Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 26, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | The Chemours Company | |
Entity Central Index Key | 0001627223 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Trading Symbol | CC | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 165,163,689 | |
Entity Shell Company | false | |
Entity File Number | 001-36794 | |
Entity Tax Identification Number | 46-4845564 | |
Entity Address, Address Line One | 1007 Market Street | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19801 | |
City Area Code | 302 | |
Local Phone Number | 773-1000 | |
Title of 12(b) Security | Common Stock ($0.01 par value) | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Interim Consolidated Statements
Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,655 | $ 1,093 | $ 3,091 | $ 2,398 |
Cost of goods sold | 1,391 | 894 | 2,530 | 1,901 |
Gross profit | 264 | 199 | 561 | 497 |
Selling, general, and administrative expense | 172 | 110 | 310 | 235 |
Research and development expense | 27 | 20 | 51 | 44 |
Restructuring, asset-related, and other charges | 5 | 17 | 0 | 28 |
Total other operating expenses | 204 | 147 | 361 | 307 |
Equity in earnings of affiliates | 10 | 7 | 20 | 14 |
Interest expense, net | (47) | (53) | (97) | (107) |
Other income (expense), net | 21 | 14 | 21 | (1) |
Income before income taxes | 44 | 20 | 144 | 96 |
Benefit from income taxes | (22) | (4) | (17) | (28) |
Net income | 66 | 24 | 161 | 124 |
Net income attributable to Chemours | $ 66 | $ 24 | $ 161 | $ 124 |
Per share data | ||||
Basic earnings per share of common stock | $ 0.40 | $ 0.15 | $ 0.97 | $ 0.75 |
Diluted earnings per share of common stock | $ 0.39 | $ 0.15 | $ 0.95 | $ 0.75 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income, pre-tax | $ 44 | $ 20 | $ 144 | $ 96 |
Net Income, tax | 22 | 4 | 17 | 28 |
Net income | 66 | 24 | 161 | 124 |
Hedging activities: | ||||
Unrealized gain (loss) on net investment hedge, pre-tax | (13) | (18) | 24 | (8) |
Unrealized gain (loss) on net investment hedge, tax | 3 | 4 | (6) | 2 |
Unrealized gain (loss) on net investment hedge, after-tax | (10) | (14) | 18 | (6) |
Unrealized gain (loss) on cash flow hedge, pre-tax | (1) | (4) | 3 | (2) |
Unrealized gain (loss) on cash flow hedge, tax | 1 | (1) | 1 | |
Unrealized gain (loss) on cash flow hedge, after-tax | (1) | (3) | 2 | (1) |
Reclassifications to net income - cash flow hedge, pre-tax | 2 | (2) | 4 | (3) |
Reclassifications to net income - cash flow hedge, tax | (1) | |||
Reclassifications to net income - cash flow hedge, after-tax | 2 | (2) | 3 | (3) |
Hedging activities, net, pre-tax | (12) | (24) | 31 | (13) |
Hedging activities, net, tax | 3 | 5 | (8) | 3 |
Hedging activities, net, after-tax | (9) | (19) | 23 | (10) |
Cumulative translation adjustment, pre-tax | 36 | 39 | (34) | (78) |
Cumulative translation adjustment, after-tax | 36 | 39 | (34) | (78) |
Defined benefit plans: | ||||
Effect of foreign exchange rates, pre-tax | (2) | (2) | 2 | (1) |
Effect of foreign exchange rates, after-tax | (2) | (2) | 2 | (1) |
Amortization of actuarial loss, pre-tax | 2 | 2 | 4 | 4 |
Amortization of actuarial loss, tax | (1) | (1) | ||
Amortization of actuarial loss, after-tax | 2 | 1 | 3 | 4 |
Amortization of prior service gain, pre- tax | (1) | (1) | (2) | (1) |
Amortization of prior service gain, after-tax | (1) | (1) | (2) | (1) |
Defined benefit plans, net, pre-tax | (1) | (1) | 4 | 2 |
Defined benefit plans, net, tax | (1) | (1) | ||
Defined benefit plans, net, after-tax | (1) | (2) | 3 | 2 |
Other comprehensive income (loss), after-tax | 26 | 18 | (8) | (86) |
Comprehensive income, after-tax | 92 | 42 | 153 | 38 |
Comprehensive income attributable to Chemours, after-tax | $ 92 | $ 42 | $ 153 | $ 38 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,139 | $ 1,105 |
Accounts and notes receivable, net | 802 | 511 |
Inventories | 1,046 | 939 |
Prepaid expenses and other | 60 | 78 |
Total current assets | 3,047 | 2,633 |
Property, plant, and equipment | 9,668 | 9,582 |
Less: Accumulated depreciation | (6,220) | (6,108) |
Property, plant, and equipment, net | 3,448 | 3,474 |
Operating lease right-of-use assets | 230 | 236 |
Goodwill, net | 153 | 153 |
Other intangible assets, net | 9 | 14 |
Investments in affiliates | 178 | 167 |
Other assets | 414 | 405 |
Total assets | 7,479 | 7,082 |
Current liabilities: | ||
Accounts payable | 1,061 | 844 |
Compensation and other employee-related cost | 113 | 107 |
Short-term and current maturities of long-term debt | 25 | 21 |
Current environmental remediation | 154 | 95 |
Other accrued liabilities | 321 | 375 |
Total current liabilities | 1,674 | 1,442 |
Long-term debt, net | 3,964 | 4,005 |
Operating lease liabilities | 188 | 194 |
Long-term environmental remediation | 402 | 295 |
Deferred income taxes | 55 | 36 |
Other liabilities | 296 | 295 |
Total liabilities | 6,579 | 6,267 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 191,115,609 shares issued and 165,373,101 shares outstanding at June 30, 2021; 190,239,883 shares issued and 164,920,648 shares outstanding at December 31, 2020) | 2 | 2 |
Treasury stock, at cost (25,742,508 shares at June 30, 2021; 25,319,235 and December 31, 2020) | (1,087) | (1,072) |
Additional paid-in capital | 920 | 890 |
Retained earnings | 1,381 | 1,303 |
Accumulated other comprehensive loss | (318) | (310) |
Total Chemours stockholders’ equity | 898 | 813 |
Non-controlling interests | 2 | 2 |
Total equity | 900 | 815 |
Total liabilities and equity | $ 7,479 | $ 7,082 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 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) | 191,115,609 | 190,239,883 |
Common stock, shares outstanding (in shares) | 165,373,101 | 164,920,648 |
Treasury stock (in shares) | 25,742,508 | 25,319,235 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common 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, 2019 | 188,893,478 | 25,319,235 | |||||
Common stock issued - compensation plans | 1 | (1) | |||||
Common stock issued - compensation plans (in shares) | 219,629 | ||||||
Exercise of stock options, net | 5 | 5 | |||||
Exercise of stock options, net (in shares) | 438,483 | ||||||
Stock-based compensation expense | 9 | 9 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (2) | (2) | |||||
Net income | 124 | 124 | |||||
Dividends | (82) | (82) | |||||
Dividends to non-controlling interests | (4) | (4) | |||||
Other comprehensive income (loss) | (86) | (86) | |||||
Total stockholders' equity, ending balance at Jun. 30, 2020 | 659 | $ 2 | $ (1,072) | 872 | 1,290 | (435) | 2 |
Shares, ending balance at Jun. 30, 2020 | 189,551,590 | 25,319,235 | |||||
Total stockholders' equity, beginning balance at Mar. 31, 2020 | 661 | $ 2 | $ (1,072) | 870 | 1,308 | (453) | 6 |
Shares, beginning balance at Mar. 31, 2020 | 189,537,718 | 25,319,235 | |||||
Common stock issued - compensation plans | 1 | (1) | |||||
Common stock issued - compensation plans (in shares) | 8,872 | ||||||
Exercise of stock options, net (in shares) | 5,000 | ||||||
Stock-based compensation expense | 1 | 1 | |||||
Net income | 24 | 24 | |||||
Dividends | (41) | (41) | |||||
Dividends to non-controlling interests | (4) | (4) | |||||
Other comprehensive income (loss) | 18 | 18 | |||||
Total stockholders' equity, ending balance at Jun. 30, 2020 | 659 | $ 2 | $ (1,072) | 872 | 1,290 | (435) | 2 |
Shares, ending balance at Jun. 30, 2020 | 189,551,590 | 25,319,235 | |||||
Total stockholders' equity, beginning balance at Dec. 31, 2020 | 815 | $ 2 | $ (1,072) | 890 | 1,303 | (310) | 2 |
Shares, beginning balance at Dec. 31, 2020 | 190,239,883 | 25,319,235 | |||||
Common stock issued - compensation plans | 1 | (1) | |||||
Common stock issued - compensation plans (in shares) | 154,312 | ||||||
Exercise of stock options, net | 11 | 11 | |||||
Exercise of stock options, net (in shares) | 721,414 | ||||||
Purchases of treasury stock, at cost | (15) | $ (15) | |||||
Purchases of treasury stock at cost (in shares) | 423,273 | ||||||
Stock-based compensation expense | 20 | 20 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (2) | (2) | |||||
Net income | 161 | 161 | |||||
Dividends | (82) | (82) | |||||
Other comprehensive income (loss) | (8) | (8) | |||||
Total stockholders' equity, ending balance at Jun. 30, 2021 | 900 | $ 2 | $ (1,087) | 920 | 1,381 | (318) | 2 |
Shares, ending balance at Jun. 30, 2021 | 191,115,609 | 25,742,508 | |||||
Total stockholders' equity, beginning balance at Mar. 31, 2021 | 852 | $ 2 | $ (1,072) | 907 | 1,357 | (344) | 2 |
Shares, beginning balance at Mar. 31, 2021 | 190,783,383 | 25,319,235 | |||||
Common stock issued - compensation plans (in shares) | 8,140 | ||||||
Exercise of stock options, net | 5 | 5 | |||||
Exercise of stock options, net (in shares) | 324,086 | ||||||
Purchases of treasury stock, at cost | (15) | $ (15) | |||||
Purchases of treasury stock at cost (in shares) | 423,273 | ||||||
Stock-based compensation expense | 8 | 8 | |||||
Net income | 66 | 66 | |||||
Dividends | (42) | (42) | |||||
Other comprehensive income (loss) | 26 | 26 | |||||
Total stockholders' equity, ending balance at Jun. 30, 2021 | $ 900 | $ 2 | $ (1,087) | $ 920 | $ 1,381 | $ (318) | $ 2 |
Shares, ending balance at Jun. 30, 2021 | 191,115,609 | 25,742,508 |
Interim Consolidated Statemen_4
Interim Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends per share declared during period | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 |
Interim Consolidated Statemen_5
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 161 | $ 124 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||
Depreciation and amortization | 163 | 160 |
Gain on sales of assets and businesses | (2) | 0 |
Equity in earnings of affiliates, net | (19) | (11) |
Amortization of debt issuance costs and issue discounts | 4 | 5 |
Deferred tax benefit | (39) | (70) |
Asset-related charges | 0 | 11 |
Stock-based compensation expense | 20 | 9 |
Net periodic pension cost | 3 | 6 |
Defined benefit plan contributions | (8) | (14) |
Other operating charges and credits, net | 24 | (3) |
Decrease (increase) in operating assets: | ||
Accounts and notes receivable, net | (288) | 128 |
Inventories and other operating assets | (60) | 33 |
(Decrease) increase in operating liabilities: | ||
Accounts payable and other operating liabilities | 336 | (223) |
Cash provided by operating activities | 295 | 155 |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (127) | (167) |
Foreign exchange contract settlements, net | (7) | 4 |
Cash used for investing activities | (134) | (163) |
Cash flows from financing activities | ||
Proceeds from accounts receivable securitization facility | 0 | 12 |
Proceeds from revolving loan | 0 | 300 |
Debt repayments | (27) | (134) |
Payments on finance leases | (5) | (3) |
Purchases of treasury stock, at cost | (13) | 0 |
Proceeds from exercised stock options, net | 11 | 5 |
Payments related to tax withholdings on vested stock awards | (2) | (2) |
Payments of dividends to the Company's common shareholders | (82) | (82) |
Distributions to non-controlling interest shareholders | 0 | (4) |
Cash (used for) provided by financing activities | (118) | 92 |
Effect of exchange rate changes on cash and cash equivalents | (9) | 4 |
Increase in cash and cash equivalents | 34 | 88 |
Cash and cash equivalents at January 1, | 1,105 | 943 |
Cash and cash equivalents at June 30, | 1,139 | 1,031 |
Non-cash investing and financing activities: | ||
Purchases of property, plant, and equipment included in accounts payable | 43 | 25 |
Treasury Stock repurchased, not settled | $ 2 | $ 0 |
Background, Description of the
Background, Description of the Business, and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background, Description of the Business, and Basis of Presentation | Note 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. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, mining, and oil and gas. The Company’s principal products include titanium dioxide (“TiO 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 Operating Decision Maker (“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). 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 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 Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 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 Sales | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Note 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales by geographic region (1) North America: Titanium Technologies $ 250 $ 176 $ 456 $ 369 Thermal & Specialized Solutions 168 117 315 263 Advanced Performance Materials 130 112 240 230 Chemical Solutions 50 51 83 106 Total North America 598 456 1,094 968 Asia Pacific: Titanium Technologies 269 161 515 354 Thermal & Specialized Solutions 49 32 86 61 Advanced Performance Materials 150 121 290 225 Chemical Solutions 6 5 12 13 Total Asia Pacific 474 319 903 653 Europe, the Middle East, and Africa: Titanium Technologies 223 99 398 247 Thermal & Specialized Solutions 89 61 176 160 Advanced Performance Materials 67 50 135 110 Chemical Solutions 5 6 9 11 Total Europe, the Middle East, and Africa 384 216 718 528 Latin America (2): Titanium Technologies 117 52 214 130 Thermal & Specialized Solutions 34 21 66 55 Advanced Performance Materials 15 9 30 19 Chemical Solutions 33 20 66 45 Total Latin America 199 102 376 249 Total net sales $ 1,655 $ 1,093 $ 3,091 $ 2,398 Net sales by segment and product group Titanium Technologies: Titanium dioxide and other minerals $ 859 $ 488 $ 1,583 $ 1,100 Thermal & Specialized Solutions: Refrigerants 271 188 512 440 Foam, propellants, and other 69 43 131 99 Advanced Performance Materials: Fluoropolymers and advanced materials 362 292 695 584 Chemical Solutions: Mining solutions 69 47 122 98 Performance chemicals and intermediates 25 35 48 77 Total net sales $ 1,655 $ 1,093 $ 3,091 $ 2,398 (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 June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Accounts receivable - trade, net (1) $ 730 $ 449 Deferred revenue 8 12 Customer rebates 53 69 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at June 30, 2021 and December 31, 2020, respectively. Such allowances are equal to the estimated uncollectible amounts. 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 and six months ended June 30, 2021 were not significant. For the three and six months ended June 30, 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 June 30, 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 June 30, 2021, Chemours had $78 of remaining performance obligations. |
