| Schedule Of Outstanding Payment Obligations | The following table sets forth the changes in Company's outstanding payment obligations by balance sheet location for the year ended December 31, 2023.
Year Ended December 31, 2023
Accounts Payable Short-Term Debt Total
Balance at January 1, $ 164 $ 18 $ 182
Invoices confirmed during the year 471 96 567
Confirmed invoices paid during the year ( 465 ) ( 87 ) ( 552 )
Balance at December 31, $ 170 $ 27 $ 197 Note 19. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2023 and 2022.
December 31,
2023 2022
Accrued litigation (1) $ 713 $ 41
Asset retirement obligations (2) 18 10
Income taxes 28 19
Customer rebates 78 90
Accrued interest 18 17
Operating lease liabilities (3) 55 49
Miscellaneous (4) 148 74
Total other accrued liabilities $ 1,058 $ 300 (1) At December 31, 2023, accrued litigation includes $ 592 for the United States Public Water System Class Action Suit Settlement and $ 68 for settlements with the State of Ohio and the State of Delaware. Refer to "Note 22 – Commitments and Contingent Liabilities" for further details. (2) Represents the current portion of asset retirement obligations (see “Note 22 – Commitments and Contingent Liabilities”) . (3) Represents the current portion of operating lease liabilities (see “Note 14 – Leases”). (4) Miscellaneous primarily includes accruals related to utility expenses, property taxes, a workers compensation indemnification liability and other miscellaneous expenses. Note 20. Debt The following table sets forth the components of the Company’s debt at December 31, 2023 and 2022.
December 31,
2023 2022
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025 $ — $ 766
Tranche B-2 euro term loan due April 2025 0 at December 31, 2023 and € 333 at December 31, 2022) — 355
Tranche B-3 U.S. dollar term loan due August 2028 1,067 —
Tranche B-3 euro term loan due August 2028 415 at December 31, 2023 and € 0 at December 31, 2022) 457 —
Senior unsecured notes:
4.000 % due May 2026 441 at December 31, 2023 and 2022) 485 470
5.375 % due May 2027 495 495
5.750 % due November 2028 783 783
4.625 % due November 2029 620 620
Finance lease liabilities 58 61
Financing obligation (1) 92 91
Supplier financing obligation (2) 27 18
Total debt principal 4,084 3,659
Less: Unamortized issue discounts ( 25 ) ( 4 )
Less: Unamortized debt issuance costs ( 21 ) ( 22 )
Less: Short-term and current maturities of long-term debt ( 51 ) ( 43 )
Long-term debt, net $ 3,987 $ 3,590 (1) At December 31, 2023 and 2022, financing obligation relates to the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. (2) At December 31, 2023 and 2022 , supplier financing obligation relates to a supplier financing program whose obligations, based on their characteristics, are classified within short-term debt and current maturities of long-term debt. Refer to “Note 18 – Accounts Payable” for further details. Senior Secured Credit Facilities The Company’s credit agreement, as amended and restated on April 3, 2018 (the “April 2018 Credit Agreement”), provided for seven-year , senior secured term loans and a five-year , $ 800 senior secured revolving credit facility. The senior secured term loan facility under the April 2018 Credit Agreement provided for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $ 900 and a class of term loans, denominated in euros, in an aggregate principal amount of € 350 . On October 7, 2021, the Company entered into an amendment to the April 2018 Credit Agreement to, among other things, increase the aggregate commitment amount under the credit facility to $ 900 and extend the stated maturity date to October 7, 2026 (from April 3, 2023). On March 10, 2023, the Company entered into a second amendment to the April 2018 Credit Agreement to replace the interest rate benchmark from LIBOR to SOFR. On August 18, 2023, the Company entered into an amendment and restatement credit agreement (the “Restated Credit Agreement”) that provides for a $ 900 senior secured revolving credit facility (the “Revolving Credit Facility”) and five-year senior secured term loans (the "Senior Secured Term Loan Facility", collectively, the “New Senior Secured Credit Facilities”). The New Senior Secured Credit Facilities amends and restates in its entirety, the Company’s obligations under the April 2018 Credit Agreement. The New Senior Secured