Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 06, 2023 | Jun. 30, 2022 | |
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-K | ||
Trading Symbol | CC | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 148,335,834 | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 5 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 238 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement relating to its 2023 annual meeting of shareholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2023 Proxy Statement will be filed with the U. S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 6,794 | $ 6,345 | $ 4,969 |
Cost of goods sold | 5,178 | 4,964 | 3,902 |
Gross profit | 1,616 | 1,381 | 1,067 |
Selling, general, and administrative expense | 710 | 592 | 527 |
Research and development expense | 118 | 107 | 93 |
Restructuring, asset-related, and other charges | 16 | 6 | 80 |
Total other operating expenses | 844 | 705 | 700 |
Equity in earnings of affiliates | 55 | 43 | 23 |
Interest expense, net | (163) | (185) | (210) |
Gain (loss) on extinguishment of debt | 7 | (21) | (22) |
Other income , net | 70 | 163 | 21 |
Income before income taxes | 741 | 676 | 179 |
Provision for (benefit from) income taxes | 163 | 68 | (40) |
Net income | 578 | 608 | 219 |
Net income attributable to Chemours | $ 578 | $ 608 | $ 219 |
Per share data | |||
Basic earnings per share of common stock | $ 3.72 | $ 3.69 | $ 1.33 |
Diluted earnings per share of common stock | $ 3.65 | $ 3.60 | $ 1.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 578 | $ 608 | $ 219 |
Hedging activities: | |||
Unrealized gain (loss) on net investment hedge, pre-tax | 53 | 73 | (88) |
Unrealized gain (loss) on net investment hedge, tax | (13) | (18) | 22 |
Unrealized gain (loss) on net investment hedge, after-tax | 40 | 55 | (66) |
Unrealized gain (loss) on cash flow hedge, pre-tax | 25 | 12 | (8) |
Unrealized gain (loss) on cash flow hedge, tax | (4) | (2) | 1 |
Unrealized gain (loss) on cash flow hedge, after-tax | 21 | 10 | (7) |
Reclassifications to net income - cash flow hedge, pre-tax | (24) | 4 | (3) |
Reclassifications to net income - cash flow hedge, tax | 4 | (1) | |
Reclassifications to net income - cash flow hedge, after-tax | (20) | 3 | (3) |
Hedging activities, net, pre-tax | 54 | 89 | (99) |
Hedging activities, net, tax | (13) | (21) | 23 |
Hedging activities, net, after-tax | 41 | 68 | (76) |
Cumulative translation adjustment, pre-tax | (32) | (116) | 111 |
Cumulative translation adjustment, after-tax | (32) | (116) | 111 |
Defined benefit plans: | |||
Net (loss) gain, pre-tax | (2) | (22) | 4 |
Net (loss) gain, tax | 1 | 6 | (1) |
Net (loss) gain, after-tax | (1) | (16) | 3 |
Prior service benefit (cost), pre-tax | 2 | (1) | |
Prior service benefit (cost), after-tax | 2 | (1) | |
Curtailment gain, pre-tax | 4 | ||
Curtailment gain, tax | (1) | ||
Curtailment gain, after-tax | 3 | ||
Effect of foreign exchange rates, pre-tax | 7 | 6 | (9) |
Effect of foreign exchange rates, after-tax | 7 | 6 | (9) |
Amortization of actuarial loss, pre-tax | 8 | 7 | 9 |
Amortization of actuarial loss, tax | (2) | (2) | (2) |
Amortization of actuarial loss, after-tax | 6 | 5 | 7 |
Amortization of prior service gain, pre- tax | (2) | (2) | (3) |
Amortization of prior service gain, after-tax | (2) | (2) | (3) |
Settlement loss, pre-tax | 1 | 5 | |
Settlement loss, tax | (1) | ||
Settlement loss, after-tax | 1 | 4 | |
Defined benefit plans, net, pre-tax | 13 | (10) | 9 |
Defined benefit plans, net, tax | (1) | 4 | (5) |
Defined benefit plans, net, after-tax | 12 | (6) | 4 |
Other comprehensive(loss) income, after-tax | 21 | (54) | 39 |
Comprehensive income, after-tax | 599 | 554 | 258 |
Comprehensive income attributable to Chemours, after-tax | $ 599 | $ 554 | $ 258 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,102 | $ 1,451 |
Accounts and notes receivable, net | 626 | 720 |
Inventories | 1,404 | 1,099 |
Prepaid expenses and other | 82 | 75 |
Total current assets | 3,214 | 3,345 |
Property, plant, and equipment | 9,387 | 9,232 |
Less: Accumulated depreciation | (6,216) | (6,078) |
Property, plant, and equipment, net | 3,171 | 3,154 |
Operating lease right-of-use assets | 240 | 227 |
Goodwill | 102 | 102 |
Other intangible assets, net | 13 | 6 |
Investments in affiliates | 175 | 169 |
Restricted cash and restricted cash equivalents | 202 | 100 |
Other assets | 523 | 447 |
Total assets | 7,640 | 7,550 |
Current liabilities: | ||
Accounts payable | 1,251 | 1,162 |
Compensation and other employee-related cost | 121 | 173 |
Short-term and current maturities of long-term debt | 25 | 25 |
Current environmental remediation | 194 | 173 |
Other accrued liabilities | 300 | 325 |
Total current liabilities | 1,891 | 1,858 |
Long-term debt, net | 3,590 | 3,724 |
Operating lease liabilities | 198 | 179 |
Long-term environmental remediation | 474 | 389 |
Deferred income taxes | 61 | 49 |
Other liabilities | 319 | 269 |
Total liabilities | 6,533 | 6,468 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 195,375,810 shares issued and 148,504,030 shares outstanding at December 31, 2022; 191,860,159 shares issued and 161,046,732 shares outstanding at December 31, 2021) | 2 | 2 |
Treasury stock, at cost (46,871,780 shares at December 31, 2022; 30,813,427 shares at December 31, 2021) | (1,738) | (1,247) |
Additional paid-in capital | 1,016 | 944 |
Retained earnings | 2,170 | 1,746 |
Accumulated other comprehensive loss | (343) | (364) |
Total Chemours stockholders’ equity | 1,107 | 1,081 |
Non-controlling interests | 1 | |
Total equity | 1,107 | 1,082 |
Total liabilities and equity | $ 7,640 | $ 7,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock , par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 810,000,000 | 810,000,000 |
Common stock, shares Issued (in shares) | 195,375,810 | 191,860,159 |
Common stock, shares outstanding (in shares) | 148,504,030 | 161,046,732 |
Treasury stock (in shares) | 46,871,780 | 30,813,427 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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) | 222,665 | ||||||
Exercise of stock options | 16 | 16 | |||||
Exercise of stock options (in shares) | 1,123,740 | ||||||
Stock-based compensation expense | 16 | 16 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (2) | (2) | |||||
Net income (loss) | 219 | 219 | |||||
Dividends | (164) | (164) | |||||
Dividends to non-controlling interests | (4) | (4) | |||||
Other comprehensive income (loss) | 39 | 39 | |||||
Total stockholders' equity, ending balance at Dec. 31, 2020 | 815 | $ 2 | $ (1,072) | 890 | 1,303 | (310) | 2 |
Shares, ending balance at Dec. 31, 2020 | 190,239,883 | 25,319,235 | |||||
Common stock issued - compensation plans | $ 2 | (1) | (1) | ||||
Common stock issued - compensation plans (in shares) | 264,908 | (39,554) | |||||
Exercise of stock options | 23 | 23 | |||||
Exercise of stock options (in shares) | 1,355,368 | ||||||
Purchases of treasury stock, at cost | (177) | $ (177) | |||||
Purchases of treasury stock at cost (in shares) | 5,533,746 | ||||||
Stock-based compensation expense | 34 | 34 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (2) | (2) | |||||
Net income (loss) | 608 | 608 | |||||
Dividends | (164) | (164) | |||||
Dividends to non-controlling interests | (1) | (1) | |||||
Other comprehensive income (loss) | (54) | (54) | |||||
Total stockholders' equity, ending balance at Dec. 31, 2021 | 1,082 | $ 2 | $ (1,247) | 944 | 1,746 | (364) | 1 |
Shares, ending balance at Dec. 31, 2021 | 191,860,159 | 30,813,427 | |||||
Common stock issued - compensation plans (in shares) | 474,730 | ||||||
Exercise of stock options | 51 | 51 | |||||
Exercise of stock options (in shares) | 3,040,921 | ||||||
Purchases of treasury stock, at cost | (492) | $ (492) | |||||
Purchases of treasury stock at cost (in shares) | 16,058,353 | ||||||
Stock-based compensation expense | 28 | $ 1 | 27 | ||||
Cancellation of unissued stock awards withheld to cover taxes | (6) | (6) | |||||
Net income (loss) | 578 | 578 | |||||
Dividends | (154) | (154) | |||||
Dividends to non-controlling interests | (1) | $ (1) | |||||
Other comprehensive income (loss) | 21 | 21 | |||||
Total stockholders' equity, ending balance at Dec. 31, 2022 | $ 1,107 | $ 2 | $ (1,738) | $ 1,016 | $ 2,170 | $ (343) | |
Shares, ending balance at Dec. 31, 2022 | 195,375,810 | 46,871,780 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share declared during period | $ 1 | $ 1 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 578 | $ 608 | $ 219 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 291 | 317 | 320 |
Gain on sales of assets and businesses, net | (21) | (115) | (8) |
Equity in earnings of affiliates, net | (22) | (11) | 0 |
(Gain) loss on extinguishment of debt | (7) | 21 | 22 |
Amortization of debt issuance costs and issue discounts | 9 | 9 | 9 |
Deferred tax provision (benefit) | 20 | (77) | (120) |
Asset-related charges | 5 | 0 | 22 |
Stock-based compensation expense | 27 | 34 | 16 |
Net periodic pension cost | 9 | 6 | 14 |
Defined benefit plan contributions | (10) | (17) | (21) |
Other operating charges and credits, net | (21) | 18 | (22) |
Decrease (increase) in operating assets: | |||
Accounts and notes receivable | 91 | (225) | 175 |
Inventories and other operating assets | (390) | (202) | 126 |
(Decrease) increase in operating liabilities: | |||
Accounts payable and other operating liabilities | 195 | 454 | 55 |
Cash provided by operating activities | 754 | 820 | 807 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (307) | (277) | (267) |
Proceeds from sales of assets and businesses, net of cash divested | 33 | 508 | 5 |
Foreign exchange contract settlements, net | 3 | (12) | 27 |
Other investing activities | (13) | 1 | 1 |
Cash (used for) provided by investing activities | (284) | 220 | (234) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 0 | 650 | 800 |
Proceeds from accounts receivable securitization facility | 0 | 0 | 12 |
Repayments on accounts receivable securitization facility | 0 | 0 | (122) |
Proceeds from revolving loan | 0 | 0 | 300 |
Repayments on revolving loan | 0 | 0 | (300) |
Debt repayments | (68) | (854) | (943) |
Payments related to extinguishment of debt | 0 | (18) | (16) |
Payments of debt issuance costs | (1) | (11) | (10) |
Payments on finance leases | (11) | (10) | (6) |
Deferred acquisition-related consideration | 0 | 0 | (10) |
Purchases of treasury stock, at cost | (495) | (173) | 0 |
Proceeds from exercised stock options | 51 | 23 | 16 |
Payments related to tax withheld on vested stock awards | (6) | (2) | (2) |
Payments of dividends to the Company's common shareholders | (154) | (164) | (164) |
Distributions to non-controlling interest shareholders | (1) | (1) | (4) |
Cash used for financing activities | (685) | (560) | (449) |
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (32) | (34) | 38 |
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (247) | 446 | 162 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1, | 1,551 | 1,105 | 943 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31, | 1,304 | 1,551 | 1,105 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 164 | 180 | 208 |
Income taxes, net of refunds | 131 | 149 | 78 |
Non-cash investing and financing activities: | |||
Purchases of property, plant, and equipment included in accounts payable | 79 | 89 | 31 |
Non-cash financing arrangements | 0 | 0 | 16 |
Treasury stock repurchased, not settled | $ 1 | $ 4 | $ 0 |
Background and Description of t
Background and Description of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Description of the Business | Note 1. Background and Description of the Business The Chemours Company (“Chemours”, or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. The Company’s principal products include titanium dioxide (“TiO 2 ”) pigment, refrigerants, industrial fluoropolymer resins, and performance chemicals and intermediates. Chemours manages and reports its operating results through its three reportable segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment is a leading, global provider of TiO 2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, durability, efficiency and protection across a variety of applications. The Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. The Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. The Other Segment includes the Performance Chemicals and Intermediates business and Mining Solutions business (prior to the business sale in 2021). Chemours has manufacturing facilities, sales centers, administrative offices, and warehouses located throughout the world. Chemours’ operations are primarily located in the U.S., Canada, Mexico, Brazil, the Netherlands, Belgium, China, Taiwan, Japan, Switzerland, Singapore, Hong Kong, India, and France. At December 31, 2022 , the Company operated 29 major production facilities globally, of which eight were dedicated to Titanium Technologies, eight were dedicated to Thermal & Specialized Solutions, 10 were dedicated to Advanced Performance Materials, and three supported multiple segments. Chemours began operating as an independent company on July 1, 2015 (the “Separation Date”) after separating from E.I. DuPont de Nemours and Company (“EID”) (the “Separation”). The Separation was completed pursuant to a separation agreement and other agreements with EID, including an employee matters agreement, a tax matters agreement, a transition services agreement, and an intellectual property cross-license agreement. These agreements govern the relationship between Chemours and EID following the Separation and provided for the allocation of various assets, liabilities, rights, and obligations at the Separation Date. 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”). Effective January 1, 2023, EID changed its name to EIDP, Inc. Unless the context otherwise requires, references herein to “The Chemours Company”, “Chemours”, “the Company”, “our Company”, “we”, “us”, and “our” refer to The Chemours Company and its consolidated subsidiaries. References herein to “EID” refer to EIDP, Inc., formerly known as EID, which is Chemours’ former parent company and is now a subsidiary of Corteva. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in 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 presentation of the Company’s financial position and results of operations have been included for the periods presented herein. The notes that follow are an integral part of the Company’s consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material to the Company’s consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100 %, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20 % to 50 % of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. Revenue Recognition Chemours recognizes revenue using a five-step model, resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions in the provision for (benefit from) income taxes in the consolidated statements of operations. The Company also recognizes income tax-related penalties in the provision for (benefit from) income taxes. Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with maturities of three months or less at the time of acquisition. Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined by assessing expected credit losses on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written off when management determines that they are uncollectible. Inventories Chemours’ inventories are valued at the lower of cost or market or net realizable value, where applicable. Cost of inventories held at substantially all U.S. locations are determined using the last-in, first-out (“LIFO”) method, while cost of inventories held outside the U.S. are determined using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value, and cost is generally determined by the average cost method. Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years . Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years . When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation and amortization are discontinued for any long-lived assets classified as held for sale. Leases The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the Company’s consolidated balance sheets. The Company’s incremental borrowing rate, which is based on information available at the adoption date of January 1, 2019 for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The Company combines lease components with non-lease components for most classes of assets, except for certain manufacturing facilities or when the non-lease component is significant to the lease component. The Company does not recognize leases with an initial term of 12 months or less on its consolidated balance sheets and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Leases with the options to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, customer lists and allowance units are amortized over their estimated useful lives, generally for periods ranging up to 20 years . The reasonableness of the useful lives of these assets is periodically evaluated. Investments in Affiliates The Company uses the equity method of accounting for its investments in and earnings of affiliates. The Company considers whether the fair value of any of its equity method investments has declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considers any such decline to be other than temporary, based on various factors, a write-down would be recorded to the estimated fair value. Restricted Cash and Restricted Cash Equivalents The Company classifies cash and cash equivalents that are legally or contractually restricted for withdrawal or usage as restricted cash and restricted cash equivalents. Chemours restricted cash and restricted cash equivalents includes cash and cash equivalents deposited in an escrow account as per the terms of the Company’s Memorandum of Understanding (“MOU”) agreement which is further discussed in “Note 22 – Commitments and Contingent Liabilities”. Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and the Company’s planned remedial responses, which are derived from environmental studies, sampling, testing, and analyses. Inherent uncertainties exist in such evaluations, primarily due to unknown environmental conditions, changing governmental regulations regarding liability, and emerging remediation technologies. These liabilities, which are undiscounted, are adjusted periodically as remediation efforts progress and as additional technological, regulatory, and legal information becomes available. Environmental liabilities and expenditures include claims for matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. These accrued liabilities are undiscounted and do not include claims against third parties. Costs related to environmental remediation are charged to expense in the period that the associated liability is accrued and are reflected as a component of the cost of goods sold for on-site remediation costs or as a component of selling, general, and administrative expense for off-site remediation costs in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Pursuant to the binding MOU entered into between Chemours, DuPont, Corteva, and EID, as further discussed in “Note 22 – Commitments and Contingent Liabilities”, costs specific to potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities are subject to a cost-sharing arrangement between the parties. Any recoveries of Qualified Spend (as further described in “Note 22 – Commitments and Contingent Liabilities” and as defined in the MOU) 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. Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations, using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years . Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Litigation Chemours accrues for 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, the Company does not record a liability, but instead discloses the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. Financial Instruments In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency and interest rate 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 London Interbank Offered Rate ("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. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, all gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occur, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. For the Company’s interest rate swaps that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur, and are reclassified to interest expense, net in the consolidated statements of operations during the period in which the underlying transaction affects earnings. For the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, changes due to remeasurement are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Financial instruments are reported on a gross basis on the consolidated balance sheets. Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. Defined Benefit Plans Chemours has defined benefit plans covering certain of its employees outside of the U.S. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 4. Acquisitions and Divestitures Divestitures In December 2021, the Company entered into an agreement to sell land related to the Beaumont former operating site for cash consideration of approximately $ 17 (the “Beaumont Transaction”). The Company completed the land sale on May 24, 2022 and received net cash proceeds of $ 17 . In January 2022, the Company entered into a stock agreement to sell certain of its wholly-owned subsidiaries and the remaining assets at its former Aniline business facilities in Pascagoula, Mississippi (the “Pascagoula Transaction”). The Company completed the sale on June 9, 2022 and received net cash proceeds of $ 16 . Upon completion of the Beaumont Transaction and the Pascagoula Transaction, the Company recorded a net pre-tax gain of $ 5 and $ 18 , respectively, in other income (expense), net in the consolidated statements of operations during the year ended December 31, 2022. 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”). The Company completed the sale on December 1, 2021 and received net cash proceeds of $ 508 , net of $ 13 cash divested. Upon completion of the sale, during the year ended December 31, 2021, the Company also recorded a net pre-tax gain on sale of $ 112 in other income (expense), net in the consolidated statements of operations, inclusive of $ 21 of transaction costs. The sale of the Mining Solutions business does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the disposal group is not classified as a discontinued operation. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | Note 5. Net Sales Disaggregation of Net Sales The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net sales by geographic region (1) North America: Titanium Technologies $ 1,285 $ 1,019 $ 776 Thermal & Specialized Solutions 974 635 520 Advanced Performance Materials 619 494 407 Other Segment 71 169 211 Total North America 2,949 2,317 1,914 Asia Pacific: Titanium Technologies 928 1,049 778 Thermal & Specialized Solutions 178 160 134 Advanced Performance Materials 657 595 450 Other Segment 24 23 22 Total Asia Pacific 1,787 1,827 1,384 Europe, the Middle East, and Africa: Titanium Technologies 695 829 528 Thermal & Specialized Solutions 320 313 331 Advanced Performance Materials 281 254 202 Other Segment 17 16 25 Total Europe, the Middle East, and Africa 1,313 1,412 1,086 Latin America (2): Titanium Technologies 472 458 320 Thermal & Specialized Solutions 208 149 120 Advanced Performance Materials 61 54 45 Other Segment 4 128 100 Total Latin America 745 789 585 Total net sales $ 6,794 $ 6,345 $ 4,969 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. The following table sets forth a disaggregation of the Company’s net sales by product group and segment for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net sales by product group and segment Titanium dioxide and other minerals $ 3,380 $ 3,355 $ 2,402 Total Titanium Technologies 3,380 3,355 2,402 Refrigerants 1,352 973 889 Foam, propellants, and other 328 284 216 Total Thermal & Specialized Solutions 1,680 1,257 1,105 Advanced materials 1,125 977 782 Performance solutions 493 420 322 Total Advanced Performance Materials 1,618 1,397 1,104 Mining solutions — 237 203 Performance chemicals and intermediates 116 99 155 Total Other Segment 116 336 358 Total net sales $ 6,794 $ 6,345 $ 4,969 Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time. The Company’s net sales from trademark licensing royalties were not significant for the years ended December 31, 2022, 2021 and 2020. Contract Balances The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price. The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2022 and 2021. December 31, 2022 2021 Contract assets: Accounts receivable - trade, net (Note 11) $ 509 $ 644 Contract liabilities: Deferred revenue $ 5 $ 5 Customer rebates (Note 19) 90 83 Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the years ended December 31, 2022 and 2021 were not significant. For the years ended December 31, 2022 and 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. There were no material contract asset balances or capitalized costs associated with obtaining or fulfilling customer contracts as of December 31, 2022 and 2021. 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 December 31, 2022 , Chemours had $ 31 of remaining performance obligations. The Company expects to recognize approximately 91 % of its remaining performance obligations as revenue in 2023 and the remainder in 2024 . The Company applies the allowable practical expedient and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by December 31, 2022 are also excluded. |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Research and Development Expense | Note 6. Research and Development Expense The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Titanium Technologies $ 34 $ 36 $ 31 Thermal & Specialized Solutions 25 20 18 Advanced Performance Materials 54 46 41 Other Segment 1 2 2 Corporate and Other 4 3 1 Total research and development expense $ 118 $ 107 $ 93 |
Restructuring, Asset-Related, a
Restructuring, Asset-Related, and Other Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Asset-Related, and Other Charges | Note 7. Restructuring, Asset-related, and Other Charges The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Restructuring and other charges: Employee separation charges $ 9 $ ( 2 ) $ 17 Decommissioning and other charges 2 8 41 Total restructuring and other charges 11 6 58 Asset-related charges 5 — 22 Total restructuring, asset-related, and other charges $ 16 $ 6 $ 80 The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Restructuring and other charges: Plant and product line closures: Other Segment $ 2 $ 13 $ 4 Corporate and Other — — 1 Total plant and product line closures 2 13 5 2022, 2020, and 2019 1 restructuring programs: Titanium Technologies 1 — 3 Thermal & Specialized Solutions 1 — 2 Advanced Performance Materials 3 ( 1 ) 5 Other Segment — — 1 Corporate and Other 4 — 4 Total restructuring programs 9 ( 1 ) 15 Other charges: Titanium Technologies — — 1 Advanced Performance Materials — 1 — Other Segment — ( 7 ) 37 Total other charges — ( 6 ) 38 Total restructuring and other charges 11 6 58 Asset-related charges: Titanium Technologies 5 — — Advanced Performance Materials — — 10 Other Segment — — 8 Corporate and Other — — 4 Total asset-related charges 5 — 22 Total restructuring, asset-related, and other charges $ 16 $ 6 $ 80 (1) Year ended December 31, 2020 includes $ 3 of employee separation charges relating to the 2019 restructuring program. All remaining actions related to this program were completed in 2020. Plant and Product Line Closures Other Segment In 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. Following the closure of the facility, the Company incurred decommissioning and dismantling-related charges of $ 2 for the years ended December 31, 2021 and 2020. Through December 31, 2022, the Company has incurred, in the aggregate, $ 42 in restructuring charges related to these activities, excluding asset-related charges. The Company has substantially completed all actions and does not expect to incur additional charges related to these activities at its Niagara Falls site. In 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 ceased at the Pascagoula, Mississippi manufacturing plant in the fourth quarter of 2020. As a result, during the year ended December 31, 2020, the Company recorded asset-related charges of $ 10 , which are primarily comprised of $ 6 for property, plant, and equipment and other asset impairments, as well as $ 4 for environmental remediation liabilities to be paid over a period of approximately 16 years. The Company also recorded employee separation-related liabilities of $ 2 . In conjunction with this decision, approximately 20 employees separated from the Company through the end of 2021 with approximately 15 additional employees separating from the Company during the first quarter of 2022. Furthermore, the Company recorded decommissioning and dismantling-related charges of $ 12 for the year ended December 31, 2021. The Company has completed all actions related to this program. In June 2022, the assets at the Aniline facility were sold as part of the Pascagoula Transaction. 2022 and 2020 Restructuring Programs Management initiated severance programs in 2022 and 2020 that were largely attributable to aligning the cost structure of the Company’s businesses and corporate functions with its strategic and financial objectives. Employee separation charges recorded for the 2022 restructuring program amounted to $ 9 for the year ended December 31, 2022. Employee separation charges recorded for the 2020 restructuring program amounted to $( 1 ) and $ 13 for the years ended December 31, 2021 and 2020, respectively. Through December 31, 2022, the cumulative amount incurred for the Company's 2022 restructuring program amounted to $ 9 and the related payments are expected to be substantially completed by the end of 2023. Through December 31, 2021, the cumulative amount incurred for the Company’s 2020 severance program amounted to $ 12 . All remaining actions related to the 2020 restructuring program were completed in 2021. 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 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 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 were expected to be used by the Company when construction resumed. Accordingly, approximately $ 13 was recognized in impairment charges in 2021, offset by $ 22 of the liability recorded in 2020 being reversed in 2021, resulting in a net $ 9 gain in Other Charges. Additionally, during the year ended December 31, 2021, the Company incurred $ 2 of freight charges associated with transportation of the impaired assets. In December 2021, the assets at the Mining Solutions facility in Gomez Palacio, Durango, Mexico were sold as part of the Mining Solutions Transaction. Other Asset-related Charges Titanium Technologies In the year ended December 31, 2022, the Company recorded asset-related charges of $ 5 resulting from the conflict between Russia and Ukraine and the Company's decision to suspend its business with Russian entities. Advanced Performance Materials In the year ended December 31, 2020, in connection with various property, plant, and equipment and other asset impairments, the Company recorded asset-related charges of $ 10 . The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the years ended December 31, 2022 and 2021. Site Closures 2022, 2020, and 2019 Restructuring Programs Total Balance at January 1, 2021 $ 2 $ 5 $ 7 Credits to income ( 1 ) ( 1 ) ( 2 ) Payments — ( 4 ) ( 4 ) Balance at December 31, 2021 1 — 1 Charges to income — 9 9 Payments ( 1 ) ( 3 ) ( 4 ) Balance at December 31, 2022 $ — $ 6 $ 6 At December 31, 2022 and 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 | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | Note 8. Other Income (Expense), Net The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Leasing, contract services, and miscellaneous income (1) $ 53 $ 14 $ 20 Royalty income (2) 6 22 18 Gain on sales of assets and businesses, net (3) 21 115 8 Exchange (losses) gains, net (4) ( 15 ) 3 ( 26 ) Non-operating pension and other post-retirement employee benefit income (5) 5 9 1 Total other income, net $ 70 $ 163 $ 21 (1) For the year ended December 31, 2022, miscellaneous income includes proceeds from a settlement of a patent infringement matter relating to certain copolymer patents associated with the Company’s Advanced Performance Materials segment. (2) Royalty income is primarily from technology licensing. (3) For the year ended December 31, 2022, gain on sale of assets and businesses, net includes pre-tax gain on sale of $ 5 related to the Beaumont Transaction and $ 18 related to the Pascagoula Transaction (see “Note 4 – Acquisitions and Divestitures”). For the year ended December 31, 2021, gain on sale of assets and businesses, net includes pre-tax gain on sale of $ 112 associated with the sale of the Company’s Mining Solutions business (see “Note 4 – Acquisitions and Divestitures”). For the year ended December 31, 2020, gain on sale includes a $ 6 gain associated with the sale of the Company’s Oakley, California site, which was contingent upon the completion of certain environmental remediation activities at the site. (4) 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. (5) Non-operating pension and other post-retirement employee benefit income represents the non-service cost component of net periodic pension income (cost). