Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 13, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Chemours Co | ||
Entity Central Index Key | 1,627,223 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Trading Symbol | CC | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 182,524,068 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 6,183,000,000 | $ 5,400,000,000 | $ 5,717,000,000 |
Cost of goods sold | 4,429,000,000 | 4,290,000,000 | 4,762,000,000 |
Gross profit | 1,754,000,000 | 1,110,000,000 | 955,000,000 |
Selling, general, and administrative expense | 602,000,000 | 934,000,000 | 632,000,000 |
Research and development expense | 80,000,000 | 80,000,000 | 97,000,000 |
Restructuring and asset-related charges, net | 57,000,000 | 170,000,000 | 333,000,000 |
Goodwill impairment | 0 | 0 | 25,000,000 |
Total expenses | 739,000,000 | 1,184,000,000 | 1,087,000,000 |
Equity in earnings of affiliates | 33,000,000 | 29,000,000 | 22,000,000 |
Interest expense, net | (215,000,000) | (213,000,000) | (132,000,000) |
Other income, net | 79,000,000 | 247,000,000 | 54,000,000 |
Income (loss) before income taxes | 912,000,000 | (11,000,000) | (188,000,000) |
Provision for (benefit from) income taxes | 165,000,000 | (18,000,000) | (98,000,000) |
Net income (loss) | 747,000,000 | 7,000,000 | (90,000,000) |
Less: Net income attributable to non-controlling interests | 1,000,000 | 0 | 0 |
Net income (loss) attributable to Chemours | $ 746,000,000 | $ 7,000,000 | $ (90,000,000) |
Per share data | |||
Basic earnings (loss) per share of common stock | $ 4.04 | $ 0.04 | $ (0.50) |
Diluted earnings (loss) per share of common stock | 3.91 | 0.04 | (0.50) |
Dividends per share of common stock | $ 0.29 | $ 0.12 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss), pre-tax | $ 912 | $ (11) | $ (188) |
Net Income (loss), tax | (165) | 18 | 98 |
Net income (loss) | 747 | 7 | (90) |
Other comprehensive income (loss): | |||
Unrealized (loss) gain on net investment hedge, pre tax | (86) | 14 | 8 |
Unrealized (loss) gain on net investment hedge, tax | 24 | 0 | 0 |
Unrealized (loss) gain on net investment hedge, after-tax | (62) | 14 | 8 |
Cumulative translation adjustments, pre-tax | 200 | (73) | (304) |
Cumulative translation adjustments, tax | 0 | 0 | 0 |
Cumulative translation adjustments, after-tax | 200 | (73) | (304) |
Defined benefit plans: | |||
Net gain (loss), pre tax | 24 | (17) | (11) |
Net gain (loss), tax | (5) | 5 | 1 |
Net gain (loss), after-tax | 19 | (12) | (10) |
Prior service credit, pre-tax | 0 | 0 | 24 |
Prior service credit, tax | 0 | 0 | (4) |
Prior service credit, after-tax | 0 | 0 | 20 |
Effect of foreign exchange rates, pre-tax | (38) | 15 | 33 |
Effect of foreign exchange rates, tax | 0 | (3) | (8) |
Effect of foreign exchange rates, after-tax | (38) | 12 | 25 |
Amortization of prior service (gain) loss | (2) | (1) | 4 |
Amortization of prior service (gain) loss, tax | 0 | 0 | 0 |
Amortization of prior service (gain) loss, after-tax | (2) | (1) | 4 |
Amortization of actuarial loss, pre-tax | 24 | 23 | 16 |
Amortization of actuarial loss, tax | (6) | (6) | (3) |
Amortization of actuarial loss, after-tax | 18 | 17 | 13 |
Settlement loss, pre-tax | 0 | 5 | 0 |
Settlement loss, tax | 0 | (1) | 0 |
Settlement loss, after-tax | 0 | 4 | 0 |
Curtailment gain, pre-tax | 0 | (2) | 0 |
Curtailment gain, tax | 0 | 0 | 0 |
Curtailment gain, after-tax | 0 | (2) | 0 |
Defined benefit plans, net, pre-tax | 8 | 23 | 66 |
Defined benefit plans, net, tax | (11) | (5) | (14) |
Defined benefit plans, net, after-tax | (3) | 18 | 52 |
Other comprehensive income (loss),pre tax | 122 | (36) | (230) |
Other comprehensive income (loss), tax | 13 | (5) | (14) |
Other comprehensive income (loss), after tax | 135 | (41) | (244) |
Comprehensive income (loss), pre-tax | 1,034 | (47) | (418) |
Comprehensive income (loss), tax | (152) | 13 | 84 |
Comprehensive income (loss) , after-tax | 882 | (34) | (334) |
Less: Comprehensive income attributable to non-controlling interests, pre-tax | 1 | 0 | 0 |
Less: Comprehensive income attributable to non-controlling interests, tax | 0 | 0 | 0 |
Less: Comprehensive income attributable to non-controlling interests, after-tax | 1 | 0 | 0 |
Comprehensive income (loss) attributable to Chemours,pre tax | 1,033 | (47) | (418) |
Comprehensive income (loss) attributable to Chemours, tax | (152) | 13 | 84 |
Comprehensive income (loss) attributable to Chemours, after-tax | $ 881 | $ (34) | $ (334) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,556 | $ 902 |
Accounts and notes receivable, net | 919 | 807 |
Inventories | 935 | 767 |
Prepaid expenses and other | 83 | 77 |
Total current assets | 3,493 | 2,553 |
Property, plant, and equipment | 8,511 | 7,997 |
Less: Accumulated depreciation | (5,503) | (5,213) |
Property, plant, and equipment, net | 3,008 | 2,784 |
Goodwill and other intangible assets, net | 166 | 170 |
Investments in affiliates | 173 | 136 |