Restructuring, Asset-Related, a
Restructuring, Asset-Related, and Other Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Asset-Related, and Other Charges | Note 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restructuring and other charges: Employee separation charges $ (1 ) $ 6 $ (2 ) $ 14 Decommissioning and other charges 6 1 2 3 Total restructuring and other charges 5 7 — 17 Asset-related charges — 10 — 11 Total restructuring, asset-related, and other charges $ 5 $ 17 $ — $ 28 The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restructuring charges: Plant and product line closures: Chemical Solutions $ 4 $ 3 $ 8 $ 4 Corporate and Other — — — 1 Total plant and product line closures 4 3 8 5 2017 Restructuring Program: Corporate and Other — (1 ) — (1 ) Total 2017 Restructuring Program — (1 ) — (1 ) 2019 Restructuring Program: Thermal & Specialized Solutions — 1 — 1 Advanced Performance Materials — 2 — 2 Total 2019 Restructuring Program — 3 — 3 2020 Restructuring Program: Titanium Technologies — — — 2 Thermal & Specialized Solutions — — — 1 Advanced Performance Materials (1 ) — (1 ) 2 Chemical Solutions — 1 — 1 Corporate and Other — 1 — 4 Total 2020 Restructuring Program (1 ) 2 (1 ) 10 Total restructuring charges 3 7 7 17 Asset-related charges: Chemical Solutions — 6 — 7 Corporate and Other — 4 — 4 Total asset-related charges — 10 — 11 Other charges: Chemical Solutions 2 — (7 ) — Total other charges 2 — (7 ) — Total restructuring, asset-related, and other charges $ 5 $ 17 $ — $ 28 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 of 2021, 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 of 2021, offset by $22 of the liability recorded in the fourth quarter of 2020 being reversed in the first quarter of 2021, resulting in a net $9 gain in Other Charges. Additionally, during the second quarter of 2021, the Company incurred $2 of freight charges associated with transportation of the impaired assets. 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 six months ended June 30, 2021, and $1 and $2 for the three and six months ended June 30, 2020, respectively. The Company expects to incur and spend approximately $2 related to additional restructuring charges for similar activities by the end of 2022, all of which relate to Chemical Solutions. As of June 30, 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 was 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, during the three and six months ended June 30, 2020, the Company recorded asset-related charges of Corporate and Other In the first quarter of 2018, the Company began a project to demolish and remove several dormant, unused buildings at its Chambers Works site in Deepwater, New Jersey, which were assigned to Chemours in connection with its Separation from EID and never used in Chemours’ operations. The Company recorded additional decommissioning and dismantling-related charges of $1 for the six months ended June 30, 2020. The Company does not currently expect to incur additional charges related to these activities at its Chambers Works site through the end of 2021, and any remaining future charges and cash outflows associated with these activities are not expected to be material 2017 Restructuring Program In 2017, the Company announced certain restructuring activities designed to further the cost savings and productivity improvements outlined under management’s transformation plan. These activities include, among other efforts: (i) outsourcing and further centralizing certain business process activities; (ii) consolidating existing, outsourced third-party information technology (“IT”) providers; and, (iii) implementing various upgrades to the Company’s current IT infrastructure. In 2017, the Company also announced a voluntary separation program (“VSP”) for certain eligible U.S. employees in an effort to better manage the anticipated future changes to its workforce. Employees who volunteered for and were accepted under the VSP received certain financial incentives above the Company’s customary involuntary termination benefits to end their employment with Chemours after providing a mutually agreed-upon service period. Approximately 300 employees separated from the Company through the end of 2018. An accrual representing the majority of these termination benefits, amounting to $18, was recognized in the fourth quarter of 2017. The remaining $9 of incremental, one-time financial incentives under the VSP were recognized over the period that each participating employee continued to provide service to Chemours. The cumulative amount incurred, in the aggregate, for the Company’s 2017 Restructuring Program amounted to $61 at June 30, 2021. The Company has substantially completed all actions related to this program. 2019 Restructuring Program In the third quarter of 2019, management initiated a severance program of the Company’s corporate functions and businesses, and the majority of employees separated from the Company during the fourth quarter of 2019. As of June 30, 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 June 30, 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 June 30, 2021, the cumulative amount incurred, in the aggregate, for the Company’s 2020 Restructuring Program amounted to $12 and the Company has substantially completed all actions related to this program. The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the six months ended June 30, 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 ) (2 ) Payments — (1 ) (2 ) (3 ) Balance at June 30, 2021 $ 1 $ 1 $ — $ 2 At June 30, 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), Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net | Note 5. Other Income (Expense), Net The following table sets forth the components of the Company’s other income (expense), net for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Leasing, contract services, and miscellaneous income $ 10 $ 3 $ 12 $ 9 Royalty income (1) 4 4 7 8 Gain on sales of assets and businesses 2 — 2 — Exchange gains (losses), net (2) 3 6 (5 ) (19 ) Non-operating pension and other post-retirement employee benefit income (3) 2 1 5 1 Total other income (expense), net $ 21 $ 14 $ 21 $ (1 ) (1) Royalty income for the periods ended June 30, 2021 and 2020 is primarily from technology licensing. (2) Exchange gains (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 Stock | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to Chemours $ 66 $ 24 $ 161 $ 124 Denominator: Weighted-average number of common shares outstanding - basic 166,168,550 164,648,103 165,912,089 164,448,226 Dilutive effect of the Company’s employee compensation plans 3,989,453 765,838 3,693,498 888,190 Weighted-average number of common shares outstanding - diluted 170,158,003 165,413,941 169,605,587 165,336,416 Basic earnings per share of common stock $ 0.40 $ 0.15 $ 0.97 $ 0.75 Diluted earnings per share of common stock 0.39 0.15 0.95 0.75 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Average number of stock options 1,494,624 7,088,463 1,502,192 6,072,203 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | Note 7. Accounts and Notes Receivable, Net The following table sets forth the components of the Company’s accounts and notes receivable, net at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Accounts receivable - trade, net (1) $ 730 $ 449 VAT, GST, and other taxes (2) 63 49 Other receivables (3) 9 13 Total accounts and notes receivable, net $ 802 $ 511 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at June 30, 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 $1 for the three and six months ended June 30, 2021, and less than $1 for the three and six months ended June 30, 2020. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Net [Abstract] | |
Inventories | Note 8. Inventories The following table sets forth the components of the Company’s inventories at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Finished products $ 607 $ 579 Semi-finished products 173 180 Raw materials, stores, and supplies 510 433 Inventories before LIFO adjustment 1,290 1,192 Less: Adjustment of inventories to LIFO basis (244 ) (253 ) Total inventories $ 1,046 $ 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 $563 and $585 (or 44% and 49%, respectively) of inventories before the LIFO adjustments at June 30, 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, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Note 9. Property, Plant, and Equipment, Net The following table sets forth the components of the Company’s property, plant, and equipment, net at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Equipment $ 7,889 $ 7,816 Buildings 1,204 1,198 Construction-in-progress 428 421 Land 111 111 Mineral rights 36 36 Property, plant, and equipment 9,668 9,582 Less: Accumulated depreciation (6,220 ) (6,108 ) Total property, plant, and equipment, net $ 3,448 $ 3,474 Property, plant, and equipment, net included gross assets under finance leases of $102 and $86 at June 30, 2021 and December 31, 2020, respectively. Depreciation expense amounted to $78 and $158 for the three and six months ended June 30, 2021, respectively, and $80 and $157 for the three and six months ended June 30, 2020, respectively. |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Affiliates | Note 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 $ 40 25 equity 51 34 1 1 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 11. Other Assets The following table sets forth the components of the Company’s other assets at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Capitalized repair and maintenance costs $ 158 $ 198 Pension assets (1) 83 79 Deferred income taxes 145 95 Miscellaneous 28 33 Total other assets $ 414 $ 405 (1) Pension assets represents the funded status of certain of the Company's long-term employee benefit plans. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Note 12. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Employee separation costs (1) $ 2 $ 7 Accrued litigation (2) 33 37 Asset retirement obligations (3) 11 13 Income taxes 60 64 Customer rebates 53 69 Deferred revenue 3 7 Accrued interest 20 18 Operating lease liabilities 57 57 Miscellaneous (4) 82 103 Total other accrued liabilities $ 321 $ 375 (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 portion of accrued litigation, which is 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
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 13. Debt The following table sets forth the components of the Company’s debt at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 851 $ 875 Tranche B-2 euro term loan due April 2025 (€339 at June 30, 2021 and €340 at December 31, 2020) 404 417 Senior unsecured notes: 7.000% 750 750 4.000% (€450 at June 30, 2021 and December 31, 2020) 537 551 5.375% 500 500 5.750% 800 800 Finance lease liabilities 85 74 Financing obligation (1) 93 94 Total debt principal 4,020 4,061 Less: Unamortized issue discounts (6 ) (7 ) Less: Unamortized debt issuance costs (25 ) (28 ) Less: Short-term and current maturities of long-term debt (25 ) (21 ) Total long-term debt, net $ 3,964 $ 4,005 (1) At June 30, 2021 and December 31, 2020, financing obligation includes $93 and $94, respectively, 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 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. As of June 30, 2021, the Securitization Facility is fully utilized. 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 and six months ended June 30, 2021, the Company received $345 and $616 of cash collections on receivables sold under the Securitization Facility, respectively, following which it sold and derecognized $370 and $641 of incremental accounts receivable, respectively. During the three and six months ended June 30, 2020, the Company received $298 and $358, respectively, of cash collections on receivables sold under the Amended Purchase Agreement, following which it sold and derecognized $295 and $355, respectively, of incremental accounts receivable. 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 $123 and $33 at June 30, 2021 and December 31, 2020, respectively. The Company incurred $1 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 $ 7 2022 13 2023 13 2024 13 2025 1,959 Thereafter 1,837 Total principal maturities on debt $ 3,842 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. June 30, 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 $ 851 $ 845 $ 875 $ 862 Tranche B-2 euro term loan due April 2025 (€339 at June 30, 2021 and €340 at December 31, 2020) 404 403 417 413 Senior unsecured notes: 7.000% 750 775 750 774 4.000% (€450 at June 30, 2021 and December 31, 2020) 537 552 551 551 5.375% 500 543 500 536 5.750% 800 857 800 821 Total senior debt 3,842 $ 3,975 3,893 $ 3,957 Less: Unamortized issue discounts (6 ) (7 ) Less: Unamortized debt issuance costs (25 ) (28 ) Total senior debt, net $ 3,811 $ 3,858 |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 14. Other Liabilities The following table sets forth the components of the Company’s other liabilities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Employee-related costs (1) $ 105 $ 108 Accrued litigation (2) 52 51 Asset retirement obligations (3) 63 63 Deferred revenue 5 5 Miscellaneous (4) 71 68 Total other liabilities $ 296 $ 295 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portion of accrued litigation, which is discussed further in “Note 15 – Commitments and Contingent Liabilities”. (3) Represents the long-term portion of asset retirement obligations, which totaled $74 and $76 when combined with the current portion at June 30, 2021 and December 31, 2020, respectively, as disclosed in “Note 12 – Other Accrued Liabilities”. For the six months ended June 30, 2021, liabilities incurred during the period, reduction in estimated cash outflows, liabilities settled in the current period and accretion expense are not material. (4) Miscellaneous primarily includes an accrued indemnification liability of $33 and $37 at June 30, 2021 and December 31, 2020, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 15. 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 three and six months ended June 30, 2021 Qualified Spend is estimated at approximately $30 and $43, respectively, of which half would be subject to recovery from DuPont and Corteva. In July, the Company invoiced DuPont and Corteva for the first quarter Qualified Spend. 