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Current tax expense (benefit): U.S. federal $ 83 $ 60 $ 4 U.S. state and local 13 12 1 International 47 72 75 Total current tax expense 143 144 80 Deferred tax expense (benefit): U.S. federal 8 ( 69 ) ( 86 ) U.S. state and local ( 2 ) ( 6 ) ( 12 ) International 14 ( 1 ) ( 22 ) Total deferred tax expense (benefit) 20 ( 76 ) ( 120 ) Total provision for (benefit from) income taxes $ 163 $ 68 $ ( 40 ) The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Deferred tax assets: Environmental and other liabilities $ 188 $ 162 Employee related and benefit items 49 64 Other assets and accrual liabilities 133 111 Tax attribute carryforwards 73 91 Operating lease liability 57 56 Total deferred tax assets 500 484 Less: Valuation allowance ( 12 ) ( 8 ) Total deferred tax assets, net 488 476 Deferred tax liabilities: Property, plant, and equipment and intangible assets ( 257 ) ( 244 ) LIFO inventories ( 30 ) ( 18 ) Operating lease asset ( 55 ) ( 53 ) Other liabilities ( 55 ) ( 40 ) Total deferred tax liabilities ( 397 ) ( 355 ) Deferred tax assets, net $ 91 $ 121 The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 $ % $ % $ % Statutory U.S. federal income tax rate $ 156 21.0 % $ 142 21.0 % $ 38 21.0 % State income taxes, net of federal benefit 7 1.0 % 3 0.4 % ( 11 ) ( 6.1 )% Lower effective tax rate on international operations, net ( 16 ) ( 2.2 )% ( 19 ) ( 2.8 )% ( 34 ) ( 19.0 )% Foreign-derived intangible income deduction — — % ( 12 ) ( 1.8 )% — — % Goodwill — — % 10 1.5 % — — % Depletion ( 6 ) ( 0.8 )% ( 7 ) ( 1.0 )% ( 6 ) ( 3.4 )% Exchange gains ( 8 ) ( 1.1 )% ( 13 ) ( 1.9 )% — — % Provision to return and other adjustments ( 2 ) ( 0.3 )% ( 11 ) ( 1.6 )% ( 37 ) ( 20.6 )% Valuation allowance 4 0.5 % ( 16 ) ( 2.4 )% 13 7.3 % Stock-based compensation ( 9 ) ( 1.2 )% ( 4 ) ( 0.6 )% — — % R&D credit ( 7 ) ( 0.9 )% ( 6 ) ( 0.9 )% ( 7 ) ( 3.8 )% Uncertain tax positions 36 4.9 % ( 3 ) ( 0.4 )% ( 1 ) ( 0.5 )% Other, net 8 1.1 % 4 0.6 % 5 2.8 % Total effective tax rate $ 163 22.0 % $ 68 10.1 % $ ( 40 ) ( 22.3 )% The following table sets forth the Company’s income (loss) before income taxes for its U.S. and international operations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 U.S. operations (including exports) $ 217 $ 44 $ ( 136 ) International operations 524 632 315 Income before income taxes $ 741 $ 676 $ 179 Management asserts that it is indefinitely reinvested with respect to all undistributed earnings prior to 2018 and, therefore, has not recorded deferred tax liabilities with respect to those earnings. Beginning in 2018, management determined that the Company’s earnings from certain foreign subsidiaries are not indefinitely reinvested and presumed such earnings will be distributed to the U.S. At December 31, 2022 and 2021, deferred tax liabilities for the foreign subsidiaries that are not indefinitely reinvested were not material to the Company’s consolidated financial statements. At December 31, 2022 , the amount of indefinitely reinvested unremitted earnings was approximately $ 531 . The potential tax implications of the repatriation of unremitted earnings are driven by the facts at the time of distribution; however, due to U.S. tax reform and the U.S. Transition Tax, the incremental cost to repatriate earnings is expected to be primarily related to withholding taxes and is not expected to be material. For the years ended December 31, 2022 and 2021 , the Company recorded $ 3 and $ 1 of valuation allowance on certain foreign tax credits, respectively. Additionally, the Company recorded $ 1 of valuation allowance on state net operating losses for the year ended December 31, 2022. For the year ended December 31, 2020, the Company recorded $ 12 of valuation allowance on certain foreign subsidiary net deferred tax assets, which was subsequently reversed during the year ended December 31, 2021, and $ 2 of valuation allowance on certain foreign tax credits. The Company reviews its tax return positions, taking into account the progress of audits by various taxing jurisdictions and other changes in relevant facts and circumstances evident at each balance sheet date. At December 31, 2022, the Company recognized net tax expense of $ 36 related to transfer pricing uncertain tax positions. The Company maintains its as filed tax positions are appropriate and supportable. Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward or back, subject to statutory limitations, to reduce taxable income or taxes payable in future or prior years. At December 31, 2022 , the Company’s U.S state tax losses amounted to $ 4 , which substantially expire between 2036 and 2040. The Company has foreign net operating losses of $ 6 , which expire between 2026 and 2031, and $ 11 of certain foreign tax credits, which expire between 2025 and 2032. Each year, Chemours and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and non-U.S. jurisdictions. The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2022 India 2015 through 2022 Mexico 2016 through 2022 Netherlands 2020 through 2022 Singapore 2019 through 2022 Switzerland 2019 through 2022 Taiwan 2015 through 2022 U.S. 2017 through 2022 Positions challenged by the taxing authorities may be settled or appealed by Chemours and/or EID in accordance with the tax matters agreement. As a result, income tax uncertainties are recognized in the Company’s consolidated financial statements in accordance with accounting for income taxes, when applicable. The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 5 $ 7 $ 9 Gross amounts of increases and decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period 54 ( 1 ) ( 2 ) Gross amounts of increases and decreases in unrecognized tax benefits as a result of tax positions taken during the current period 6 — 1 Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — ( 1 ) ( 1 ) Balance at December 31, $ 65 $ 5 $ 7 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 42 $ 4 $ 8 Total amount of interest and penalties recognized in the consolidated statements of operations 4 ( 1 ) 1 Total amount of interest and penalties recognized in the consolidated balance sheets 4 1 1 As of December 31, 2022, the total amount of unrecognized tax benefits was $ 65 , of which $ 54 was recorded in other liabilities and $ 11 was recorded as an offset to deferred tax assets. In addition, accruals of $ 4 have been recorded for penalties and interest, as of December 31, 2022, in other liabilities. These liabilities at December 31, 2022 were reduced by $ 26 for offsetting benefits from the corresponding effects of potential transfer pricing adjustments included in other assets. The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 8 $ 24 $ 10 Charges to income tax expense 4 — 14 Release of valuation allowance — ( 16 ) — Balance at December 31, $ 12 $ 8 $ 24 In connection with the classification of assets held for sale during the third quarter of 2021 related to the sale of the Mining Solutions Business on December 1, 2021, the Company recorded an income tax benefit of $ 16 related to the release of a valuation allowance on the deferred tax assets of one of its Mexican subsidiaries. The Company has evaluated all available positive and negative evidence, including the impact of the sale of the Mining Solutions business, as well as the future projections of profitability for the entity post sale. As a result, the Company determined that all of its deferred tax assets related to the Mexican subsidiary are more likely than not to be realized and accordingly reversed the valuation allowance against those deferred tax assets. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 10. Earnings Per Share of Common Stock The following table sets forth the reconciliations of the numerators and denominators of the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Numerator: Net income attributable to Chemours $ 578 $ 608 $ 219 Denominator: Weighted-average number of common shares 155,359,361 164,943,575 164,681,827 Dilutive effect of the Company’s employee 2,943,646 3,754,864 1,664,702 Weighted-average number of common shares 158,303,007 168,698,439 166,346,529 Basic earnings per share of common stock (1) $ 3.72 $ 3.69 $ 1.33 Diluted earnings per share of common stock (1) 3.65 3.60 1.32 (1) Figures may not recalculate exactly due to rounding. Basic and diluted earnings per share are calculated based on unrounded numbers. The following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted earnings per share calculations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Average number of stock options 1,077,922 1,500,577 3,839,845 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | 11. Accounts and Notes Receivable, Net The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2022 and 2021. December 31, 2022 2021 Accounts receivable - trade, net (1) $ 509 $ 644 VAT, GST, and other taxes (2) 88 41 Other receivables (3) 29 35 Total accounts and notes receivable, net $ 626 $ 720 (1) Accounts receivable - trade, net includes trade notes receivable of $ 3 and $ 17 and is net of allowances for doubtful accounts of $ 10 and $ 5 at December 31, 2022 and 2021, 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, other deposits including receivables under the terms of the MOU. For details of the MOU, see “Note 22 – Commitments and Contingent Liabilities”. Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to $ 9 , $ 2 and $ 3 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table sets forth the change in the Company's allowance for doubtful accounts for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 5 $ 7 $ 5 Additions charged to expenses 9 2 3 Deductions from reserves (1) ( 4 ) ( 4 ) ( 1 ) Balance at December 31, $ 10 $ 5 $ 7 (1) Bad debt write-offs were less than $ 1 , $ 1 , and $ 1 for the years ended December 31, 2022, 2021 and 2020, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory, Net [Abstract] | |
Inventories | Note 12. Inventories The following table sets forth the components of the Company’s inventories at December 31, 2022 and 2021. December 31, 2022 2021 Finished products $ 910 $ 704 Semi-finished products 218 192 Raw materials, stores, and supplies 654 475 Inventories before LIFO adjustment 1,782 1,371 Less: Adjustment of inventories to LIFO basis ( 378 ) ( 272 ) Total inventories $ 1,404 $ 1,099 Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at substantially all of the Company’s U.S. locations, which comprised $ 835 and $ 650 (or 47 % and 47 %, respectively) of inventories before the LIFO adjustments at December 31, 2022 and 2021, respectively. The remainder of the Company’s inventory held in international locations and certain U.S. locations is valued under the average cost method. During 2021, inventory reductions in the Company’s Titanium Technologies segment resulted in liquidations of LIFO inventory layers carried at lower costs prevailing in prior years as compared to current-year costs. During the year ended December 31, 2021, the benefit to net income (loss) attributable to Chemours from the liquidation of LIFO inventory was $ 8 or $ 0.05 on basic earnings (loss) per share of common stock. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Note 13. Property, Plant, and Equipment, Net The following table sets forth the components of the Company’s property, plant, and equipment, net at December 31, 2022 and 2021. December 31, 2022 2021 Equipment $ 7,745 $ 7,559 Buildings 1,180 1,168 Construction-in-progress 324 361 Land 102 108 Mineral rights 36 36 Property, plant, and equipment 9,387 9,232 Less: Accumulated depreciation ( 6,216 ) ( 6,078 ) Total property, plant, and equipment, net $ 3,171 $ 3,154 Property, plant, and equipment, net included gross assets under finance leases of $ 91 and $ 95 at December 31, 2022 and 2021, respectively. Interest expense capitalized as part of property, plant, and equipment, net amounted to $ 7 , $ 5 , and $ 4 for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation expense amounted to $ 286 , $ 309 , and $ 313 for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 14. Leases The Company leases certain office space, laboratory space, equipment, railcars, tanks, barges, tow boats, and warehouses. Lease expense is recognized over the term of these leases on a straight-line basis. The Company’s leases have remaining terms of up to 24 years. Some leases of equipment contain immaterial amounts of residual value guarantees. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet locations at December 31, 2022 and 2021. December 31, Balance Sheet Location 2022 2021 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 240 $ 227 Finance lease assets Property, plant, and equipment, net (Note 13) 61 69 Total lease assets $ 301 $ 296 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 49 $ 59 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 12 12 Total current lease liabilities 61 71 Non-current: Operating lease liabilities Operating lease liabilities 198 179 Finance lease liabilities Long-term debt, net (Note 20) 49 60 Total non-current lease liabilities 247 239 Total lease liabilities $ 308 $ 310 The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Operating lease cost $ 51 $ 66 $ 88 Short-term lease cost 4 7 5 Variable lease cost 16 21 20 Finance lease cost: Amortization of lease assets 8 12 8 Interest on lease liabilities 4 4 4 Total lease cost $ 83 $ 110 $ 125 The following table sets forth the cash flows related to the Company’s leases for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 70 $ 91 Operating cash flows from finance leases 4 4 4 Financing cash flows from finance leases 11 10 6 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 65 $ 45 $ 23 Leased assets obtained in exchange for new finance lease liabilities — 14 19 The following table sets forth the weighted-average terms and weighted-average discount rates for the Company’s leases at December 31, 2022 and 2021. December 31, 2022 2021 Weighted-average remaining lease term (years): Operating leases 10.0 11.0 Finance leases 5.4 6.3 Weighted-average discount rate: Operating leases 5.23 % 5.30 % Finance leases 5.42 % 4.80 % The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. Operating Leases Finance Leases Total 2023 $ 61 $ 14 $ 75 2024 52 13 65 2025 42 13 55 2026 36 11 47 2027 23 8 31 Thereafter 91 13 104 Total lease payments 305 72 377 Less: Imputed interest 58 11 69 Present value of lease liabilities $ 247 $ 61 $ 308 The Chemours Discovery Hub In October 2017, Chemours executed a build-to-suit lease agreement to construct a new 312,000 -square-foot R&D facility located in the Science, Technology, and Advanced Research campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”). Chemours was deemed to be the owner for accounting purposes during construction of the facility. Construction was completed in the fourth quarter of 2019, and, upon its completion, Chemours evaluated whether a sale occurred for purposes of sale-leaseback accounting treatment. The Company determined that this transaction did not qualify for sale-leaseback accounting, and, as a result, the leasing arrangement is considered to be a financing transaction. At completion of the construction, the build-to-suit lease liability was reclassified as a financing obligation within long-term debt, net, and the build-to-suit lease asset was capitalized in property, plant and equipment, net. At December 31, 2022 and 2021 , a financing obligation of $ 93 and $ 93 , respectively, and property, plant, and equipment of $ 84 and $ 88 , respectively, are recorded on the Company’s consolidated balance sheet. The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation. 2023 $ 7 2024 7 2025 7 2026 7 2027 7 Thereafter 140 Total payments $ 175 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Note 15. Goodwill and Other Intangible Assets, Net Goodwill The following table sets forth the changes in the carrying amount of the Company’s goodwill by segment for the years ended December 31, 2022 and 2021. Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment Total Balance at January 1, 2021 $ 13 $ 33 $ 56 $ 51 $ 153 Divestitures — — — ( 51 ) ( 51 ) Balance at December 31, 2021 13 33 56 — 102 Balance at December 31, 2022 $ 13 $ 33 $ 56 $ — $ 102 Chemours consists of four operating segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions (included in Other Segment). The Company defines its reporting units as operating units or one level below its operating segments. In 2022 and in 2021 following the Mining Solutions Transaction, the Company had three reporting units for goodwill testing, which align with the Company's operating segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. For the year ended December 31, 2021, $ 51 of goodwill was allocated to the disposal group in determining the gain on sale of the Mining Solutions business. For the year ended December 31, 2022, the Company did no t have any impairments to or transfers of its goodwill balances. The Company tested the goodwill balances attributable to each of its reporting units for potential impairment on October 1, 2022, 2021, and 2020, the dates of Chemours’ annual goodwill assessments. No goodwill impairments were recorded for the years ended December 31, 2022, 2021 and 2020, as the fair values of the Company’s reporting units that carry goodwill exceeded each respective reporting unit’s carrying amount on October 1, 2022, 2021 and 2020. The total accumulated impairment losses included in the Company’s goodwill balance at December 31, 2022 and 2021 amounted to $ 4 . Other Intangible Assets, Net The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s other intangible assets by major class at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net Allowance units (1) $ 13 $ ( 1 ) $ 12 $ — $ — $ — Customer lists 2 ( 2 ) — 2 ( 2 ) — Customer relationships 22 ( 21 ) 1 22 ( 16 ) 6 Patents 19 ( 19 ) — 19 ( 19 ) — Purchased and licensed technology 3 ( 3 ) — 3 ( 3 ) — Other 10 ( 10 ) — 10 ( 10 ) — Total other intangible assets $ 69 $ ( 56 ) $ 13 $ 56 $ ( 50 ) $ 6 (1) Allowance units represent rights purchased for the production and/or importation of regulated materials. The aggregate pre-tax amortization expense for definite-lived intangible assets was $ 5 , $ 8 , and $ 7 for the years ended December 31, 2022, 2021 and 2020 , respectively. The estimated annual aggregate pre-tax amortization expense for 2023 is $ 10 . Less than $ 1 of pre-tax amortization expense is estimated annually for 2024, 2025, 2026, and 2027. Definite-lived intangible assets are amortized over their estimated useful lives, generally for periods ranging up to 20 years. The reasonableness of the useful lives of these assets is periodically evaluated. The Company does not have any indefinite-lived intangible assets. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliates | Note 16. Investments in Affiliates The Company holds investments in companies where it, directly or indirectly, owns 20 % to 50 % of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee. The following table sets forth the jurisdiction, carrying value, and ownership percentages of the Company’s investments in affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 87 50.0 % $ 98 50.0 % The Chemours Chenguang Fluoromaterials Company Limited China 36 50.0 % 33 50.0 % Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 52 10.0 % 38 10.0 % $ 175 $ 169 The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 169 $ 167 $ 162 Equity in earnings of affiliates 55 43 23 Dividends ( 33 ) ( 30 ) ( 25 ) Currency translation and other ( 16 ) ( 11 ) 7 Balance at December 31, $ 175 $ 169 $ 167 The Company engages in transactions with its equity method investees in the ordinary course of business. For the years ended December 31, 2022, 2021 and 2020 , net sales to the Company’s equity method investees amounted to $ 193 , $ 144 , and $ 98 , respectively, and purchases from the Company’s equity method investees amounted to $ 218 , $ 180 , and $ 133 , respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 17. Other Assets The following table sets forth the components of the Company’s other assets at December 31, 2022 and 2021. December 31, 2022 2021 Capitalized repair and maintenance costs $ 240 $ 195 Pension assets (1) 50 55 Deferred income taxes 152 171 Miscellaneous (2) 81 26 Total other assets $ 523 $ 447 Pension assets represents the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable | Note 18. Accounts Payable The following table sets forth the components of the Company’s accounts payable at December 31, 2022 and 2021. December 31, 2022 2021 Trade payables $ 1,228 $ 1,141 VAT and other payables 23 21 Total accounts payable $ 1,251 $ 1,162 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Note 19. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Accrued litigation (1) $ 41 $ 36 Asset retirement obligations (1) 10 14 Income taxes 19 43 Customer rebates 90 83 Accrued interest 17 17 Operating lease liabilities (2) 49 59 Miscellaneous (3) 74 73 Total other accrued liabilities $ 300 $ 325 (1) Represents the current portions of accrued litigation and asset retirement obligations (see “Note 22 – Commitments and Contingent Liabilities”). (2) Represents the current portion of operating lease liabilities (see “Note 14 – Leases”). (3) Miscellaneous primarily includes accruals related to utility expenses, property taxes, a workers compensation indemnification liability and other miscellaneous expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 20. Debt The following table sets forth the components of the Company’s debt at December 31, 2022 and 2021. December 31, 2022 2021 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 766 $ 776 Tranche B-2 euro term loan due April 2025 333 at December 31, 2022 and € 337 at December 31, 2021) 355 381 Senior unsecured notes: 4.000 % due May 2026 441 at December 31, 2022 and € 450 at December 31, 2021) 470 510 5.375 % due May 2027 495 500 5.750 % due November 2028 783 800 4.625 % due November 2029 620 650 Finance lease liabilities 61 72 Financing obligation (1) 91 93 Total debt principal 3,641 3,782 Less: Unamortized issue discounts ( 4 ) ( 5 ) Less: Unamortized debt issuance costs ( 22 ) ( 28 ) Less: Short-term and current maturities of long-term debt ( 25 ) ( 25 ) Long-term debt, net $ 3,590 $ 3,724 (1) At December 31, 2022 and 2021 , financing obligation relates to the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. Senior Secured Credit Facilities The Company’s credit agreement, as amended and restated on April 3, 2018, (“Credit Agreement”) provides for a seven-year , senior secured term loan facility and a five-year , $ 800 senior secured revolving credit facility (“Revolving Credit Facility”) (collectively, the “Senior Secured Credit Facilities”). On October 7, 2021, the Company entered into an amendment to the Credit Agreement (“Credit Agreement Amendment”) to, among other things, increase the aggregate commitment amount under the Revolving Credit Facility to $ 900 and extend the stated maturity date to October 7, 2026 (from April 3, 2023). The Credit Agreement is subject to a springing maturity in the event that the senior secured term loans due April 2025 and the senior unsecured notes due in May 2026 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date. The senior secured term loan facility under the Senior Secured Credit Facilities provides for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $ 900 (“Dollar Term Loan”) and a class of term loans, denominated in euros, in an aggregate principal amount of € 350 (“Euro Term Loan”) (collectively, the “Term Loans”). The Dollar Term Loan bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75 % or adjusted base rate plus 0.75 %, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00 % or 1.00 %, respectively. The Euro Term Loan bears a variable interest rate equal to adjusted Euro Interbank Offered Rate ("EURIBOR") plus 2.00 %, subject to an adjusted EURIBOR floor of 0.50 %. The Term Loans will mature on April 3, 2025 , and are subject to acceleration in certain circumstances. At December 31, 2022 , the effective interest rates on the Dollar Term Loan and the Euro Term Loan were 6.1 % and 3.9 %, respectively. For the years ended December 31, 2022, 2021 and 2020 , the Company made term loan repayments of $ 13 on its Term Loans. During 2021, the Company repurchased through open market transactions, an aggregate principal amount of $ 37 and made an optional prepayment of $ 54 on its senior secured term loans. The proceeds of any loans made under the Revolving Credit Facility can be used for working capital needs and other general corporate purposes, including permitted acquisitions, as defined in the Credit Agreement. The Revolving Credit Facility bears a variable interest rate range based on the Company’s total net leverage ratio, as defined in the Credit Agreement, between (i) a 0.25 % and a 1.00 % spread for adjusted base rate loans, and (ii) a 1.25 % and a 2.00 % spread for LIBOR and EURIBOR loans. In addition, the Company is required to pay a commitment fee on the average daily unused amount of the Revolving Credit Facility within an interest rate range based on its total net leverage ratio, between 0.10 % and 0.25 %. At December 31, 2022, commitment fees on the Revolving Credit Facility were assessed at a rate of 0.10 % per annum. In 2020, as a precautionary measure in light of macroeconomic uncertainties driven by COVID-19, the Company drew $ 300 from its Revolving Credit Facility; the borrowings were repaid in the same year. No borrowings were outstanding under the Revolving Credit Facility at December 31, 2022 and 2021 . Chemours also had $ 108 and $ 107 in letters of credit issued and outstanding under the Revolving Credit Facility at December 31, 2022 and 2021, respectively. Under the Credit Agreement, solely with respect to the Revolving Credit Facility, the Company is required to maintain a senior secured net leverage ratio not to exceed 2.00 to 1.00 in each quarter, through the date of maturity. In addition, the Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict the Company’s and its subsidiaries’ ability, subject to certain exceptions, to incur additional indebtedness or liens, pay dividends, and engage in certain transactions, including mergers, acquisitions, asset sales, or investments, outside of specified carve-outs. The Credit Agreement also contains customary representations and warranties and events of default. The Company was in compliance with its debt covenants at December 31, 2022 and 2021. The Company’s obligations under the Senior Secured Credit Facilities are guaranteed on a senior secured basis by all of its material domestic subsidiaries, which are also guarantors of the Company’s outstanding notes, subject to certain exceptions. The obligations under the Senior Secured Credit Facilities are also, subject to certain exceptions, secured by a first priority lien on substantially all of the Company’s assets and substantially all of the assets of its wholly-owned, material domestic subsidiaries, including 100 % of the stock of certain of its domestic subsidiaries and 65 % of the stock of certain of its foreign subsidiaries. Senior Unsecured Notes Senior Unsecured Notes Due May 2027 On May 23, 2017, the Company issued a $ 500 aggregate principal amount of 5.375 % senior unsecured notes due May 2027 (the “2027 Notes”). The 2027 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $ 489 , net of an original issue discount of $ 5 and underwriting fees and other related expenses of $ 6 , which are deferred and amortized to interest expense using the effective interest method over the term of the 2027 Notes. A portion of the net proceeds from the 2027 Notes was used to pay the $ 335 of the First MDL Settlement, as discussed in “Note 22 – Commitments and Contingent Liabilities”. The remaining proceeds from the 2027 Notes were available for general corporate purposes. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of $ 100 . The guarantees of the 2027 Notes will rank equally with all other senior indebtedness of the guarantors. The 2027 Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is by its terms expressly subordinated in right of payment to the 2027 Notes. The 2027 Notes are subordinated to indebtedness under the Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and structurally subordinated to the liabilities of any non-guarantor subsidiaries. Pursuant to the terms of the indenture governing the 2027 Notes, the Company is obligated to offer to purchase the 2027 Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. The Company may redeem the 2027 Notes, in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase prior to February 15, 2027. The Company may also redeem some or all of the 2027 Notes by means other than a redemption, including tender offer and open market repurchases. Senior Unsecured Notes Due May 2026 On June 6, 2018, the Company issued an aggregate principal amount of € 450 4.000 % senior unsecured notes due May 2026 , denominated in euros (the “2026 Euro Notes”). The 2026 Euro Notes require payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received net proceeds of € 445 , which, together with cash on hand, were used to purchase or redeem, as the case may be, the previously outstanding euro notes due May 2023 and a $ 250 aggregate principal amount of the 6.625 % senior unsecured notes due May 2023, denominated in U.S. dollars (the “ 2023 Dollar Notes”) pursuant to a tender offer and the redemption, as well as pay for any fees and expenses in connection therewith. The 2026 Euro Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of $ 100 . The guarantees of the 2026 Euro Notes will rank equally with all other senior indebtedness of the guarantors. The 2026 Euro Notes also rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is, by its terms, expressly subordinated in right of payment to the 2026 Euro Notes. The 2026 Euro Notes are subordinated to indebtedness under the Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and are structurally subordinated to the liabilities of any non-guarantor subsidiaries. Pursuant to the terms of the indenture governing the 2026 Euro Notes, the Company is obligated to offer to purchase the 2026 Euro Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to May 15, 2021, the Company may redeem the 2026 Euro Notes (i) in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date and (ii) on one or more occasions, up to 35 % of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 104 % of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after May 15, 2021, the Company may redeem the 2026 Euro Notes at specified redemption prices. The Company may also redeem some of all of the 2026 Euro Notes by means other than a redemption, including tender offer and open market repurchases. Senior Unsecured Notes Due November 2028 On November 27, 2020, the Company issued an $ 800 aggregate principal amount of 5.750 % senior unsecured notes due November 2028 (the “2028 Notes”) in an offering that was exempt from the registration requirements of the Securities Act. The 2028 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $ 790 , net of underwriting fees and other related expenses of $ 10 , which are deferred and amortized to interest expense using the effective interest method over the term of the 2028 Notes. The net proceeds from the 2028 Notes were used, together with cash on hand, to purchase or redeem, as applicable, the remaining $ 908 aggregate principal amount of the 2023 Dollar Notes. In connection with the purchase and redemption of the remaining 2023 Dollar Notes, the Company incurred a loss on extinguishment of $ 22 for the year ended December 31, 2020. The 2028 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of $ 100 . The guarantees of the 2028 Notes will rank equally with all other senior indebtedness of the guarantors. The 2028 Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is by its terms expressly subordinated in right of payment to the 2028 Notes. The 2028 Notes are subordinated to indebtedness under the Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and structurally subordinated to the liabilities of any non-guarantor subsidiaries. Pursuant to the terms of the indenture governing the 2028 Notes, the Company is obligated to offer to purchase the 2028 Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to November 15, 2023, the Company may redeem the 2028 Notes (i) in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase, and (ii) on one or more occasions, up to 35 % of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 105.750 % of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after November 15, 2023, the Company may redeem the 2028 Notes at specified redemption prices. The Company may also redeem some or all of the 2028 Notes by means other than a redemption, including tender offer and open market repurchases. Senior Unsecured Notes Due November 2029 On August 18, 2021, the Company issued a $ 650 aggregate principal amount of 4.625 % senior unsecured notes due November 2029 (the “2029 Notes”) in an offering that was exempt from the registration requirements of the Securities Act. The 2029 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $ 642 , net of underwriting fees and other related expenses of $ 8 , which are deferred and amortized to interest expense using the effective interest method over the term of the 2029 Notes. The net proceeds from the 2029 Notes were used, together with cash on hand, to purchase or redeem, as applicable, the $ 750 aggregate principal of the 7.000 % senior unsecured notes due May 2025 (the "2025 Notes"). In connection with the purchase and redemption of the 2025 Notes, the Company incurred a loss on extinguishment of $ 20 for the year ended December 31, 2021. The 2029 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of $ 100 . The guarantees of the 2029 Notes will rank equally with all other senior indebtedness of the guarantors. The 2029 Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is by its terms expressly subordinated in right of payment to the 2029 Notes. The 2029 Notes are subordinated to indebtedness under the Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and structurally subordinated to the liabilities of any non-guarantor subsidiaries. Pursuant to the terms of the indenture governing the 2029 Notes, the Company is obligated to offer to purchase the 2029 Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to November 15, 2024, the Company may redeem the 2029 Notes (i) in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, up to, but excluding the redemption date, and (ii) on one or more occasions, up to 35 % of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 104.625 % of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after November 15, 2024, the Company may redeem the 2029 Notes at specified redemption prices. The Company may also redeem some or all of the 2029 Notes by means other than a redemption, including tender offer and open market repurchases. 