Other assets | 453 | 417 |
Total assets | 7,293 | 6,060 |
Current liabilities: | ||
Accounts payable | 1,075 | 884 |
Current maturities of long-term debt | 15 | 15 |
Other accrued liabilities | 558 | 872 |
Total current liabilities | 1,648 | 1,771 |
Long-term debt, net | 4,097 | 3,529 |
Deferred income taxes | 208 | 132 |
Other liabilities | 475 | 524 |
Total liabilities | 6,428 | 5,956 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 185,343,034 shares issued and 182,956,628 shares outstanding at December 31, 2017; 182,600,533 shares issued and outstanding at December 31, 2016) | 2 | 2 |
Treasury stock at cost (2,386,406 shares at December 31, 2017; nil at December 31, 2016) | 116 | |
Additional paid-in capital | 837 | 789 |
Retained earnings (accumulated deficit) | 579 | (114) |
Accumulated other comprehensive loss | (442) | (577) |
Total Chemours stockholders’ equity | 860 | 100 |
Non-controlling interests | 5 | 4 |
Total equity | 865 | 104 |
Total liabilities and equity | $ 7,293 | $ 6,060 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 810,000,000 | 810,000,000 |
Common stock , par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares Issued (in shares) | 185,343,034 | 182,600,533 |
Common stock, shares outstanding (in shares) | 182,956,628 | 182,600,533 |
Treasury stock (in shares) | 2,386,406 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | DuPont Company Net Investment [Member] | Additional Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] |
Total stockholders' equity, beginning balance at Dec. 31, 2014 | $ 3,673 | $ 3,650 | $ 19 | $ 4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock at Separation | $ 2 | $ (2) | ||||||
Issuance of common stock at separation (in shares) | 180,966,833 | |||||||
Common stock issued - compensation plans (in shares) | 102,918 | |||||||
Cash provided at Separation by DuPont | 247 | 247 | ||||||
Non-cash exchange of long-term debt | (507) | (507) | ||||||
Net transfers to DuPont | (2,814) | (3,583) | 769 | |||||
Dividends paid or accrued | (105) | (100) | (5) | |||||
Net income (loss) | (90) | 25 | $ (115) | |||||
Establishment of pension plans, net and related other comprehensive loss | (43) | $ 268 | (311) | |||||
Stock-based compensation expense | 13 | 13 | ||||||
Other comprehensive loss | (244) | (244) | ||||||
Total stockholders' equity, ending balance at Dec. 31, 2015 | 130 | $ 2 | 775 | (115) | (536) | 4 | ||
Shares, ending balance at Dec. 31, 2015 | 181,069,751 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued - compensation plans (in shares) | 583,859 | |||||||
Exercise of stock options, net | 11 | 11 | ||||||
Exercise of stock options, net (in shares) | 946,923 | |||||||
Dividends paid or accrued | (22) | (16) | (6) | |||||
Net income (loss) | 7 | 7 | ||||||
Stock-based compensation expense | 19 | 19 | ||||||
Other comprehensive loss | (41) | (41) | ||||||
Total stockholders' equity, ending balance at Dec. 31, 2016 | 104 | $ 2 | 789 | (114) | (577) | 4 | ||
Shares, ending balance at Dec. 31, 2016 | 182,600,533 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common stock issued - compensation plans (in shares) | 569,263 | |||||||
Exercise of stock options, net | 31 | 31 | ||||||
Exercise of stock options, net (in shares) | 2,173,238 | |||||||
Purchases of treasury stock at cost | (116) | $ (116) | ||||||
Purchases of treasury stock at cost (in shares) | (2,386,406) | 2,386,406 | ||||||
Cancellation of unissued stock awards withheld to cover taxes | (12) | (12) | ||||||
Dividends paid or accrued | (53) | (53) | ||||||
Net income (loss) | 747 | 746 | 1 | |||||
Stock-based compensation expense | 29 | 29 | ||||||
Other comprehensive loss | 135 | 135 | ||||||
Total stockholders' equity, ending balance at Dec. 31, 2017 | $ 865 | $ 2 | $ (116) | $ 837 | $ 579 | $ (442) | $ 5 | |
Shares, ending balance at Dec. 31, 2017 | 182,956,628 | 2,386,406 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income (loss) | $ 747 | $ 7 | $ (90) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 273 | 284 | 267 |
Asset-related charges | 3 | 124 | 206 |
(Gain) loss on sale of assets and businesses | (22) | (254) | 9 |
Equity in earnings of affiliates, net | (33) | (12) | |
Amortization of deferred financing costs and issuance discount | 13 | 20 | 8 |
Deferred tax provision (benefit) | 83 | (111) | (198) |
Other operating charges and credits, net | 41 | 52 | 7 |
Decrease (increase) in operating assets: | |||
Accounts and notes receivable, net | (88) | 5 | (64) |
Inventories and other operating assets | (208) | 147 | 19 |
(Decrease) increase in operating liabilities: | |||
Accounts payable and other operating liabilities | (170) | 332 | 18 |
Cash provided by operating activities | 639 | 594 | 182 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (411) | (338) | (519) |
Proceeds from sales of assets and businesses, net | 39 | 708 | 12 |
Investments in affiliates | (1) | (32) | |
