash flow hedge(2,000,000) $ 2,000,000
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member]
Derivative [Line Items]
Derivative notional value $ 400,000,000 $ 400,000,000
Number of interest rate swaps | InterestRateSwap3 3
Interest rate swaps maturity dateMar. 31,
2023
Mar. 31,
2023
Recognized gain (loss) on derivative, pre-tax $ 1,000,000
Amount expects to reclassify of net loss from accumulated other comprehensive loss to interest expense, net $ (1,000,000)
Period expects to reclassify of net loss from accumulated other comprehensive loss to interest expense, net12 months
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Interest Expense, Net [Member] | Cash Flow Hedge [Member] | Maximum [Member]
Derivative [Line Items]
Reclassification on derivative, pre-tax $ (1,000,000)

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] - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Liability derivatives $ 3 $ 8
Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives3 4
Not Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives1 4
Not Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives1 1
Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | Foreign currency forward contracts [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives2
Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives4
Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Interest Rate Swaps [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives $ 2 $ 3

Financial Instruments - Sched_2

Financial Instruments - Schedule of Pre-tax Charge Fair Value of Financial Instruments (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
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 Income (Loss) $ 4 $ 2
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss)1
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 Income (Loss)37 10
Cost of Goods Sold [Member] | Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Derivative Instruments(2)2
Other Income (Expense), Net [Member] | Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Derivative Instruments $ (20) $ (6)

Long-term Employee Benefits (Sc

Long-term Employee Benefits (Schedule of Net Periodic Pension (Cost) Income and Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Total net periodic pension cost $ (1) $ (3)
Amortization of actuarial loss2 3
Amortization of prior service gain(1)(1)
Effect of foreign exchange rates4 1
Benefit recognized in other comprehensive income5 3
Pension Plan [Member] | Foreign [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost(4)(3)
Interest cost(1)(2)
Expected return on plan assets5 4
Amortization of actuarial loss(2)(3)
Amortization of prior service gain1 1
Total net periodic pension cost(1)(3)
Amortization of actuarial loss2 3
Amortization of prior service gain(1)(1)
Effect of foreign exchange rates4 1
Benefit recognized in other comprehensive income5 $ 3
Total changes in plan assets and benefit obligations recognized in other comprehensive income $ 4

Long-term Employee Benefits (Na

Long-term Employee Benefits (Narrative) (Details) - Defined Benefit Pension Plan [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Employer contributions during period $ 5 $ 8
Estimated future employer contributions in current fiscal year $ 11

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)segmentMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment4
Depreciation and amortization $ 83 $ 79
Total assets7,170 $ 7,082
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization6 $ 9
Total assets $ 1,759 $ 1,860

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales $ 1,436 $ 1,305
Adjusted EBITDA323 293
Depreciation and amortization83 79
Total Assets7,170 $ 7,082
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales1,436 1,305
Adjusted EBITDA323 293
Depreciation and amortization77 70
Total Assets5,411 5,222
Operating Segments [Member] | Titanium Technologies [Member]
Segment Reporting Information [Line Items]
Net sales723 613
Adjusted EBITDA169 138
Depreciation and amortization33 30
Total Assets2,233 2,130
Operating Segments [Member] | Thermal & Specialized Solutions [Member]
Segment Reporting Information [Line Items]
Net sales304 308
Adjusted EBITDA93 88
Depreciation and amortization16 13
Total Assets1,083 1,041
Operating Segments [Member] | Advanced Performance Materials [Member]
Segment Reporting Information [Line Items]
Net sales333 292
Adjusted EBITDA51 52
Depreciation and amortization23 22
Total Assets1,550 1,520
Operating Segments [Member] | Chemical Solutions [Member]
Segment Reporting Information [Line Items]
Net sales76 92
Adjusted EBITDA10 15
Depreciation and amortization5 $ 5
Total Assets $ 545 $ 531

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting [Abstract]
Segment Adjusted EBITDA $ 323 $ 293
Corporate and Other expenses (excluding items below)(55)(36)
Interest expense, net(49)(54)
Depreciation and amortization(83)(79)
Non-operating pension and other post-retirement employee benefit income1 0
Exchange losses, net(8)(24)
Restructuring, asset-related, and other charges5 (11)
Natural disasters and catastrophic events(16)
Transaction costs(4)(2)
Legal and environmental charges(13)(10)
Income before income taxes $ 101 $ 77

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Parenthetical) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Legal charges $ 13 $ 10
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member]
Segment Reporting Information [Line Items]
Legal charges $ 8