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 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 June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Asbestos $ 34 $ 34 PFOA (1) 22 50 All other matters (2) 29 4 Total accrued litigation $ 85 $ 88 (1) At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. (2) At June 30, 2021, all other matters includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at June 30, 2021 and December 31, 2020. Balance Sheet Location June 30, 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 June 30, 2021, current accrued litigation includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. At December 31, 2020, current accrued litigation includes $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 June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020, there were 21 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. In May 2021, the Company and EID filed suit in Delaware state court against multiple insurance companies for breach of their contractual obligations to indemnify Chemours and EID against liabilities, costs and losses relating to benzene litigation which are covered under liability insurance policies purchased by EID during the period 1967 to 1986. EID and Chemours are seeking payment of all costs and settlement amounts for past and future benzene cases falling under those policies. The outcome of this matter is not expected to have a material impact on Chemours’ results of operations or financial position. 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 June 30, 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 June 30, 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 June 30, 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. The cost-sharing agreement entered concurrently with the First MDL Settlement has been superseded by the binding MOU addressing certain PFAS matters 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 were resolved for approximately $83 (the “Second MDL Settlement”). Chemours contributed approximately $29, and DuPont and Corteva each contributed approximately $27 to the Second MDL Settlement. During the three and six months ended June 30, 2021, Chemours made payments of $22 and $29 associated with the Second MDL Settlement. At December 31, 2020, Chemours had accrued approximately $29 associated with this matter. 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 has appealed 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 1,300 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. Plaintiffs also allege violation of New York Uniform Fraudulent Conveyance Act and seek compensatory and punitive damages, and medical monitoring. 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, Alaska, and Pennsylvania 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. Chemours has engaged with the State of Delaware regarding potential similar causes of action for PFAS and other contaminants. On July 13, 2021, Chemours, DuPont, Corteva, and EID entered into a settlement agreement with the State of Delaware to settle such potential claims, including for environmental releases or sales of products containing PFAS or other known contaminants. Under the agreement, the companies shall make a payment in the total amount of $50 to the State of Delaware, which shall be treated as Qualified Spend under the MOU, of which Chemours shall contribute $25, which shall be utilized to fund a Natural Resources and Sustainability Trust (the “Trust”) to be used for environmental restoration and enhancement of resources, sampling and analysis, community environmental justice and equity grants, and other natural resource needs. If the companies enter into a proportionally similar agreement to settle or resolve claims of another state for PFAS-related natural resource damages, for an amount greater than $50, the companies may be required to make one or more supplemental payment(s) directly to the Trust, with such payment(s) not to exceed $25 in the aggregate. At this time, the Company has concluded the probability of loss as to any supplemental payment(s) under the settlement agreement to be remote. 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 sites where consumer products were disposed. The complaints allege products liability, negligence, nuisance, trespass, and fraudulent transfer. Plaintiffs seek declaratory and injunctive relief, as well as compensatory and punitive damages. 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, five 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 state 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. The case has been removed to federal court. 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 preparing a statement of defense. At this time, management believes that a loss related to this matter is remote. Chemours Washington Works discharges, through outfalls at the site, wastewater and st |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Equity | Note 16. Equity 2018 Share Repurchase Program On August 1, 2018, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $750, plus any associated fees or costs in connection with the Company’s share repurchases activity (the “2018 Share Repurchase Program”). On February 13, 2019, the Company’s board of directors increased the authorization amount of the 2018 Share Repurchase Program from $750 to $1,000. Under the 2018 Share Repurchase Program, shares of Chemours’ common stock can be purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2018 Share Repurchase Program became effective on August 1, 2018, was announced to the public on August 2, 2018, and was originally scheduled to continue through the earlier of its expiration on December 31, 2020 or the completion of repurchases up to the approved amount. On December 8, 2020, the Company’s board of directors approved the extension of the 2018 Share Repurchase Program through December 31, 2022. The program may be suspended or discontinued at any time. All common shares purchased under the 2018 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method. Under the 2018 Share Repurchase Program, the Company purchased an additional 423,273 shares of Chemours’ issued and outstanding common stock during the second quarter of 2021, which amounted to $15 at an average share price of $35.08 per share. The aggregate amount of Chemours’ common stock that remained available for purchase under the 2018 Share Repurchase Program at June 30, 2021 was $413. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 17. Stock-based Compensation The Company’s total stock-based compensation expense amounted to $8 and $20 for the three and six months ended June 30, 2021, respectively, and $1 and $9 for the three and six months ended June 30, 2020, respectively. Stock Options During the six months ended June 30, 2021, Chemours granted approximately 1,120,000 non-qualified stock options to certain of its employees, all of which were granted in the first quarter of 2021. 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 six months ended June 30, 2021. Six Months Ended June 30, 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 $2 and $7 in stock-based compensation expense specific to its stock options for the three and six months ended June 30, 2021, respectively, and $2 and $7 for the three and six months ended June 30, 2020, respectively. At June 30, 2021, approximately 7,650,000 stock options remained outstanding. Restricted Stock Units During the six months ended June 30, 2021, Chemours granted approximately 380,000 restricted stock units (“RSUs”) to certain of its employees, of which approximately 340,000 were granted in the first quarter of 2021. These awards will vest over a three-year The Company recorded $3 and $7 in stock-based compensation expense specific to its RSUs for the three and six months ended June 30, 2021, respectively, and $2 and $4 for the three and six months ended June 30, 2020, respectively. At June 30, 2021, approximately 1,440,000 RSUs remained non-vested. Performance Share Units During the six months ended June 30, 2021, Chemours granted approximately 290,000 performance share units (“PSUs”) to key senior management employees, all of which were granted in the first quarter of 2021. 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 $6 in stock-based compensation expense specific to its PSUs for the three and six months ended June 30, 2021, respectively, and reductions of $3 and $2 for the three and six months ended June 30, 2020, respectively, based on its assessment of Company performance relative to award-based financial objectives. At June 30, 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 Loss | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 18. 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 loss 18 5 (34 ) 3 (8 ) Balance at June 30, 2021 $ (58 ) $ (3 ) $ (154 ) $ (103 ) $ (318 ) Balance at January 1, 2020 $ (10 ) $ 2 $ (231 ) $ (110 ) $ (349 ) Other comprehensive loss (6 ) (4 ) (78 ) 2 (86 ) Balance at June 30, 2020 $ (16 ) $ (2 ) $ (309 ) $ (108 ) $ (435 ) |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 19. 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 June 30, 2021, the Company had 14 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $350, 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 a net gain of $9 and a net loss of $11 for the three and six months ended June 30, 2021, respectively, and net gains of $10 and $4 for the three and six months ended June 30, 2020, respectively, in other income (expense), net. Cash Flow Hedge – Foreign Currency Forward Contracts At June 30, 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 $119, 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 a pre-tax loss of $1 and a pre-tax gain of $3 for the three and six months ended June 30, 2021, respectively, and a pre-tax loss of $1 and a pre-tax gain of $1 for the three and six months ended June 30, 2020, respectively, within accumulated other comprehensive loss. For the three and six months ended June 30, 2021, $1 and $3 of loss was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. For the three and six months ended June 30, 2020, $2 and $3 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 June 30, 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 loss of less than $1 and a pre-tax gain of less than $1 for the three and six months ended June 30, 2021, and pre-tax losses of $3 for the three and six months ended June 30, 2020, within accumulated other comprehensive loss. For the three and six months ended June 30, 2021, $1 of loss was reclassified to interest expense, net from accumulated other comprehensive The Company expects to reclassify an approximate $ 1 Net Investment Hedge – Foreign Currency Borrowings T he Company recognized a pre-tax loss of $13 and a pre-tax gain of $24 for the three and six months ended June 30, 2021, respectively, and pre-tax losses of $18 and $8 for the three and six months ended June 30, 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 and six months ended Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities at June 30, 2021 and December 31, 2020. Fair Value Using Level 2 Inputs Balance Sheet Location June 30, 2021 December 31, 2020 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net (Note 7) $ — $ 4 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net (Note 7) 1 — Total asset derivatives $ 1 $ 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 and six months ended June 30, 2021 and 2020. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Three Months Ended June 30, Goods Sold Expense, Net (Expense), Net Loss 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 9 $ — Foreign currency forward contracts designated as a cash flow hedge (1 ) — — (1 ) Interest rate swaps designated as a cash flow hedge — (1 ) — — Euro-denominated debt designated as a net investment hedge — — — (13 ) 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 10 $ — Foreign currency forward contracts designated as a cash flow hedge 2 — — (1 ) Interest rate swaps designated as a cash flow hedge — — — (3 ) Euro-denominated debt designated as a net investment hedge — — — (18 ) Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Six Months Ended June 30, Goods Sold Expense, Net (Expense), Net Loss 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ (11 ) $ — Foreign currency forward contracts designated as a cash flow hedge (3 ) — — 3 Interest rate swaps designated as a cash flow hedge — (1 ) — — Euro-denominated debt designated as a net investment hedge — — — 24 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 4 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — 1 Interest rate swaps designated as a cash flow hedge — — — (3 ) Euro-denominated debt designated as a net investment hedge — — — (8 ) |
Long-term Employee Benefits
Long-term Employee Benefits | 6 Months Ended |