Foreign exchange contract settlements, net | 2 | (12) | 42 |
Cash (used for) provided by investing activities | (370) | 357 | (497) |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 495 | 3,491 | |
Debt repayments | (27) | (381) | (10) |
Payment of deferred financing fees | (6) | (4) | (79) |
Purchases of treasury stock at cost | (106) | ||
Cash provided at Separation by DuPont | 247 | ||
Net transfers to DuPont | (2,857) | ||
Proceeds from exercised stock options, net | 31 | 11 | |
Tax payments related to withholdings on vested restricted stock units | (12) | ||
Payment of dividends | (22) | (22) | (105) |
Cash provided by (used for) financing activities | 353 | (396) | 687 |
Effect of exchange rate changes on cash and cash equivalents | 32 | (19) | (6) |
Increase in cash and cash equivalents | 654 | 536 | 366 |
Cash and cash equivalents at January 1, | 902 | 366 | 0 |
Cash and cash equivalents at December 31, | 1,556 | 902 | 366 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 208 | 208 | 103 |
Income taxes, net of refunds | 79 | 50 | 53 |
Non-cash investing and financing activities: | |||
Changes in property, plant, and equipment included in accounts payable | (14) | $ (12) | $ 45 |
Obligations incurred under build-to-suit lease arrangement | 8 | ||
Purchases of treasury stock not settled by year-end | 10 | ||
Dividends accrued but not yet paid | $ 31 |
Background and Description of t
Background and Description of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Description of the Business | Note 1. Background and Description of the Business The Chemours Company (Chemours, or the Company) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemicals products for markets, including plastics and coatings, refrigeration and air conditioning, general industrial, electronics, mining, and oil refining. The Company’s principal products include titanium dioxide (TiO 2 2 Chemours has manufacturing facilities, sales centers, administrative offices, and warehouses located throughout the world. Chemours’ operations are primarily located in the United States (U.S.), Canada, Mexico, Brazil, the Netherlands, Belgium, China, Taiwan, Japan, Switzerland, Singapore, Hong Kong, India, and France. At December 31, 2017, the Company operated 26 production facilities globally, of which, five were dedicated to Titanium Technologies, 18 were dedicated to Fluoroproducts, two were dedicated to Chemical Solutions, and one supported multiple segments. Chemours began operating as an independent company on July 1, 2015 (Separation Date) after separating from E.I. DuPont de Nemours and Company (DuPont) (Separation). Effective prior to the opening of trading on the New York Stock Exchange (NYSE) on the Separation Date, DuPont completed the Separation of the businesses comprising its Performance Chemicals reporting segment, and certain other assets and liabilities, into Chemours, a separate and distinct public company. The Separation was completed by way of a distribution of all of the then-outstanding shares of Chemours’ common stock through a dividend-in-kind of Chemours’ common stock (par value $0.01) to holders of DuPont’s common stock (par value $0.30) as of the close of business on June 23, 2015 (Record Date). On the Separation Date, each holder of DuPont’s common stock received one share of Chemours’ common stock for every five shares of DuPont’s common stock held on the Record Date. The Separation was completed pursuant to a separation agreement and other agreements with DuPont, including an employee matters agreement, a tax matters agreement, a transition services agreement, and an intellectual property cross-license agreement. These agreements govern the relationship between Chemours and DuPont following the Separation and provided for the allocation of various assets, liabilities, rights, and obligations at the Separation Date. These agreements also include arrangements for transition services to be provided to Chemours by DuPont, which were substantially completed during 2016. 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 after giving effect to the Separation. References herein to “DuPont” refer to E.I. du Pont de Nemours and Company, a Delaware corporation, and its consolidated subsidiaries (other than Chemours and its consolidated subsidiaries), unless the context otherwise requires. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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 generally accepted accounting principles (GAAP) in the United States (U.S.). The notes that follow are an integral part of the consolidated financial statements. Chemours did not operate as a separate, stand-alone entity for all periods included within these consolidated financial statements. Prior to the Separation on July 1, 2015, Chemours’ operations were included in DuPont’s financial results in different legal forms, including, but not limited to, wholly-owned subsidiaries for which Chemours was the sole business, components of legal entities in which Chemours operated in conjunction with other DuPont businesses, and a majority-owned joint venture. For periods prior to the Separation Date, the accompanying consolidated financial statements have been prepared from DuPont’s historical accounting records and are presented on a stand-alone basis as if Chemours’ operations had been conducted independently from DuPont. Prior to January 1, 2015, aside from a Japanese entity that is a dual-resident for U.S. federal income tax purposes, there was no direct ownership relationship among all of the other various legal entities comprising Chemours. Prior to the Separation Date, DuPont and its subsidiaries’ net investments in these operations are shown in lieu of stockholders’ equity in the consolidated financial statements. The consolidated financial statements include the historical operations, assets, and liabilities of the legal entities that are considered to comprise Chemours’ business, including certain environmental remediation and litigation obligations of DuPont and its subsidiaries that Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. All of the allocations and estimates in the consolidated financial statements prior to the Separation Date are based on assumptions that management believes are reasonable. Therefore, Chemours’ financial position, results of operations, and cash flows prior to the Separation Date may not be indicative of Chemours’ financial position, results of operations, and cash flows in the future, or if Chemours had been a separate, stand-alone entity during the periods presented. The net transfers to DuPont in the consolidated statements of stockholders’ equity include a non-cash contribution from DuPont of $109 for the year ended December 31, 2015. This non-cash contribution occurred during the physical separation of certain activities at shared production facilities in the U.S. prior to the Separation, and for certain assets identified at the Separation Date. It was determined that assets previously managed by other DuPont businesses would be transferred to and managed by Chemours. 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 taken as a whole. Comprehensive income as of December 31, 2016 includes an out of period adjustment of $31 related to 2015 cumulative translation adjustments with a corresponding adjustment to other current assets. This adjustment is not material to the Company’s consolidated financial statements taken as a whole. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses, including the allocations of costs as discussed above, 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 and Combination 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 financial statements for the periods prior to the Separation Date include the combined assets, liabilities, revenues, and expenses of Chemours. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. Revenue Recognition Revenue is recognized when the earnings process is complete. Revenue for product sales is recognized when products are shipped to the customer in accordance with the terms of the agreement, title and risk of loss have been transferred, collectability is reasonably assured, and pricing is fixed or determinable. Revenue associated with advance payments are recorded as deferred revenue and are recognized as shipments are made and title, ownership, and risk of loss pass to the customer. Accruals are made for sales returns and other allowances based on historical experience. Cash sales incentives are accounted for as a reduction in sales, and non-cash sales incentives are recorded as a charge to cost of goods sold at the time that the revenue or selling expense, depending on the nature of the incentive, is recorded. Amounts billed to customers for shipping and handling fees are included in net sales, and costs incurred by Chemours for the delivery of goods are classified as cost of goods sold in the consolidated statements of operations. Taxes on revenue-producing transactions are excluded from net sales. Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable, and collectability is reasonably assured. 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. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions as a component of other income, net in the consolidated statements of operations. Income tax-related penalties are included in the provision for (benefit from) income taxes. Chemours does not provide for income taxes on the undistributed earnings of all of its foreign subsidiaries that are intended to be indefinitely reinvested. Prior to the Separation, the amounts recorded for income taxes attributed certain current and deferred income taxes of DuPont to Chemours’ stand-alone financial statements in a manner that is systematic, rational, and consistent with the asset and liability method prescribed by Accounting Standards Codification Topic 740, Income Taxes Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with original maturities of three months or less. Receivables and Allowance for Doubtful Accounts Receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ receivables portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Receivables are written-off when management determines that they are uncollectible. Inventories Chemours’ U.S. inventories are valued at the lower of cost or market, as inventories held at substantially all U.S. locations are valued using the last-in, first-out (LIFO) method. Chemours’ non-U.S. inventories are valued at the lower of cost or net realizable value, as inventories held outside the U.S. are valued using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value. Cost is generally determined by the average cost method. Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Property, plant, and equipment placed in service prior to 1995 is depreciated under the sum-of-the-years’ digits method, or other substantially-similar methods. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation is discontinued for any long-lived assets classified as held for sale. Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. 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 assessment, 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 value. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, and customer lists, are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is continually evaluated. Defined Benefit Plans Due to local regulations outside the U.S., Chemours has defined benefit plans covering certain of its employees. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. Derivatives Chemours enters into forward currency exchange contracts to minimize its volatility in earnings related to foreign exchange gains and losses, which result from remeasuring any net monetary assets denominated in non-functional currencies held by Chemours. Chemours does not hold or issue financial instruments for speculative or trading purposes. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. All gains and losses resulting from the revaluation of the Company’s derivative assets and liabilities are recognized in other income, net in the consolidated statements of operations during the period in which they occur. 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 classified within 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 obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 30 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 reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Prior to the Separation, Chemours was a participant in DuPont’s self-insurance program where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks were estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For other risks, a combination of third-party insurance and self-insurance was used, reflecting DuPont’s comprehensive reviews of relevant risks. The annual cost was allocated to all of the participating businesses using methodologies deemed reasonable by management. All obligations pursuant to these plans had historically been obligations of DuPont. As such, these obligations were not included in the consolidated balance sheets, with the exception of self-insurance liabilities related to workers’ compensation, vehicle liability, and employee-related benefits. Litigation Chemours accrues for legal matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Litigation-related liabilities and expenditures included in the consolidated financial statements represent legal matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. Environmental Liabilities and Expenditures Chemours accrues for remediation activities when it is probable that a liability has been incurred and a reasonable estimate of the liability can be made. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies. Inherent uncertainties exist in such evaluations, primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies. These accruals are adjusted periodically as remediation efforts progress and as additional technological, regulatory, and legal information become available. Environmental liabilities and expenditures include claims for matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Accrued liabilities are undiscounted and do not include claims against third-parties, and are included in other accrued liabilities and other liabilities on the consolidated balance sheets. Costs related to environmental remediation are charged to expense in the period incurred, within cost of goods sold in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (RSUs), and performance share units (PSUs) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. 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 rates. Foreign currency-denominated revenue and expense amounts are remeasured at average 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, net in the period in which they occur. 