2025 Notes Tender Offer and Redemption On August 4, 2021, the Company commenced an all-cash tender offer to purchase any and all of the outstanding 2025 Notes for a purchase price of $ 1,025.00 per $ 1,000.00 of principal amount through an early tender deadline of August 17, 2021 , and $ 995.00 per $ 1,000.00 of principal amount thereafter, through August 31, 2021 , the tender expiration date, plus any accrued and unpaid interest thereon (the “2025 Notes Tender Offer”). In connection with the 2025 Notes Tender Offer, the Company received consents from the holders of a majority of the aggregate principal amount of the 2025 Notes to amend certain provisions of the indenture governing the 2025 Notes, thereby allowing the Company to call and redeem the remaining 2025 Notes outstanding upon two business days’ notice to the noteholders (the “2025 Notes Redemption”) (collectively, the “2025 Notes Tender Offer and Redemption”). The Company completed the 2025 Notes Tender Offer and Redemption on August 20, 2021 for an aggregate purchase price of $ 782 , inclusive of an early participation premium of $ 18 and accrued interest of $ 14 . The 2025 Notes Tender Offer and Redemption was funded with the proceeds from the offering of the 2029 Notes and cash on hand. 2023 Dollar Notes Tender Offer and Redemption On November 12, 2020, the Company commenced an all-cash tender offer to purchase any and all of the outstanding 2023 Dollar Notes for a purchase price of $ 1,017.94 per $ 1,000.00 of principal amount through an early tender deadline of November 25, 2020 , and $ 987.94 per $ 1,000.00 of principal amount thereafter, through December 10, 2020 , the tender expiration date, plus any accrued and unpaid interest thereon (the “2023 Dollar Notes Tender Offer”). In connection with the 2023 Dollar Notes Tender Offer, the Company received consents from the holders of a majority of the aggregate principal amount of the 2023 Dollar Notes to amend certain provisions of the indenture governing the 2023 Dollar Notes, thereby allowing the Company to call and redeem the remaining 2023 Dollar Notes outstanding upon two business days’ notice to the noteholders (the “2023 Dollar Notes Redemption”) (collectively, the “2023 Dollar Notes Tender Offer and Redemption”). The Company completed the 2023 Dollar Notes Tender Offer and Redemption on December 1, 2020 for an aggregate purchase price of $ 926 , inclusive of an early participation premium of $ 16 and accrued interest of $ 2 . The 2023 Dollar Notes Tender Offer and Redemption was funded with the proceeds from the offering of the 2028 Notes and cash on hand. Note Repurchases During the year ended December 31, 2022, the Company repurchased through open market transactions, an aggregate principal of $ 62 of its senior unsecured notes for cash payment of $ 54 . The Company recorded a gain of $ 7 in "Gain (loss) on extinguishment of debt" in the consolidated statements of operations, net of $ 1 in charges related to the write-off of deferred financing costs associated with the extinguished debt. Accounts Receivable Securitization Facility On July 12, 2019, the Company, through a wholly-owned special purpose entity (“SPE”), executed an agreement with a bank for an accounts receivable securitization facility (“Securitization Facility”) for the purpose of enhancing the Company’s liquidity (the “Original Purchase Agreement”). Under the Securitization Facility, certain of the Company’s subsidiaries sell their accounts receivable to the SPE, which is a non-guarantor subsidiary. In turn, the SPE may transfer undivided ownership interests in such receivables to the bank in exchange for cash. The Securitization Facility permitted the SPE to borrow up to a total of $ 125 , with an option to increase to $ 200 . The bank has a first priority security interest in all receivables held by the SPE, and the SPE has not granted a security interest to anyone else. As the SPE previously maintained effective control over the accounts receivable under the Original Purchase Agreement, the transfers of the ownership interests to the bank did not meet the criteria to account for the transfers as true sales. As a result, the Company accounted for the transfers as collateralized borrowings. Cash received from the bank was a short-term obligation of the Company, which was fully-collateralized by all receivables held by the SPE. The Securitization Facility was subject to interest charges against both the amount of outstanding borrowings and the amount of available but undrawn commitments. The Securitization Facility bore a variable interest rate on outstanding borrowings and a fixed commitment fee on the average daily undrawn amount. Borrowings under the Securitization Facility were classified in the consolidated balance sheets as a component of current liabilities due to the short-term nature of the obligation. On March 9, 2020, the Company, through its wholly-owned SPE, entered into an amended and restated receivables purchase agreement (the “Amended Purchase Agreement”) under the Securitization Facility. The Amended Purchase Agreement amends and restates, in its entirety, the Original Purchase Agreement. The Amended Purchase Agreement, among other things, extends the term of the Original Purchase Agreement such that the SPE may sell certain receivables and request investments and letters of credit until the earlier of March 5, 2021 or a termination event, and contains customary representations and warranties, as well as affirmative and negative covenants. 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, on March 9, 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 and subsequent sale of $ 125 of its receivables to the bank during the first quarter of 2020. 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 (together with the First Amendment, the “Purchase Agreement”) to, among other things, extend the term of the Purchase Agreement, 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 Purchase Agreement. The First Amendment also increases the facility limit under the arrangement from $ 125 to $ 150 . On November 24, 2021, the Company, through the SPE, entered into an amendment (the “Second Amendment”) to its Purchase Agreement to, among other things, extend the term of the Purchase Agreement, such that the SPE may sell certain receivables and request investments and letters of credit until the earlier of March 6, 2024 or another event that constitutes a “Termination Date” under the Purchase Agreement. As of December 31, 2022, 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. For the years ended December 31, 2022 and 2021 , the Company received $ 1,481 and $ 1,364 , respectively, of cash collections on receivables sold under the Amended Purchase Agreement, following which it sold and derecognized $ 1,481 and $ 1,389 , 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 $ 46 and $ 76 at December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021 , the Company incurred $ 3 of fees associated with the Securitization Facility. Costs associated with the sales of receivables are reflected in the Company’s consolidated statements of operations for the periods in which the sales occur. Other In 2020, the Company entered into a financing arrangement, by which an external financing company funded certain of the Company’s annual insurance premiums for $ 16 , and subsequently repaid in full for the year ended December 31, 2020. In 2019, the Company entered into a similar financing arrangement for $ 11 , of which $ 5 was repaid during the year ended December 31, 2019 and the remainder in 2020. Maturities The Company has required quarterly principal payments related to the Senior Secured Credit Facilities equivalent to 1.00 % per annum through December 2024, with the balance due at maturity. Also, 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 expected to make additional principal payments in 2023. The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. 2023 $ 13 2024 13 2025 1,095 2026 470 2027 495 Thereafter 1,403 Total principal maturities on debt $ 3,489 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. December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 766 $ 755 $ 776 $ 769 Tranche B-2 euro term loan due April 2025 333 at December 31, 2022 and € 337 at December 31, 2021) 355 345 381 378 Senior unsecured notes: 4.000 % due May 2026 441 at December 31, 2022 and € 450 at December 31, 2021) 470 422 510 518 5.375 % due May 2027 495 459 500 538 5.750 % due November 2028 783 702 800 846 4.625 % due November 2029 620 509 650 645 Total senior debt principal 3,489 $ 3,192 3,617 $ 3,694 Less: Unamortized issue discounts ( 4 ) ( 5 ) Less: Unamortized debt issuance costs ( 22 ) ( 28 ) Total senior debt, net $ 3,463 $ 3,584 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 21. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Employee-related costs (1) $ 82 $ 94 Accrued litigation (2) 55 50 Asset retirement obligations (2) 73 62 Miscellaneous (3) 109 63 Total other liabilities $ 319 $ 269 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portions of accrued litigation and asset retirement obligations (see “Note 22 – Commitments and Contingent Liabilities”). (3) Miscellaneous primarily includes an accrued workers compensation indemnification liability of $ 33 and $ 32 at December 31, 2022 and 2021 , respectively. Miscellaneous also includes long-term income tax liabilities from uncertain tax positions at December 31, 2022 (see "Note 9 – Income Taxes"). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 22. Commitments and Contingent Liabilities Asset Retirement Obligations Chemours has recorded asset retirement obligations, which are primarily related to closure, reclamation, and removal for mining operations relative to the extraction of titanium ore and other saleable minerals in the Titanium Technologies segment; and, cap, cover, and post-closure maintenance of landfills in all segments. The following table sets forth the activity in the Company’s asset retirement obligations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 76 $ 76 $ 76 Obligations incurred or acquired — — 12 Increase (decrease) in estimated cash outflows 2 1 ( 14 ) Accretion expense 10 2 4 Settlements and payments ( 5 ) ( 3 ) ( 2 ) Balance at December 31, $ 83 $ 76 $ 76 Current portion $ 10 $ 14 $ 13 Non-current portion 73 62 63 Litigation Overview 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. 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. It is not possible to predict the outcomes of these various lawsuits, claims, assessments, or proceedings. 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. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. When a material loss contingency is reasonably possible, but not probable, the Company does not record a liability, but instead discloses the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Significant judgment is required in both the determination of probability and whether an exposure is reasonably estimable. The Company’s judgments are subjective based on the status of the legal or regulatory proceedings, the merits of the Company’s defenses and consultation with in-house and outside legal counsel. Because of uncertainties related to these matters, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation and may revise its estimates accordingly. Due to the inherent uncertainties of the legal and regulatory process in the multiple jurisdictions in which Chemours operates, management’s judgments may be materially different than the actual outcomes. Legal costs such as outside counsel fees and expenses are charged to expense in the period services are rendered. Management believes the Company’s litigation accruals are appropriate based on the facts and circumstances for each matter, which are discussed in further detail below. The following table sets forth the components of the Company’s accrued litigation at December 31, 2022 and 2021. December 31, 2022 2021 Asbestos $ 35 $ 33 PFOA (1) 45 23 All other matters (2) 16 30 Total accrued litigation $ 96 $ 86 (1) At December 31, 2022, PFOA includes $ 20 associated with the Company’s portion of the potential loss in the single matter not included in the Leach settlement. For information regarding this matter, refer to “PFOA” within this “Note 22 – Commitments and Contingent Liabilities”. (2) At December 31, 2021, all other matters includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – 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 December 31, 2022 and 2021. December 31, Balance Sheet Location 2022 2021 Accrued Litigation: Current accrued litigation (1) Other accrued liabilities (Note 19) $ 41 $ 36 Long-term accrued litigation Other liabilities (Note 21) 55 50 Total accrued litigation $ 96 $ 86 (1) At December 31, 2021, current accrued litigation includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – Commitments and Contingent Liabilities”. Memorandum of Understanding (the “MOU”) with DuPont, Corteva and EID In January 2021, Chemours, DuPont, Corteva, and EID, a subsidiary of Corteva, entered into a binding MOU, reflecting the parties’ agreement to share potential future legacy liabilities relating to 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 up to an aggregate $ 4,000 . 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 or expensed as incurred with respect to period costs, such as legal expenses. During the years ended December 31, 2022 and 2021, the Company incurred expenditures subject to cost-sharing as Qualified Spend under the MOU of approximately $ 152 and $ 100 , respectively. During the years ended December 31, 2022 and 2021, the Company received $ 66 and $ 36 , respectively, of recovery from DuPont and Corteva. 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. The parties have also agreed to establish an escrow account to support and manage the payments for potential future PFAS liabilities. 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. 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 and restricted cash equivalents on its consolidated balance sheets. As per the terms of the MOU, the Company deposited $ 100 into the escrow account in September 2022 and in 2021, which is recognized as restricted cash and restricted cash equivalents on its consolidated balance sheets at December 31, 2022 and 2021, respectively. 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. Asbestos In the Separation, EID assigned its asbestos docket to Chemours. At December 31, 2022 and 2021 , there were approximately 900 and 1,000 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 December 31, 2022 and 2021 , Chemours had accruals of $ 35 and $ 33 related to these matters, respectively. Benzene In the Separation, EID assigned its benzene docket to Chemours. At December 31, 2022 and 2021 , there were 18 and 19 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 nor sold it as a commercial product. Prior to the Separation, the performance chemicals segment of EID made PFOA at its Fayetteville Works site in Fayetteville, North Carolina (“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 ("Chambers Works"); Dordrecht Works, Netherlands; Changshu Works, China; and, Shimizu, Japan. These sites are now owned and/or operated by Chemours. At December 31, 2022 and 2021 , Chemours maintained accruals of $ 25 and $ 23 , respectively, related to PFOA matters under the Leach Settlement (discussed below), EID’s obligations under agreements with the U.S. Environmental Protection Agency (the “EPA”), and voluntary commitments to the New Jersey Department of Environmental Protection (the “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 applicable levels. The Company will continue to work with EPA, NJ DEP 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 , filed in West Virginia state court, alleging that approximately 80,000 residents living near the Washington Works facility had suffered, or may suffer, deleterious health effects from exposure to PFOA in drinking water. Among the settlement terms, EID funded a series of health studies by an independent science panel of experts (“C8 Science Panel”) to evaluate available scientific evidence on whether any probable link exists, as defined in the settlement agreement, between exposure to PFOA and disease. 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. Through December 31, 2022, approximately $ 2 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 is included in the $ 25 an d $ 23 accrued at December 31, 2022 and 2021, 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 (the “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. For more information on this matter refer to “Memorandum of Understanding (the “MOU”) with Dupont, Corteva and EID” within this “Note 22 – 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. The single matter not included in the 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 . EID appealed the verdict to the United States Court of Appeals for the 6th Circuit and, in December 2022, the 6th Circuit affirmed the verdict in a two-to-one decision, with one judge dissenting on two grounds including the district court’s grant of collateral estoppel. In January 2023, EID petitioned for a rehearing of the appeal by the 6th Circuit en banc , which was denied in February 2023. EID may petition the United States Supreme Court to review the decision. The outcome of such petition is not determinable at this time and has significant uncertainties. Given the current status of this case and the significant uncertainties, the Company recorded a reserve for potential loss on this matter of $20 at December 31, 2022, representing Chemours’ share of the verdict under the terms of the MOU and in accordance with accounting guidance on obligations resulting from joint and several liability arrangements. In August 2022, a personal injury case was filed in federal court in West Virginia on behalf of a plaintiff purporting to be a member of the Leach Class, and in December 2022, two additional personal injury cases were filed on behalf of plaintiffs purporting to be Leach class members. In December, the Judicial Panel on Multi-District Litigation (JPML) declined to close the Ohio MDL, so these three matters will proceed in the Ohio MDL. 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. The Company is 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. The Company is also unable to develop a reasonable estimate of a possible loss or range of losses, if any. Fayetteville Works, Fayetteville, North Carolina For information regarding the Company’s ongoing litigation and environmental remediation matters at Fayetteville, refer to “Fayetteville Works, Fayetteville, North Carolina” under the “Environmental Overview” within this “Note 22 – Commitments and Contingent Liabilities”. Aqueous Film Forming Foam Matters Chemours does not, and has never, manufactured nor sold aqueous film forming foam (“AFFF”). Numerous defendants, including EID and Chemours, have been named in approximately 3,700 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. In March 2021, ten water provider cases within the AFFF MDL were approved by the court for purposes of commencing initial discovery (Tier One discovery) and in October 2021, the court approved three of these cases for additional discovery (Tier Two discovery). In September 2022, a water provider action filed by the City of Stuart, Florida was selected for the first bellwether trial and will be called for jury selection and/or trial on or after June 5, 2023. The court has encouraged all parties to discuss resolution of the water provider category of cases, and on October 26, 2022 appointed a mediator to facilitate discussions among and between the parties. Consistent with the court’s instruction and under the mutual obligations of the MOU, Chemours, Corteva/EID and DuPont, together, are engaged with Plaintiffs’ Counsel on these cases, including through the court-appointed mediator; however, there is no guarantee that the discussions will result in a settlement. Settlement discussions are complex and often involve potential amounts, scope and terms, which can be monetary and non-monetary, that one or more parties may not consider reasonable under the circumstances or indicative of the merits or potential outcome of any court proceeding with respect to the underlying claims. It is reasonably possible that such mediation discussions could result in a loss, which could be material; however, at this time, the Company is unable to predict the duration, scope, or result of the mediation discussions, and because of these uncertainties, the Company is also unable to develop a reasonable estimate of a possible loss or range of losses, if any. 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 New York, four individuals filed a lawsuit against numerous defendants including Chemours. The lawsuit alleges personal injury resulting from exposure to AFFF in Long Island drinking water and violation of New York Uniform Fraudulent Conveyance Act. Plaintiffs seek compensatory and punitive damages and medical monitoring. In Texas, a lawsuit was filed against numerous defendants including Chemours, DuPont and Corteva. The lawsuit alleges personal injury from occupational exposure to AFFF. Plaintiffs seek compensatory and punitive damages. In the first quarter of 2022, certain defendants including Chemours, DuPont and Corteva were dismissed. In Illinois, a lawsuit was filed in May 2022 in the state court against numerous defendants, including EID. The lawsuit alleges personal injury from occupational exposure, including from AFFF-related materials/products, and seeks compensatory damages and punitive damages. Chemours is not a named defendant. In Ontario, Canada, three lawsuits were filed by two parties in December 2022, against DuPont de Nemours, Inc. and another defendant, seeking contribution and indemnification, interest, and costs in connection with three underlying actions filed by property owners in Canada, and a related third-party action filed by some defendants in one of the matters. The plaintiffs in the underlying actions allege PFAS contamination of their respective properties from the use of firefighting foam. Chemours is not a named defendant in any of these matters but has agreed to defend pursuant to the MOU. These lawsuits against DuPont were noticed for discontinuance by one of the filing parties. 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, Pennsylvania, Colorado, Florida, Wisconsin, Massachusetts, Illinois and California, as well as Guam and the Marina Islands, 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 of natural resources and some include counts for fraudulent transfer. 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, in January 2022, the companies paid a total amount of $ 50 to the State of Delaware, 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. Chemours contributed $ 25 to the settlement and the remaining $ 25 was divided between DuPont and Corteva which shall be treated as Qualified Spend under the MOU. 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 In New York courts, EID has been named in approximately 40 lawsuits, 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 against current and former owners and suppliers of a manufacturing facility in Hoosick Falls, New York. Two additional lawsuits have been filed by a business seeking to recover its losses and by nearby property owners and residents in a putative class action. The lawsuit filed by the business was dismissed, but the claims by the individual business owner were allowed to proceed. In September 2022, the Court certified the class action, and EID filed a petition for review of the certification, which was denied in January 2023. The Town of Petersburgh in New York also filed suit in New York state court in August 2022 alleging defendants 3M, EID, and other defendants, are responsible for PFOA contamination of its municipal drinking water supply. The complaint alleges product liability claims, negligence, and trespass. Plaintiff seeks injunctive and declaratory relief as well as compensatory and punitive damages. Furthermore, 13 Long Island water suppliers have filed lawsuits against several defendants including EID and Chemours alleging PFAS, PFOA, and perfluorooctanesulfonic acid ("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. Claims vary between matters but include claims of personal injury alleging various disease conditions, product liability, negligence, nuisance, trespass and fraudulent transfer. All matters are seeking compensatory and punitive damages and, in certain cases, medical monitoring, declar |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | Note 23. 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 in the open market from time to time, subject to management’s discretion, as well as general business and market conditions. On May 19, 2022, the Company completed the aggregate $ 1,000 in authorized purchases of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to a cumulative 28,603,784 shares purchased at an average share price of $ 34.96 per share. All common shares purchased under the 2018 Share Repurchase Program are held as treasury stock and accounted for using the cost method. The following table sets forth the Company’s share repurchase activity under the 2018 Share Repurchase Program for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Total number of shares purchased 7,824,039 5,533,746 - Total paid for shares purchased $ 251 $ 177 $ - Average price paid per share $ 32.06 $ 31.99 $ - 2022 Share Repurchase Program On April 27, 2022, 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 repurchase activity (the “2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, shares of Chemours’ common stock can be purchased in the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2022 Share Repurchase Program became effective on April 27, 2022 and is scheduled to continue through the earlier of its expiration on December 31, 2025 or the completion of repurchases up to the approved amount. The program may be suspended or discontinued at any time. All common shares purchased under the 2022 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method. The following table sets forth the Company’s share repurchase activity under the 2022 Share Repurchase Program for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Total number of shares purchased 8,234,314 - - Total paid for shares purchased $ 241 $ - $ - Average price paid per share $ 29.24 $ - $ - The Company purchased an aggregate 16,058,353 shares of Chemours’ issued and outstanding common stock under the 2018 and 2022 Share Repurchase Programs during the year ended December 31, 2022 , respectively, which amounted to $ 492 at an average share price of $ 30.61 . Through December 31, 2022 , under the 2022 Share Repurchase Program, the Company purchased a cumulative 8,234,314 shares of Chemours’ issued and outstanding common stock, which amounted to $ 241 at an average share price of $ 29.24 per share. The aggregate amount of Chemours’ common stock that remained available for purchase under the 2022 Share Repurchase Program at December 31, 2022 was $ 509 . |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 24. Stock-based Compensation The Company’s total stock-based compensation expense amounted to $ 27 , $ 34 , and $ 16 for the years ended December 31, 2022, 2021 and 2020, respectively. In 2017, Chemours’ stockholders approved Chemours’ Equity and Incentive Plan (the “Equity Plan”), which provides for grants to certain employees, independent contractors, or non-employee directors of the Company of different forms of awards, including stock options, RSUs, and PSUs, with 19,000,000 shares reserved for issuance. The Equity Plan replaced the Company’s prior plan adopted at Separation (the “Prior Plan”). As a result, no further grants will be made under the Prior Plan. On April 28, 2021, Chemours’ stockholders approved an amendment and restatement of the Equity Plan to increase the number of shares of the Company’s common stock reserved for issuance by 3,050,000 shares. Following the amendment and restatement of the Equity Plan, a total of 22,050,000 shares of the Company’s common stock may be subject to awards granted under the Equity Plan, less one share for every one share that was subject to an option or stock appreciation right granted after December 31, 2016 under the Prior Plan, and one-and-a-half shares for every one share that was subject to an award other than an option or stock appreciation right granted after December 31, 2016 under the Prior Plan. Any shares that are subject to options or stock appreciation rights will be counted against this limit as one share for every one share granted, and any shares that are subject to awards other than options or stock appreciation rights will be counted against this limit as one-and-a-half shares for every one share granted. Awards that were outstanding under the Prior Plan remain outstanding under the Prior Plan in accordance with their terms. The underlying share awards granted under the Prior Plan after December 31, 2016 that are forfeited, cancelled, or that otherwise do not result in the issuance of shares, will be available for issuance under the Equity Plan. At December 31, 2022 , approximately 10,000,000 shares of the Equity Plan reserve are available for grants. The Chemours Compensation and Leadership Development Committee determines the long-term incentive mix, including stock options, RSUs, and PSUs, and may authorize new grants annually. Stock Options During the years ended December 31, 2022, 2021 and 2020 , Chemours granted non-qualified stock options to certain of its employees, which will vest over a three-year period and expire 10 years from the date of grant. The fair values of the Company’s stock options are based on the Black-Scholes valuation model. The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Risk-free interest rate 1.61 % 0.91 % 0.94 % Expected term (years) 6.00 6.00 6.00 Volatility 56.71 % 63.85 % 53.18 % Dividend yield 3.85 % 4.16 % 6.93 % Fair value per stock option $ 9.89 $ 9.78 $ 3.74 The Company determined the dividend yield by dividing the expected annual dividend on the Company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the blended volatilities of Chemours and the average of its peer companies, adjusted for Chemours’ debt leverage. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected term of the option granted. The expected term is determined using a simplified approach, calculated as the mid-point between the graded vesting period and the contractual life of the award. The following table sets forth Chemours’ stock option activity for the years ended December 31, 2022, 2021 and 2020. Number of Weighted-average Exercise Price Weighted-average Aggregate Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Granted 2,778 14.42 Exercised ( 1,124 ) 14.23 Forfeited ( 186 ) 23.84 Expired ( 165 ) 29.99 Outstanding, December 31, 2020 7,359 $ 19.21 6.21 $ 63,894 Granted 1,153 24.35 Exercised ( 1,376 ) 17.01 Forfeited ( 107 ) 20.62 Expired ( 62 ) 36.71 Outstanding, December 31, 2021 6,967 $ 20.32 6.60 $ 101,261 Granted 1,031 25.98 Exercised ( 3,041 ) 16.76 Forfeited ( 202 ) 21.29 Expired ( 87 ) 32.78 Outstanding, December 31, 2022 4,668 $ 23.61 7.08 $ 42,668 Exercisable, December 31, 2022 2,189 $ 25.71 5.78 $ 20,561 The aggregate intrinsic values in the preceding table represent the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day at the end of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year-end. The amount changes based on the fair market value of the Company’s stock. The total intrinsic value of all options exercised for the years ended December 31, 2022, 2021 and 2020 amounted to $ 45 , $ 23 , and $1 2 , respectively. For the years ended December 31, 2022, 2021 and 2020 , the Company recorded $ 8 , $ 10 , and $ 9 in stock-based compensation expense specific to its stock options, respectively. At December 31, 2022 , there was $ 9 of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.83 years. Restricted Stock Units Chemours grants RSUs to key management employees that generally vest over a three-year period and, upon vesting, convert one -for-one to Chemours’ common stock. The fair value of all stock-settled RSUs is based on the market price of the underlying common stock at the grant date. RSUs vest contingent upon a time-based vesting condition and do not have explicit performance conditions. The following table sets forth non-vested RSUs at December 31, 2022, 2021 and 2020. Number of Shares Weighted-average Non-vested, December 31, 2019 546 $ 29.95 Granted 585 17.01 Vested ( 161 ) 38.68 Forfeited ( 60 ) 25.78 Non-vested, December 31, 2020 910 $ 20.51 Granted 461 26.30 Vested ( 188 ) 24.33 Forfeited ( 24 ) 19.96 Non-vested, December 31, 2021 1,159 $ 22.20 Granted 388 28.08 Vested ( 473 ) 20.97 Forfeited ( 77 ) 21.75 Non-vested, December 31, 2022 997 $ 25.10 For the years ended December 31, 2022, 2021 and 2020 , the Company recorded $ 11 , $ 12 , and $ 7 in stock-based compensation expense specific to its RSUs, respectively. At December 31, 2022 , there was $ 12 of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 0 .71 years. Performance Share Units Chemours grants PSUs to key senior management employees which, upon vesting, convert one -for-one to Chemours’ common stock if specified performance goals, including certain market-based conditions, are met over the three-year performance period specified in the grant, subject to exceptions through the respective vesting period of three years . Each grantee is granted a target award of PSUs, and may earn between 0 % and 250 % of the target amount depending on the Company’s performance against stated performance goals. The following table sets forth non-vested PSUs at 100 % of target amounts at December 31, 2022, 2021 and 2020. Number of Shares Weighted-average Non-vested, December 31, 2019 529 $ 39.53 Granted 542 17.14 Vested ( 176 ) 35.84 Forfeited ( 51 ) 27.79 Non-vested, December 31, 2020 844 $ 29.05 Granted 309 27.42 Vested ( 122 ) 52.34 Forfeited ( 276 ) 23.26 Non-vested, December 31, 2021 755 $ 26.72 Granted 316 28.77 Vested ( 213 ) 43.83 Forfeited — — Non-vested, December 31, 2022 858 $ 22.48 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 per unit weighted-average fair value at the date of grant for PSUs granted during the year ended December 31, 2022 was $ 28.77 . The fair value of each PSU grant is amortized monthly into compensation expense based on its respective vesting conditions over a three-year period. Compensation cost is incurred based on the Company’s estimate of the final expected value of the award, which is adjusted as required for the portion based on the performance-based condition. The Company assumes that forfeitures will be minimal and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. For the years ended December 31, 2022, 2021, and 2020 the Company recorded stock-based compensation expense of $ 8 , $ 12 , and a reduction of stock-based compensation expense of less than $ 1 specific to its PSUs, respectively. At December 31, 2022 , based on the Company’s assessment of its performance goals, approximately 1,120,000 additional shares may be awarded under the Equity Plan. Employee Stock Purchase Plan Since 2017, the Company has provided employees the opportunity to participate in Chemours’ 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. 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. To date, the Company has executed open market transactions to purchase the Company’s common stock on behalf of its ESPP participants, which amounted to 292,000 shares. The total amount of Chemours’ common stock received by employees in connection with the ESPP amounted to $ 7 at December 31, 2022 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 25. Accumulated Other Comprehensive Loss The following table sets forth the changes and after-tax balances of the Company’s accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020. Net Investment Cash Flow Cumulative Defined Benefit Plans Total Balance at January 1, 2020 $ ( 10 ) $ 2 $ ( 231 ) $ ( 110 ) $ ( 349 ) Other comprehensive income (loss) ( 66 ) ( 10 ) 111 4 39 Balance at December 31, 2020 ( 76 ) ( 8 ) ( 120 ) ( 106 ) ( 310 ) Other comprehensive income (loss) 55 13 ( 116 ) ( 6 ) ( 54 ) Balance at December 31, 2021 ( 21 ) 5 ( 236 ) ( 112 ) ( 364 ) Other comprehensive income (loss) 40 1 ( 32 ) 12 21 Balance at December 31, 2022 $ 19 $ 6 $ ( 268 ) $ ( 100 ) $ ( 343 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 26. Financial Instruments Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts At December 31, 2022, the Company had 9 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $ 180 and an average maturity of one month . At December 31, 2021 , the Company had 12 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $ 254 , and an average maturity of one month . Chemours recognized a net gain of $ 2 , a net loss of $ 15 , and a net gain of $ 29 for the years ended December 31, 2022, 2021 and 2020 , respectively, in other income (expense), net . Cash Flow Hedge – Foreign Currency Forward Contracts At December 31, 2022, the Company had 153 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $ 180 , and an average maturity of four months . At December 31, 2021 , the Company had 175 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $ 195 , and an average maturity of four months . Chemours recognized a pre-tax gain of $ 17 , a pre-tax gain of $ 10 , and a pre-tax loss of $ 4 for the years ended December 31, 2022, 2021 and 2020, respectively, within accumulated other comprehensive loss. For the year ended December 31, 2022, $ 19 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss. For the years ended December 31, 2021 and 2020, $ 2 of loss and $ 3 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. The Company expects to reclassify approximately $ 4 of net pre-tax gain, based on current foreign currency exchange rates, from accumulated other comprehensive loss to the cost of goods sold over the next 12 months. Cash Flow Hedge – Interest Rate Swaps In 2020, the Company entered into interest rate swaps, the objective of which is to mitigate the volatility in the Company’s cash payments for interest related to the portion of its senior secured term loan facility denominated in U.S. dollars, which bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75 % or adjusted base rate plus 0.75 %, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00 % or 1.00 %, respectively. At December 31, 2021, 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 . In September 2022, the Company terminated all of its outstanding interest rate swaps, which resulted in a cash settlement of $ 8 . Chemours recognized a pre-tax gain of $ 8 , a pre-tax gain of $ 2 and a pre-tax loss of $ 4 for the years ended December 31, 2022, 2021 and 2020 within accumulated other comprehensive loss, respectively. For the years ended December 31, 2022, 2021 and 2020, $ 5 of gain, $ 2 and less than $ 1 of loss were reclassified to interest expense, net from accumulated other comprehensive loss, respectively. The Company expects to reclassify approximately $ 4 of pre-tax gain from accumulated other comprehensive loss to interest expense, net through March 2023. Net Investment Hedge – Foreign Currency Borrowings The Company recognized a pre-tax gain of $ 53 , a pre-tax gain of $ 73 and a pre-tax loss of $ 88 for the years ended December 31, 2022, 2021 and 2020 , respectively, on its net investment hedge within accumulated other comprehensive loss. No amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the years ended December 31, 2022, 2021 and 2020. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities at December 31, 2022 and 2021. Fair Value Using Level 2 Inputs Balance Sheet Location December 31, 2022 December 31, 2021 Asset derivatives: Foreign currency forward contracts Accounts and notes receivable, net (Note 11) $ — $ 1 Foreign currency forward contracts Accounts and notes receivable, net (Note 11) 2 5 Interest rate swaps Accounts and notes receivable, net (Note 11) — — Total asset derivatives $ 2 $ 6 Liability derivatives: Foreign currency forward contracts Other accrued liabilities (Note 19) $ 1 $ 1 Foreign currency forward contracts Other accrued liabilities (Note 19) 4 — Total liability derivatives $ 5 $ 1 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 years ended December 31, 2022, 2021 and 2020. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Year Ended December 31, Goods Sold Expense, Net (Expense), Net Loss 2022 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 2 $ — Foreign currency forward contracts designated as a cash flow hedge 19 — — 17 Interest rate swaps designated as a cash flow hedge — 5 — 8 Euro-denominated debt designated as a net investment hedge — — — 53 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ ( 15 ) $ — Foreign currency forward contracts designated as a cash flow hedge ( 2 ) — — 10 Interest rate swaps designated as a cash flow hedge — ( 2 ) — 2 Euro-denominated debt designated as a net investment hedge — — — 73 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 29 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — ( 4 ) Interest rate swaps designated as a cash flow hedge — — — ( 4 ) Euro-denominated debt designated as a net investment hedge — — — ( 88 ) |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits, Description [Abstract] | |
Long-term Employee Benefits | 27. Long-term Employee Benefits Plans Covering Employees in the U.S. Chemours established a defined contribution plan, which covered all eligible U.S. employees. The purpose of the plan is to encourage employees to save for their future retirement needs. The plan is a tax-qualified contributory profit-sharing plan, with cash or deferred arrangement, and any eligible employee of Chemours may participate. Chemours matches 100 % of the first 6 % of the employee’s contribution election, and the plan’s matching contributions vest immediately upon contribution. In 2021, the Company enhanced its previous discretionary retirement savings contribution to provide eligible employees with a guaranteed annual contribution ranging from 1 % to 3 % for the first $ 0.1 of base salary based on age and years of service. Plans Covering Employees Outside the U.S. Pension coverage for employees of Chemours’ non-U.S. subsidiaries is provided, to the extent deemed appropriate, through separate plans established after the Separation and comparable to the EID plans in those countries. Obligations under such plans are either funded by depositing funds with trustees, covered by insurance contracts, or unfunded. The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Service cost $ ( 14 ) $ ( 15 ) $ ( 15 ) Interest cost ( 7 ) ( 5 ) ( 6 ) Expected return on plan assets 18 20 17 Amortization of actuarial loss ( 8 ) ( 7 ) ( 9 ) Amortization of prior service gain 2 2 3 Settlement loss — ( 1 ) ( 5 ) Curtailment gain — — 1 Total net periodic pension cost $ ( 9 ) $ ( 6 ) $ ( 14 ) Net (loss) gain $ ( 2 ) $ ( 22 ) $ 4 Prior service benefit (cost) 2 — ( 1 ) Amortization of actuarial loss 8 7 9 Amortization of prior service gain ( 2 ) ( 2 ) ( 3 ) Settlement loss — 1 5 Curtailment gain — — 4 Effect of foreign exchange rates 7 6 ( 9 ) Benefit (cost) recognized in other comprehensive income 13 ( 10 ) 9 Total changes in plan assets and benefit obligations $ 4 $ ( 16 ) $ ( 5 ) The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss at years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net loss $ 132 $ 148 $ 143 Prior service credit ( 9 ) ( 9 ) ( 12 ) Total amount recognized in accumulated other comprehensive loss $ 123 $ 139 $ 131 The following table sets forth summarized information on the Company’s pension plans at December 31, 2022 and 2021. December 31, 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 575 $ 584 Service cost 14 15 Interest cost 7 5 Plan participants’ contributions 2 2 Actuarial (gain) loss ( 145 ) 19 Benefits paid ( 5 ) ( 4 ) Plan amendments ( 2 ) — Settlements and transfers ( 4 ) ( 11 ) Currency translation ( 35 ) ( 35 ) Benefit obligation at end of year 407 575 Change in plan assets: Fair value of plan assets at beginning of year 585 604 Actual return on plan assets ( 129 ) 17 Employer contributions 10 17 Plan participants’ contributions 2 2 Benefits paid ( 5 ) ( 4 ) Settlements and transfers ( 4 ) ( 11 ) Currency translation ( 37 ) ( 40 ) Fair value of plan assets at end of year 422 585 Total funded status at end of year $ 15 $ 10 The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2022 and 2021. December 31, 2022 2021 Non-current assets $ 50 $ 55 Current liabilities ( 1 ) ( 1 ) Non-current liabilities ( 34 ) ( 44 ) Total net amount recognized $ 15 $ 10 The accumulated benefit obligation for all pension plans was $ 357 and $ 493 as of December 31, 2022 and 2021, respectively. For the year ended December 31, 2022 , the liability component of the Company’s global pension plans generated a net actuarial gain of $ 145 , mainly driven by $ 209 gain as a result of increases in discount rates. The gain was partially offset by $ 64 of losses primarily due to the impact of inflation and salary scale assumptions. The asset component of the Company’s global pension plans realized a loss of $ 147 due to volatile equity and bond performance. The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2022 and 2021 . December 31, Pension plans with projected benefit obligation in excess of plan assets 2022 2021 Projected benefit obligation $ 121 $ 142 Accumulated benefit obligation 104 119 Fair value of plan assets 86 97 December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2022 2021 Projected benefit obligation $ 121 $ 142 Accumulated benefit obligation 104 119 Fair value of plan assets 86 97 Assumptions The Company generally utilizes discount rates that are developed by matching the expected cash flows of each benefit plan to various yield curves constructed from a portfolio of high-quality, fixed income instruments provided by the plans’ actuaries as of the measurement date. The expected rate of return on plan assets reflects economic assumptions applicable to each country. The following tables set forth the assumptions that have been used to determine the Company’s benefit obligations and net benefit cost at December 31, 2022 and 2021. December 31, Weighted-average assumptions used to determine benefit obligations 2022 2021 Discount rate 3.6 % 1.4 % Rate of compensation increase (1) 3.5 % 3.4 % Interest crediting rate (2) 2.5 % 1.0 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. (2) The interest crediting rate, which is applicable only for account balance type plans, represents the single effective annual account balance increase that an average participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2022 2021 Discount rate 1.4 % 1.0 % Rate of compensation increase (1) 3.4 % 2.5 % Expected return on plan assets 1.0 % 1.2 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. Plan Assets Each pension plan’s assets are invested through either an insurance vehicle, a master trust fund, or a stand-alone pension fund. The strategic asset allocation for each plan is selected by management, together with the pension board, where appropriate, reflecting the results of comprehensive asset and liability modeling. For assets under its control, Chemours establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in countries are selected in accordance with the laws and practices of those countries. The following table sets forth the weighted-average allocation for the Company’s pension plan assets at December 31, 2022 and 2021. December 31, 2022 2021 Cash and cash equivalents 11 % 8 % U.S. and non-U.S. equity securities 36 % 37 % Fixed income securities 53 % 55 % Total weighted-average allocation 100 % 100 % Fixed income securities include corporate-issued, government-issued, and asset-backed securities. Corporate debt investments encompass a range of credit risk and industry diversification. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Chemours believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2022 and 2021. Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Asset category: Debt - government issued $ 47 $ 7 $ 40 Debt - corporate issued 113 23 90 U.S. and non-U.S. equities 151 31 120 Derivatives - asset position 40 — 40 Cash and cash equivalents 48 48 — Other 2 — 2 Total pension assets at fair value 401 $ 109 $ 292 Pooled mortgage funds (1) 21 Total pension assets $ 422 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of the Company's request and the availability of funds. Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy. Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Asset category: Debt - government issued $ 74 $ 10 $ 64 Debt - corporate issued 147 29 118 U.S. and non-U.S. equities 217 44 173 Derivatives - asset position 70 — 70 Cash and cash equivalents 46 46 — Other 3 — 3 Total pension assets at fair value 557 $ 129 $ 428 Pooled mortgage funds (1) 28 Total pension assets $ 585 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of the Company's request and the availability of funds. Interests in these funds are valued using the NAV per share practical expedient and are not classified in the fair value hierarchy. For pension plan assets classified as Level 1 instruments within the fair value hierarchy, total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 instruments within the fair value hierarchy, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established, recognized vendors of market data and subjected to tolerance and/or quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates, and implied volatilities obtained from various market sources. With the exception of pooled mortgage funds, pooled funds are valued at the per-unit NAV as determined by the fund manager based on the value of the underlying traded securities. Cash Flows – Defined Benefit Plans Employer Contributions For the years ended December 31, 2022, 2021 and 2020 , Chemours contributed $ 10 , $ 17 , and $ 20 , respectively, to its defined benefit plans. Chemours expects to contribute $ 11 to its pension plans in 2023. The Company’s future contributions to its defined benefit pension plans are dependent on market-based discount rates, and, as stated in “Note 2 – Basis of Presentation” to these consolidated financial statements, may differ due to the impacts of the COVID-19 pandemic on the macroeconomic environment and other factors. Future Benefit Payments The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter. 2023 $ 11 2024 13 2025 14 2026 15 2027 18 2028 to 2032 111 Cash Flows – Defined Contribution Plan Employer Contributions For the years ended December 31, 2022, 2021 and 2020 , Chemours contributed $ 31 , $ 28 , and $ 27 , respectively, to its defined contribution plan. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 28. Supplemental Cash Flow Information The following table provides a reconciliation of cash and cash equivalents, as reported on the Company’s consolidated balance sheets, to cash, cash equivalents, restricted cash and restricted cash equivalents, as reported on the Company’s consolidated statements of cash flows. December 31, 2022 2021 Cash and cash equivalents $ 1,102 $ 1,451 Restricted cash and restricted cash equivalents (1) 202 100 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,304 $ 1,551 (1) Restricted cash and restricted cash equivalents balance includes cash and cash equivalents deposited in an escrow account as per the terms of the MOU (see “Note 22 – Commitments and Contingent Liabilities”). |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 29. Geographic and Segment Information Geographic Information The following table sets forth the geographic locations of the Company’s net sales for the years ended and property, plant, and equipment, net as of December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net Sales (1) Property, Plant, and Equipment, Net Net Sales (1) Property, Plant, and Equipment, Net Net Sales (1) Property, Plant, and Equipment, Net North America $ 2,949 $ 2,320 $ 2,317 $ 2,309 $ 1,914 $ 2,461 Asia Pacific 1,787 127 1,827 128 1,384 121 Europe, the Middle East, and Africa 1,313 249 1,412 322 1,086 324 Latin America (2) 745 475 789 395 585 568 Total $ 6,794 $ 3,171 $ 6,345 $ 3,154 $ 4,969 $ 3,474 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. Segment Information Chemours operates through its three reportable segments, which were organized based on their similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. Other Segment includes the Company’s Performance Chemicals and Intermediates business and Mining Solutions business (prior to the business sale in 2021). 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. Adjusted EBITDA is the primary measure of segment profitability used by the Company’s 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 non-service cost component of net periodic pension (income) costs; • 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, including Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment (1) Segment Total 2022 Net sales to external customers (2) $ 3,380 $ 1,680 $ 1,618 $ 116 $ 6,794 Adjusted EBITDA 601 603 367 2 1,573 Depreciation and amortization 125 55 82 8 270 Equity in earnings of affiliates — 24 31 — 55 Total assets 2,384 1,238 1,742 124 5,488 Investments in affiliates — 82 93 — 175 Purchases of property, plant, and equipment 149 30 115 6 300 2021 Net sales to external customers (2) $ 3,355 $ 1,257 $ 1,397 $ 336 $ 6,345 Adjusted EBITDA 799 401 284 49 1,533 Depreciation and amortization 126 59 86 16 287 Equity in earnings of affiliates — 15 28 — 43 Total assets 2,318 1,124 1,621 149 5,212 Investments in affiliates — 72 97 — 169 Purchases of property, plant, and equipment 104 26 103 39 272 2020 Net sales to external customers (2) $ 2,402 $ 1,105 $ 1,104 $ 358 $ 4,969 Adjusted EBITDA 498 344 146 75 1,063 Depreciation and amortization 128 53 88 21 290 Equity in earnings of affiliates — 6 17 — 23 Total assets 2,130 1,041 1,520 531 5,222 Investments in affiliates — 66 101 — 167 Purchases of property, plant, and equipment 89 28 109 25 251 (1) On July 26, 2021, the Company entered into the Mining Solutions Transaction which closed on December 1, 2021. For further information see “Note 4 – Acquisitions and Divestitures”. (2) Segment net sales to external customers are provided by product group in “Note 5 – Net Sales”. The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2022 Depreciation and amortization $ 270 $ 21 $ 291 Total assets 5,488 2,152 7,640 Purchases of property, plant, and equipment 300 7 307 2021 Depreciation and amortization $ 287 $ 30 $ 317 Total assets 5,212 2,338 7,550 Purchases of property, plant, and equipment 272 5 277 2020 Depreciation and amortization $ 290 $ 30 $ 320 Total assets 5,222 1,860 7,082 Purchases of property, plant, and equipment 251 16 267 The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Segment Adjusted EBITDA $ 1,573 $ 1,533 $ 1,063 Corporate and Other expenses (excluding items below) ( 212 ) ( 220 ) ( 184 ) Interest expense, net ( 163 ) ( 185 ) ( 210 ) Depreciation and amortization ( 291 ) ( 317 ) ( 320 ) Non-operating pension and other post-retirement employee benefit income 5 9 1 Exchange (losses) gains, net ( 15 ) 3 ( 26 ) Restructuring, asset-related, and other charges (1) ( 15 ) ( 6 ) ( 80 ) Gain (loss) on extinguishment of debt 7 ( 21 ) ( 22 ) Gain on sales of assets and businesses, net (2) 21 115 8 Natural disasters and catastrophic events (3) — ( 21 ) — Transaction costs (4) — ( 4 ) ( 2 ) Qualified spend recovery (5) 58 20 — Legal and environmental charges, net (6,7) ( 227 ) ( 230 ) ( 49 ) Income before income taxes $ 741 $ 676 $ 179 (1) In 2022, restructuring, asset-related, and other charges primarily includes asset charges and write-offs resulting from the conflict between Russia and Ukraine and the Company’s decision to suspend its business with Russian entities. In 2021, restructuring, asset-related, and other charges primarily includes a net $ 9 gain resulting from contract termination with a third-party services provider at the Company’s previously owned Mining Solutions facility in Gomez Palacio, Durango, Mexico. (2) Refer to “Note 8 – Other Income (Expense), Net” for further details. (3) In 2021, 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. (4) 2021 includes costs associated with the Company’s accounting, legal, and bankers’ transaction costs incurred in connection with the sale of its Mining Solutions business. (5) Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 22 – Commitments and Contingent Liabilities". (6) Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. For the year ended December 31, 2022, legal charges primarily include proceeds from a settlement in a patent infringement matter relating to certain copolymer patents associated with the Company’s Advanced Performance Materials segment and $ 20 associated with the Company's portion of the potential loss in the single matter not included in the Leach settlement. For the year ended December 31, 2021, legal charges primarily 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. The year ended December 31, 2020 includes $ 29 of charges in connection with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. (7) Environmental charges pertains to management’s assessment of estimated liabilities associated with certain environmental remediation expenses at various sites. For the years ended December 31, 2022 and 2021, environmental charges primarily include $ 196 and $ 169 , respectively, related to on-site and off-site remediation costs at Fayetteville. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Preparation of Financial Statements | Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100 %, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20 % to 50 % of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Revenue Recognition | Revenue Recognition Chemours recognizes revenue using a five-step model, resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. |
Research and Development Expense | Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Provision for (Benefit from) Income Taxes | Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions in the provision for (benefit from) income taxes in the consolidated statements of operations. The Company also recognizes income tax-related penalties in the provision for (benefit from) income taxes. |
Earnings Per Share | Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with maturities of three months or less at the time of acquisition. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined by assessing expected credit losses on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written off when management determines that they are uncollectible. |
Inventories | Inventories Chemours’ inventories are valued at the lower of cost or market or net realizable value, where applicable. Cost of inventories held at substantially all U.S. locations are determined using the last-in, first-out (“LIFO”) method, while cost of inventories held outside the U.S. are determined using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value, and cost is generally determined by the average cost method. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years . Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years . When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation and amortization are discontinued for any long-lived assets classified as held for sale. Assets and Liabilities Held for Sale The Company classifies long-lived assets or disposal groups as held for sale in the period when the following held for sale criteria are met: (i) the Company commits to a plan to sell; (ii) the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale is probable within one year; (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. The Company ceases depreciation and amortization for a disposal group upon it being classified as held for sale. |
Leases | Leases The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the Company’s consolidated balance sheets. The Company’s incremental borrowing rate, which is based on information available at the adoption date of January 1, 2019 for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The Company combines lease components with non-lease components for most classes of assets, except for certain manufacturing facilities or when the non-lease component is significant to the lease component. The Company does not recognize leases with an initial term of 12 months or less on its consolidated balance sheets and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Leases with the options to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, customer lists and allowance units are amortized over their estimated useful lives, generally for periods ranging up to 20 years . The reasonableness of the useful lives of these assets is periodically evaluated. |
Investments in Affiliates | Investments in Affiliates The Company uses the equity method of accounting for its investments in and earnings of affiliates. The Company considers whether the fair value of any of its equity method investments has declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considers any such decline to be other than temporary, based on various factors, a write-down would be recorded to the estimated fair value. |
Restricted Cash and Restricted Cash Equivalents | Restricted Cash and Restricted Cash Equivalents The Company classifies cash and cash equivalents that are legally or contractually restricted for withdrawal or usage as restricted cash and restricted cash equivalents. Chemours restricted cash and restricted cash equivalents includes cash and cash equivalents deposited in an escrow account as per the terms of the Company’s Memorandum of Understanding (“MOU”) agreement which is further discussed in “Note 22 – Commitments and Contingent Liabilities”. |
Environmental Liabilities and Expenditures | Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and the Company’s planned remedial responses, which are derived from environmental studies, sampling, testing, and analyses. Inherent uncertainties exist in such evaluations, primarily due to unknown environmental conditions, changing governmental regulations regarding liability, and emerging remediation technologies. These liabilities, which are undiscounted, are adjusted periodically as remediation efforts progress and as additional technological, regulatory, and legal information becomes available. Environmental liabilities and expenditures include claims for matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. These accrued liabilities are undiscounted and do not include claims against third parties. Costs related to environmental remediation are charged to expense in the period that the associated liability is accrued and are reflected as a component of the cost of goods sold for on-site remediation costs or as a component of selling, general, and administrative expense for off-site remediation costs in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Pursuant to the binding MOU entered into between Chemours, DuPont, Corteva, and EID, as further discussed in “Note 22 – Commitments and Contingent Liabilities”, costs specific to potential future legacy per- and polyfluoroalkyl substances (“PFAS”) liabilities are subject to a cost-sharing arrangement between the parties. Any recoveries of Qualified Spend (as further described in “Note 22 – Commitments and Contingent Liabilities” and as defined in the MOU) 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. |
Asset Retirement Obligations | Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations, using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years . |
Insurance | Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Litigation | Litigation Chemours accrues for 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, the Company does not record a liability, but instead discloses the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. |
Treasury Stock | Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. |
Stock-based Compensation | Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. |
Financial Instruments | Financial Instruments In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency and interest rate 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 London Interbank Offered Rate ("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. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, all gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occur, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. For the Company’s interest rate swaps that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur, and are reclassified to interest expense, net in the consolidated statements of operations during the period in which the underlying transaction affects earnings. For the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, changes due to remeasurement are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Financial instruments are reported on a gross basis on the consolidated balance sheets. |
Foreign Currency Translation | Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. |