Jun. 30, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Long-term Employee Benefits | Note 20. 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ (4 ) $ (4 ) $ (8 ) $ (7 ) Interest cost (2 ) (2 ) (3 ) (4 ) Expected return on plan assets 5 4 10 8 Amortization of actuarial loss (2 ) (2 ) (4 ) (4 ) Amortization of prior service gain 1 1 2 1 Total net periodic pension cost $ (2 ) $ (3 ) $ (3 ) $ (6 ) Amortization of actuarial loss 2 2 4 4 Amortization of prior service gain (1 ) (1 ) (2 ) (1 ) Effect of foreign exchange rates (2 ) (2 ) 2 (1 ) (Cost) benefit recognized in other comprehensive income (1 ) (1 ) 4 2 Total changes in plan assets and benefit obligations recognized in other comprehensive income $ (3 ) $ (4 ) $ 1 $ (4 ) The Company made cash contributions of $3 and $8 to its defined benefit pension plans during the three and six months ended June 30, 2021, respectively, and $6 and $14 for the three and six months ended June 30, 2020, respectively, and expects to make additional cash contributions of $8 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 Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21. 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 CODM and is defined as income (loss) before income taxes, excluding the following: • interest expense, depreciation, and amortization; • non-operating pension and other post-retirement employee benefit costs, which 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 and six months ended June 30, 2021 and 2020. Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total Three Months Ended June 30, 2021 Net sales to external customers $ 859 $ 340 $ 362 $ 94 $ 1,655 Adjusted EBITDA 219 117 74 19 429 Depreciation and amortization 32 14 21 5 72 Three Months Ended June 30, 2020 Net sales to external customers $ 488 $ 231 $ 292 $ 82 $ 1,093 Adjusted EBITDA 94 55 42 19 210 Depreciation and amortization 33 13 22 6 74 Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total Six Months Ended June 30, 2021 Net sales to external customers $ 1,583 $ 643 $ 695 $ 170 $ 3,091 Adjusted EBITDA 388 210 125 29 752 Depreciation and amortization 64 30 44 10 148 Six Months Ended June 30, 2020 Net sales to external customers $ 1,100 $ 539 $ 584 $ 175 $ 2,398 Adjusted EBITDA 232 144 94 33 503 Depreciation and amortization 63 26 44 11 144 Total Assets June 30, 2021 $ 2,344 $ 1,117 $ 1,565 $ 550 $ 5,576 December 31, 2020 2,130 1,041 1,520 531 5,222 Corporate and Other depreciation and amortization expense amounted to $7 and $15 for the three and six months ended June 30, 2021, respectively, and $8 and $16 for the three and six months ended June 30, 2020, respectively. Corporate and Other total assets amounted to $1,903 and $1,860 at June 30, 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Segment Adjusted EBITDA $ 429 $ 210 $ 752 $ 503 Corporate and Other expenses (excluding items below) (63 ) (44 ) (118 ) (80 ) Interest expense, net (47 ) (53 ) (97 ) (107 ) Depreciation and amortization (79 ) (82 ) (163 ) (160 ) Non-operating pension and other post-retirement employee benefit income 2 1 5 1 Exchange gains (losses), net 3 6 (5 ) (19 ) Restructuring, asset-related, and other charges (1) (5 ) (17 ) — (28 ) Gain on sales of assets and businesses 2 — 2 — Natural disasters and catastrophic events (2) (3 ) — (19 ) — Transaction costs (3) — — (5 ) (2 ) Legal and environmental charges (4,5) (195 ) (1 ) (208 ) (12 ) Income before income taxes $ 44 $ 20 $ 144 $ 96 (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. For the three and six months ended June 30, 2021, legal charges include $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. See “Note 15 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements for further details. (5) For the three and six months ended June 30, 2021, environmental charges include $169 related to the construction of the barrier wall, operation of the groundwater extraction and treatment system, and long-term enhancements to the old outfall treatment system at Fayetteville. 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 six months ended June 30, 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22. Subsequent Events On July 26, 2021, the Company entered into a definitive agreement with Manchester Acquisition Sub LLC, a Delaware limited liability company and a subsidiary of Draslovka Holding a.s., to sell the Mining Solutions business of its Chemical Solutions segment for cash consideration of approximately $520 (the “Mining Solutions Transaction”). We are currently evaluating the financial statement impacts of the Mining Solutions Transaction and we currently expect to record a pre-tax gain of approximately $80 to $130 on the Mining Solutions Transaction in the fourth quarter of 2021, as a component of Other Income. We will classify the related assets and liabilities as held for sale on our consolidated balance sheet at September 30, 2021. The Mining Solutions Transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including regulatory approvals. We do not expect the Mining Solutions Transaction to qualify as discontinued operations. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
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 (Tables)
Net Sales (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group | The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net sales by geographic region (1) North America: Titanium Technologies $ 250 $ 176 $ 456 $ 369 Thermal & Specialized Solutions 168 117 315 263 Advanced Performance Materials 130 112 240 230 Chemical Solutions 50 51 83 106 Total North America 598 456 1,094 968 Asia Pacific: Titanium Technologies 269 161 515 354 Thermal & Specialized Solutions 49 32 86 61 Advanced Performance Materials 150 121 290 225 Chemical Solutions 6 5 12 13 Total Asia Pacific 474 319 903 653 Europe, the Middle East, and Africa: Titanium Technologies 223 99 398 247 Thermal & Specialized Solutions 89 61 176 160 Advanced Performance Materials 67 50 135 110 Chemical Solutions 5 6 9 11 Total Europe, the Middle East, and Africa 384 216 718 528 Latin America (2): Titanium Technologies 117 52 214 130 Thermal & Specialized Solutions 34 21 66 55 Advanced Performance Materials 15 9 30 19 Chemical Solutions 33 20 66 45 Total Latin America 199 102 376 249 Total net sales $ 1,655 $ 1,093 $ 3,091 $ 2,398 Net sales by segment and product group Titanium Technologies: Titanium dioxide and other minerals $ 859 $ 488 $ 1,583 $ 1,100 Thermal & Specialized Solutions: Refrigerants 271 188 512 440 Foam, propellants, and other 69 43 131 99 Advanced Performance Materials: Fluoropolymers and advanced materials 362 292 695 584 Chemical Solutions: Mining solutions 69 47 122 98 Performance chemicals and intermediates 25 35 48 77 Total net sales $ 1,655 $ 1,093 $ 3,091 $ 2,398 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Summary of Contract Balances from Contracts with Customers | The following table sets forth the Company’s contract balances from contracts with customers at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Accounts receivable - trade, net (1) $ 730 $ 449 Deferred revenue 8 12 Customer rebates 53 69 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at June 30, 2021 and December 31, 2020, respectively. Such allowances are equal to the estimated uncollectible amounts. |
Restructuring, Asset-Related,_2
Restructuring, Asset-Related, and Other Charges (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program | The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restructuring and other charges: Employee separation charges $ (1 ) $ 6 $ (2 ) $ 14 Decommissioning and other charges 6 1 2 3 Total restructuring and other charges 5 7 — 17 Asset-related charges — 10 — 11 Total restructuring, asset-related, and other charges $ 5 $ 17 $ — $ 28 The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restructuring charges: Plant and product line closures: Chemical Solutions $ 4 $ 3 $ 8 $ 4 Corporate and Other — — — 1 Total plant and product line closures 4 3 8 5 2017 Restructuring Program: Corporate and Other — (1 ) — (1 ) Total 2017 Restructuring Program — (1 ) — (1 ) 2019 Restructuring Program: Thermal & Specialized Solutions — 1 — 1 Advanced Performance Materials — 2 — 2 Total 2019 Restructuring Program — 3 — 3 2020 Restructuring Program: Titanium Technologies — — — 2 Thermal & Specialized Solutions — — — 1 Advanced Performance Materials (1 ) — (1 ) 2 Chemical Solutions — 1 — 1 Corporate and Other — 1 — 4 Total 2020 Restructuring Program (1 ) 2 (1 ) 10 Total restructuring charges 3 7 7 17 Asset-related charges: Chemical Solutions — 6 — 7 Corporate and Other — 4 — 4 Total asset-related charges — 10 — 11 Other charges: Chemical Solutions 2 — (7 ) — Total other charges 2 — (7 ) — Total restructuring, asset-related, and other charges $ 5 $ 17 $ — $ 28 |
Schedule of Restructuring Charges | The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the six months ended June 30, 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 ) (2 ) Payments — (1 ) (2 ) (3 ) Balance at June 30, 2021 $ 1 $ 1 $ — $ 2 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Leasing, contract services, and miscellaneous income $ 10 $ 3 $ 12 $ 9 Royalty income (1) 4 4 7 8 Gain on sales of assets and businesses 2 — 2 — Exchange gains (losses), net (2) 3 6 (5 ) (19 ) Non-operating pension and other post-retirement employee benefit income (3) 2 1 5 1 Total other income (expense), net $ 21 $ 14 $ 21 $ (1 ) (1) Royalty income for the periods ended June 30, 2021 and 2020 is primarily from technology licensing. (2) Exchange gains (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) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share (“EPS”) calculations for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to Chemours $ 66 $ 24 $ 161 $ 124 Denominator: Weighted-average number of common shares outstanding - basic 166,168,550 164,648,103 165,912,089 164,448,226 Dilutive effect of the Company’s employee compensation plans 3,989,453 765,838 3,693,498 888,190 Weighted-average number of common shares outstanding - diluted 170,158,003 165,413,941 169,605,587 165,336,416 Basic earnings per share of common stock $ 0.40 $ 0.15 $ 0.97 $ 0.75 Diluted earnings per share of common stock 0.39 0.15 0.95 0.75 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted EPS calculations for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Average number of stock options 1,494,624 7,088,463 1,502,192 6,072,203 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table sets forth the components of the Company’s accounts and notes receivable, net at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Accounts receivable - trade, net (1) $ 730 $ 449 VAT, GST, and other taxes (2) 63 49 Other receivables (3) 9 13 Total accounts and notes receivable, net $ 802 $ 511 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 and is net of allowances for doubtful accounts of $6 and $7 at June 30, 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) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Net [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventories at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Finished products $ 607 $ 579 Semi-finished products 173 180 Raw materials, stores, and supplies 510 433 Inventories before LIFO adjustment 1,290 1,192 Less: Adjustment of inventories to LIFO basis (244 ) (253 ) Total inventories $ 1,046 $ 939 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant, and Equipment, Net | The following table sets forth the components of the Company’s property, plant, and equipment, net at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Equipment $ 7,889 $ 7,816 Buildings 1,204 1,198 Construction-in-progress 428 421 Land 111 111 Mineral rights 36 36 Property, plant, and equipment 9,668 9,582 Less: Accumulated depreciation (6,220 ) (6,108 ) Total property, plant, and equipment, net $ 3,448 $ 3,474 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table sets forth the components of the Company’s other assets at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Capitalized repair and maintenance costs $ 158 $ 198 Pension assets (1) 83 79 Deferred income taxes 145 95 Miscellaneous 28 33 Total other assets $ 414 $ 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) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | The following table sets forth the components of the Company’s other accrued liabilities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Employee separation costs (1) $ 2 $ 7 Accrued litigation (2) 33 37 Asset retirement obligations (3) 11 13 Income taxes 60 64 Customer rebates 53 69 Deferred revenue 3 7 Accrued interest 20 18 Operating lease liabilities 57 57 Miscellaneous (4) 82 103 Total other accrued liabilities $ 321 $ 375 (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 portion of accrued litigation, which is 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) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table sets forth the components of the Company’s debt at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 851 $ 875 Tranche B-2 euro term loan due April 2025 (€339 at June 30, 2021 and €340 at December 31, 2020) 404 417 Senior unsecured notes: 7.000% 750 750 4.000% (€450 at June 30, 2021 and December 31, 2020) 537 551 5.375% 500 500 5.750% 800 800 Finance lease liabilities 85 74 Financing obligation (1) 93 94 Total debt principal 4,020 4,061 Less: Unamortized issue discounts (6 ) (7 ) Less: Unamortized debt issuance costs (25 ) (28 ) Less: Short-term and current maturities of long-term debt (25 ) (21 ) Total long-term debt, net $ 3,964 $ 4,005 (1) At June 30, 2021 and December 31, 2020, financing obligation includes $93 and $94, respectively, 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 Maturities | The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. Remainder of 2021 $ 7 2022 13 2023 13 2024 13 2025 1,959 Thereafter 1,837 Total principal maturities on debt $ 3,842 |
Estimated Fair Values of Senior Debt Issues | The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. June 30, 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 $ 851 $ 845 $ 875 $ 862 Tranche B-2 euro term loan due April 2025 (€339 at June 30, 2021 and €340 at December 31, 2020) 404 403 417 413 Senior unsecured notes: 7.000% 750 775 750 774 4.000% (€450 at June 30, 2021 and December 31, 2020) 537 552 551 551 5.375% 500 543 500 536 5.750% 800 857 800 821 Total senior debt 3,842 $ 3,975 3,893 $ 3,957 Less: Unamortized issue discounts (6 ) (7 ) Less: Unamortized debt issuance costs (25 ) (28 ) Total senior debt, net $ 3,811 $ 3,858 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Employee-related costs (1) $ 105 $ 108 Accrued litigation (2) 52 51 Asset retirement obligations (3) 63 63 Deferred revenue 5 5 Miscellaneous (4) 71 68 Total other liabilities $ 296 $ 295 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portion of accrued litigation, which is discussed further in “Note 15 – Commitments and Contingent Liabilities”. (3) Represents the long-term portion of asset retirement obligations, which totaled $74 and $76 when combined with the current portion at June 30, 2021 and December 31, 2020, respectively, as disclosed in “Note 12 – Other Accrued Liabilities”. For the six months ended June 30, 2021, liabilities incurred during the period, reduction in estimated cash outflows, liabilities settled in the current period and accretion expense are not material. (4) Miscellaneous primarily includes an accrued indemnification liability of $33 and $37 at June 30, 2021 and December 31, 2020, respectively. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Components of Accrued Litigation | The following table sets forth the components of the Company’s accrued litigation at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Asbestos $ 34 $ 34 PFOA (1) 22 50 All other matters (2) 29 4 Total accrued litigation $ 85 $ 88 (1) At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. (2) At June 30, 2021, all other matters includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. |
Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at June 30, 2021 and December 31, 2020. Balance Sheet Location June 30, 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 June 30, 2021, current accrued litigation includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. At December 31, 2020, current accrued litigation includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Schedule of Components of Environmental Remediation Liabilities | The following table sets forth the components of the Company’s environmental remediation liabilities at June 30, 2021 and December 31, 2020 for the five sites that are deemed the most significant by management, including Fayetteville as further discussed below. June 30, 2021 December 31, 2020 Chambers Works, Deepwater, New Jersey (1) $ 27 $ 20 East Chicago, Indiana 11 11 Fayetteville Works, Fayetteville, North Carolina (2) 355 194 Pompton Lakes, New Jersey 41 42 USS Lead, East Chicago, Indiana 15 12 All other sites 107 111 Total environmental remediation $ 556 $ 390 (1) In the first quarter of 2021, in connection with ongoing discussions with EPA and NJ DEP 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. (2) In the second quarter of 2021, the Company recorded an additional $175 associated with on-site surface water and groundwater remediation at Fayetteville. For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 15 – Commitments and Contingent Liabilities”. |
Schedule of Current and Long-term Components of Environmental Remediation Liabilities | The following table sets forth the current and long-term components of the Company’s environmental remediation liabilities at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Current environmental remediation $ 154 $ 95 Long-term environmental remediation 402 295 Total environmental remediation $ 556 $ 390 |
Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFAS | The 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 June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 On-site remediation $ 301 $ 140 Off-site groundwater remediation 54 54 Total Fayetteville environmental remediation $ 355 $ 194 |
Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities | The following table sets forth the current and long-term components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville at June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Current environmental remediation $ 100 $ 39 Long-term environmental remediation 255 155 Total Fayetteville environmental remediation $ 355 $ 194 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions of Stock Options | The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair value of the Company’s stock option awards that were granted during the six months ended June 30, 2021. Six Months Ended June 30, 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) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Components of 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 loss 18 5 (34 ) 3 (8 ) Balance at June 30, 2021 $ (58 ) $ (3 ) $ (154 ) $ (103 ) $ (318 ) Balance at January 1, 2020 $ (10 ) $ 2 $ (231 ) $ (110 ) $ (349 ) Other comprehensive loss (6 ) (4 ) (78 ) 2 (86 ) Balance at June 30, 2020 $ (16 ) $ (2 ) $ (309 ) $ (108 ) $ (435 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities At Fair Value | The following table sets forth the fair value of the Company’s derivative assets and liabilities at June 30, 2021 and December 31, 2020. Fair Value Using Level 2 Inputs Balance Sheet Location June 30, 2021 December 31, 2020 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net (Note 7) $ — $ 4 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net (Note 7) 1 — Total asset derivatives $ 1 $ 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 Instruments | The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three and six months ended June 30, 2021 and 2020. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Three Months Ended June 30, Goods Sold Expense, Net (Expense), Net Loss 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 9 $ — Foreign currency forward contracts designated as a cash flow hedge (1 ) — — (1 ) Interest rate swaps designated as a cash flow hedge — (1 ) — — Euro-denominated debt designated as a net investment hedge — — — (13 ) 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 10 $ — Foreign currency forward contracts designated as a cash flow hedge 2 — — (1 ) Interest rate swaps designated as a cash flow hedge — — — (3 ) Euro-denominated debt designated as a net investment hedge — — — (18 ) Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Six Months Ended June 30, Goods Sold Expense, Net (Expense), Net Loss 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ (11 ) $ — Foreign currency forward contracts designated as a cash flow hedge (3 ) — — 3 Interest rate swaps designated as a cash flow hedge — (1 ) — — Euro-denominated debt designated as a net investment hedge — — — 24 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 4 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — 1 Interest rate swaps designated as a cash flow hedge — — — (3 ) Euro-denominated debt designated as a net investment hedge — — — (8 ) |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedules of Net Periodic Pension (Cost) Income | The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ (4 ) $ (4 ) $ (8 ) $ (7 ) Interest cost (2 ) (2 ) (3 ) (4 ) Expected return on plan assets 5 4 10 8 Amortization of actuarial loss (2 ) (2 ) (4 ) (4 ) Amortization of prior service gain 1 1 2 1 Total net periodic pension cost $ (2 ) $ (3 ) $ (3 ) $ (6 ) Amortization of actuarial loss 2 2 4 4 Amortization of prior service gain (1 ) (1 ) (2 ) (1 ) Effect of foreign exchange rates (2 ) (2 ) 2 (1 ) (Cost) benefit recognized in other comprehensive income (1 ) (1 ) 4 2 Total changes in plan assets and benefit obligations recognized in other comprehensive income $ (3 ) $ (4 ) $ 1 $ (4 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table sets forth certain summary financial information for the Company’s reportable segments for the three and six months ended June 30, 2021 and 2020. Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total Three Months Ended June 30, 2021 Net sales to external customers $ 859 $ 340 $ 362 $ 94 $ 1,655 Adjusted EBITDA 219 117 74 19 429 Depreciation and amortization 32 14 21 5 72 Three Months Ended June 30, 2020 Net sales to external customers $ 488 $ 231 $ 292 $ 82 $ 1,093 Adjusted EBITDA 94 55 42 19 210 Depreciation and amortization 33 13 22 6 74 Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total Six Months Ended June 30, 2021 Net sales to external customers $ 1,583 $ 643 $ 695 $ 170 $ 3,091 Adjusted EBITDA 388 210 125 29 752 Depreciation and amortization 64 30 44 10 148 Six Months Ended June 30, 2020 Net sales to external customers $ 1,100 $ 539 $ 584 $ 175 $ 2,398 Adjusted EBITDA 232 144 94 33 503 Depreciation and amortization 63 26 44 11 144 Total Assets June 30, 2021 $ 2,344 $ 1,117 $ 1,565 $ 550 $ 5,576 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 Taxes | The following table sets forth a reconciliation of segment Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Segment Adjusted EBITDA $ 429 $ 210 $ 752 $ 503 Corporate and Other expenses (excluding items below) (63 ) (44 ) (118 ) (80 ) Interest expense, net (47 ) (53 ) (97 ) (107 ) Depreciation and amortization (79 ) (82 ) (163 ) (160 ) Non-operating pension and other post-retirement employee benefit income 2 1 5 1 Exchange gains (losses), net 3 6 (5 ) (19 ) Restructuring, asset-related, and other charges (1) (5 ) (17 ) — (28 ) Gain on sales of assets and businesses 2 — 2 — Natural disasters and catastrophic events (2) (3 ) — (19 ) — Transaction costs (3) — — (5 ) (2 ) Legal and environmental charges (4,5) (195 ) (1 ) (208 ) (12 ) Income before income taxes $ 44 $ 20 $ 144 $ 96 (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. For the three and six months ended June 30, 2021, legal charges include $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. See “Note 15 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements for further details. (5) For the three and six months ended June 30, 2021, environmental charges include $169 related to the construction of the barrier wall, operation of the groundwater extraction and treatment system, and long-term enhancements to the old outfall treatment system at Fayetteville. 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 six months ended June 30, 2020 includes $8 based on the aforementioned assessment associated with certain estimated liabilities at Fayetteville. See “Note 15 – Commitments and Contingent Liabilities” for further details. |
Background, Description of th_2
Background, Description of the Business, and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 4 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Change In Accounting Principle Accounting Standards Update Adopted | true |
Change In Accounting Principle Accounting Standards Update Adoption Date | Jan. 1, 2021 |
Change In Accounting Principle Accounting Standards Update Immaterial Effect | true |
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201912Member |
Net Sales - Summary of Disaggre
Net Sales - Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | $ 1,655 | $ 1,093 | $ 3,091 | $ 2,398 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 1,655 | 1,093 | 3,091 | 2,398 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 598 | 456 | 1,094 | 968 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Titanium Technologies [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 250 | 176 | 456 | 369 |
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 Sales | 168 | 117 | 315 | 263 |
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 Sales | 130 | 112 | 240 | 230 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Chemical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 50 | 51 | 83 | 106 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 384 | 216 | 718 | 528 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Titanium Technologies [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 223 | 99 | 398 | 247 |
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 Sales | 89 | 61 | 176 | 160 |
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 Sales | 67 | 50 | 135 | 110 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Chemical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 5 | 6 | 9 | 11 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 199 | 102 | 376 | 249 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Titanium Technologies [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 117 | 52 | 214 | 130 |
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 Sales | 34 | 21 | 66 | 55 |
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 Sales | 15 | 9 | 30 | 19 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Chemical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 33 | 20 | 66 | 45 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 474 | 319 | 903 | 653 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Titanium Technologies [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 269 | 161 | 515 | 354 |
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 Sales | 49 | 32 | 86 | 61 |
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 Sales | 150 | 121 | 290 | 225 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Chemical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 6 | 5 | 12 | 13 |
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 Sales | 859 | 488 | 1,583 | 1,100 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Refrigerants [Member] | Thermal & Specialized Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 271 | 188 | 512 | 440 |
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 Sales | 69 | 43 | 131 | 99 |
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 Sales | 362 | 292 | 695 | 584 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Mining Solutions [Member] | Chemical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregation of Net Sales | 69 | 47 | 122 | 98 |
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 | $ 25 | $ 35 | $ 48 | $ 77 |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable - trade, net | $ 730 | $ 449 |
Deferred revenue | 8 | 12 |
Customer rebates | $ 53 | $ 69 |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Balances from Contracts with Customers (Parenthetical) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 730,000,000 | $ 449,000,000 |
Allowance for doubtful accounts | 6,000,000 | 7,000,000 |
Trade Notes Receivable [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 2,000,000 | |
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 Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations | $ 78 |
Revenue, practical expedient, financing component | true |
Net Sales - Narrative (Details1
Net Sales - Narrative (Details1) - Topic 606 [Member] | Jun. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 21.00% |
Remaining performance obligations original expected period | 6 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 revenue | 21.00% |
Remaining performance obligations original expected period | 1 year |
Restructuring, Asset-Related,_3
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | ||||
Employee separation charges | $ (1) | $ 6 | $ (2) | $ 14 |
Decommissioning and other charges | 6 | 1 | 2 | 3 |
Total restructuring and other charges | 5 | 7 | 0 | 17 |
Asset-related charges | 0 | 10 | 0 | 11 |
Total restructuring, asset-related, and other charges | $ 5 | $ 17 | $ 0 | $ 28 |
Restructuring, Asset-Related,_4
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Programs to Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended | 24 Months Ended | 54 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 3 | $ 7 | $ 7 | $ 17 | |||
Asset-related charges | 0 | 10 | 0 | 11 | |||
Total restructuring, asset-related, and other charges | 5 | 17 | 0 | 28 | |||
Plant and Product Line Closures [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 4 | 3 | 8 | 5 | |||
2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | (1) | 0 | (1) | $ 61 | ||
2019 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 3 | 0 | 3 | $ 25 | ||
2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | (1) | 2 | (1) | 10 | $ 12 | ||
Operating Segments [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Other charges | 2 | 0 | (7) | 0 | |||
Operating Segments [Member] | Chemical Solutions [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset-related charges | 0 | 6 | 0 | 7 | |||
Other charges | 2 | 0 | (7) | 0 | |||
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 4 | 3 | 8 | 4 | |||
Operating Segments [Member] | Chemical Solutions [Member] | 2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 1 | 0 | 1 | |||
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2019 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 1 | 0 | 1 | |||