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 within equity. 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 income in the period in which they occur. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. During 2015, when Chemours’ operations were legally and operationally separated within DuPont in anticipation of the Separation, certain of Chemours’ foreign entities set their respective local currencies as the functional currency. 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 (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: Level 1 – Quoted prices in active markets for identical assets and liabilities; Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company believes that the adoption of the standard will not have a material impact on its consolidated financial statements. Substantially all of the Company’s revenue consists of sales of products that represent a single performance obligation where control transfers at the point in time title and risk of loss pass to the customer. The Company continues to evaluate the impact of the standard update on its consolidated financial statements and related disclosures, and additional differences may be identified as new or amended contracts with customers that will impact future periods are executed. The Company expects that its disclosure in the notes to the consolidated financial statements related to revenue recognition will be expanded in the first quarter of 2018 in line with the requirements of the standard to further describe the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that the Company may elect to apply. The provisions of ASU No. 2016-02 are effective for the Company’s fiscal year beginning January 1, 2019, including interim periods within that fiscal year. At adoption, the Company will recognize a right-of-use asset and a lease liability initially measured at the present value of its operating lease payments. The Company is currently evaluating the impacts of adopting this guidance on its financial position, results of operations, and cash flows. In August 2016, the FASB issued various updates to ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Recently Adopted Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting |
Relationship with DuPont and Re
Relationship with DuPont and Related Entities | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Relationship with DuPont and Related Entities | Note 4. Relationship with DuPont and Related Entities Prior to the Separation, Chemours sold finished goods to DuPont and its non-Chemours businesses. Related party sales to DuPont recorded by Titanium Technologies, Fluoroproducts, and Chemical Solutions for the year ended December 31, 2015 were $2, $34, and $21, respectively. Following the Separation, beginning on July 1, 2015, transactions with DuPont’s businesses were not considered related party transactions. Also, prior to the Separation, DuPont incurred significant corporate costs for services provided to Chemours, as well as other DuPont businesses. These costs included expenses for information systems, accounting, other financial services such as treasury and audit, purchasing, human resources, legal, facilities, engineering, corporate R&D, corporate stewardship, marketing, and business analysis support. A portion of these costs benefited multiple or all DuPont businesses, including Chemours, and were allocated to Chemours and its reportable segments using methods based on proportionate formulas involving total costs or other various allocation methods that management considered consistent and reasonable. Chemours’ corporate costs are not allocated to the reportable segments and are reported in Corporate and Other. The total allocated leveraged functional service and general corporate expenses included in the consolidated statements of operations amounted to $238 for the year ended December 31, 2015. These expenses were recorded within cost of goods sold, selling, general, and administrative expense, and R&D expense for $23, $205, and $10, respectively. Subsequent to the Separation on July 1, 2015, transactions with DuPont’s businesses were not considered related party transactions. Accordingly, no costs from DuPont were allocated to Chemours after the Separation Date. Cash Management and Financing The separation agreement set forth a process to true-up cash and working capital amounts transferred to Chemours from DuPont at the Separation. In January 2016, Chemours and DuPont entered into an agreement, contingent upon entry into the credit agreement amendment (described further in Note 18), which provided for the extinguishment of payment obligations of cash and working capital true-ups previously contemplated in the separation agreement. As a result, Chemours is no longer required to make any payments to DuPont, nor will DuPont make any