Defined Benefit Plans | Defined Benefit Plans Chemours has defined benefit plans covering certain of its employees outside of the U.S. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established to prioritize the valuation inputs used to measure fair value. The hierarchy gives highest priority to unadjusted, quoted prices in active markets for identical assets and liabilities (i.e., Level 1 measurements) and lowest priority to unobservable inputs (i.e., Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: • Level 1 – Quoted prices in active markets for identical assets and liabilities; • Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, • Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08, Business Combinations (Topic 805) : Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Topic 606 as if the acquirer had originated the contracts. The guidance will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2021-08 on January 1, 2023 , the effect of which will not be material to its financial position, results of operations and cash flows. The Company will apply the provisions of ASU 2021-08 after adoption to future acquisitions, if any. Disclosure of Supplier Finance Program Obligations In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"), which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose qualitative and quantitative information about their programs, including key terms and activity during the period. The guidance will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted, and should be applied retrospectively to each period in which a balance sheet is presented subject to certain exceptions. The Company is currently evaluating the disclosure requirement of this standard that will be required to be included in its consolidated financial statements. Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04" ), which provides 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 LIBOR or another reference rate expected to be discontinued due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which extended the expiration date of ASU 2020-04 to December 31, 2024. The Company does not expect the impacts of adopting ASU 2020-04 to be material to its financial position, results of operations and cash flows. Recently Adopted Accounting Guidance Disclosures by Business Entities About Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) : Disclosures by Business Entities About Government Assistance (“ASU 2021-10”), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The Company adopted ASU 2021-10 during the year ended December 31, 2022 . Government grant transactions during the year ended December 31, 2022 were de minimis. |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net sales by geographic region (1) North America: Titanium Technologies $ 1,285 $ 1,019 $ 776 Thermal & Specialized Solutions 974 635 520 Advanced Performance Materials 619 494 407 Other Segment 71 169 211 Total North America 2,949 2,317 1,914 Asia Pacific: Titanium Technologies 928 1,049 778 Thermal & Specialized Solutions 178 160 134 Advanced Performance Materials 657 595 450 Other Segment 24 23 22 Total Asia Pacific 1,787 1,827 1,384 Europe, the Middle East, and Africa: Titanium Technologies 695 829 528 Thermal & Specialized Solutions 320 313 331 Advanced Performance Materials 281 254 202 Other Segment 17 16 25 Total Europe, the Middle East, and Africa 1,313 1,412 1,086 Latin America (2): Titanium Technologies 472 458 320 Thermal & Specialized Solutions 208 149 120 Advanced Performance Materials 61 54 45 Other Segment 4 128 100 Total Latin America 745 789 585 Total net sales $ 6,794 $ 6,345 $ 4,969 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. The following table sets forth a disaggregation of the Company’s net sales by product group and segment for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net sales by product group and segment Titanium dioxide and other minerals $ 3,380 $ 3,355 $ 2,402 Total Titanium Technologies 3,380 3,355 2,402 Refrigerants 1,352 973 889 Foam, propellants, and other 328 284 216 Total Thermal & Specialized Solutions 1,680 1,257 1,105 Advanced materials 1,125 977 782 Performance solutions 493 420 322 Total Advanced Performance Materials 1,618 1,397 1,104 Mining solutions — 237 203 Performance chemicals and intermediates 116 99 155 Total Other Segment 116 336 358 Total net sales $ 6,794 $ 6,345 $ 4,969 |
Summary of Contract Balances from Contracts with Customers | The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2022 and 2021. December 31, 2022 2021 Contract assets: Accounts receivable - trade, net (Note 11) $ 509 $ 644 Contract liabilities: Deferred revenue $ 5 $ 5 Customer rebates (Note 19) 90 83 |
Research and Development Expe_2
Research and Development Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Summary of R&D Expense by Segment | The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Titanium Technologies $ 34 $ 36 $ 31 Thermal & Specialized Solutions 25 20 18 Advanced Performance Materials 54 46 41 Other Segment 1 2 2 Corporate and Other 4 3 1 Total research and development expense $ 118 $ 107 $ 93 |
Restructuring, Asset-Related,_2
Restructuring, Asset-Related, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Restructuring and other charges: Employee separation charges $ 9 $ ( 2 ) $ 17 Decommissioning and other charges 2 8 41 Total restructuring and other charges 11 6 58 Asset-related charges 5 — 22 Total restructuring, asset-related, and other charges $ 16 $ 6 $ 80 The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Restructuring and other charges: Plant and product line closures: Other Segment $ 2 $ 13 $ 4 Corporate and Other — — 1 Total plant and product line closures 2 13 5 2022, 2020, and 2019 1 restructuring programs: Titanium Technologies 1 — 3 Thermal & Specialized Solutions 1 — 2 Advanced Performance Materials 3 ( 1 ) 5 Other Segment — — 1 Corporate and Other 4 — 4 Total restructuring programs 9 ( 1 ) 15 Other charges: Titanium Technologies — — 1 Advanced Performance Materials — 1 — Other Segment — ( 7 ) 37 Total other charges — ( 6 ) 38 Total restructuring and other charges 11 6 58 Asset-related charges: Titanium Technologies 5 — — Advanced Performance Materials — — 10 Other Segment — — 8 Corporate and Other — — 4 Total asset-related charges 5 — 22 Total restructuring, asset-related, and other charges $ 16 $ 6 $ 80 (1) Year ended December 31, 2020 includes $ 3 of employee separation charges relating to the 2019 restructuring program. All remaining actions related to this program were completed in 2020. |
Schedule of Restructuring Charges | The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the years ended December 31, 2022 and 2021. Site Closures 2022, 2020, and 2019 Restructuring Programs Total Balance at January 1, 2021 $ 2 $ 5 $ 7 Credits to income ( 1 ) ( 1 ) ( 2 ) Payments — ( 4 ) ( 4 ) Balance at December 31, 2021 1 — 1 Charges to income — 9 9 Payments ( 1 ) ( 3 ) ( 4 ) Balance at December 31, 2022 $ — $ 6 $ 6 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Components of Other Income (Expense) | The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Leasing, contract services, and miscellaneous income (1) $ 53 $ 14 $ 20 Royalty income (2) 6 22 18 Gain on sales of assets and businesses, net (3) 21 115 8 Exchange (losses) gains, net (4) ( 15 ) 3 ( 26 ) Non-operating pension and other post-retirement employee benefit income (5) 5 9 1 Total other income, net $ 70 $ 163 $ 21 (1) For the year ended December 31, 2022, miscellaneous income includes proceeds from a settlement of a patent infringement matter relating to certain copolymer patents associated with the Company’s Advanced Performance Materials segment. (2) Royalty income is primarily from technology licensing. (3) For the year ended December 31, 2022, gain on sale of assets and businesses, net includes pre-tax gain on sale of $ 5 related to the Beaumont Transaction and $ 18 related to the Pascagoula Transaction (see “Note 4 – Acquisitions and Divestitures”). For the year ended December 31, 2021, gain on sale of assets and businesses, net includes pre-tax gain on sale of $ 112 associated with the sale of the Company’s Mining Solutions business (see “Note 4 – Acquisitions and Divestitures”). For the year ended December 31, 2020, gain on sale includes a $ 6 gain associated with the sale of the Company’s Oakley, California site, which was contingent upon the completion of certain environmental remediation activities at the site. (4) 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. (5) Non-operating pension and other post-retirement employee benefit income represents the non-service cost component of net periodic pension income (cost). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for (Benefit from) Income Taxes | The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Current tax expense (benefit): U.S. federal $ 83 $ 60 $ 4 U.S. state and local 13 12 1 International 47 72 75 Total current tax expense 143 144 80 Deferred tax expense (benefit): U.S. federal 8 ( 69 ) ( 86 ) U.S. state and local ( 2 ) ( 6 ) ( 12 ) International 14 ( 1 ) ( 22 ) Total deferred tax expense (benefit) 20 ( 76 ) ( 120 ) Total provision for (benefit from) income taxes $ 163 $ 68 $ ( 40 ) |
Schedule of Deferred Tax Assets and Liabilities Components | The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Deferred tax assets: Environmental and other liabilities $ 188 $ 162 Employee related and benefit items 49 64 Other assets and accrual liabilities 133 111 Tax attribute carryforwards 73 91 Operating lease liability 57 56 Total deferred tax assets 500 484 Less: Valuation allowance ( 12 ) ( 8 ) Total deferred tax assets, net 488 476 Deferred tax liabilities: Property, plant, and equipment and intangible assets ( 257 ) ( 244 ) LIFO inventories ( 30 ) ( 18 ) Operating lease asset ( 55 ) ( 53 ) Other liabilities ( 55 ) ( 40 ) Total deferred tax liabilities ( 397 ) ( 355 ) Deferred tax assets, net $ 91 $ 121 |
Schedule of Effective Income Tax Rate | Year Ended December 31, 2022 2021 2020 $ % $ % $ % Statutory U.S. federal income tax rate $ 156 21.0 % $ 142 21.0 % $ 38 21.0 % State income taxes, net of federal benefit 7 1.0 % 3 0.4 % ( 11 ) ( 6.1 )% Lower effective tax rate on international operations, net ( 16 ) ( 2.2 )% ( 19 ) ( 2.8 )% ( 34 ) ( 19.0 )% Foreign-derived intangible income deduction — — % ( 12 ) ( 1.8 )% — — % Goodwill — — % 10 1.5 % — — % Depletion ( 6 ) ( 0.8 )% ( 7 ) ( 1.0 )% ( 6 ) ( 3.4 )% Exchange gains ( 8 ) ( 1.1 )% ( 13 ) ( 1.9 )% — — % Provision to return and other adjustments ( 2 ) ( 0.3 )% ( 11 ) ( 1.6 )% ( 37 ) ( 20.6 )% Valuation allowance 4 0.5 % ( 16 ) ( 2.4 )% 13 7.3 % Stock-based compensation ( 9 ) ( 1.2 )% ( 4 ) ( 0.6 )% — — % R&D credit ( 7 ) ( 0.9 )% ( 6 ) ( 0.9 )% ( 7 ) ( 3.8 )% Uncertain tax positions 36 4.9 % ( 3 ) ( 0.4 )% ( 1 ) ( 0.5 )% Other, net 8 1.1 % 4 0.6 % 5 2.8 % Total effective tax rate $ 163 22.0 % $ 68 10.1 % $ ( 40 ) ( 22.3 )% |
Schedule of Income (Loss) before Income Taxes | The following table sets forth the Company’s income (loss) before income taxes for its U.S. and international operations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 U.S. operations (including exports) $ 217 $ 44 $ ( 136 ) International operations 524 632 315 Income before income taxes $ 741 $ 676 $ 179 |
Schedule of open tax years by significant jurisdiction | The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2022 India 2015 through 2022 Mexico 2016 through 2022 Netherlands 2020 through 2022 Singapore 2019 through 2022 Switzerland 2019 through 2022 Taiwan 2015 through 2022 U.S. 2017 through 2022 |
Schedule of Unrecognized Tax Benefits | The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 5 $ 7 $ 9 Gross amounts of increases and decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period 54 ( 1 ) ( 2 ) Gross amounts of increases and decreases in unrecognized tax benefits as a result of tax positions taken during the current period 6 — 1 Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — ( 1 ) ( 1 ) Balance at December 31, $ 65 $ 5 $ 7 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 42 $ 4 $ 8 Total amount of interest and penalties recognized in the consolidated statements of operations 4 ( 1 ) 1 Total amount of interest and penalties recognized in the consolidated balance sheets 4 1 1 |
Summary of Deferred Tax Asset Valuation Allowance | The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 8 $ 24 $ 10 Charges to income tax expense 4 — 14 Release of valuation allowance — ( 16 ) — Balance at December 31, $ 12 $ 8 $ 24 In connection with the classification of assets held for sale during the third quarter of 2021 related to the sale of the Mining Solutions Business on December 1, 2021, the Company recorded an income tax benefit of $ 16 related to the release of a valuation allowance on the deferred tax assets of one of its Mexican subsidiaries. The Company has evaluated all available positive and negative evidence, including the impact of the sale of the Mining Solutions business, as well as the future projections of profitability for the entity post sale. As a result, the Company determined that all of its deferred tax assets related to the Mexican subsidiary are more likely than not to be realized and accordingly reversed the valuation allowance against those deferred tax assets. |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliations of the numerators and denominators of the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Numerator: Net income attributable to Chemours $ 578 $ 608 $ 219 Denominator: Weighted-average number of common shares 155,359,361 164,943,575 164,681,827 Dilutive effect of the Company’s employee 2,943,646 3,754,864 1,664,702 Weighted-average number of common shares 158,303,007 168,698,439 166,346,529 Basic earnings per share of common stock (1) $ 3.72 $ 3.69 $ 1.33 Diluted earnings per share of common stock (1) 3.65 3.60 1.32 (1) Figures may not recalculate exactly due to rounding. Basic and diluted earnings per share are calculated based on unrounded numbers. |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the average number of stock options that were anti-dilutive and, therefore, were not included in the Company’s diluted earnings per share calculations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Average number of stock options 1,077,922 1,500,577 3,839,845 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2022 and 2021. December 31, 2022 2021 Accounts receivable - trade, net (1) $ 509 $ 644 VAT, GST, and other taxes (2) 88 41 Other receivables (3) 29 35 Total accounts and notes receivable, net $ 626 $ 720 (1) Accounts receivable - trade, net includes trade notes receivable of $ 3 and $ 17 and is net of allowances for doubtful accounts of $ 10 and $ 5 at December 31, 2022 and 2021, 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, other deposits including receivables under the terms of the MOU. For details of the MOU, see “Note 22 – Commitments and Contingent Liabilities”. |
Schedule of Allowance for Doubtful Accounts | The following table sets forth the change in the Company's allowance for doubtful accounts for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 5 $ 7 $ 5 Additions charged to expenses 9 2 3 Deductions from reserves (1) ( 4 ) ( 4 ) ( 1 ) Balance at December 31, $ 10 $ 5 $ 7 (1) Bad debt write-offs were less than $ 1 , $ 1 , and $ 1 for the years ended December 31, 2022, 2021 and 2020, respectively. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventories at December 31, 2022 and 2021. December 31, 2022 2021 Finished products $ 910 $ 704 Semi-finished products 218 192 Raw materials, stores, and supplies 654 475 Inventories before LIFO adjustment 1,782 1,371 Less: Adjustment of inventories to LIFO basis ( 378 ) ( 272 ) Total inventories $ 1,404 $ 1,099 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant, and Equipment, Net | The following table sets forth the components of the Company’s property, plant, and equipment, net at December 31, 2022 and 2021. December 31, 2022 2021 Equipment $ 7,745 $ 7,559 Buildings 1,180 1,168 Construction-in-progress 324 361 Land 102 108 Mineral rights 36 36 Property, plant, and equipment 9,387 9,232 Less: Accumulated depreciation ( 6,216 ) ( 6,078 ) Total property, plant, and equipment, net $ 3,171 $ 3,154 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Locations | The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet locations at December 31, 2022 and 2021. December 31, Balance Sheet Location 2022 2021 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 240 $ 227 Finance lease assets Property, plant, and equipment, net (Note 13) 61 69 Total lease assets $ 301 $ 296 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 49 $ 59 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 12 12 Total current lease liabilities 61 71 Non-current: Operating lease liabilities Operating lease liabilities 198 179 Finance lease liabilities Long-term debt, net (Note 20) 49 60 Total non-current lease liabilities 247 239 Total lease liabilities $ 308 $ 310 |
Schedule of Components of Company's Lease Cost | following table sets forth the components of the Company’s lease cost for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Operating lease cost $ 51 $ 66 $ 88 Short-term lease cost 4 7 5 Variable lease cost 16 21 20 Finance lease cost: Amortization of lease assets 8 12 8 Interest on lease liabilities 4 4 4 Total lease cost $ 83 $ 110 $ 125 |
Schedule of Cash Flows Related to Company's Leases | The following table sets forth the cash flows related to the Company’s leases for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 70 $ 91 Operating cash flows from finance leases 4 4 4 Financing cash flows from finance leases 11 10 6 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 65 $ 45 $ 23 Leased assets obtained in exchange for new finance lease liabilities — 14 19 |
Schedule of Weighted-Average Terms and Weighted-Average Discount Rates For Company's Leases | The following table sets forth the weighted-average terms and weighted-average discount rates for the Company’s leases at December 31, 2022 and 2021. December 31, 2022 2021 Weighted-average remaining lease term (years): Operating leases 10.0 11.0 Finance leases 5.4 6.3 Weighted-average discount rate: Operating leases 5.23 % 5.30 % Finance leases 5.42 % 4.80 % |
Schedule of Company's Lease Liabilities' Maturities for Next Five Years and Thereafter | The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. Operating Leases Finance Leases Total 2023 $ 61 $ 14 $ 75 2024 52 13 65 2025 42 13 55 2026 36 11 47 2027 23 8 31 Thereafter 91 13 104 Total lease payments 305 72 377 Less: Imputed interest 58 11 69 Present value of lease liabilities $ 247 $ 61 $ 308 |
Summary of Future Minimum Payments Related to Chemours Discovery Hub Financing Obligation | The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation. 2023 $ 7 2024 7 2025 7 2026 7 2027 7 Thereafter 140 Total payments $ 175 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying amount of the Company’s goodwill by segment for the years ended December 31, 2022 and 2021. Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment Total Balance at January 1, 2021 $ 13 $ 33 $ 56 $ 51 $ 153 Divestitures — — — ( 51 ) ( 51 ) Balance at December 31, 2021 13 33 56 — 102 Balance at December 31, 2022 $ 13 $ 33 $ 56 $ — $ 102 |
Schedule of Other Intangible Assets | The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s other intangible assets by major class at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net Allowance units (1) $ 13 $ ( 1 ) $ 12 $ — $ — $ — Customer lists 2 ( 2 ) — 2 ( 2 ) — Customer relationships 22 ( 21 ) 1 22 ( 16 ) 6 Patents 19 ( 19 ) — 19 ( 19 ) — Purchased and licensed technology 3 ( 3 ) — 3 ( 3 ) — Other 10 ( 10 ) — 10 ( 10 ) — Total other intangible assets $ 69 $ ( 56 ) $ 13 $ 56 $ ( 50 ) $ 6 (1) Allowance units represent rights purchased for the production and/or importation of regulated materials. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Affiliates | The following table sets forth the jurisdiction, carrying value, and ownership percentages of the Company’s investments in affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 87 50.0 % $ 98 50.0 % The Chemours Chenguang Fluoromaterials Company Limited China 36 50.0 % 33 50.0 % Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 52 10.0 % 38 10.0 % $ 175 $ 169 |
Schedule of Changes in Investments in Affiliates | The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 169 $ 167 $ 162 Equity in earnings of affiliates 55 43 23 Dividends ( 33 ) ( 30 ) ( 25 ) Currency translation and other ( 16 ) ( 11 ) 7 Balance at December 31, $ 175 $ 169 $ 167 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table sets forth the components of the Company’s other assets at December 31, 2022 and 2021. December 31, 2022 2021 Capitalized repair and maintenance costs $ 240 $ 195 Pension assets (1) 50 55 Deferred income taxes 152 171 Miscellaneous (2) 81 26 Total other assets $ 523 $ 447 Pension assets represents the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable | The following table sets forth the components of the Company’s accounts payable at December 31, 2022 and 2021. December 31, 2022 2021 Trade payables $ 1,228 $ 1,141 VAT and other payables 23 21 Total accounts payable $ 1,251 $ 1,162 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Accrued litigation (1) $ 41 $ 36 Asset retirement obligations (1) 10 14 Income taxes 19 43 Customer rebates 90 83 Accrued interest 17 17 Operating lease liabilities (2) 49 59 Miscellaneous (3) 74 73 Total other accrued liabilities $ 300 $ 325 (1) Represents the current portions of accrued litigation and asset retirement obligations (see “Note 22 – Commitments and Contingent Liabilities”). (2) Represents the current portion of operating lease liabilities (see “Note 14 – Leases”). (3) Miscellaneous primarily includes accruals related to utility expenses, property taxes, a workers compensation indemnification liability and other miscellaneous expenses. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2022 and 2021. December 31, 2022 2021 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 766 $ 776 Tranche B-2 euro term loan due April 2025 333 at December 31, 2022 and € 337 at December 31, 2021) 355 381 Senior unsecured notes: 4.000 % due May 2026 441 at December 31, 2022 and € 450 at December 31, 2021) 470 510 5.375 % due May 2027 495 500 5.750 % due November 2028 783 800 4.625 % due November 2029 620 650 Finance lease liabilities 61 72 Financing obligation (1) 91 93 Total debt principal 3,641 3,782 Less: Unamortized issue discounts ( 4 ) ( 5 ) Less: Unamortized debt issuance costs ( 22 ) ( 28 ) Less: Short-term and current maturities of long-term debt ( 25 ) ( 25 ) Long-term debt, net $ 3,590 $ 3,724 (1) At December 31, 2022 and 2021 , financing obligation relates to the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. |
Schedule of Debt Principal Maturities | The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. 2023 $ 13 2024 13 2025 1,095 2026 470 2027 495 Thereafter 1,403 Total principal maturities on debt $ 3,489 |
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. December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 766 $ 755 $ 776 $ 769 Tranche B-2 euro term loan due April 2025 333 at December 31, 2022 and € 337 at December 31, 2021) 355 345 381 378 Senior unsecured notes: 4.000 % due May 2026 441 at December 31, 2022 and € 450 at December 31, 2021) 470 422 510 518 5.375 % due May 2027 495 459 500 538 5.750 % due November 2028 783 702 800 846 4.625 % due November 2029 620 509 650 645 Total senior debt principal 3,489 $ 3,192 3,617 $ 3,694 Less: Unamortized issue discounts ( 4 ) ( 5 ) Less: Unamortized debt issuance costs ( 22 ) ( 28 ) Total senior debt, net $ 3,463 $ 3,584 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Employee-related costs (1) $ 82 $ 94 Accrued litigation (2) 55 50 Asset retirement obligations (2) 73 62 Miscellaneous (3) 109 63 Total other liabilities $ 319 $ 269 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portions of accrued litigation and asset retirement obligations (see “Note 22 – Commitments and Contingent Liabilities”). (3) Miscellaneous primarily includes an accrued workers compensation indemnification liability of $ 33 and $ 32 at December 31, 2022 and 2021 , respectively. Miscellaneous also includes long-term income tax liabilities from uncertain tax positions at December 31, 2022 (see "Note 9 – Income Taxes"). |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Asset Retirement Obligations | The following table sets forth the activity in the Company’s asset retirement obligations for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Balance at January 1, $ 76 $ 76 $ 76 Obligations incurred or acquired — — 12 Increase (decrease) in estimated cash outflows 2 1 ( 14 ) Accretion expense 10 2 4 Settlements and payments ( 5 ) ( 3 ) ( 2 ) Balance at December 31, $ 83 $ 76 $ 76 Current portion $ 10 $ 14 $ 13 Non-current portion 73 62 63 |
Schedule of Components of Accrued Litigation | The following table sets forth the components of the Company’s accrued litigation at December 31, 2022 and 2021. December 31, 2022 2021 Asbestos $ 35 $ 33 PFOA (1) 45 23 All other matters (2) 16 30 Total accrued litigation $ 96 $ 86 (1) At December 31, 2022, PFOA includes $ 20 associated with the Company’s portion of the potential loss in the single matter not included in the Leach settlement. For information regarding this matter, refer to “PFOA” within this “Note 22 – Commitments and Contingent Liabilities”. (2) At December 31, 2021, all other matters includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – 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 December 31, 2022 and 2021. December 31, Balance Sheet Location 2022 2021 Accrued Litigation: Current accrued litigation (1) Other accrued liabilities (Note 19) $ 41 $ 36 Long-term accrued litigation Other liabilities (Note 21) 55 50 Total accrued litigation $ 96 $ 86 (1) At December 31, 2021, current accrued litigation includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – Commitments and Contingent Liabilities”. |
Schedule of Environmental Remediation Liabilities | The following table sets forth the Company’s environmental remediation liabilities at December 31, 2022 and 2021 for the five sites that are deemed the most significant, together with the aggregate liabilities for all other sites. December 31, 2022 2021 Chambers Works, Deepwater, New Jersey $ 30 $ 27 Fayetteville Works, Fayetteville, North Carolina (1) 465 359 Pompton Lakes, New Jersey 41 42 USS Lead, East Chicago, Indiana 17 24 Washington Works, West Virginia 17 11 All other sites 98 99 Total environmental remediation $ 668 $ 562 (1) For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 22 – Commitments and Contingent Liabilities”. |
Schedule of Current and Long-term Components of Environmental Remediation Liabilities | following table sets forth the current and long-term components of the Company’s environmental remediation liabilities at December 31, 2022 and 2021. December 31, 2022 2021 Current environmental remediation $ 194 $ 173 Long-term environmental remediation 474 389 Total environmental remediation $ 668 $ 562 |
Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFAS | 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 December 31, 2022 and 2021. December 31, 2022 2021 On-site remediation $ 264 $ 289 Off-site groundwater remediation 201 70 Total Fayetteville environmental remediation $ 465 $ 359 |
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 December 31, 2022 and 2021. December 31, 2022 2021 Current environmental remediation $ 139 $ 114 Long-term environmental remediation 326 245 Total Fayetteville environmental remediation $ 465 $ 359 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share Repurchase Activity | The following table sets forth the Company’s share repurchase activity under the 2018 Share Repurchase Program for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Total number of shares purchased 7,824,039 5,533,746 - Total paid for shares purchased $ 251 $ 177 $ - Average price paid per share $ 32.06 $ 31.99 $ - The following table sets forth the Company’s share repurchase activity under the 2022 Share Repurchase Program for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Total number of shares purchased 8,234,314 - - Total paid for shares purchased $ 241 $ - $ - Average price paid per share $ 29.24 $ - $ - |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Weighted Average Assumptions of Stock Options | The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Risk-free interest rate 1.61 % 0.91 % 0.94 % Expected term (years) 6.00 6.00 6.00 Volatility 56.71 % 63.85 % 53.18 % Dividend yield 3.85 % 4.16 % 6.93 % Fair value per stock option $ 9.89 $ 9.78 $ 3.74 |
Schedule of Stock Options Activity | following table sets forth Chemours’ stock option activity for the years ended December 31, 2022, 2021 and 2020. Number of Weighted-average Exercise Price Weighted-average Aggregate Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Granted 2,778 14.42 Exercised ( 1,124 ) 14.23 Forfeited ( 186 ) 23.84 Expired ( 165 ) 29.99 Outstanding, December 31, 2020 7,359 $ 19.21 6.21 $ 63,894 Granted 1,153 24.35 Exercised ( 1,376 ) 17.01 Forfeited ( 107 ) 20.62 Expired ( 62 ) 36.71 Outstanding, December 31, 2021 6,967 $ 20.32 6.60 $ 101,261 Granted 1,031 25.98 Exercised ( 3,041 ) 16.76 Forfeited ( 202 ) 21.29 Expired ( 87 ) 32.78 Outstanding, December 31, 2022 4,668 $ 23.61 7.08 $ 42,668 Exercisable, December 31, 2022 2,189 $ 25.71 5.78 $ 20,561 |
Schedule of Restricted Stock Units Activity | The following table sets forth non-vested RSUs at December 31, 2022, 2021 and 2020. Number of Shares Weighted-average Non-vested, December 31, 2019 546 $ 29.95 Granted 585 17.01 Vested ( 161 ) 38.68 Forfeited ( 60 ) 25.78 Non-vested, December 31, 2020 910 $ 20.51 Granted 461 26.30 Vested ( 188 ) 24.33 Forfeited ( 24 ) 19.96 Non-vested, December 31, 2021 1,159 $ 22.20 Granted 388 28.08 Vested ( 473 ) 20.97 Forfeited ( 77 ) 21.75 Non-vested, December 31, 2022 997 $ 25.10 |
Schedule of Performance Share Units Activity | The following table sets forth non-vested PSUs at 100 % of target amounts at December 31, 2022, 2021 and 2020. Number of Shares Weighted-average Non-vested, December 31, 2019 529 $ 39.53 Granted 542 17.14 Vested ( 176 ) 35.84 Forfeited ( 51 ) 27.79 Non-vested, December 31, 2020 844 $ 29.05 Granted 309 27.42 Vested ( 122 ) 52.34 Forfeited ( 276 ) 23.26 Non-vested, December 31, 2021 755 $ 26.72 Granted 316 28.77 Vested ( 213 ) 43.83 Forfeited — — Non-vested, December 31, 2022 858 $ 22.48 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table sets forth the changes and after-tax balances of the Company’s accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020. Net Investment Cash Flow Cumulative Defined Benefit Plans Total Balance at January 1, 2020 $ ( 10 ) $ 2 $ ( 231 ) $ ( 110 ) $ ( 349 ) Other comprehensive income (loss) ( 66 ) ( 10 ) 111 4 39 Balance at December 31, 2020 ( 76 ) ( 8 ) ( 120 ) ( 106 ) ( 310 ) Other comprehensive income (loss) 55 13 ( 116 ) ( 6 ) ( 54 ) Balance at December 31, 2021 ( 21 ) 5 ( 236 ) ( 112 ) ( 364 ) Other comprehensive income (loss) 40 1 ( 32 ) 12 21 Balance at December 31, 2022 $ 19 $ 6 $ ( 268 ) $ ( 100 ) $ ( 343 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022 and 2021. Fair Value Using Level 2 Inputs Balance Sheet Location December 31, 2022 December 31, 2021 Asset derivatives: Foreign currency forward contracts Accounts and notes receivable, net (Note 11) $ — $ 1 Foreign currency forward contracts Accounts and notes receivable, net (Note 11) 2 5 Interest rate swaps Accounts and notes receivable, net (Note 11) — — Total asset derivatives $ 2 $ 6 Liability derivatives: Foreign currency forward contracts Other accrued liabilities (Note 19) $ 1 $ 1 Foreign currency forward contracts Other accrued liabilities (Note 19) 4 — Total liability derivatives $ 5 $ 1 |
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 years ended December 31, 2022, 2021 and 2020. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Year Ended December 31, Goods Sold Expense, Net (Expense), Net Loss 2022 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 2 $ — Foreign currency forward contracts designated as a cash flow hedge 19 — — 17 Interest rate swaps designated as a cash flow hedge — 5 — 8 Euro-denominated debt designated as a net investment hedge — — — 53 2021 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ ( 15 ) $ — Foreign currency forward contracts designated as a cash flow hedge ( 2 ) — — 10 Interest rate swaps designated as a cash flow hedge — ( 2 ) — 2 Euro-denominated debt designated as a net investment hedge — — — 73 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 29 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — ( 4 ) Interest rate swaps designated as a cash flow hedge — — — ( 4 ) Euro-denominated debt designated as a net investment hedge — — — ( 88 ) |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits, Description [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 (loss) for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Service cost $ ( 14 ) $ ( 15 ) $ ( 15 ) Interest cost ( 7 ) ( 5 ) ( 6 ) Expected return on plan assets 18 20 17 Amortization of actuarial loss ( 8 ) ( 7 ) ( 9 ) Amortization of prior service gain 2 2 3 Settlement loss — ( 1 ) ( 5 ) Curtailment gain — — 1 Total net periodic pension cost $ ( 9 ) $ ( 6 ) $ ( 14 ) Net (loss) gain $ ( 2 ) $ ( 22 ) $ 4 Prior service benefit (cost) 2 — ( 1 ) Amortization of actuarial loss 8 7 9 Amortization of prior service gain ( 2 ) ( 2 ) ( 3 ) Settlement loss — 1 5 Curtailment gain — — 4 Effect of foreign exchange rates 7 6 ( 9 ) Benefit (cost) recognized in other comprehensive income 13 ( 10 ) 9 Total changes in plan assets and benefit obligations $ 4 $ ( 16 ) $ ( 5 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss at years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net loss $ 132 $ 148 $ 143 Prior service credit ( 9 ) ( 9 ) ( 12 ) Total amount recognized in accumulated other comprehensive loss $ 123 $ 139 $ 131 |
Summary of Benefit Obligations and Fair Value of Plan Assets and Funded Status of Plan | The following table sets forth summarized information on the Company’s pension plans at December 31, 2022 and 2021. December 31, 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 575 $ 584 Service cost 14 15 Interest cost 7 5 Plan participants’ contributions 2 2 Actuarial (gain) loss ( 145 ) 19 Benefits paid ( 5 ) ( 4 ) Plan amendments ( 2 ) — Settlements and transfers ( 4 ) ( 11 ) Currency translation ( 35 ) ( 35 ) Benefit obligation at end of year 407 575 Change in plan assets: Fair value of plan assets at beginning of year 585 604 Actual return on plan assets ( 129 ) 17 Employer contributions 10 17 Plan participants’ contributions 2 2 Benefits paid ( 5 ) ( 4 ) Settlements and transfers ( 4 ) ( 11 ) Currency translation ( 37 ) ( 40 ) Fair value of plan assets at end of year 422 585 Total funded status at end of year $ 15 $ 10 |