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 0 | 0 | 1 | |||
Operating Segments [Member] | Advanced Performance Materials [Member] | 2019 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 2 | 0 | 2 | |||
Operating Segments [Member] | Advanced Performance Materials [Member] | 2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | (1) | 0 | (1) | 2 | |||
Operating Segments [Member] | Titanium Technologies [Member] | 2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 0 | 0 | 2 | |||
Corporate and Other [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Asset-related charges | 0 | 4 | 0 | 4 | |||
Corporate and Other [Member] | Plant and Product Line Closures [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 0 | 0 | 1 | |||
Corporate and Other [Member] | 2017 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | (1) | 0 | (1) | |||
Corporate and Other [Member] | 2020 Restructuring Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 0 | $ 1 | $ 0 | $ 4 |
Restructuring, Asset-Related,_5
Restructuring, Asset-Related, and Other Charges - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | 24 Months Ended | 54 Months Ended | 69 Months Ended | |||||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017Employee | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset-related charges | $ 0 | $ 10 | $ 0 | $ 11 | |||||||||||
Restructuring, asset-related and other charges | 5 | 17 | 0 | 28 | |||||||||||
Restructuring charges | 3 | 7 | 7 | 17 | |||||||||||
Employee separation related liabilities | 2 | $ 7 | 2 | $ 2 | $ 2 | $ 2 | $ 2 | ||||||||
2017 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 0 | (1) | 0 | (1) | 61 | ||||||||||
2019 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 0 | 3 | 0 | 3 | 25 | ||||||||||
Employee separation related liabilities | 1 | 2 | 1 | 1 | 1 | 1 | 1 | ||||||||
2020 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | (1) | 2 | (1) | 10 | 12 | ||||||||||
Employee separation related liabilities | 0 | 3 | 0 | 0 | 0 | 0 | 0 | ||||||||
Plant and Product Line Closures [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 4 | 3 | 8 | 5 | |||||||||||
Voluntary Separation Program [Member] | 2017 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Payment of contract termination fees | $ 18 | ||||||||||||||
Number of employees eliminated as a result of restructuring activities | Employee | 300 | ||||||||||||||
Voluntary Separation Program One-Time Financial Incentives [Member] | 2017 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
One time financial incentives recognized over the period for participating employee to provide service | $ 9 | ||||||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset-related charges | 0 | 6 | 0 | 7 | |||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | 2020 Restructuring Program [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 0 | 1 | 0 | 1 | |||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Plant and Product Line Closures [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 4 | 3 | 8 | 4 | |||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 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 charges | 1 | 1 | 2 | ||||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Additional Restructuring Charges [Member] | Scenario Forecast [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Additional restructuring charges expected to be incurred | $ 2 | ||||||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Plant and Product Line Closures [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset-related charges | 10 | 10 | |||||||||||||
Employee separation related liabilities | 1 | 2 | $ 2 | 1 | $ 2 | $ 1 | $ 1 | $ 1 | $ 1 | ||||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Decommissioning, Dismantling, and Other Costs [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring charges | 4 | $ 8 | |||||||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Decommissioning, Dismantling, and Other Costs [Member] | Scenario Forecast [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Additional restructuring charges expected to be incurred | $ 5 | ||||||||||||||
Chemical Solutions [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Other charges | 37 | ||||||||||||||
Gain loss on other charges | $ 9 | ||||||||||||||
Chemical Solutions [Member] | Contract Termination Fees [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Other charges | 26 | ||||||||||||||
Payment of contract termination fees | 26 | ||||||||||||||
Chemical Solutions [Member] | Other Related Prepaid Costs [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Other charges | 11 | ||||||||||||||
Chemical Solutions [Member] | Construction-in-Process [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Reversal of liability recorded | 22 | $ 22 | |||||||||||||
Chemical Solutions [Member] | Construction Resumes [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Other charges | 9 | ||||||||||||||
Chemical Solutions [Member] | Impairment Charges [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset-related charges | $ 13 | ||||||||||||||
Chemical Solutions [Member] | Freight Charges associated with Transportation of Impaired Assets [Member] | Mining Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Other charges | $ 2 |
Restructuring, Asset-Related,_6
Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning | $ 7 |
Charges (credits) to income | (2) |
Payments | (3) |
Restructuring reserve, ending | 2 |
Chemical Solutions Site Closures [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning | 2 |
Charges (credits) to income | (1) |
Payments | 0 |
Restructuring reserve, ending | 1 |
2019 Restructuring Program [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning | 2 |
Charges (credits) to income | 0 |
Payments | (1) |
Restructuring reserve, ending | 1 |
2020 Restructuring Program [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning | 3 |
Charges (credits) to income | (1) |
Payments | (2) |
Restructuring reserve, ending | $ 0 |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | ||||
Leasing, contract services and miscellaneous income | $ 10 | $ 3 | $ 12 | $ 9 |
Royalty income | 4 | 4 | 7 | 8 |
Gain on sales of assets and businesses | 2 | 0 | 2 | 0 |
Exchange gains (losses), net | 3 | 6 | (5) | (19) |
Non-operating pension and other post-retirement employee benefit income | 2 | 1 | 5 | 1 |
Total other income (expense), net | $ 21 | $ 14 | $ 21 | $ (1) |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income attributable to Chemours | $ 66 | $ 24 | $ 161 | $ 124 |
Denominator: | ||||
Weighted-average number of common shares outstanding - basic | 166,168,550 | 164,648,103 | 165,912,089 | 164,448,226 |
Dilutive effect of the Company’s employee compensation plans | 3,989,453 | 765,838 | 3,693,498 | 888,190 |
Weighted-average number of common shares outstanding - diluted | 170,158,003 | 165,413,941 | 169,605,587 | 165,336,416 |
Basic earnings per share of common stock | $ 0.40 | $ 0.15 | $ 0.97 | $ 0.75 |
Diluted earnings per share of common stock | $ 0.39 | $ 0.15 | $ 0.95 | $ 0.75 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Average number of stock options | 1,494,624 | 7,088,463 | 1,502,192 | 6,072,203 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable - trade, net | $ 730 | $ 449 |
VAT, GST and other taxes | 63 | 49 |
Other receivables | 9 | 13 |
Total accounts and notes receivable, net | $ 802 | $ 511 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 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 | $ 2 | |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Bad debt expense | $ 1,000,000 | $ 1,000,000 | ||
Maximum [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Bad debt expense | $ 1,000,000 | $ 1,000,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Net [Abstract] | ||
Finished products | $ 607 | $ 579 |
Semi-finished products | 173 | 180 |
Raw materials, stores, and supplies | 510 | 433 |
Inventories before LIFO adjustment | 1,290 | 1,192 |
Less: Adjustment of inventories to LIFO basis | (244) | (253) |
Total inventories | $ 1,046 | $ 939 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - US [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
LIFO inventory amount | $ 563 | $ 585 |
Percentage of LIFO inventory | 44.00% | 49.00% |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant, and equipment | $ 9,668 | $ 9,582 |
Less: Accumulated depreciation | (6,220) | (6,108) |
Property, plant, and equipment, net | 3,448 | 3,474 |
Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, and equipment | 7,889 | 7,816 |
Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, and equipment | 1,204 | 1,198 |
Construction-in-progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, and equipment | 428 | 421 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, and equipment | 111 | 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 Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |||||
Finance leased assets, gross | $ 102 | $ 102 | $ 86 | ||
Depreciation expense | $ 78 | $ 80 | $ 158 | $ 157 |
Investments in Affiliates - Nar
Investments in Affiliates - Narrative (Details) - Equity Method Investees [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments in Affiliates | ||||
Net sales | $ 40 | $ 25 | $ 74 | $ 47 |
Purchases | 51 | 34 | 86 | 69 |
Dividends | $ 1 | $ 4 | ||
Maximum [Member] | ||||
Investments in Affiliates | ||||
Dividends | $ 1 | $ 1 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Capitalized repair and maintenance costs | $ 158 | $ 198 |
Pension assets | 83 | 79 |
Deferred income taxes | 145 | 95 |
Miscellaneous | 28 | 33 |
Total other assets | $ 414 | $ 405 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Employee separation costs | $ 2 | $ 7 |
Accrued litigation | 33 | 37 |
Asset retirement obligations | 11 | 13 |
Income taxes | 60 | 64 |
Customer rebates | 53 | 69 |
Deferred revenue | 3 | 7 |
Accrued interest | 20 | 18 |
Operating lease liabilities | 57 | 57 |
Miscellaneous | 82 | 103 |
Total other accrued liabilities | $ 321 | $ 375 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions, $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 85 | $ 74 | ||
Financing obligation | 93 | 94 | ||
Total debt principal | 4,020 | 4,061 | ||
Less: Unamortized issue discounts | (6) | (7) | ||
Less: Unamortized debt issuance costs | (25) | (28) | ||
Less: Short-term and current maturities of long-term debt | (25) | (21) | ||
Total long-term debt, net | 3,964 | 4,005 | ||
Total debt | 4,020 | 4,061 | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 851 | 875 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 404 | € 339 | 417 | € 340 |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 537 | € 450 | 551 | € 450 |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 500 | 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 Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||
Financing obligation | $ 93 | $ 94 | ||
Discovery Hub [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing obligation | 93 | 94 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 404 | € 339 | 417 | € 340 |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 537 | € 450 | $ 551 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 800 | $ 800 | ||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities - Narrative (Details) - USD ($) | Apr. 03, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 31, 2021 | Dec. 31, 2020 |
Senior Secured Term Loan Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument term | 7 years | ||||||
Term loan payments | $ 3,000,000 | $ 3,000,000 | $ 7,000,000 | $ 6,000,000 | |||
Debt instrument, repurchase aggregate principal amount | 20,000,000 | 20,000,000 | |||||
Payments for repurchase of loans | 20,000,000 | 20,000,000 | |||||
Senior Secured Term Loan Facility [Member] | Scenario Forecast [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, repurchase aggregate principal amount | $ 4,000,000 | ||||||
Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument term | 5 years | ||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | ||||||
Long-term debt | 0 | 0 | $ 0 | ||||
Letters of credit outstanding | $ 111,000,000 | $ 111,000,000 | $ 102,000,000 | ||||
Commitment fee percentage | 0.20% | ||||||
Euro Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Effective interest rates on senior secured term loan | 2.50% | 2.50% | |||||
Dollar Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Effective interest rates on senior secured term loan | 1.90% | 1.90% |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Facility - Narrative (Details) - USD ($) $ in Millions | Mar. 05, 2021 | Mar. 09, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 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 securitization | $ 110 | |||||||
Sale of receivables to bank | $ 125 | |||||||
Percentage of fair value of sales receivables | 100.00% | |||||||
Percentage of fair value on additional purchases of receivables | 100.00% | |||||||
Proceeds from accounts receivable securitization facility | $ 345 | $ 298 | 616 | 358 | ||||
Accounts receivable from securitization, amount derecognized | 370 | 295 | 641 | 355 | ||||
Receivable from securitization facility | 123 | 123 | $ 33 | |||||
Servicing and other fees on securitization | $ 1 | $ 1 | $ 1 | |||||
Securitization Facility [Member] | Special Purpose Entity [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Increase in borrowing capacity | $ 125 | |||||||
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 payments | 1.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level one | 25.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level two | 0.00% |
Target leverage ratio | 3.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Additional principal repayment, percentage of excess cash flows | 50.00% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Maturities (Details) - Senior Debt [Member] $ in Millions | Jun. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2021 | $ 7 |
2022 | 13 |
2023 | 13 |
2024 | 13 |
2025 | 1,959 |
Thereafter | 1,837 |
Total principal maturities on debt | $ 3,842 |
Debt - Estimated Fair Values of
Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||
Less: Unamortized issue discounts | $ (6) | $ (7) | ||
Less: Unamortized debt issuance costs | (25) | (28) | ||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 537 | € 450 | 551 | € 450 |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 800 | 800 | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 851 | 875 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 404 | € 339 | 417 | € 340 |
Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total senior debt, Carrying Value | 3,842 | 3,893 | ||
Total senior debt, Fair Value | 3,975 | 3,957 | ||
Less: Unamortized issue discounts | (6) | (7) | ||
Less: Unamortized debt issuance costs | (25) | (28) | ||
Total senior debt, net | 3,811 | 3,858 | ||
Level 2 [Member] | 7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
Long-term debt, Fair Value | 775 | 774 | ||
Level 2 [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 537 | 551 | ||
Long-term debt, Fair Value | 552 | 551 | ||
Level 2 [Member] | 5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
Long-term debt, Fair Value | 543 | 536 | ||
Level 2 [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 800 | 800 | ||
Long-term debt, Fair Value | 857 | 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 Value | 851 | 875 | ||
Long-term debt, Fair Value | 845 | 862 | ||
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 404 | 417 | ||
Long-term debt, Fair Value | $ 403 | $ 413 |
Debt - Estimated Fair Values _2
Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 537 | € 450 | $ 551 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 800 | $ 800 | ||
Debt instrument interest rate | 5.75% | 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 | $ 404 | € 339 | $ 417 | € 340 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Noncurrent [Abstract] | ||
Employee-related costs | $ 105 | $ 108 |
Accrued litigation | 52 | 51 |
Asset retirement obligations | 63 | 63 |
Deferred revenue | 5 | 5 |
Miscellaneous | 71 | 68 |
Total other liabilities | $ 296 | $ 295 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Noncurrent [Abstract] | ||
Asset retirement obligations | $ 74 | $ 76 |
Accrued indemnification liability | $ 33 | $ 37 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Litigation - Narrative (Details) | Jul. 13, 2021USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($)plaintiff | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)lawsuit | Mar. 31, 2017USD ($)lawsuit | Jun. 30, 2021USD ($)lawsuit | Jun. 30, 2021USD ($)lawsuitwater_district | Dec. 31, 2004resident | Jun. 30, 2021USD ($)lawsuitSupplier | Dec. 31, 2020USD ($)lawsuit | Sep. 30, 2020lawsuit | Sep. 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 | Supplier | 12 | ||||||||||||
Chemical Solutions [Member] | Mining Solutions [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Long-lived assets | 157,000,000 | 157,000,000 | $ 157,000,000 | 146,000,000 | |||||||||
Maximum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, potential additional loss | 680,000,000 | 680,000,000 | $ 680,000,000 | ||||||||||
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 year | 2017-03 | ||||||||||||
Total settlement amount | $ 670,700,000 | ||||||||||||
PFOA MDL After First Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of individual plaintiffs | plaintiff | 96 | ||||||||||||
P F O A Second M D L Settlement | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | $ 29,000,000 | ||||||||||||
Loss contingency expected settlement amount | $ 83,000,000 | ||||||||||||
Loss contingency damages paid value | $ 22,000,000 | $ 29,000,000 | |||||||||||
Loss contingency accrual period decrease | $ 250,000 | ||||||||||||
Asbestos Issue [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 1,000 | 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 | lawsuit | 21 | 21 | 21 | 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 | lawsuit | 3 | ||||||||||||
PFOA Matters [Member] | Maximum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Period of payments | 5 years | ||||||||||||
PFOA Matters: Drinking Water Actions [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | 22,000,000 | $ 22,000,000 | 22,000,000 | $ 21,000,000 | |||||||||
Binding settlement agreement, class size | resident | 80,000 | ||||||||||||
Number of water districts Company must provide treatment | water_district | 6 | ||||||||||||
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, potential additional loss | $ 235,000,000 | $ 235,000,000 | $ 235,000,000 | ||||||||||
PFOA Matters: Additional Actions [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 3,500 | ||||||||||||
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 | ||||||||||||
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 | lawsuit | 4 | ||||||||||||
EID [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging illness | lawsuit | 40 | 40 | 40 | ||||||||||
EID [Member] | Business Seeking to Recover Losses [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging illness | lawsuit | 2 | 2 | 2 | ||||||||||
PFAS Matters [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of lawsuits filed | lawsuit | 4 | ||||||||||||
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 | $ 30,000,000 | $ 43,000,000 | |||||||||||
Chemours [Member] | P F O A Second M D L Settlement | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | 29,000,000 | ||||||||||||
DuPont and Corteva | P F O A Second M D L Settlement | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | 27,000,000 | ||||||||||||
Chemours, DuPont, Corteva, EID [Member] | PFAS Natural Resource Damages Matters [Member] | State of Delaware [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | ||||||||||
Chemours, DuPont, Corteva, EID [Member] | PFAS Natural Resource Damages Matters [Member] | Subsequent Event [Member] | State of Delaware [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement payments | $ 50,000,000 | ||||||||||||
Chemours, DuPont, Corteva, EID [Member] | PFAS Natural Resource Damages Matters [Member] | Minimum [Member] | Subsequent Event [Member] | Another State [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement payments | 50,000,000 | ||||||||||||
Chemours, DuPont, Corteva, EID [Member] | PFAS Natural Resource Damages Matters [Member] | One or More Supplemental Payment Directly to Trust [Member] | Maximum [Member] | Subsequent Event [Member] | Another State [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement payments | 25,000,000 | ||||||||||||
Memorandum of Understanding [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Aggregate amount of qualified spend | 4,000,000,000 | ||||||||||||
Memorandum of Understanding [Member] | Minimum Balance on December 31, 2028 [Member] | PFAS Liabilities [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Escrow deposit | 700,000,000 | ||||||||||||
Memorandum of Understanding [Member] | Before January 2026 [Member] | PFAS Liabilities [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Minimum settlement amount required to allow withdrawals from escrow account | 125,000,000 | ||||||||||||
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 700 | 50.00% | ||||||||||||
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 700 | 50.00% | ||||||||||||
Memorandum of Understanding [Member] | Chemours [Member] | PFAS Natural Resource Damages Matters [Member] | Subsequent Event [Member] | State of Delaware [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement payments | $ 25,000,000 | ||||||||||||
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 Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Accrued litigation | $ 85 | $ 88 | |
Asbestos [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | 34 | 34 | |
PFOA [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | [1] | 22 | 50 |
All Other Matters [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | [2] | $ 29 | $ 4 |
[1] | At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. | ||
[2] | At June 30, 2021, all other matters includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 85 | $ 88 |
PFOA Multi District Litigation in Ohio [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 29 | |
PFAS Natural Resource Damages Matters [Member] | Chemours, DuPont, Corteva, EID [Member] | State of Delaware [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 25 |
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 Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Accrued Litigation: | |||
Current accrued litigation | $ 33 | $ 37 | |
Long-term accrued litigation | 52 | 51 | |
Total accrued litigation | 85 | 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 June 30, 2021, current accrued litigation includes $25 associated with the Company’s portion of the costs to enter into a Settlement Agreement, Limited Release, Waiver and Covenant Not to Sue reflecting Chemours, DuPont, Corteva, EID and the State of Delaware’s agreement to settle and fully resolve claims alleged against the companies. For information regarding this matter, refer to “PFAS” within this “Note 15 – Commitments and Contingent Liabilities”. At December 31, 2020, current accrued litigation includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 33 | $ 37 |
PFAS Natural Resource Damages Matters [Member] | Chemours, DuPont, Corteva, EID [Member] | State of Delaware [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 25 | |
PFOA Multi District Litigation in Ohio [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 29 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 556 | $ 390 | |
Chambers Works, Deepwater, New Jersey [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | [1] | 27 | 20 |
East Chicago, Indiana [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 11 | 11 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | [2] | 355 | 194 |
Pompton Lakes, New Jersey [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 41 | 42 | |
USS Lead, East Chicago, Indiana [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 15 | 12 | |
All other sites [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 107 | $ 111 | |
[1] | In the first quarter of 2021, in connection with ongoing discussions with EPA and NJ DEP 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. | ||
[2] | In the second quarter of 2021, the Company recorded an additional $175 associated with on-site surface water and groundwater remediation at Fayetteville. For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 15 – Commitments and Contingent Liabilities”. |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
On-site Surface Water and Groundwater Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Additional accrued environmental remediation | $ 60 | |
Chambers Works, Deepwater, New Jersey [Member] | ||
Environmental Remediation [Line Items] | ||
Adjustments related to remediation estimate | $ 7 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Surface Water and Groundwater Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Additional accrued environmental remediation | $ 175 |
Commitments and Contingent L_10
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Current environmental remediation | $ 154 | $ 95 |
Long-term environmental remediation | 402 | 295 |
Total environmental remediation | $ 556 | $ 390 |
Commitments and Contingent L_11
Commitments and Contingent Liabilities - Environmental - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($)lawsuit | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Owner | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020lawsuit | |
Environmental Remediation [Line Items] | |||||||
Environmental remediation expense | $ 187,000 | $ 24,000 | $ 212,000 | $ 39,000 | |||
Off-site Replacement Drinking Water Supplies [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||
Accrual for environmental remediation activities | 5,000 | $ 13,000 | $ 10,000 | $ 18,000 | |||
Off-site Groundwater Remediation and Toxicity Studies [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Disbursements period | 20 years | ||||||
Toxicity Studies [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Disbursements period | 3 years | ||||||
Off-site Groundwater Remediation [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Estimated disbursements amount | $ 54,000 | ||||||
On-site Surface Water and Groundwater Remediation [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrual for environmental remediation activities | 60,000 | ||||||
Accrual for environmental remediation activities per year | $ 3,000 | 3,000 | |||||
Estimated operation period | 20 years | ||||||
Estimated cost of remediation | $ 301,000 | $ 301,000 | $ 140,000 | ||||
Expected percentage of completion engineering design | 60.00% | ||||||
Addendum specified penalties | $ 150 | ||||||
Addendum specified additional penalties per week | $ 20 | ||||||
OM&M projected paid period | 20 years | ||||||
On-site Surface Water and Groundwater Remediation [Member] | Construction of Barrier Wall and Groundwater Treatment Facility [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrual for environmental remediation activities | 49,000 | ||||||
Upper range of cost estimates | $ 303,000 | $ 111,000 | |||||
Cost estimates already accrued | 173,000 | ||||||
Estimated cost of remediation | $ 30,000 | $ 30,000 | |||||
On-site Surface Water and Groundwater Remediation [Member] | Groundwater Extraction and Treatment System [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||
Accrual for environmental remediation activities | $ 60,000 | ||||||
Adjustments related to remediation estimate | $ 60,000 | ||||||
Estimated operation starting year | 2023 | ||||||
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Surface Water and Groundwater Remediation [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrual for environmental remediation activities | $ 175,000 | ||||||
PFAS [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Civil penalty and investigative costs | $ 13,000 | ||||||
Percentage of efficiency to control PFAS | 99.999% | ||||||
Air quality test maximum period to conduct | 90 days | ||||||
Number of lawsuits filed | lawsuit | 4 | ||||||
PFAS [Member] | Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Percentage of efficiency to control PFAS | 99.99% | ||||||
Reduction of PFAS maximum period | 2 years | ||||||
Percentage of baseline | 75.00% | ||||||
PFOA [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Number of lawsuits filed | lawsuit | 3 | ||||||
Compensatory and Punitive Damages [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Number of private well owners seeking for damages | Owner | 1,000 | ||||||
Minimum [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Average time frame of disbursements of environmental site remediation | 15 years | ||||||
Maximum [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Average time frame of disbursements of environmental site remediation | 20 years | ||||||