payments to Chemours. The agreement also set forth a $190 prepayment to be made by DuPont in advance of certain specified goods and services that, under existing agreements, Chemours was to provide to DuPont through mid-2017. The prepayment was received by Chemours in February 2016 and was recorded as deferred revenue. As of December 31, 2017, the entire $190 prepayment from DuPont has been earned by Chemours. Tax Matters Agreement The tax matters agreement between Chemours and DuPont governs the parties’ respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes. In general, under the agreement, DuPont is responsible for any U.S. federal, state, and local taxes (and any related interest, penalties, or audit adjustments) reportable on a consolidated, combined, or unitary return that includes DuPont or any of its subsidiaries and Chemours and/or any of its subsidiaries for any periods or portions thereof ending on or prior to the Separation Date. Chemours is responsible for any U.S. federal, state, local, and foreign taxes (and any related interest, penalties, or audit adjustments) that are imposed on Chemours and/or any of its subsidiaries for all tax periods, whether before or after the Separation Date. |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2017 | |
Research And Development [Abstract] | |
Research and Development Expense | Note 5. Research and Development Expense R&D expense incurred by Chemours was $80, $80, and $97 for the years ended December 31, 2017, 2016, and 2015, respectively. R&D expense for the year ended December 31, 2015 includes $10 of assigned costs, which are attributable to DuPont’s Corporate Central Research and Development (Central R&D) function’s long-term research activities. This assignment was based on the cost of research projects for which Chemours was determined to be the sponsor or co-sponsor. All research services previously provided to Chemours by DuPont’s Central R&D function were specifically requested by Chemours, covered by service-level agreements, and billed based on usage. DuPont’s R&D services were no longer used after the Separation Date. |
Restructuring and Asset-Related
Restructuring and Asset-Related Charges, Net | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Asset-Related Charges, Net | Note 6. Restructuring and Asset-related Charges, Net The following table sets forth the components of the Company’s restructuring and asset-related charges, net for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Restructuring-related charges: Employee separation charges $ 23 $ 4 $ 137 Decommissioning and other charges, net 33 47 18 Asset-related charges - restructuring — — 133 Total restructuring-related charges, net 56 51 288 Asset-related charges - impairment (1) 1 119 45 Total restructuring and asset-related charges, net $ 57 $ 170 $ 333 (1) Impairment charges for the year ended December 31, 2016 include $13 and $58 in pre-tax impairment charges related to the sales of the Company’s corporate headquarters building located in Wilmington, Delaware and its Sulfur business, respectively, and $48 in pre-tax impairment charges related to the Company’s aniline facility in Pascagoula, Mississippi. Impairment charges for the year ended December 31, 2015 include $45 in pre-tax impairment charges related to the Company’s Reactive Metals Solutions (RMS) manufacturing facility in Niagara Falls, New York. The impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Plant and product line closures (1) : Titanium Technologies $ 4 $ 30 $ 140 Fluoroproducts 3 7 24 Chemical Solutions 17 8 12 Total plant and product line closures 24 45 176 2015 Global Restructuring Program (2) : Titanium Technologies — 2 33 Fluoroproducts — 4 54 Chemical Solutions — — 25 Total 2015 Global Restructuring Program — 6 112 2017 Restructuring Program 32 — — Total restructuring-related charges, net $ 56 $ 51 $ 288 (1) Includes charges related to employee separation, decommissioning and dismantling costs, and asset-related charges in connection with the restructuring activities. (2) Includes $24 related to corporate support functions that were allocated to the segments for the year ended December 31, 2015. Plant and Product Line Closures Titanium Technologies In August 2015, the Company announced the closure of its Edge Moor, Delaware manufacturing plant. The Edge Moor plant produced TiO 2 2 As a result, the Company recorded restructuring charges of $140 for the year ended December 31, 2015, which consist of employee separation costs of $11, property, plant, and equipment and other asset-related, pre-tax impairment charges of $115, and decommissioning costs and other charges of $14. For the years ended December 31, 2017 and 2016, the Company recorded additional restructuring charges of $4 and $30, respectively, which relate to decommissioning, dismantling, and removal activities. The Company substantially completed these activities in 2017, and sold the land