Schedule of Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2022 and 2021. December 31, 2022 2021 Non-current assets $ 50 $ 55 Current liabilities ( 1 ) ( 1 ) Non-current liabilities ( 34 ) ( 44 ) Total net amount recognized $ 15 $ 10 |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2022 and 2021 . December 31, Pension plans with projected benefit obligation in excess of plan assets 2022 2021 Projected benefit obligation $ 121 $ 142 Accumulated benefit obligation 104 119 Fair value of plan assets 86 97 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2022 and 2021 . December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2022 2021 Projected benefit obligation $ 121 $ 142 Accumulated benefit obligation 104 119 Fair value of plan assets 86 97 |
Schedule of Assumptions Used | The following tables set forth the assumptions that have been used to determine the Company’s benefit obligations and net benefit cost at December 31, 2022 and 2021. December 31, Weighted-average assumptions used to determine benefit obligations 2022 2021 Discount rate 3.6 % 1.4 % Rate of compensation increase (1) 3.5 % 3.4 % Interest crediting rate (2) 2.5 % 1.0 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. (2) The interest crediting rate, which is applicable only for account balance type plans, represents the single effective annual account balance increase that an average participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2022 2021 Discount rate 1.4 % 1.0 % Rate of compensation increase (1) 3.4 % 2.5 % Expected return on plan assets 1.0 % 1.2 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. |
Schedule of Allocation of Plan Assets | The following table sets forth the weighted-average allocation for the Company’s pension plan assets at December 31, 2022 and 2021. December 31, 2022 2021 Cash and cash equivalents 11 % 8 % U.S. and non-U.S. equity securities 36 % 37 % Fixed income securities 53 % 55 % Total weighted-average allocation 100 % 100 % following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2022 and 2021. Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Asset category: Debt - government issued $ 47 $ 7 $ 40 Debt - corporate issued 113 23 90 U.S. and non-U.S. equities 151 31 120 Derivatives - asset position 40 — 40 Cash and cash equivalents 48 48 — Other 2 — 2 Total pension assets at fair value 401 $ 109 $ 292 Pooled mortgage funds (1) 21 Total pension assets $ 422 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of the Company's request and the availability of funds. Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy. Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Asset category: Debt - government issued $ 74 $ 10 $ 64 Debt - corporate issued 147 29 118 U.S. and non-U.S. equities 217 44 173 Derivatives - asset position 70 — 70 Cash and cash equivalents 46 46 — Other 3 — 3 Total pension assets at fair value 557 $ 129 $ 428 Pooled mortgage funds (1) 28 Total pension assets $ 585 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of the Company's request and the availability of funds. Interests in these funds are valued using the NAV per share practical expedient and are not classified in the fair value hierarchy. |
Schedule of Expected Benefit Payments | The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter. 2023 $ 11 2024 13 2025 14 2026 15 2027 18 2028 to 2032 111 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Reconciliation of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents, as reported on the Company’s consolidated balance sheets, to cash, cash equivalents, restricted cash and restricted cash equivalents, as reported on the Company’s consolidated statements of cash flows. December 31, 2022 2021 Cash and cash equivalents $ 1,102 $ 1,451 Restricted cash and restricted cash equivalents (1) 202 100 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 1,304 $ 1,551 (1) Restricted cash and restricted cash equivalents balance includes cash and cash equivalents deposited in an escrow account as per the terms of the MOU (see “Note 22 – Commitments and Contingent Liabilities”). |
Geographic and Segment Inform_2
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area | The following table sets forth the geographic locations of the Company’s net sales for the years ended and property, plant, and equipment, net as of December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Net Sales (1) Property, Plant, and Equipment, Net Net Sales (1) Property, Plant, and Equipment, Net Net Sales (1) Property, Plant, and Equipment, Net North America $ 2,949 $ 2,320 $ 2,317 $ 2,309 $ 1,914 $ 2,461 Asia Pacific 1,787 127 1,827 128 1,384 121 Europe, the Middle East, and Africa 1,313 249 1,412 322 1,086 324 Latin America (2) 745 475 789 395 585 568 Total $ 6,794 $ 3,171 $ 6,345 $ 3,154 $ 4,969 $ 3,474 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Schedule of Segment Information | following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment (1) Segment Total 2022 Net sales to external customers (2) $ 3,380 $ 1,680 $ 1,618 $ 116 $ 6,794 Adjusted EBITDA 601 603 367 2 1,573 Depreciation and amortization 125 55 82 8 270 Equity in earnings of affiliates — 24 31 — 55 Total assets 2,384 1,238 1,742 124 5,488 Investments in affiliates — 82 93 — 175 Purchases of property, plant, and equipment 149 30 115 6 300 2021 Net sales to external customers (2) $ 3,355 $ 1,257 $ 1,397 $ 336 $ 6,345 Adjusted EBITDA 799 401 284 49 1,533 Depreciation and amortization 126 59 86 16 287 Equity in earnings of affiliates — 15 28 — 43 Total assets 2,318 1,124 1,621 149 5,212 Investments in affiliates — 72 97 — 169 Purchases of property, plant, and equipment 104 26 103 39 272 2020 Net sales to external customers (2) $ 2,402 $ 1,105 $ 1,104 $ 358 $ 4,969 Adjusted EBITDA 498 344 146 75 1,063 Depreciation and amortization 128 53 88 21 290 Equity in earnings of affiliates — 6 17 — 23 Total assets 2,130 1,041 1,520 531 5,222 Investments in affiliates — 66 101 — 167 Purchases of property, plant, and equipment 89 28 109 25 251 (1) On July 26, 2021, the Company entered into the Mining Solutions Transaction which closed on December 1, 2021. For further information see “Note 4 – Acquisitions and Divestitures”. (2) Segment net sales to external customers are provided by product group in “Note 5 – Net Sales”. |
Summary of Reconciliation for Summary Financial Information for Reportable Segments | The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2022 Depreciation and amortization $ 270 $ 21 $ 291 Total assets 5,488 2,152 7,640 Purchases of property, plant, and equipment 300 7 307 2021 Depreciation and amortization $ 287 $ 30 $ 317 Total assets 5,212 2,338 7,550 Purchases of property, plant, and equipment 272 5 277 2020 Depreciation and amortization $ 290 $ 30 $ 320 Total assets 5,222 1,860 7,082 Purchases of property, plant, and equipment 251 16 267 |
Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes | following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the years ended December 31, 2022, 2021 and 2020. Year Ended December 31, 2022 2021 2020 Segment Adjusted EBITDA $ 1,573 $ 1,533 $ 1,063 Corporate and Other expenses (excluding items below) ( 212 ) ( 220 ) ( 184 ) Interest expense, net ( 163 ) ( 185 ) ( 210 ) Depreciation and amortization ( 291 ) ( 317 ) ( 320 ) Non-operating pension and other post-retirement employee benefit income 5 9 1 Exchange (losses) gains, net ( 15 ) 3 ( 26 ) Restructuring, asset-related, and other charges (1) ( 15 ) ( 6 ) ( 80 ) Gain (loss) on extinguishment of debt 7 ( 21 ) ( 22 ) Gain on sales of assets and businesses, net (2) 21 115 8 Natural disasters and catastrophic events (3) — ( 21 ) — Transaction costs (4) — ( 4 ) ( 2 ) Qualified spend recovery (5) 58 20 — Legal and environmental charges, net (6,7) ( 227 ) ( 230 ) ( 49 ) Income before income taxes $ 741 $ 676 $ 179 (1) In 2022, restructuring, asset-related, and other charges primarily includes asset charges and write-offs resulting from the conflict between Russia and Ukraine and the Company’s decision to suspend its business with Russian entities. In 2021, restructuring, asset-related, and other charges primarily includes a net $ 9 gain resulting from contract termination with a third-party services provider at the Company’s previously owned Mining Solutions facility in Gomez Palacio, Durango, Mexico. (2) Refer to “Note 8 – Other Income (Expense), Net” for further details. (3) In 2021, 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. (4) 2021 includes costs associated with the Company’s accounting, legal, and bankers’ transaction costs incurred in connection with the sale of its Mining Solutions business. (5) Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 22 – Commitments and Contingent Liabilities". (6) Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. For the year ended December 31, 2022, legal charges primarily include proceeds from a settlement in a patent infringement matter relating to certain copolymer patents associated with the Company’s Advanced Performance Materials segment and $ 20 associated with the Company's portion of the potential loss in the single matter not included in the Leach settlement. For the year ended December 31, 2021, legal charges primarily 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. The year ended December 31, 2020 includes $ 29 of charges in connection with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. (7) Environmental charges pertains to management’s assessment of estimated liabilities associated with certain environmental remediation expenses at various sites. For the years ended December 31, 2022 and 2021, environmental charges primarily include $ 196 and $ 169 , respectively, related to on-site and off-site remediation costs at Fayetteville. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. |
Background and Description of_2
Background and Description of the Business - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 Facility Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 3 |
Number of facilities | 29 |
Operating Segments [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 3 |
Titanium Technologies [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 8 |
Thermal & Specialized Solutions [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 8 |
Advanced Performance Materials [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 10 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2023 | |
ASU 2021-08 | Subsequent Event [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Change In Accounting Principle Accounting Standards Update Adopted | true | |
Change In Accounting Principle Accounting Standards Update Adoption Date | Jan. 01, 2023 | |
Change In Accounting Principle Accounting Standards Update Immaterial Effect | true | |
ASU 2021-10 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Change In Accounting Principle Accounting Standards Update Adopted | true | |
Change In Accounting Principle Accounting Standards Update Adoption Date | Dec. 31, 2022 | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets, useful life | 20 years | |
Asset retirement costs estimated remaining useful life | 25 years | |
Maximum [Member] | Equipment and Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 25 years | |
Maximum [Member] | Software Development [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 7 years | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Asset retirement costs estimated remaining useful life | 2 years | |
Minimum [Member] | Equipment and Buildings [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 15 years | |
Minimum [Member] | Software Development [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful Life | 5 years | |
Consolidated Subsidiaries [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Voting stock ownership percentage | 50% | |
Consolidated Subsidiaries [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Voting stock ownership percentage | 20% | |
Consolidated Subsidiaries [Member] | Outside Shareholders [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Consolidated subsidiaries ownership percentage | 100% |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Jun. 09, 2022 | May 24, 2022 | Dec. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 26, 2021 | |
Acquisitions And Divestitures [Line Items] | |||||||
Cash divested | $ 13 | ||||||
Transaction costs | $ 4 | $ 2 | |||||
Beaumont Land Sale [Member] | |||||||
Acquisitions And Divestitures [Line Items] | |||||||
Sale of business, purchase price consideration in cash | $ 17 | ||||||
Cash proceeds received | $ 17 | ||||||
Pre-tax gain (loss) on sale | 5 | ||||||
Mining Solutions [Member] | Chemical Solutions [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Acquisitions And Divestitures [Line Items] | |||||||
Sale of business, purchase price consideration in cash | $ 520 | ||||||
Cash proceeds received | $ 508 | ||||||
Transaction costs | 21 | ||||||
Pre-tax gain (loss) on sale | $ 112 | ||||||
Aniline Business [Member] | |||||||
Acquisitions And Divestitures [Line Items] | |||||||
Cash proceeds received | $ 16 | ||||||
Pascagoula [Member] | |||||||
Acquisitions And Divestitures [Line Items] | |||||||
Pre-tax gain (loss) on sale | $ 18 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | $ 6,794 | $ 6,345 | $ 4,969 |
North America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 2,949 | 2,317 | 1,914 |
Asia Pacific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,787 | 1,827 | 1,384 |
Europe, the Middle East, and Africa [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,313 | 1,412 | 1,086 |
Latin America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 745 | 789 | 585 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 6,794 | 6,345 | 4,969 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 3,380 | 3,355 | 2,402 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,680 | 1,257 | 1,105 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,618 | 1,397 | 1,104 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 116 | 336 | 358 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 2,949 | 2,317 | 1,914 |
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 | 1,285 | 1,019 | 776 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 974 | 635 | 520 |
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 | 619 | 494 | 407 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 71 | 169 | 211 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,787 | 1,827 | 1,384 |
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 | 928 | 1,049 | 778 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 178 | 160 | 134 |
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 | 657 | 595 | 450 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 24 | 23 | 22 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,313 | 1,412 | 1,086 |
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 | 695 | 829 | 528 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 320 | 313 | 331 |
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 | 281 | 254 | 202 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 17 | 16 | 25 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 745 | 789 | 585 |
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 | 472 | 458 | 320 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 208 | 149 | 120 |
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 | 61 | 54 | 45 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 4 | 128 | 100 |
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 | 3,380 | 3,355 | 2,402 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Refrigerants [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,352 | 973 | 889 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Foam, Propellants, and Other [Member] | Thermal And Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 328 | 284 | 216 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Advanced Materials [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,125 | 977 | 782 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Performance Solutions [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 493 | 420 | 322 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Mining Solutions [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 0 | 237 | 203 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Performance Chemicals and Intermediates [Member] | Other Segments [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | $ 116 | $ 99 | $ 155 |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Contract assets: | ||
Accounts receivable - trade, net | $ 509 | $ 644 |
Contract liabilities: | ||
Deferred revenue | 5 | 5 |
Customer rebates | $ 90 | $ 83 |
Net Sales - Narrative (Details)
Net Sales - Narrative (Details) - Topic 606 [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations | $ 31 |
Revenue, practical expedient, financing component | true |
Net Sales - Narrative (Details1
Net Sales - Narrative (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | Dec. 31, 2022 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations original expected period | 1 year |
Topic 606 [Member] | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 91% |
Remaining performance obligations original expected period | 1 year |
Research and Development Expe_3
Research and Development Expense - Summary of R&D Expense by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Research and Development [Line Items] | |||
Total research and development expense | $ 118 | $ 107 | $ 93 |
Titanium Technologies [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 34 | 36 | 31 |
Thermal & Specialized Solutions [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 25 | 20 | 18 |
Advanced Performance Materials [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 54 | 46 | 41 |
Other Segment [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 1 | 2 | 2 |
Corporate and Other [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | $ 4 | $ 3 | $ 1 |
Restructuring, Asset-Related,_3
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Employee separation charges | $ 9 | $ (2) | $ 17 |
Decommissioning and other charges | 2 | 8 | 41 |
Total restructuring and other charges | 11 | 6 | 58 |
Asset-related charges | 5 | 0 | 22 |
Total restructuring, asset-related, and other charges | $ 16 | $ 6 | $ 80 |
Restructuring, Asset-Related,_4
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Programs to Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance programs | $ 9 | $ (2) | $ 17 |
Asset-related charges | 5 | 0 | 22 |
Total restructuring and other charges | 11 | 6 | 58 |
Total restructuring, asset-related, and other charges | 16 | 6 | 80 |
Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2 | 13 | 5 |
2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 9 | (1) | 15 |
2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance programs | 3 | ||
2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance programs | (1) | 13 | |
Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other charges | 0 | (6) | 38 |
Operating Segments [Member] | Other Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 0 | 0 | 8 |
Other charges | 0 | (7) | 37 |
Operating Segments [Member] | Other Segment [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2 | 13 | 4 |
Operating Segments [Member] | Other Segment [Member] | 2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 1 |
Operating Segments [Member] | Titanium Technologies [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 5 | 0 | 0 |
Other charges | 0 | 0 | 1 |
Operating Segments [Member] | Titanium Technologies [Member] | 2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 0 | 3 |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 0 | 2 |
Operating Segments [Member] | Advanced Performance Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 0 | 0 | 10 |
Other charges | 0 | 1 | 0 |
Operating Segments [Member] | Advanced Performance Materials [Member] | 2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | (1) | 5 |
Corporate and Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 0 | 0 | 4 |
Corporate and Other [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 1 |
Corporate and Other [Member] | 2022, 2020 and 2019 Restructuring Programs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 4 | $ 0 | $ 4 |
Restructuring, Asset-Related,_5
Restructuring, Asset-Related, and Other Charges - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 36 Months Ended | 87 Months Ended | ||
Mar. 31, 2022 Employee | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Employee | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Asset-related charges | $ 5 | $ 0 | $ 22 | |||
Environmental remediation liabilities | 269 | 269 | 71 | |||
Employee separation related liabilities | 6 | 1 | 7 | $ 6 | $ 6 | |
Employee separation charges | 9 | (2) | 17 | |||
2019 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Employee separation charges | 3 | |||||
2020 Severance Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 12 | |||||
2020 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Employee separation charges | (1) | 13 | ||||
2022 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 9 | |||||
Employee separation charges | 9 | |||||
Plant and Product Line Closures [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2 | 13 | 5 | |||
Corporate and Other [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset-related charges | 0 | 0 | 4 | |||
Corporate and Other [Member] | Plant and Product Line Closures [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | 1 | |||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Decommissioning Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2 | 2 | ||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 42 | |||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Decommissioning Costs [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 12 | |||||
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 | |||||
Property, plant, and equipment and other asset impairments | 6 | |||||
Environmental remediation liabilities | $ 4 | |||||
Environmental remediation liabilities paid over a period | 16 years | |||||
Employee separation related liabilities | $ 2 | |||||
Number of employees eliminated as a result of restructuring activities | Employee | 15 | 20 | ||||
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 | |||||
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 | |||||
Titanium Technologies [Member] | Operating Segments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset-related charges | 5 | 0 | 0 | |||
Advanced Performance Materials [Member] | Operating Segments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset-related charges | $ 0 | $ 0 | $ 10 |
Restructuring, Asset-Related,_6
Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | $ 1 | $ 7 |
Credits to income | 9 | (2) |
Payments | (4) | (4) |
Restructuring reserve, ending | 6 | 1 |
Site Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 1 | 2 |
Credits to income | 0 | (1) |
Payments | (1) | 0 |
Restructuring reserve, ending | 0 | 1 |
2022, 2020 and 2019 Restructuring Programs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 5 |
Credits to income | 9 | (1) |
Payments | (3) | (4) |
Restructuring reserve, ending | $ 6 | $ 0 |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Leasing, contract services and miscellaneous income | $ 53 | $ 14 | $ 20 |
Royalty income | 6 | 22 | 18 |
Gain on sales of assets and businesses, net | 21 | 115 | 8 |
Exchange (losses) gains, net | (15) | 3 | (26) |
Non-operating pension and other post-retirement employee benefit income | 5 | 9 | 1 |
Total other income, net | $ 70 | $ 163 | $ 21 |
Other Income (Expense), Net -_2
Other Income (Expense), Net - Components of Other Income (Expense) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mining Solutions [Member] | Chemical Solutions [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 112 | ||
Beaumont Land Sale [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 5 | ||
Pascagoula [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 18 | ||
Oakley California Site [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 6 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expense (benefit): | |||
U.S. federal | $ 83 | $ 60 | $ 4 |
U.S. state and local | 13 | 12 | 1 |
International | 47 | 72 | 75 |
Total current tax expense | 143 | 144 | 80 |
Deferred tax expense (benefit): | |||
U.S. federal | 8 | (69) | (86) |
U.S. state and local | (2) | (6) | (12) |
International | 14 | (1) | (22) |
Total deferred tax expense (benefit) | 20 | (76) | (120) |
Total provision for (benefit from) income taxes | $ 163 | $ 68 | $ (40) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Environmental and other liabilities | $ 188 | $ 162 |
Employee related and benefit items | 49 | 64 |
Other assets and accrual liabilities | 133 | 111 |
Tax attribute carryforwards | 73 | 91 |
Operating lease liability | 57 | 56 |
Total deferred tax assets | 500 | 484 |
Less: Valuation allowance | (12) | (8) |
Total deferred tax assets, net | 488 | 476 |
Deferred tax liabilities: | ||
Property, plant, and equipment and intangible assets | (257) | (244) |
LIFO inventories | (30) | (18) |
Operating lease asset | (55) | (53) |
Other liabilities | (55) | (40) |
Total deferred tax liabilities | (397) | (355) |
Deferred tax assets, net | $ 91 | $ 121 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 1% | 0.40% | (6.10%) |
Lower effective tax rate on international operations, net | (2.20%) | (2.80%) | (19.00%) |
Foreign-derived intangible income deduction | 0% | (1.80%) | |
Goodwill | 0% | 1.50% | |
Depletion | (0.80%) | (1.00%) | (3.40%) |
Exchange gains | (1.10%) | (1.90%) | |
Provision to return and other adjustments | (0.30%) | (1.60%) | (20.60%) |
Valuation allowance | 0.50% | (2.40%) | 7.30% |
Stock-based compensation | (1.20%) | (0.60%) | |
R&D credit | (0.90%) | (0.90%) | (3.80%) |
Uncertain tax positions | 4.90% | (0.40%) | (0.50%) |
Other, net | 1.10% | 0.60% | 2.80% |
Total effective tax rate | 22% | 10.10% | (22.30%) |
Income Taxes - Effective Inco_2
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax rate | $ 156 | $ 142 | $ 38 |
State income taxes, net of federal benefit | 7 | 3 | (11) |
Lower effective tax rate on international operations, net | (16) | (19) | (34) |
Foreign-derived intangible income deduction | 0 | (12) | 0 |
Goodwill | 0 | 10 | |
Depletion | (6) | (7) | (6) |
Exchange gains | (8) | (13) | |
Provision to return and other adjustments | (2) | (11) | (37) |
Valuation allowance | 4 | (16) | 13 |
Stock-based compensation | (9) | (4) | |
R&D credit | (7) | (6) | (7) |
Uncertain tax positions | 36 | (3) | (1) |
Other, net | 8 | 4 | 5 |
Total provision for (benefit from) income taxes | $ 163 | $ 68 | $ (40) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations (including exports) | $ 217 | $ 44 | $ (136) |
International operations | 524 | 632 | 315 |
Income before income taxes | $ 741 | $ 676 | $ 179 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Earnings and Profits (E&P) of foreign subsidiaries | $ 531 | |||
Change in valuation allowance | 4 | $ (16) | $ 13 | |
Net income tax expense related to transfer pricing uncertain tax positions | 36 | |||
Deferred tax assets valuation allowance reversed | 16 | |||
R&D tax credits | 7 | 6 | 7 | |
Unrecognized tax benefits. | 65 | 5 | 7 | $ 9 |
Penalties and interest | 4 | (1) | 1 | |
Effects of potential transfer pricing adjustments included in other assets | 26 | |||
Income Tax Expense (Benefit) | 163 | 68 | (40) | |
Other Liabilities [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Unrecognized tax benefits. | 54 | |||
Deferred Tax Assets [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Unrecognized tax benefits. | 11 | |||
U.S State [Member] | Expiration Between Years 2036 To 2040 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax loss carryforwards | 4 | |||
Foreign [Member] | Expiration Between Years 2026 to 2031 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax loss carryforwards | 6 | |||
Foreign [Member] | Expiration Between Years 2025 to 2031 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 11 | |||
Foreign Subsidiary [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | 12 | |||
Deferred tax assets valuation allowance reversed | 12 | |||
Foreign Tax Credits [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | 3 | $ 1 | $ 2 | |
State Net Operating Losses [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Change in valuation allowance | $ 1 |
Income Taxes - Summary of open
Income Taxes - Summary of open tax years by significant jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2016 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2019 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
U.S Federal [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2017 |
U.S Federal [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2022 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 5 | $ 7 | $ 9 |
Gross amounts of increases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | 54 | ||
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | (1) | (2) | |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 6 | 1 | |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (1) | (1) | |
Balance at December 31, | 65 | 5 | 7 |
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate | 42 | 4 | 8 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 4 | (1) | 1 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $ 4 | $ 1 | $ 1 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 8 | $ 24 | $ 10 |
Charges to income tax expense | 4 | 14 | |
Release of valuation allowance | (16) | ||
Balance at December 31, | $ 12 | $ 8 | $ 24 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income attributable to Chemours | $ 578 | $ 608 | $ 219 |
Denominator: | |||
Weighted-average number of common shares outstanding - basic | 155,359,361 | 164,943,575 | 164,681,827 |
Dilutive effect of the Company's employee compensation plans | 2,943,646 | 3,754,864 | 1,664,702 |
Weighted-average number of common shares outstanding - diluted | 158,303,007 | 168,698,439 | 166,346,529 |
Basic earnings per share of common stock | $ 3.72 | $ 3.69 | $ 1.33 |
Diluted earnings per share of common stock | $ 3.65 | $ 3.60 | $ 1.32 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Average number of stock options | 1,077,922 | 1,500,577 | 3,839,845 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable - trade, net | $ 509 | $ 644 |
VAT, GST and other taxes | 88 | 41 |
Other receivables | 29 | 35 |
Total accounts and notes receivable, net | $ 626 | $ 720 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 509 | $ 644 |
Allowance for doubtful accounts receivable | 10 | 5 |
Trade Notes Receivable [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 3 | $ 17 |
Accounts and Notes Receivable_5
Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 9 | $ 2 | $ 3 |
Accounts and Notes Receivable_6
Accounts and Notes Receivable, Net - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | |||
Balance at January 1, | $ 5 | $ 7 | $ 5 |
Additions charged to expenses | 9 | 2 | 3 |
Deductions from reserves | (4) | (4) | (1) |
Balance at December 31, | $ 10 | $ 5 | $ 7 |
Accounts and Notes Receivable_7
Accounts and Notes Receivable, Net - Schedule of Allowance for Doubtful Accounts (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt write-offs | $ 1,000,000 | $ 1,000,000 | |
Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Bad debt write-offs | $ 1,000,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory, Net [Abstract] | ||
Finished products | $ 910 | $ 704 |
Semi-finished products | 218 | 192 |
Raw materials, stores, and supplies | 654 | 475 |
Inventories before LIFO adjustment | 1,782 | 1,371 |
Less: Adjustment of inventories to LIFO basis | (378) | (272) |
Total inventories | $ 1,404 | $ 1,099 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Basic earnings per share of common stock | $ 3.72 | $ 3.69 | $ 1.33 |
Titanium Technologies [Member] | |||
Inventory [Line Items] | |||
Benefit to income (loss) from liquidation of LIFO inventory | $ 8 | ||
Basic earnings per share of common stock | $ 0.05 | ||
US [Member] | |||
Inventory [Line Items] | |||
LIFO inventory amount | $ 835 | $ 650 | |
Percentage of LIFO inventory | 47% | 47% |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | $ 9,387 | $ 9,232 | |
Less: Accumulated depreciation | (6,216) | (6,078) | |
Property, plant, and equipment, net | 3,171 | 3,154 | $ 3,474 |
Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 7,745 | 7,559 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 1,180 | 1,168 | |
Construction-in-progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 324 | 361 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 102 | 108 | |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Finance leased assets, gross | $ 91 | $ 95 | |
Interest capitalized | 7 | 5 | $ 4 |
Depreciation expense | $ 286 | $ 309 | $ 313 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | |
Lease agreements initial terms | 12 months |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term of contract | 24 years |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lease assets: | ||
Operating lease right-of-use assets | $ 240 | $ 227 |
Finance lease assets | $ 61 | $ 69 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment, Net | Property, Plant, and Equipment, Net |
Total lease assets | $ 301 | $ 296 |
Current: | ||
Operating lease liabilities | $ 49 | $ 59 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance lease liabilities | $ 12 | $ 12 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Short-term and current maturities of long-term debt | Short-term and current maturities of long-term debt |