Term Loan Facility provides for a Tranche B-3 class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $ 1,070 (the “New Dollar Term Loan”) and a class of Tranche B-3 class term loans, denominated in euros, in an aggregate principal amount of € 415 (the “New Euro Term Loan”) (collectively, the “New Term Loans”). The Company received proceeds of $ 367 , net of original issue discount and bank fees of $ 32 . The proceeds of the New Term Loans were primarily used to prepay, in full, all outstanding amounts under the April 2018 Credit Agreement, which amounted to $ 764 for the dollar term loan and € 333 for the euro term loan, fees and expenses related therewith, and to fund the Water District Settlement Fund per the terms of the U.S. public water system Settlement Agreement pending final approval (see "Note 22 – Commitments and Contingent Liabilities"). The New Dollar Term Loan bears a variable interest rate equal to, at the election of the Company, adjusted Term SOFR plus 3.50 %, subject to an adjusted SOFR floor of 0.50 %, or adjusted base rate plus 2.50 %, subject to a base rate floor of 0.0 %. The New Euro Term Loan bears a variable interest rate equal to adjusted Euro Interbank Offered Rate ("EURIBOR") plus 4.00 %, subject to an adjusted EURIBOR floor of 0.0 %. The New Term Loans will mature on August 18, 2028 , and are subject to acceleration in certain circumstances. The Restated Credit Agreement is subject to a springing maturity in the event that 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. At December 31, 2023 , the effective interest rates on the New Dollar Term Loan and the New Euro Term Loan were 8.9 % and 7.9 %, respectively. For the years ended December 31, 2023, 2022 and 2021 , the Company made term loan repayments of $ 9 , $ 13 and $ 13 on its Term Loans, respectively. 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. Borrowings made under the Revolving Credit Facility may be used for working capital and other general corporate purchases and other transactions not prohibited by the Restated 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 Restated 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 SOFR 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, 2023 , commitment fees on the Revolving Credit Facility were assessed at a rate of 0.20 % per annum. There were no borrowings under the Revolving Credit Facility at December 31, 2023 and 2022 . Issued and outstanding letters of credit under the Revolving Credit Facility amounted to $ 48 and $ 108 at December 31, 2023 and 2022, respectively. The Restated Credit Agreement also modifies certain provisions of the April 2018 Credit Agreement, including certain negative covenants to allow further flexibility for the Company. Under the Restated Credit Agreement, solely with respect to the Revolving Credit Facility, the Company is required to not exceed a maximum senior secured net leverage ratio of 2.00 to 1.00 in any period of four consecutive fiscal quarters through the date of maturity. In addition, the New Term Loans contain 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 Restated Credit Agreement also contains customary representations and warranties and events of default, which are substantially similar to those in the April 2018 Credit Agreement. The obligations under the New Senior Secured Credit Facilities are guaranteed on a senior secured basis by all of the Company’s material, wholly-owned domestic subsidiaries, subject to certain agreed upon exceptions. The obligations under the New Senior Secured Credit Facilities are also, subject to certain agreed upon exceptions, secured by a first priority lien on substantially all of the Company’s assets and substantially all of the assets of the Company’s material, wholly-owned domestic subsidiaries, including 100 % of the stock of certain of the Company’s domestic subsidiaries and 65 % of the stock of certain of the Company’s 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 or 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. 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 "(Loss) gain 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 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 “Receivables Purchase Agreement”), as amended from time to time. 