Loss contingency, potential additional loss | $ 680,000 | $ 680,000 |
Commitments and Contingent L_12
Commitments and Contingent Liabilities - Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFAS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 556 | $ 390 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | [1] | 355 | 194 |
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 301 | 140 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 54 | $ 54 | |
[1] | In the second quarter of 2021, the Company recorded an additional $175 associated with on-site surface water and groundwater remediation at Fayetteville. For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 15 – Commitments and Contingent Liabilities”. |
Commitments and Contingent L_13
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Environmental Remediation [Line Items] | |||
Current environmental remediation | $ 154 | $ 95 | |
Long-term environmental remediation | 402 | 295 | |
Total environmental remediation | 556 | 390 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Current environmental remediation | 100 | 39 | |
Long-term environmental remediation | 255 | 155 | |
Total environmental remediation | [1] | $ 355 | $ 194 |
[1] | In the second quarter of 2021, the Company recorded an additional $175 associated with on-site surface water and groundwater remediation at Fayetteville. For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 15 – Commitments and Contingent Liabilities”. |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 13, 2019 | Aug. 01, 2018 | |
Equity Class Of Treasury Stock [Line Items] | |||||
Purchase of common stock value under the share repurchase program | $ 1,087,000,000 | $ 1,087,000,000 | $ 1,072,000,000 | ||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | $ 750,000,000 | |||
Stock repurchase program effective date | Aug. 1, 2018 | ||||
Stock repurchases program date of announced to public | Aug. 2, 2018 | ||||
Stock repurchase program expiration date | Dec. 31, 2020 | ||||
Stock repurchase program extended expiration date | Dec. 31, 2022 | ||||
Purchase of common stock under the share repurchase program | 423,273 | 423,273 | |||
Purchase of common stock value under the share repurchase program | $ 15,000,000 | $ 15,000,000 | |||
Average share price | $ 35.08 | ||||
Remaining available amount of common stock under the share repurchase program | $ 413,000,000 | $ 413,000,000 | |||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | Maximum [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 750,000,000 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ in Millions | Jan. 26, 2017Periodshares | Jun. 30, 2021USD ($)shares | Mar. 31, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ 8 | $ 1 | $ 20 | $ 9 | ||
Employee Stock Purchase Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common stock shares reserved for issuance | 7,000,000 | |||||
Consecutive offering periods | 12 months | |||||
Number of purchase periods in offer period | Period | 2 | |||||
Employee stock purchase plan initial offering period | Oct. 2, 2017 | |||||
Percentage of common stock discount rate equal to the fair value | 95.00% | |||||
Stock purchased under employee stock purchase plan, Value | $ | $ 1 | |||||
Stock purchased under employee stock purchase plan, Share | 22,000 | |||||
Stock Option [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ 2 | 2 | $ 7 | 7 | ||
Number of shares granted | 1,120,000 | 1,120,000 | ||||
Expiration period | 10 years | |||||
Stock-based compensation award vesting period | 3 years | |||||
Stock options outstanding | 7,650,000 | 7,650,000 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ 3 | 2 | $ 7 | 4 | ||
Stock-based compensation award vesting period | 3 years | |||||
Shares issued upon conversion of equity award | 1 | 1 | ||||
Number of shares non-vested | 1,440,000 | 1,440,000 | ||||
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 granted | 340,000 | 380,000 | ||||
Performance Share Units [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ 3 | $ 3 | $ 6 | $ 2 | ||
Stock-based compensation award vesting period | 3 years | |||||
Number of shares granted | 290,000 | 290,000 | ||||
Shares issued upon conversion of equity award | 1 | 1 | ||||
Number of shares non-vested | 1,010,000 | 1,010,000 | ||||
Percentage of target award available for grant | 100.00% | |||||
Performance Share Units [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of target award available for grant | 0.00% | |||||
Performance Share Units [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of target award available for grant | 250.00% |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Assumptions of Stock Option (Details) - Stock Option [Member] | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free interest rate | 0.91% |
Expected term (years) | 6 years |
Volatility | 63.85% |
Dividend yield | 4.16% |
Fair value per stock option | $ 9.78 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 813 | |||
Other comprehensive loss | $ 26 | $ 18 | (8) | $ (86) |
Ending Balance | 898 | 898 | ||
Net Investment Hedge [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (76) | (10) | ||
Other comprehensive loss | 18 | (6) | ||
Ending Balance | (58) | (16) | (58) | (16) |
Cash Flow Hedge [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (8) | 2 | ||
Other comprehensive loss | 5 | (4) | ||
Ending Balance | (3) | (2) | (3) | (2) |
Currency Translation Adjustment [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (120) | (231) | ||
Other comprehensive loss | (34) | (78) | ||
Ending Balance | (154) | (309) | (154) | (309) |
Defined Benefit Plans [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (106) | (110) | ||
Other comprehensive loss | 3 | 2 | ||
Ending Balance | (103) | (108) | (103) | (108) |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (310) | (349) | ||
Other comprehensive loss | 26 | 18 | (8) | (86) |
Ending Balance | $ (318) | $ (435) | $ (318) | $ (435) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)contractInterestRateSwap | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)contractInterestRateSwap | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)contractInterestRateSwap | |
Derivative [Line Items] | |||||
Recognized gains (losses) on derivative cash flow hedge, pre-tax | $ (1,000,000) | $ (4,000,000) | $ 3,000,000 | $ (2,000,000) | |
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||||
Derivative [Line Items] | |||||
Recognized gain (loss) on derivative, pre-tax | (13,000,000) | (18,000,000) | 24,000,000 | (8,000,000) | |
Reclassification on derivative, pre-tax | $ 0 | 0 | $ 0 | 0 | |
Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Number of forward exchange currency contracts | contract | 14 | 14 | 25 | ||
Derivative notional value | $ 350,000,000 | $ 350,000,000 | $ 688,000,000 | ||
Average maturity period of derivative contract | 1 month | 1 month | |||
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||||
Derivative [Line Items] | |||||
Derivative gains (losses) | 9,000,000 | 10,000,000 | $ (11,000,000) | 4,000,000 | |
Gain (loss) reclassification to cost of goods sold on derivative cash flow hedge | $ 9,000,000 | 10,000,000 | $ (11,000,000) | 4,000,000 | |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||||
Derivative [Line Items] | |||||
Number of forward exchange currency contracts | contract | 156 | 156 | 144 | ||
Derivative notional value | $ 119,000,000 | $ 119,000,000 | $ 101,000,000 | ||
Average maturity period of derivative contract | 4 months | 4 months | |||
Recognized gains (losses) on derivative cash flow hedge, pre-tax | (1,000,000) | (1,000,000) | $ 3,000,000 | 1,000,000 | |
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 months | 1,000,000 | ||||
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 | (1,000,000) | 2,000,000 | (3,000,000) | 3,000,000 | |
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 | $ 400,000,000 | ||
Number of interest rate swaps | InterestRateSwap | 3 | 3 | 3 | ||
Interest rate swaps maturity date | Mar. 31, 2023 | Mar. 31, 2023 | |||
Recognized gain (loss) on derivative, pre-tax | $ (3,000,000) | $ (3,000,000) | |||
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, net | 12 months | ||||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Recognized gain (loss) on derivative, pre-tax | $ (1,000,000) | $ 1,000,000 | |||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Interest Expense, Net [Member] | Cash Flow Hedge [Member] | |||||
Derivative [Line Items] | |||||
Reclassification on derivative, pre-tax | $ (1,000,000) | $ (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 Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 3 | $ 8 |
Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1 | 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 derivatives | 4 | |
Not Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 1 | 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 derivatives | 1 | |
Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member] | Cash Flow Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 4 | |
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 Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 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) | $ (1) | $ (1) | $ 3 | $ 1 |
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) | (3) | (3) | ||
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) | (13) | (18) | 24 | (8) |
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 | (1) | 2 | (3) | 3 |
Interest Expense, Net [Member] | Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized In Derivative Instruments | (1) | (1) | ||
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 | $ 9 | $ 10 | $ (11) | $ 4 |
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 Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net periodic pension cost | $ (3) | $ (6) | ||
Amortization of actuarial loss | $ 2 | $ 2 | 4 | 4 |
Amortization of prior service gain | (1) | (1) | (2) | (1) |
Effect of foreign exchange rates | (2) | (2) | 2 | (1) |
(Cost) benefit recognized in other comprehensive income | (1) | (1) | 4 | 2 |
Pension Plan [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | (4) | (4) | (8) | (7) |
Interest cost | (2) | (2) | (3) | (4) |
Expected return on plan assets | 5 | 4 | 10 | 8 |
Amortization of actuarial loss | (2) | (2) | (4) | (4) |
Amortization of prior service gain | 1 | 1 | 2 | 1 |
Total net periodic pension cost | (2) | (3) | (3) | (6) |
Amortization of actuarial loss | 2 | 2 | 4 | 4 |
Amortization of prior service gain | (1) | (1) | (2) | (1) |
Effect of foreign exchange rates | (2) | (2) | 2 | (1) |
(Cost) benefit recognized in other comprehensive income | (1) | (1) | 4 | 2 |
Total changes in plan assets and benefit obligations recognized in other comprehensive income | $ (3) | $ (4) | $ 1 | $ (4) |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - Defined Benefit Pension Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions during period | $ 3 | $ 6 | $ 8 | $ 14 |
Estimated future employer contributions in current fiscal year | $ 8 | $ 8 |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 4 | ||||
Depreciation and amortization | $ 79 | $ 82 | $ 163 | $ 160 | |
Total assets | 7,479 | 7,479 | $ 7,082 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 7 | $ 8 | 15 | $ 16 | |
Total assets | $ 1,903 | $ 1,903 | $ 1,860 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 1,655 | $ 1,093 | $ 3,091 | $ 2,398 | |
Adjusted EBITDA | 429 | 210 | 752 | 503 | |
Depreciation and amortization | 79 | 82 | 163 | 160 | |
Total Assets | 7,479 | 7,479 | $ 7,082 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,655 | 1,093 | 3,091 | 2,398 | |
Adjusted EBITDA | 429 | 210 | 752 | 503 | |
Depreciation and amortization | 72 | 74 | 148 | 144 | |
Total Assets | 5,576 | 5,576 | 5,222 | ||
Operating Segments [Member] | Titanium Technologies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 859 | 488 | 1,583 | 1,100 | |
Adjusted EBITDA | 219 | 94 | 388 | 232 | |
Depreciation and amortization | 32 | 33 | 64 | 63 | |
Total Assets | 2,344 | 2,344 | 2,130 | ||
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 340 | 231 | 643 | 539 | |
Adjusted EBITDA | 117 | 55 | 210 | 144 | |
Depreciation and amortization | 14 | 13 | 30 | 26 | |
Total Assets | 1,117 | 1,117 | 1,041 | ||
Operating Segments [Member] | Advanced Performance Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 362 | 292 | 695 | 584 | |
Adjusted EBITDA | 74 | 42 | 125 | 94 | |
Depreciation and amortization | 21 | 22 | 44 | 44 | |
Total Assets | 1,565 | 1,565 | 1,520 | ||
Operating Segments [Member] | Chemical Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 94 | 82 | 170 | 175 | |
Adjusted EBITDA | 19 | 19 | 29 | 33 | |
Depreciation and amortization | 5 | $ 6 | 10 | $ 11 | |
Total Assets | $ 550 | $ 550 | $ 531 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Segment Adjusted EBITDA | $ 429 | $ 210 | $ 752 | $ 503 |
Corporate and Other expenses (excluding items below) | (63) | (44) | (118) | (80) |
Interest expense, net | (47) | (53) | (97) | (107) |
Depreciation and amortization | (79) | (82) | (163) | (160) |
Non-operating pension and other post-retirement employee benefit income | 2 | 1 | 5 | 1 |
Exchange gains (losses), net | 3 | 6 | (5) | (19) |
Restructuring, asset-related, and other charges | (5) | (17) | 0 | (28) |
Gain on sales of assets and businesses | 2 | 0 | 2 | 0 |
Natural disasters and catastrophic events | (3) | (19) | ||
Transaction costs | (5) | (2) | ||
Legal and environmental charges | (195) | (1) | (208) | (12) |
Income before income taxes | $ 44 | $ 20 | $ 144 | $ 96 |
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 Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Legal charges | $ 195 | $ 1 | $ 208 | $ 12 |
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Legal charges | 169 | 169 | $ 8 | |
PFAS -Related Natural Resource Damages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Legal charges | $ 25 | $ 25 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Chemical Solutions [Member] - Mining Solutions [Member] - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Jul. 26, 2021 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Sale of business, purchase price consideration in cash | $ 520,000,000 | |
Scenario Forecast [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Pre-tax gain on disposition of business | $ 80,000,000 | |
Scenario Forecast [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Pre-tax gain on disposition of business | $ 130,000,000 |