Total current lease liabilities | $ 61 | $ 71 |
Non-current: | ||
Operating lease liabilities | 198 | 179 |
Finance lease liabilities | $ 49 | $ 60 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt, net | Long-term debt, net |
Total non-current lease liabilities | $ 247 | $ 239 |
Total lease liabilities | $ 308 | $ 310 |
Leases - Schedule of Components
Leases - Schedule of Components of Company's Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 51 | $ 66 | $ 88 |
Short-term lease cost | 4 | 7 | 5 |
Variable lease cost | 16 | 21 | 20 |
Amortization of lease assets | 8 | 12 | 8 |
Interest on lease liabilities | 4 | 4 | 4 |
Total lease cost | $ 83 | $ 110 | $ 125 |
Leases - Schedule of Cash Flows
Leases - Schedule of Cash Flows Related to Company's Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 56 | $ 70 | $ 91 |
Operating cash flows from finance leases | 4 | 4 | 4 |
Financing cash flows from finance leases | 11 | 10 | 6 |
Non-cash lease liabilities activity: | |||
Leased assets obtained in exchange for new operating lease liabilities | $ 65 | 45 | 23 |
Leased assets obtained in exchange for new finance lease liabilities | $ 14 | $ 19 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Terms and Weighted-Average Discount Rates For Company's Leases (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (years): | ||
Operating leases | 10 years | 11 years |
Finance leases | 5 years 4 months 24 days | 6 years 3 months 18 days |
Weighted-average discount rate: | ||
Operating leases | 5.23% | 5.30% |
Finance leases | 5.42% | 4.80% |
Leases - Schedule of Company's
Leases - Schedule of Company's Lease Liabilities' Maturities For Next Five Years and Thereafter (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 61 | |
2024 | 52 | |
2025 | 42 | |
2026 | 36 | |
2027 | 23 | |
Thereafter | 91 | |
Total lease payments | 305 | |
Less: Imputed interest | 58 | |
Present value of lease liabilities | 247 | |
Finance Leases | ||
2023 | 14 | |
2024 | 13 | |
2025 | 13 | |
2026 | 11 | |
2027 | 8 | |
Thereafter | 13 | |
Total lease payments | 72 | |
Less: Imputed interest | 11 | |
Present value of lease liabilities | 61 | $ 72 |
Operating and Finance Leases, Total | ||
2023 | 75 | |
2024 | 65 | |
2025 | 55 | |
2026 | 47 | |
2027 | 31 | |
Thereafter | 104 | |
Total lease payments | 377 | |
Less: Imputed interest | 69 | |
Present value of lease liabilities | $ 308 |
Leases - Build-to-suit Lease Ob
Leases - Build-to-suit Lease Obligation - Narrative (Details) - Discovery Hub [Member] $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2017 ft² |
Lessee Lease Description [Line Items] | |||
Build to suit lease area of land | ft² | 312,000 | ||
Build to suit lease liability reclassified as financing obligation | $ 93 | $ 93 | |
Build to suit lease asset capitalized in property, plant and equipment | $ 84 | $ 88 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Related to Chemours Discovery Hub Financing Obligation (Detail) - Discovery Hub [Member] $ in Millions | Dec. 31, 2022 USD ($) |
Lessee Lease Description [Line Items] | |
2023 | $ 7 |
2024 | 7 |
2025 | 7 |
2026 | 7 |
2027 | 7 |
Thereafter | 140 |
Total payments | $ 175 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 102,000,000 | $ 102,000,000 | |
Divestitures | 0 | ||
Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 102,000,000 | 102,000,000 | $ 153,000,000 |
Divestitures | (51,000,000) | ||
Titanium Technologies [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 13,000,000 | 13,000,000 | 13,000,000 |
Thermal & Specialized Solutions [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 33,000,000 | 33,000,000 | 33,000,000 |
Advanced Performance Materials [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 56,000,000 | 56,000,000 | 56,000,000 |
Other Segment [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 51,000,000 | ||
Divestitures | $ 51,000,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Segment ReportingUnit | Dec. 31, 2021 USD ($) ReportingUnit | Dec. 31, 2020 USD ($) | |
Goodwill and Other Intangible Assets | |||
Number of operating segments | Segment | 4 | ||
Number of Reporting Units | ReportingUnit | 3 | 3 | |
Goodwill transfers | $ 0 | ||
Goodwill impairments | 0 | $ 0 | $ 0 |
Accumulated impairment losses included in goodwill | 4,000,000 | 4,000,000 | |
Amortization expense, 2023 | 10,000,000 | ||
Maximum [Member] | |||
Goodwill and Other Intangible Assets | |||
Amortization expense, 2024 | 1,000,000 | ||
Amortization expense, 2025 | 1,000,000 | ||
Amortization expense, 2026 | 1,000,000 | ||
Amortization expense, 2027 | $ 1,000,000 | ||
Useful life | 20 years | ||
Continuing Operations [Member] | |||
Goodwill and Other Intangible Assets | |||
Aggregate pre-tax amortization expense | $ 5,000,000 | 8,000,000 | $ 7,000,000 |
Mining Solutions [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Goodwill and Other Intangible Assets | |||
Goodwill allocated to disposal group | $ 51,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | $ 69 | $ 56 | |
Accumulated Amortization | (56) | (50) | |
Net | 13 | 6 | |
Allowance Units [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | [1] | 13 | 0 |
Accumulated Amortization | [1] | (1) | 0 |
Net | [1] | 12 | 0 |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 2 | 2 | |
Accumulated Amortization | (2) | (2) | |
Net | 0 | 0 | |
Customer Relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 22 | 22 | |
Accumulated Amortization | (21) | (16) | |
Net | 1 | 6 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 19 | 19 | |
Accumulated Amortization | (19) | (19) | |
Net | 0 | 0 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 3 | 3 | |
Accumulated Amortization | (3) | (3) | |
Net | 0 | 0 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 10 | 10 | |
Accumulated Amortization | (10) | (10) | |
Net | $ 0 | $ 0 | |
[1] Allowance units represent rights purchased for the production and/or importation of regulated materials. |
Investments in Affiliates - Nar
Investments in Affiliates - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investee [Member] | |||
Investments in Affiliates | |||
Net sales | $ 193 | $ 144 | $ 98 |
Purchases | $ 218 | $ 180 | $ 133 |
Consolidated Subsidiaries [Member] | Minimum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 20% | ||
Consolidated Subsidiaries [Member] | Maximum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 50% |
Investments in Affiliates - Sch
Investments in Affiliates - Schedule of Investments in Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in Affiliates | ||||
Investments in affiliates | $ 175 | $ 169 | $ 167 | $ 162 |
Chemours-Mitsui Fluorochemicals Company, Ltd. [Member] | Japan [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 87 | $ 98 | ||
Ownership | 50% | 50% | ||
The Chemours Chenguang Fluoromaterials Company Limited [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 36 | $ 33 | ||
Ownership | 50% | 50% | ||
Changshu 3F Zhonghao New Chemical Materials Co., Ltd. [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 52 | $ 38 | ||
Ownership | 10% | 10% |
Investments in Affiliates - S_2
Investments in Affiliates - Schedule of Changes in Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Beginning Balance | $ 169 | $ 167 | $ 162 |
Equity in earnings of affiliates | 55 | 43 | 23 |
Dividends | (33) | (30) | (25) |
Currency translation and other | (16) | (11) | 7 |
Ending Balance | $ 175 | $ 169 | $ 167 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Capitalized repair and maintenance costs | $ 240 | $ 195 |
Pension assets | 50 | 55 |
Deferred income taxes | 152 | 171 |
Miscellaneous | 81 | 26 |
Total other assets | $ 523 | $ 447 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 1,228 | $ 1,141 |
VAT and other payables | 23 | 21 |
Total accounts payable | $ 1,251 | $ 1,162 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | |||
Accrued litigation | $ 41 | $ 36 | |
Asset retirement obligations | 10 | 14 | $ 13 |
Income taxes | 19 | 43 | |
Customer rebates | 90 | 83 | |
Accrued interest | 17 | 17 | |
Operating lease liabilities | 49 | 59 | |
Miscellaneous | 74 | 73 | |
Total other accrued liabilities | $ 300 | $ 325 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Aug. 18, 2021 USD ($) |
Debt Instrument [Line Items] | |||||
Finance lease liabilities | $ 61 | $ 72 | |||
Financing obligation | 91 | 93 | |||
Total debt principal | 3,641 | 3,782 | |||
Less: Unamortized issue discounts | (4) | (5) | |||
Less: Unamortized debt issuance costs | (22) | (28) | |||
Less: Short-term and current maturities of long-term debt | (25) | (25) | |||
Long-term debt, net | 3,590 | 3,724 | |||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 766 | 776 | |||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 355 | € 333 | 381 | € 337 | |
4.000% Senior Unsecured Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 470 | € 441 | 510 | € 450 | |
5.375% Senior Unsecured Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 495 | 500 | |||
5.750% Senior Unsecured Notes Due November 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 783 | 800 | |||
4.625% Senior Unsecured Notes Due November 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 620 | $ 650 | $ 650 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Aug. 18, 2021 USD ($) | May 12, 2015 |
Debt Instrument [Line Items] | ||||||
Financing obligation | $ 91 | $ 93 | ||||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 355 | € 333 | 381 | € 337 | ||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 7% | |||||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 470 | € 441 | $ 510 | € 450 | ||
Debt instrument interest rate | 4% | 4% | 4% | 4% | ||
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 495 | $ 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 | $ 783 | $ 800 | ||||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% | ||
4.625% Senior Unsecured Notes Due November 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 620 | $ 650 | $ 650 | |||
Debt instrument interest rate | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities - Narrative (Details) | 12 Months Ended | 16 Months Ended | |||||
Oct. 07, 2021 USD ($) | Apr. 03, 2018 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 03, 2023 | Apr. 03, 2018 EUR (€) | |
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility borrowed amount | $ 0 | $ 0 | $ 300,000,000 | ||||
Repayment of outstanding borrowings | $ 0 | 0 | 300,000,000 | ||||
Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument term | 5 years | ||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | $ 800,000,000 | |||||
Debt instrument description | The Credit Agreement is subject to a springing maturity in the event that the senior secured term loans due April 2025 and the senior unsecured notes due in May 2026 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date. | ||||||
Debt instrument maturity date | Oct. 07, 2026 | ||||||
Variable rate | 0.25% | ||||||
Commitment fee percentage | 0.10% | ||||||
Revolving credit facility borrowed amount | 300,000,000 | ||||||
Long-term debt | $ 0 | 0 | |||||
Letters of credit outstanding | 108,000,000 | $ 107,000,000 | |||||
Senior Secured Revolving Credit Facility [Member] | Domestic Subsidiary [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Collateral as percentage of common stock | 100% | ||||||
Senior Secured Revolving Credit Facility [Member] | Foreign Subsidiary [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Collateral as percentage of common stock | 65% | ||||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee percentage | 0.25% | ||||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee percentage | 0.10% | ||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.25% | ||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1% | ||||||
Senior Secured Revolving Credit Facility [Member] | Euro Interbank Offered Rate [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 2% | ||||||
Senior Secured Term Loan Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument term | 7 years | ||||||
Debt instrument maturity date | Apr. 03, 2025 | ||||||
Term loan repayments | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | ||||
Debt instrument, repurchase aggregate principal amount | 37,000,000 | ||||||
Debt instrument optional prepayment | $ 54,000,000 | ||||||
Euro Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | € | € 350,000,000 | ||||||
Line of credit facility, maturity date | Apr. 03, 2025 | ||||||
Effective interest rates on senior secured term loan | 3.90% | ||||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 2% | ||||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.50% | ||||||
Dollar Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, maturity date | Apr. 03, 2025 | ||||||
Effective interest rates on senior secured term loan | 6.10% | ||||||
Dollar Term Loan | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1.75% | ||||||
Dollar Term Loan | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0% | ||||||
Dollar Term Loan | Base Rate [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 1% | ||||||
Dollar Term Loan | Base Rate [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable rate | 0.75% | ||||||
Revolving Credit Facility [Member] | Forecast [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum net leverage ratio | 2% |
Debt - Senior Unsecured Notes -
Debt - Senior Unsecured Notes - Narrative (Details) $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | |||||||||||||||
Aug. 18, 2021 USD ($) | Aug. 04, 2021 $ / shares | Nov. 27, 2020 USD ($) | Nov. 12, 2020 $ / shares | Jun. 06, 2018 EUR (€) | May 23, 2017 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Aug. 20, 2021 USD ($) | Dec. 01, 2020 USD ($) | Jun. 06, 2018 USD ($) | Jun. 06, 2018 EUR (€) | May 12, 2015 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument net issue discount | $ 4 | $ 5 | ||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101% | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100% | |||||||||||||||
Gain (loss) on extinguishment of debt | 7 | (21) | $ (22) | |||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35% | |||||||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 104.625% | |||||||||||||||
First MDL Settlement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Settlement payments | $ 335 | |||||||||||||||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 470 | $ 510 | € 441 | € 450 | ||||||||||||
Debt instrument interest rate | 4% | 4% | 4% | 4% | ||||||||||||
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 783 | $ 800 | ||||||||||||||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||
4.625% Senior Unsecured Notes Due November 2029 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 650 | $ 620 | $ 650 | |||||||||||||
Debt instrument interest rate | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | |||||||||||
Net proceeds from issuance of long term debt | $ 642 | |||||||||||||||
Underwriting fees and other related expenses | 8 | |||||||||||||||
Obligation threshold for debt to become guaranteed | 100 | |||||||||||||||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument interest rate | 7% | |||||||||||||||
Gain (loss) on extinguishment of debt | $ 20 | |||||||||||||||
Tender offer aggregate purchase price | $ 782 | |||||||||||||||
Tender offer early participation premium | 18 | |||||||||||||||
Tender offer accrued interest | $ 14 | |||||||||||||||
Debt instrument purchased or redeemed remaining aggregate principal amount | $ 750 | |||||||||||||||
7.000% Senior Unsecured Notes Due May 2025 [Member] | Tender Offer Purchase Price One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,025 | |||||||||||||||
Tender offer principal amount price per share | 1,000.00 | |||||||||||||||
Tender offer expiration date | Aug. 17, 2021 | |||||||||||||||
7.000% Senior Unsecured Notes Due May 2025 [Member] | Tender Offer Purchase Price Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 995 | |||||||||||||||
Tender offer principal amount price per share | 1,000.00 | |||||||||||||||
Tender offer expiration date | Aug. 31, 2021 | |||||||||||||||
Senior unsecured notes [Member] | 2026 Euro Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net proceeds from offering | € | € 445 | |||||||||||||||
Senior unsecured notes [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net proceeds from offering | $ 790 | |||||||||||||||
Senior unsecured notes [Member] | Redemption of 2023 Dollar Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on extinguishment of debt | $ 22 | |||||||||||||||
Senior unsecured notes [Member] | Dollar Tender Offer [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer aggregate purchase price | $ 926 | |||||||||||||||
Tender offer early participation premium | 16 | |||||||||||||||
Tender offer accrued interest | $ 2 | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument interest rate | 6.625% | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument outstanding amount | 908 | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,017.94 | |||||||||||||||
Tender offer principal amount price per share | 1,000.00 | |||||||||||||||
Tender offer expiration date | Nov. 25, 2020 | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 987.94 | |||||||||||||||
Tender offer principal amount price per share | 1,000.00 | |||||||||||||||
Tender offer expiration date | Dec. 10, 2020 | |||||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument outstanding amount | $ 250 | |||||||||||||||
Senior unsecured notes [Member] | 2027 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 500 | |||||||||||||||
Debt instrument interest rate | 5.375% | |||||||||||||||
Debt instrument maturity date | May 31, 2027 | |||||||||||||||
Net proceeds from issuance of long term debt | $ 489 | |||||||||||||||
Debt instrument net issue discount | 5 | |||||||||||||||
Underwriting fees and other related expenses | 6 | |||||||||||||||
Obligation threshold for debt to become guaranteed | $ 100 | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101% | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100% | |||||||||||||||
Senior unsecured notes [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | 2026 Euro Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, face amount | € | € 450 | |||||||||||||||
Debt instrument interest rate | 4% | 4% | ||||||||||||||
Debt instrument maturity date | May 31, 2026 | |||||||||||||||
Senior unsecured notes, payment terms | The 2026 Euro Notes require payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101% | 101% | ||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100% | |||||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35% | 35% | ||||||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 104% | 104% | ||||||||||||||
Senior unsecured notes [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | Minimum [Member] | 2026 Euro Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Obligation threshold for debt to become guaranteed | $ 100 | |||||||||||||||
Senior unsecured notes [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, face amount | $ 800 | |||||||||||||||
Debt instrument interest rate | 5.75% | |||||||||||||||
Debt instrument maturity date | Nov. 30, 2028 | |||||||||||||||
Senior unsecured notes, payment terms | The 2028 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | |||||||||||||||
Underwriting fees and other related expenses | $ 10 | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101% | |||||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100% | |||||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35% | |||||||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 105.75% | |||||||||||||||
Senior unsecured notes [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | Minimum [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Obligation threshold for debt to become guaranteed | $ 100 |
Debt - Note Repurchases - Narra
Debt - Note Repurchases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Gain (loss) on extinguishment of debt | $ 7 | $ (21) | $ (22) |
Write-off of deferred financing costs | 1 | ||
Senior Unsecured Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Aggregate principal | 62 | ||
Cash payment | $ 54 |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Facility - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 05, 2021 | Mar. 09, 2020 | Jul. 12, 2019 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||||||
Net repayments of securitization | $ 0 | $ 0 | $ 122,000,000 | ||||
Proceeds from accounts receivable securitization facility | 0 | 0 | $ 12,000,000 | ||||
Securitization Facility [Member] | Special Purpose Entity [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | ||||||
Increase in borrowing capacity | $ 200,000,000 | ||||||
Net repayments of securitization | $ 110,000,000 | ||||||
Receivable from securitization facility | $ 125,000,000 | 46,000,000 | 76,000,000 | ||||
Percentage of fair value of sales receivables | 100% | ||||||
Percentage of fair value on additional purchases of receivables | 100% | ||||||
Proceeds from accounts receivable securitization facility | 1,481,000,000 | 1,364,000,000 | |||||
Accounts receivable from securitization, amount derecognized | 1,481,000,000 | 1,389,000,000 | |||||
Fees associated with securitization facility | $ 3,000,000 | $ 3,000,000 | |||||
Securitization Facility [Member] | Special Purpose Entity [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Increase in borrowing capacity | $ 125,000,000 | ||||||
Securitization Facility [Member] | Special Purpose Entity [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Increase in borrowing capacity | $ 150,000,000 |
Debt - Other - Narrative (Detai
Debt - Other - Narrative (Details) - Financing Arrangement [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Funds borrowed for insurance premiums | $ 16 | $ 11 |
Repayments to financing company | $ 16 | $ 5 |
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% |
Additional principal repayment, percentage of excess cash flow, stepdown level one | 25% |
Additional principal repayment, percentage of excess cash flow, stepdown level two | 0% |
Target leverage ratio one | 3.50 |
Target leverage ratio two | 1 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Additional principal repayment, percentage of excess cash flows | 50% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Maturities (Details) - Senior Debt [Member] $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 13 |
2024 | 13 |
2025 | 1,095 |
2026 | 470 |
2027 | 495 |
Thereafter | 1,403 |
Total principal maturities on debt | $ 3,489 |
Debt - Estimated Fair Values of
Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Aug. 18, 2021 USD ($) |
Debt Instrument [Line Items] | |||||
Less: Unamortized issue discounts | $ (4) | $ (5) | |||
Less: Unamortized debt issuance costs | (22) | (28) | |||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 766 | 776 | |||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 355 | € 333 | 381 | € 337 | |
4.000% Senior Unsecured Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 470 | € 441 | 510 | € 450 | |
5.750% Senior Unsecured Notes Due November 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 783 | 800 | |||
5.375% Senior Unsecured Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 495 | 500 | |||
4.625% Senior Unsecured Notes Due November 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 620 | 650 | $ 650 | ||
Level 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Fair Value | 3,192 | 3,694 | |||
Total senior debt, Carrying Value | 3,489 | 3,617 | |||
Less: Unamortized issue discounts | (4) | (5) | |||
Less: Unamortized debt issuance costs | (22) | (28) | |||
Total senior debt, net | 3,463 | 3,584 | |||
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 | 766 | 776 | |||
Long-term debt, Fair Value | 755 | 769 | |||
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 355 | 381 | |||
Long-term debt, Fair Value | 345 | 378 | |||
Level 2 [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 470 | 510 | |||
Long-term debt, Fair Value | 422 | 518 | |||
Level 2 [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 783 | 800 | |||
Long-term debt, Fair Value | 702 | 846 | |||
Level 2 [Member] | 5.375% Senior Unsecured Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 495 | 500 | |||
Long-term debt, Fair Value | 459 | 538 | |||
Level 2 [Member] | 4.625% Senior Unsecured Notes Due November 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, Carrying Value | 620 | 650 | |||
Long-term debt, Fair Value | $ 509 | $ 645 |
Debt - Estimated Fair Values _2
Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Aug. 18, 2021 USD ($) | May 12, 2015 |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument interest rate | 7% | |||||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 470 | € 441 | $ 510 | € 450 | ||
Debt instrument interest rate | 4% | 4% | 4% | 4% | ||
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 783 | $ 800 | ||||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% | ||
4.625% Senior Unsecured Notes Due November 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 620 | $ 650 | $ 650 | |||
Debt instrument interest rate | 4.625% | 4.625% | 4.625% | 4.625% | 4.625% | |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 495 | $ 500 | ||||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 355 | € 333 | $ 381 | € 337 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities, Noncurrent [Abstract] | |||
Employee-related costs | $ 82 | $ 94 | |
Accrued litigation | 55 | 50 | |
Asset retirement obligations | 73 | 62 | $ 63 |
Miscellaneous | 109 | 63 | |
Total other liabilities | $ 319 | $ 269 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities, Noncurrent [Abstract] | ||
Accrued workers compensation indemnification liability | $ 33 | $ 32 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at January 1, | $ 76 | $ 76 | $ 76 |
Obligations incurred or acquired | 12 | ||
Increase (decrease) in estimated cash outflows | 2 | 1 | (14) |
Accretion expense | 10 | 2 | 4 |
Settlements and payments | (5) | (3) | (2) |
Balance at December 31, | 83 | 76 | 76 |
Current portion | 10 | 14 | 13 |
Non-current portion | $ 73 | $ 62 | $ 63 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Accrued litigation | $ 96 | $ 86 | |
Asbestos [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | 35 | 33 | |
PFOA [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | [1] | 45 | 23 |
All Other Matters [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | [2] | $ 16 | $ 30 |
[1] At December 31, 2022, PFOA includes $ 20 associated with the Company’s portion of the potential loss in the single matter not included in the Leach settlement. For information regarding this matter, refer to “PFOA” within this “Note 22 – Commitments and Contingent Liabilities”. At December 31, 2021, all other matters includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – Commitments and Contingent Liabilities”. |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 96 | $ 86 |
PFOA Multi District Litigation in Ohio [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 20 | |
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 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Litigation: | |||
Current accrued litigation | $ 41 | $ 36 | |
Long-term accrued litigation | 55 | 50 | |
Total accrued litigation | 96 | 86 | |
Other Accrued Liabilities [Member] | |||
Accrued Litigation: | |||
Current accrued litigation | [1] | 41 | 36 |
Other Liabilities [Member] | |||
Accrued Litigation: | |||
Long-term accrued litigation | $ 55 | $ 50 | |
[1] At December 31, 2021, current accrued litigation includes $ 25 , which was paid in January 2022, associated with the Company’s portion of the costs to enter into the 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 22 – Commitments and Contingent Liabilities”. |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 41 | $ 36 |
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_8
Commitments and Contingent Liabilities - Litigation - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Jul. 13, 2021 USD ($) | May 23, 2017 USD ($) | Jan. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) Plaintiff | Mar. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) Lawsuit | Mar. 31, 2017 USD ($) Lawsuit | Dec. 31, 2022 USD ($) Water_district Lawsuit | Dec. 31, 2021 USD ($) Lawsuit | Dec. 31, 2004 Resident | Oct. 31, 2020 Lawsuit | Sep. 30, 2020 Lawsuit | |
Loss Contingencies [Line Items] | |||||||||||||
Aggregate amount of qualified spend | $ 4,000,000,000 | ||||||||||||
Accrual balance | 96,000,000 | $ 86,000,000 | |||||||||||
Loss contingency accrual period decrease | $ 250,000 | ||||||||||||
Maximum [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency, potential additional loss | 730,000,000 | ||||||||||||
Funding for medical monitoring program [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Escrow deposit disbursements | $ 2,000,000 | ||||||||||||
First MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Date of agreement month and year | 2017-03 | ||||||||||||
Total settlement amount | $ 670,700,000 | ||||||||||||
Settlement payments | $ 335,000,000 | ||||||||||||
PFOA After First MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of individual plaintiffs | Plaintiff | 96 | ||||||||||||
PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Total settlement amount | $ 83,000,000 | ||||||||||||
Asbestos Issue [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging personal injury - Filed | Lawsuit | 900 | 1,000 | |||||||||||
Accrual balance | $ 35,000,000 | $ 33,000,000 | |||||||||||
Benzene Related Illness [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging illness | Lawsuit | 18 | 19 | |||||||||||
PFOA Matters [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual balance | $ 25,000,000 | $ 23,000,000 | |||||||||||
Number of lawsuits filed | Lawsuit | 2 | 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 | $ 25,000,000 | 23,000,000 | |||||||||||
Binding settlement agreement, class size | Resident | 80,000 | ||||||||||||
Number of water districts Company must provide treatment | Water_district | 6 | ||||||||||||
PFOA Matters: Additional Actions [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging personal injury - Filed | Lawsuit | 3,500 | ||||||||||||
Compensatory and Emotional Distress Damages [Member] | PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency damages awarded value | $ 40,000,000 | ||||||||||||
Du Pont | PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Total settlement amount | 27,000,000 | ||||||||||||
Consortium Damages [Member] | PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency damages awarded value | $ 10,000,000 | ||||||||||||
EID [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging illness | Lawsuit | 40 | ||||||||||||
EID [Member] | Funding for medical monitoring program [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Littigation settlement funded amount | $ 235,000,000 | ||||||||||||
EID [Member] | Business Seeking to Recover Losses [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Lawsuits alleging illness | Lawsuit | 2 | ||||||||||||
PFAS Contamination, Including PFOA and PFOS [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of lawsuits filed | Lawsuit | 10 | ||||||||||||
PFAS and Other Chemicals Exposure [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of lawsuits filed | Lawsuit | 7 | ||||||||||||
Compensatory and Punitive Damages [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of lawsuits filed | Lawsuit | 2 | ||||||||||||
Allegations of Personal Injury [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of lawsuits filed | Lawsuit | 10 | ||||||||||||
Injunctive Relief and Compensatory and Punitive Damages [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of southern California public water systems filed lawsuit | Lawsuit | 11 | ||||||||||||
PFAS Matters [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement paid | $ 13,000,000 | ||||||||||||
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 | ||||||||||||
New Jersey Department of Environmental Protection Directives and Litigation [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Demanding amount to cover the cost of preparation of natural resource damage assessment plan and access to related documents | $ 943,000,000 | ||||||||||||
Chemours [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Expenditures subject to cost-sharing as qualified spend | $ 152,000,000 | 100,000,000 | |||||||||||
Qualified recovery amount received | 66,000,000 | 36,000,000 | |||||||||||
Chemours [Member] | PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Total settlement amount | 29,000,000 | ||||||||||||
Corteva [Member] | PFOA Second MDL Settlement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Total settlement amount | 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 | ||||||||||||
Settlement paid | 50,000,000 | ||||||||||||
Chemours, DuPont, Corteva, EID [Member] | PFAS Natural Resource Damages Matters [Member] | Minimum [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 | Maximum [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] | PFAS Liabilities [Member] | Restricted Cash And Restricted Cash Equivalents | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Escrow deposit | $ 100,000,000 | $ 100,000,000 | |||||||||||
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] | Chemours [Member] | PFAS Liabilities [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Percentage of escrow deposits contribution to restore escrow balance to 700 | 50% | ||||||||||||