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 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. Pursuant to the Receivables Purchase Agreement, as amended, the Company no longer maintains effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. Under the Securitization Facility, prior to March 2023, the SPE may sell at any time certain receivables and request investments and letter of credit up to a total of $ 150 until the earlier of March 6, 2024 or another event that constitutes a "Termination Date" under the Receivables Purchase Agreement, as amended. On March 23, 2023, the Company, through the SPE, amended its Receivables Purchase Agreement to, among other things, increase the facility limit under the arrangement from $ 150 to $ 175 , replace the interest rate benchmark from LIBOR to SOFR, add a conduit purchaser, and extend the term of the Receivables Purchase Agreement, such that the SPE may sell certain receivables and request investments and letter of credit until the earlier of March 31, 2025 or another event that constitutes a "Termination Date" under the Receivables Purchase Agreement. 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, 2023 and 2022 , the Company received $ 1,448 and $ 1,481 , respectively, of cash collections on receivables sold under the Receivables Purchase Agreement, following which it sold and derecognized $ 1,433 and $ 1,481 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 $ 87 and $ 46 at December 31, 2023 and 2022, respectively. During each of the years ended December 31, 2023, 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. Maturities The Company has required quarterly principal payments related to the New Dollar Term Loan equivalent to 1.00 % per annum through June 2028, 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 Restated Credit Agreement, equivalent to up to 50 % of excess cash flows based on certain leverage targets with step-downs to 25 % and 0 % as actual leverage decreases to below a 3.50 to 1.00 leverage target. The Company was not required 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.
Senior Debt Finance Lease Liabilities Financing Obligation Supplier Financing Obligation Total
2024 $ 11 $ 14 $ 7 $ 27 $ 59
2025 11 14 7 — 32
2026 496 11 7 — 514
2027 505 9 7 — 521
2028 2,264 9 7 — 2,280
Thereafter 620 7 129 — 756
Total payments 3,907 64 164 27 4,162
Less: Imputed interest — ( 6 ) ( 72 ) — ( 78 )
Total principal maturities on debt $ 3,907 $ 58 $ 92 $ 27 $ 4,084 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, 2023 December 31, 2022
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
Tranche B-2 euro term loan due April 2025 0 at December 31, 2023 and € 333 at December 31, 2022) — — 355 345
Tranche B-3 U.S. dollar term loan due August 2028 1,067 1,068 — —
Tranche B-3 euro term loan due August 2028 415 at December 31, 2023 and € 0 at December 31, 2022) 457 451 — —
Senior unsecured notes:
4.000 % due May 2026 441 at December 31, 2023 and 2022) 485 480 470 422
5.375 % due May 2027 495 485 495 459
5.750 % due November 2028 783 745 783 702
4.625 % due November 2029 620 547 620 509
Total senior debt principal 3,907 $ 3,776 3,489 $ 3,192
Less: Unamortized issue discounts ( 25 ) ( 4 )
Less: Unamortized debt issuance costs ( 21 ) ( 22 )
Total senior debt, net $ 3,861 $ 3,463 Note 21. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2023 and 2022.
December 31,
2023 2022
Employee-related costs (1) $ 75 $ 82
Accrued litigation (2) 73 55
Asset retirement obligations (2) 67 73
Miscellaneous (3) 113 109
Total other liabilities $ 328 $ 319 (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 accrued indemnification liabilities of $ 30 and $ 33 at December 31, 2023 and 2022 , respectively. Miscellaneous also includes long-term income tax liabilities from uncertain tax positions at December 31, 2023 and 2022 (see "Note 9 – Income Taxes"). 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, 2023, 2022 and 2021.
Year Ended December 31,
2023 2022 2021
Balance at January 1, $ 83 $ 76 $ 76
Increase in estimated cash outflows 1 2 1
Accretion expense 3 10 2
Settlements and payments ( 2 ) ( 5 ) ( 3 )
Balance at December 31, $ 85 $ 83 $ 76
Current portion $ 18 $ 10 $ 14
Non-current portion 67 73 62 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, including, among others, settlement agreements. 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 |