Memorandum of Understanding [Member] | Chemours [Member] | PFAS Natural Resource Damages Matters [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement paid | 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 | ||||||||||||
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% | ||||||||||||
Memorandum of Understanding [Member] | DuPont and Corteva [Member] | PFAS Natural Resource Damages Matters [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Settlement paid | $ 25,000,000 | ||||||||||||
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 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities - Schedule of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 668 | $ 562 | |
Current Liabilities [Member] | |||
Environmental Remediation [Line Items] | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Environmental Loss Contingencies, Current | Accrued Environmental Loss Contingencies, Current | |
Non Current Liabilities [Member] | |||
Environmental Remediation [Line Items] | |||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Environmental Loss Contingencies, Noncurrent | Accrued Environmental Loss Contingencies, Noncurrent | |
Chambers Works, Deepwater, New Jersey [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 30 | $ 27 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | [1] | 465 | 359 |
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 | 17 | 24 | |
Washington Works, West Virginia [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 17 | 11 | |
All other sites [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 98 | $ 99 | |
[1] For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 22 – Commitments and Contingent Liabilities”. |
Commitments and Contingent L_10
Commitments and Contingent Liabilities - Schedule of Environmental Remediation Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
On-site Surface Water and Groundwater Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Additional accrued environmental remediation | $ 64 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Additional accrued environmental remediation | $ 174 | $ 181 |
Commitments and Contingent L_11
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Current environmental remediation | $ 194 | $ 173 |
Long-term environmental remediation | 474 | 389 |
Total environmental remediation | $ 668 | $ 562 |
Commitments and Contingent L_12
Commitments and Contingent Liabilities - Environmental - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2021 USD ($) CivilPenalty | Mar. 31, 2019 USD ($) Lawsuit | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Owner Lawsuit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 31, 2020 Lawsuit | Sep. 30, 2020 Lawsuit | ||
Environmental Remediation [Line Items] | |||||||||
Environmental remediation expense | $ 269,000 | $ 269,000 | $ 71,000 | ||||||
Environmental Remediation Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring Charges Asset Related And Other Charges | Restructuring Charges Asset Related And Other Charges | Restructuring Charges Asset Related And Other Charges | ||||||
Selling, general, and administrative expense | $ 710,000 | $ 592,000 | $ 527,000 | ||||||
Accrual for environmental remediation activities | 668,000 | $ 562,000 | |||||||
Number of civil penalty assessments for violation to reduce facility-wide annual emissions of GenX compounds | CivilPenalty | 2 | ||||||||
Amount of civil penalty assessed for violation to reduce facility-wide annual emissions of GenX compounds | $ 300 | ||||||||
Environmental liabilities indemnification maximum amount | 78,000 | ||||||||
Indemnification expiration period | 2026-12 | ||||||||
Obligation related to indemnification | 0 | $ 0 | |||||||
Construction of Barrier Wall and Groundwater Treatment Facility [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Additional accrued environmental remediation | $ 58,000 | ||||||||
Off-Site Replacement Drinking Water Supplies and Toxicity Studies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Selling, general, and administrative expense | $ 108,000 | ||||||||
Off-site Replacement Drinking Water Supplies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||||
Disbursements period | 20 years | ||||||||
Accrual for environmental remediation activities | $ 163,000 | 59,000 | |||||||
Assessment And Sampling Drinking Water Supplies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrual for environmental remediation activities | 38,000 | 11,000 | |||||||
On-site Surface Water and Groundwater Remediation [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Additional accrued environmental remediation | $ 64,000 | ||||||||
Estimated operation period | 20 years | ||||||||
Estimated cost of remediation | 264,000 | $ 289,000 | |||||||
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] | |||||||||
Additional accrued environmental remediation | 49,000 | ||||||||
Upper range of cost estimates | $ 281,000 | ||||||||
Cost estimates already accrued | $ 158,000 | ||||||||
On-site Surface Water and Groundwater Remediation [Member] | Groundwater Extraction And Treatment System | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||||
Estimated operation starting year | 2023 | ||||||||
Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Environmental remediation expense | $ 229,000 | 228,000 | $ 43,000 | ||||||
Additional accrued environmental remediation | 174,000 | 181,000 | |||||||
Accrual for environmental remediation activities | [1] | $ 465,000 | $ 359,000 | ||||||
PFAS Matters [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Civil penalty and investigative costs | $ 13,000 | ||||||||
Percentage of efficiency to control PFAS | 99.999% | ||||||||
Number of lawsuits filed | Lawsuit | 4 | ||||||||
PFAS Matters [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% | ||||||||
Compensatory and Punitive Damages [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Number of private well owners seeking for damages | Owner | 1,800 | ||||||||
Number of lawsuits filed | Lawsuit | 2 | ||||||||
PFOA [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Number of lawsuits filed | Lawsuit | 2 | 3 | |||||||
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 | $ 730,000 | ||||||||
[1] For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 22 – Commitments and Contingent Liabilities”. |
Commitments and Contingent - Sc
Commitments and Contingent - Schedule of Components of Accrued Environmental Remediation Liabilities Related to PFAS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 668 | $ 562 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | [1] | 465 | 359 |
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | 264 | 289 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member] | |||
Environmental Remediation [Line Items] | |||
Accrued environmental remediation | $ 201 | $ 70 | |
[1] For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 22 – 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 | Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental Remediation [Line Items] | |||
Current environmental remediation | $ 194 | $ 173 | |
Long-term environmental remediation | 474 | 389 | |
Total environmental remediation | 668 | 562 | |
Fayetteville Works, Fayetteville, North Carolina [Member] | |||
Environmental Remediation [Line Items] | |||
Current environmental remediation | 139 | 114 | |
Long-term environmental remediation | 326 | 245 | |
Total environmental remediation | [1] | $ 465 | $ 359 |
[1] For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 22 – Commitments and Contingent Liabilities”. |
Equity - Narrative (Details)
Equity - Narrative (Details) - Common Stock [Member] - USD ($) | 8 Months Ended | 12 Months Ended | 46 Months Ended | ||||
Apr. 27, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | May 19, 2022 | Feb. 13, 2019 | Aug. 01, 2018 | |
2018 Share Repurchase Program [Member] | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 | ||||
Average price paid per share | $ 32.06 | $ 31.99 | $ 34.96 | ||||
Total number of shares purchased | 7,824,039 | 5,533,746 | 28,603,784 | ||||
Total amount for shares purchased | $ 251,000,000 | $ 177,000,000 | |||||
Stock Repurchased During Period, Shares | 7,824,039 | 5,533,746 | 28,603,784 | ||||
2018 Share Repurchase Program [Member] | Maximum [Member] | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 750,000,000 | ||||||
2022 Share Repurchase Program [Member] | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Average price paid per share | $ 29.24 | $ 29.24 | |||||
Total number of shares purchased | 8,234,314 | 8,234,314 | |||||
Total amount for shares purchased | $ 241,000,000 | $ 241,000,000 | |||||
Stock repurchase program effective date | Apr. 27, 2022 | ||||||
Stock Repurchased During Period, Shares | 8,234,314 | 8,234,314 | |||||
Stock repurchase program expiration date | Dec. 31, 2025 | ||||||
Remaining available amount of common stock under the share repurchase program | $ 509,000,000 | $ 509,000,000 | |||||
2022 Share Repurchase Program [Member] | Maximum [Member] | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 750,000,000 | ||||||
2018 and 2022 Share Repurchase Program [Member] | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Average price paid per share | $ 30.61 | ||||||
Total number of shares purchased | 16,058,353 | ||||||
Total amount for shares purchased | $ 492,000,000 | ||||||
Stock Repurchased During Period, Shares | 16,058,353 |
Equity - Schedule of Share Repu
Equity - Schedule of Share Repurchase Activity (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 8 Months Ended | 12 Months Ended | 46 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | May 19, 2022 | |
2018 Share Repurchase Program [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 7,824,039 | 5,533,746 | 28,603,784 | |
Total amount for shares purchased | $ 251 | $ 177 | ||
Average price paid per share | $ 32.06 | $ 31.99 | $ 34.96 | |
2022 Share Repurchase Program [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Total number of shares purchased | 8,234,314 | 8,234,314 | ||
Total amount for shares purchased | $ 241 | $ 241 | ||
Average price paid per share | $ 29.24 | $ 29.24 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | 72 Months Ended | |||||
Jan. 26, 2017 Period shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2022 USD ($) shares | Apr. 28, 2021 shares | Dec. 31, 2017 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ | $ 27 | $ 34 | $ 16 | ||||
Stock Option [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ | $ 8 | $ 10 | $ 9 | ||||
Expiration period | 10 years | 10 years | 10 years | ||||
Stock-based compensation award vesting period | 3 years | 3 years | 3 years | ||||
Total intrinsic value of options exercised | $ | $ 45 | $ 23 | $ 2 | ||||
Unrecognized stock-based compensation expense related to stock options | $ | $ 9 | $ 9 | |||||
Unrecognized stock-based compensation expense period for recognition | 1 year 9 months 29 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ | $ 11 | $ 12 | $ 7 | ||||
Stock-based compensation award vesting period | 3 years | ||||||
Unrecognized stock-based compensation expense period for recognition | 8 months 15 days | ||||||
Shares issued upon conversion of equity award | 1 | 1 | |||||
Unrecognized compensation cost related to equity awards other than options | $ | $ 12 | $ 12 | |||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 28.08 | $ 26.30 | $ 17.01 | ||||
Performance Share Units [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ | $ 8 | $ 12 | |||||
Stock-based compensation award vesting period | 3 years | ||||||
Shares issued upon conversion of equity award | 1 | 1 | |||||
Percentage of target award available for grant | 100% | 100% | 100% | ||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 28.77 | $ 27.42 | $ 17.14 | ||||
Number of additional shares to be awarded | 1,120,000 | ||||||
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% | ||||||
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% | ||||||
Stock-based compensation expense (benefit) | $ | $ (1) | ||||||
Employee Stock Purchase Plan | |||||||
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 | ||||||
Percentage of common stock discount rate equal to the fair value | 95% | ||||||
Stock purchased under employee stock purchase plan, Shares | 292,000 | ||||||
Stock purchased under employee stock purchase plan, Value | $ | $ 7 | ||||||
Chemours Equity and Incentive Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares authorized for grants (in shares) | 19,000,000 | ||||||
Shares reserved for grants (in shares) | 0 | ||||||
Amendment and Restatement of Equity Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares authorized for grants (in shares) | 22,050,000 | ||||||
Shares reserved for grants (in shares) | 10,000,000 | 10,000,000 | |||||
Increase in the shares reserved for grant (in shares) | 3,050,000 | ||||||
Chemours Company Equity and Incentive Plan (the "Prior Plan") [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares issued upon conversion of equity stock option awards granted | 1 | ||||||
Shares issued upon conversion of equity stock other than option awards granted | 1.5 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Assumptions of Stock Option (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 1.61% | 0.91% | 0.94% |
Expected term (years) | 6 years | 6 years | 6 years |
Volatility | 56.71% | 63.85% | 53.18% |
Dividend yield | 3.85% | 4.16% | 6.93% |
Fair value per stock option | $ 9.89 | $ 9.78 | $ 3.74 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, beginning balance, shares | 6,967 | 7,359 | 6,056 | |
Granted, shares | 1,031 | 1,153 | 2,778 | |
Exercised, shares | (3,041) | (1,376) | (1,124) | |
Forfeited, shares | (202) | (107) | (186) | |
Expired, shares | (87) | (62) | (165) | |
Outstanding, ending balance, shares | 4,668 | 6,967 | 7,359 | 6,056 |
Exercisable, shares | 2,189 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 20.32 | $ 19.21 | $ 20.92 | |
Granted, weighted average exercise price (in dollars per share) | 25.98 | 24.35 | 14.42 | |
Exercised, weighted average exercise price (in dollars per share) | 16.76 | 17.01 | 14.23 | |
Forfeited, weighted average exercise price (in dollars per share) | 21.29 | 20.62 | 23.84 | |
Expired, weighted average exercise price (in dollars per share) | 32.78 | 36.71 | 29.99 | |
Outstanding, weighted average exercise price, ending balance (in dollars per share) | 23.61 | $ 20.32 | $ 19.21 | $ 20.92 |
Exercisable, weighted average exercise price (in dollars per share) | $ 25.71 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options outstanding, weighted average remaining contractual term | 7 years 29 days | 6 years 7 months 6 days | 6 years 2 months 15 days | 4 years 8 months 15 days |
Options exercisable, weighted average remaining contractual term | 5 years 9 months 10 days | |||
Options outstanding, aggregate intrinsic value | $ 42,668 | $ 101,261 | $ 63,894 | $ 19,087 |
Options exercisable, aggregate intrinsic value | $ 20,561 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning balance, shares | 1,159 | 910 | 546 |
Granted, shares | 388 | 461 | 585 |
Vested, shares | (473) | (188) | (161) |
Forfeited, shares | (77) | (24) | (60) |
Non-vested, ending balance, shares | 997 | 1,159 | 910 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ 22.20 | $ 20.51 | $ 29.95 |
Granted, weighted average grant date fair value (in dollars per share) | 28.08 | 26.30 | 17.01 |
Vested, weighted average grant date fair value (in dollars per share) | 20.97 | 24.33 | 38.68 |
Forfeited, weighted average grant date fair value (in dollars per share) | 21.75 | 19.96 | 25.78 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 25.10 | $ 22.20 | $ 20.51 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Share Units Activity (Details) - Performance Share Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested, beginning balance, shares | 755 | 844 | 529 |
Granted, shares | 316 | 309 | 542 |
Vested, shares | (213) | (122) | (176) |
Forfeited, shares | (276) | (51) | |
Non-vested, ending balance, shares | 858 | 755 | 844 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ 26.72 | $ 29.05 | $ 39.53 |
Granted, weighted average grant date fair value (in dollars per share) | 28.77 | 27.42 | 17.14 |
Vested, weighted average grant date fair value (in dollars per share) | 43.83 | 52.34 | 35.84 |
Forfeited, weighted average grant date fair value (in dollars per share) | 23.26 | 27.79 | |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 22.48 | $ 26.72 | $ 29.05 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 1,081 | ||
Other comprehensive income (loss) | 21 | $ (54) | $ 39 |
Ending Balance | 1,107 | 1,081 | |
Net Investment Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (21) | (76) | (10) |
Other comprehensive income (loss) | 40 | 55 | (66) |
Ending Balance | 19 | (21) | (76) |
Cash Flow Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 5 | (8) | 2 |
Other comprehensive income (loss) | 1 | 13 | (10) |
Ending Balance | 6 | 5 | (8) |
Currency Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (236) | (120) | (231) |
Other comprehensive income (loss) | (32) | (116) | 111 |
Ending Balance | (268) | (236) | (120) |
Defined Benefit Plans [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (112) | (106) | (110) |
Other comprehensive income (loss) | 12 | (6) | 4 |
Ending Balance | (100) | (112) | (106) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (364) | (310) | (349) |
Other comprehensive income (loss) | 21 | (54) | 39 |
Ending Balance | $ (343) | $ (364) | $ (310) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) InterestRateSwap Contract | Dec. 31, 2020 USD ($) | |
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivative [Line Items] | |||
Recognized gain (loss) on derivative, pre-tax | $ 53,000,000 | $ 73,000,000 | $ (88,000,000) |
Reclassification on derivative, pre-tax | $ 0 | $ 0 | 0 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | Contract | 9 | 12 | |
Derivative notional value | $ 180,000,000 | $ 254,000,000 | |
Average maturity period of derivative contract | 1 month | 1 month | |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative gains (losses) | $ 2,000,000 | $ (15,000,000) | $ 29,000,000 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassification on derivative cash flow hedge | $ 2,000,000 | $ (15,000,000) | $ 29,000,000 |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | Contract | 153 | 175 | |
Derivative notional value | $ 180,000,000 | $ 195,000,000 | |
Average maturity period of derivative contract | 4 months | 4 months | |
Derivative cash flow hedge net pre-tax gain from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months | $ 4,000,000 | ||
Recognized gains (losses) on derivative cash flow hedge, pre-tax | 17,000,000 | $ 10,000,000 | (4,000,000) |
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 on derivative cash flow hedge | 19,000,000 | (2,000,000) | 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 | ||
Number of interest rate swaps | InterestRateSwap | 3 | ||
Cash settlement of derivative instrument | 8,000,000 | ||
Interest rate swaps maturity date | Mar. 31, 2023 | ||
Recognized gains (losses) on derivative cash flow hedge, pre-tax | 8,000,000 | $ 2,000,000 | $ (4,000,000) |
Amount expects to reclassify of net loss from accumulated other comprehensive loss to interest expense, net | 4,000,000 | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 1.75% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 0% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Base Rate [Member] | Maximum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 0.75% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Base Rate [Member] | Minimum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 1% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassification on derivative cash flow hedge | $ 5,000,000 | $ (2,000,000) | |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedge [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassification on derivative cash flow hedge | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 2 | $ 6 |
Liability derivatives | 5 | 1 |
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 | 1 | |
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 | 2 | $ 5 |
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 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Pre-tax Charge Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | $ 53 | $ 73 | $ (88) |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | 17 | 10 | (4) |
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 Loss | 8 | 2 | (4) |
Euro Denominated Debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | 53 | 73 | (88) |
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 | 19 | (2) | 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 | 5 | (2) | |
Other Income (Expense), Net [Member] | Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | $ 2 | $ (15) | $ 29 |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer base salary based on age and service | $ 0.1 | ||
Net periodic pension cost | 9 | $ 6 | $ 14 |
Employer contributions during period | 31 | $ 28 | $ 27 |
Global Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan net actuarial gain | 145 | ||
Defined benefit plan gain partially offset by losses due to impact of inflation and salary scale assumptions | 64 | ||
Actuarial gain from increases in discount rates | 209 | ||
Defined benefit plan loss due to volatile equity and bond performance | $ 147 | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employees with guaranteed annual contribution ranging | 1% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employees with guaranteed annual contribution ranging | 3% | ||
Chemours [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution percent of match | 100% | ||
Employer matching contribution percent of employees' gross pay | 6% |
Long-term Employee Benefits (Sc
Long-term Employee Benefits (Schedule of Net Periodic Pension (Cost) Income and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total net periodic pension cost | $ (9) | $ (6) | $ (14) |
Net (loss) gain | (2) | (22) | 4 |
Prior service benefit (cost), pre-tax | 2 | (1) | |
Amortization of actuarial loss, pre-tax | 8 | 7 | 9 |
Amortization of prior service gain | (2) | (2) | (3) |
Curtailment gain | 4 | ||
Effect of foreign exchange rates | 7 | 6 | (9) |
(Cost) benefit recognized in other comprehensive income | 13 | (10) | 9 |
Pension Plan [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | (14) | (15) | (15) |
Interest cost | (7) | (5) | (6) |
Expected return on plan assets | 18 | 20 | 17 |
Amortization of actuarial loss | (8) | (7) | (9) |
Amortization of prior service gain | 2 | 2 | 3 |
Settlement loss | (1) | (5) | |
Curtailment gain | 1 | ||
Total net periodic pension cost | (9) | (6) | (14) |
Net (loss) gain | (2) | (22) | 4 |
Prior service benefit (cost), pre-tax | 2 | (1) | |
Amortization of actuarial loss, pre-tax | 8 | 7 | 9 |
Amortization of prior service gain | (2) | (2) | (3) |
Settlement loss | 1 | 5 | |
Curtailment gain | 4 | ||
Effect of foreign exchange rates | 7 | 6 | (9) |
(Cost) benefit recognized in other comprehensive income | 13 | (10) | 9 |
Total changes in plan assets and benefit obligations recognized in other comprehensive income | $ 4 | $ (16) | $ (5) |
Long-term Employee Benefits (Am
Long-term Employee Benefits (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - Pension Plan [Member] - Foreign [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss | $ 132 | $ 148 | $ 143 |
Prior service credit | (9) | (9) | (12) |
Total amount recognized in accumulated other comprehensive loss | $ 123 | $ 139 | $ 131 |
Long-term Employee Benefits (Ch
Long-term Employee Benefits (Change in Benefit Obligation and Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 10 | $ 17 | $ 20 |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 575 | 584 | |
Service cost | 14 | 15 | 15 |
Interest cost | 7 | 5 | 6 |
Plan participants’ contributions | 2 | 2 | |
Actuarial (gain) loss | (145) | 19 | |
Benefits paid | (5) | (4) | |
Plan amendments | (2) | ||
Settlements and transfers | (4) | (11) | |
Currency translation | (35) | (35) | |
Benefit obligation at end of year | 407 | 575 | 584 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 585 | 604 | |
Actual return on plan assets | (129) | 17 | |
Employer contributions | 10 | 17 | |
Plan participants’ contributions | 2 | 2 | |
Benefits paid | (5) | (4) | |
Settlements and transfers | (4) | (11) | |
Currency translation | (37) | (40) | |
Fair value of plan assets at end of year | 422 | 585 | $ 604 |
Total funded status at end of year | $ 15 | $ 10 |
Long-term Employee Benefits (_2
Long-term Employee Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 50 | $ 55 |
The accumulated benefit obligation for all pension plans | 357 | 493 |
Pension Plan [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 50 | 55 |
Current liabilities | (1) | (1) |
Non-current liabilities | (34) | (44) |
Total net amount recognized | $ 15 | $ 10 |
Long-term Employee Benefits (Su
Long-term Employee Benefits (Summary of Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan [Member] - Foreign [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 121 | $ 142 |
Accumulated benefit obligation | 104 | 119 |
Fair value of plan assets | 86 | 97 |
Pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 121 | 142 |
Accumulated benefit obligation | 104 | 119 |
Fair value of plan assets | $ 86 | $ 97 |
Long-term Employee Benefits (As
Long-term Employee Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.60% | 1.40% |
Rate of compensation increase | 3.50% | 3.40% |
Interest crediting rate | 2.50% | 1% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 1.40% | 1% |
Rate of compensation increase | 3.40% | 2.50% |
Expected return on plan assets | 1% | 1.20% |
Long-term Employee Benefits (Pl
Long-term Employee Benefits (Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 100% | 100% | |
Pension Plan [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 422 | $ 585 | $ 604 |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 11% | 8% | |
Total pension assets at fair value | $ 48 | $ 46 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 48 | 46 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 0 | $ 0 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 36% | 37% | |
Total pension assets at fair value | $ 151 | $ 217 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 31 | 44 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 120 | $ 173 | |
Pension Plan [Member] | Foreign [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 53% | 55% | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 401 | $ 557 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 109 | 129 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 292 | 428 | |
Pension Plan [Member] | Foreign [Member] | Pooled Mortgage Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 21 | 28 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 47 | 74 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 7 | 10 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 40 | 64 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 113 | 147 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 23 | 29 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 90 | 118 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 40 | 70 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 40 | 70 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 2 | 3 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 2 | $ 3 |
Long-term Employee Benefits (Ca
Long-term Employee Benefits (Cash Flows Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2023 | $ 11 | ||
2024 | 13 | ||
2025 | 14 | ||
2026 | 15 | ||
2027 | 18 | ||
2028 to 2032 | 111 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer | $ 10 | $ 17 | $ 20 |
Estimated future employer contributions in next fiscal year | $ 11 |
Supplemental Cash Flow inform_3
Supplemental Cash Flow information - Reconciliation of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | $ 1,102 | $ 1,451 | |||
Restricted cash and restricted cash equivalents | [1] | 202 | 100 | ||
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 1,304 | $ 1,551 | $ 1,105 | $ 943 | |
[1] Restricted cash and restricted cash equivalents balance includes cash and cash equivalents deposited in an escrow account as per the terms of the MOU (see “Note 22 – Commitments and Contingent Liabilities”). |
Geographic and Segment Inform_3
Geographic and Segment Information - Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 6,794 | $ 6,345 | $ 4,969 |
Property, Plant, and Equipment, Net | 3,171 | 3,154 | 3,474 |
North America [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 2,949 | 2,317 | 1,914 |
Property, Plant, and Equipment, Net | 2,320 | 2,309 | 2,461 |
Asia Pacific [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 1,787 | 1,827 | 1,384 |
Property, Plant, and Equipment, Net | 127 | 128 | 121 |
Europe, the Middle East, and Africa [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 1,313 | 1,412 | 1,086 |
Property, Plant, and Equipment, Net | 249 | 322 | 324 |
Latin America [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 745 | 789 | 585 |
Property, Plant, and Equipment, Net | $ 475 | $ 395 | $ 568 |
Geographic and Segment Inform_4
Geographic and Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segments, Geographical Areas [Abstract] | |
Number of reportable segments | 3 |
Geographic and Segment Inform_5
Geographic and Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 6,794 | $ 6,345 | $ 4,969 | |
Adjusted EBITDA | 1,573 | 1,533 | 1,063 | |
Depreciation and amortization | 291 | 317 | 320 | |
Equity in earnings of affiliates | 55 | 43 | 23 | |
Total assets | 7,640 | 7,550 | 7,082 | |
Investments in affiliates | 175 | 169 | 167 | $ 162 |
Purchases of property, plant, and equipment | 307 | 277 | 267 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6,794 | 6,345 | 4,969 | |
Adjusted EBITDA | 1,573 | 1,533 | 1,063 | |
Depreciation and amortization | 270 | 287 | 290 | |
Equity in earnings of affiliates | 55 | 43 | 23 | |
Total assets | 5,488 | 5,212 | 5,222 | |
Investments in affiliates | 175 | 169 | 167 | |
Purchases of property, plant, and equipment | 300 | 272 | 251 | |
Operating Segments [Member] | Titanium Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,380 | 3,355 | 2,402 | |
Adjusted EBITDA | 601 | 799 | 498 | |
Depreciation and amortization | 125 | 126 | 128 | |
Total assets | 2,384 | 2,318 | 2,130 | |
Purchases of property, plant, and equipment | 149 | 104 | 89 | |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,680 | 1,257 | 1,105 | |
Adjusted EBITDA | 603 | 401 | 344 | |
Depreciation and amortization | 55 | 59 | 53 | |
Equity in earnings of affiliates | 24 | 15 | 6 | |
Total assets | 1,238 | 1,124 | 1,041 | |
Investments in affiliates | 82 | 72 | 66 | |
Purchases of property, plant, and equipment | 30 | 26 | 28 | |
Operating Segments [Member] | Advanced Performance Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,618 | 1,397 | 1,104 | |
Adjusted EBITDA | 367 | 284 | 146 | |
Depreciation and amortization | 82 | 86 | 88 | |
Equity in earnings of affiliates | 31 | 28 | 17 | |
Total assets | 1,742 | 1,621 | 1,520 | |
Investments in affiliates | 93 | 97 | 101 | |
Purchases of property, plant, and equipment | 115 | 103 | 109 | |
Operating Segments [Member] | Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 116 | 336 | 358 | |
Adjusted EBITDA | 2 | 49 | 75 | |
Depreciation and amortization | 8 | 16 | 21 | |
Total assets | 124 | 149 | 531 | |
Purchases of property, plant, and equipment | $ 6 | $ 39 | $ 25 |
Geographic and Segment Inform_6
Geographic and Segment Information - Summary of Reconciliation for Summary Financial Information for Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 291 | $ 317 | $ 320 |
Total assets | 7,640 | 7,550 | 7,082 |
Purchases of property, plant, and equipment | 307 | 277 | 267 |
Segment Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 270 | 287 | 290 |
Total assets | 5,488 | 5,212 | 5,222 |
Purchases of property, plant, and equipment | 300 | 272 | 251 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 21 | 30 | 30 |
Total assets | 2,152 | 2,338 | 1,860 |
Purchases of property, plant, and equipment | $ 7 | $ 5 | $ 16 |
Geographic and Segment Inform_7
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||
Segment Adjusted EBITDA | $ 1,573 | $ 1,533 | $ 1,063 |
Corporate and Other expenses (excluding items below) | (212) | (220) | (184) |
Interest expense, net | (163) | (185) | (210) |
Depreciation and amortization | (291) | (317) | (320) |
Non-operating pension and other post-retirement employee benefit income | 5 | 9 | 1 |
Exchange (losses) gains, net | (15) | 3 | (26) |
Restructuring, asset-related, and other charges | (15) | (6) | (80) |
Gain (loss) on extinguishment of debt | 7 | (21) | (22) |
Gain on sales of assets and businesses, net | 21 | 115 | 8 |
Natural disasters and catastrophic events | (21) | ||
Transaction costs | (4) | (2) | |
Qualified spend recovery | 58 | 20 | |
Legal and environmental charges | (227) | (230) | (49) |
Income before income taxes | $ 741 | $ 676 | $ 179 |
Geographic and Segment Inform_8
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes (Details) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Gain on restructuring and related cost | $ 9 | ||
Environmental remediation expense | $ 269 | 269 | $ 71 |
PFOA Multi District Litigation in Ohio [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | $ 29 | ||
PFOA Litigation Settlements [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | 20 | 25 | |
On-site and Off-site Remediation Costs at Fayetteville [Member] | |||
Segment Reporting Information [Line Items] | |||
Environmental remediation expense | $ 196 | $ 169 |