where the plant was located for $10 in the first quarter of 2017. Fluoroproducts In August 2015, in an effort to improve the profitability of the Company’s Fluoroproducts segment, management approved the shutdown of certain production lines in the segment’s U.S. manufacturing plants. As a result, the Company recorded restructuring charges of $21 for the year ended December 31, 2015, which consist of accelerated depreciation on property, plant, and equipment of $18, employee separation costs of $2, and decommissioning and other costs of $1. For the years ended December 31, 2017 and 2016, the Company recorded additional restructuring charges of $3 and $7, respectively, which relate to decommissioning, dismantling, and removal activities. At December 31, 2017, the Company has substantially completed all actions related to the restructuring activities for certain of its production lines. Chemical Solutions In the fourth quarter of 2015, the Company announced the completion of the strategic review of its RMS business and the decision to stop production at its Niagara Falls, New York manufacturing plant. The RMS plant had approximately 200 employees and contractors impacted by this action, and production stopped at the plant in September 2016, when the Company immediately began actions to decommission the plant. As a result, the Company recorded restructuring charges of $12 for the year ended December 31, 2015, which represent employee separation costs. For the year ended December 31, 2016, the Company recorded additional restructuring charges of $8, which consist of contract termination charges of $2 and decommissioning and other related charges of $6. Additional restructuring charges of $17 for decommissioning and site redevelopment activities were recorded for the year ended December 31, 2017, and the Company expects to incur approximately $4 in additional restructuring charges for similar activities in 2018, which will be expensed as incurred. 2015 Global Restructuring Program In November 2015, Chemours announced a global workforce reduction impacting approximately 430 positions. This action was part of the Company’s ongoing efforts to streamline and simplify the structure of the organization worldwide, and to reduce costs. As a result, the Company recorded $48 of pre-tax employee separation costs during the fourth quarter of 2015. The associated headcount reductions were completed as of December 31, 2016, and all related payments are expected to be completed by early 2018. In June 2015, in light of the then-weakness in the global TiO 2 2017 Restructuring Program In 2017, the Company initiated certain restructuring activities designed to further the cost savings and productivity improvements outlined under management’s transformation plan. These activities include, among other efforts: (i) outsourcing and further centralizing certain business process activities; (ii) consolidating existing, outsourced third-party information technology (IT) providers; and, (iii) implementing various upgrades to the Company’s current IT infrastructure. In connection with these corporate function efforts, the Company recorded $14 in restructuring-related charges for year ended December 31, 2017. In October 2017, the Company announced a voluntary separation program (VSP) for certain eligible U.S. employees in an effort to better manage the anticipated future changes to its workforce. Employees who volunteered for, and were accepted under the VSP will receive certain financial incentives above the Company’s customary involuntary termination benefits to end their employment with Chemours after providing a mutually agreed-upon service period. Approximately 300 employees will separate from the Company by the end of 2018. An accrual representing the majority of these termination benefits, amounting to $18, was recognized in the fourth quarter of 2017. The remaining incremental, one-time financial incentives under the VSP will be recognized over the period each participating employee continues to provide service to Chemours. As a result of its 2017 program, the Company expects to incur charges for restructuring-related activities and termination benefits ranging from $20 to $25 through December 31, 2018, which will be expensed as incurred. 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, 2017, 2016, and 2015. Titanium Technologies Site Closures Fluoroproducts Lines Shutdown Chemical Solutions Site Closures 2015 Global Restructuring Program 2017 Restructuring Program Total Balance at December 31, 2015 $ 11 $ 2 $ 12 $ 73 $ — $ 98 Charges (credits) to income (1) — — (2 ) 6 — 4 Payments (7 ) (1 ) (1 ) (59 ) — (68 ) Currency translation and other adjustments (2) — — (1 ) 1 — — Balance at December 31, 2016 4 1 8 21 — 34 Charges to income — — — 1 23 24 Payments (3 ) (1 ) (6 ) (21 ) — (31 ) Currency translation and other adjustments (2) — — — — — — Balance at December 31, 2017 $ 1 $ — $ 2 $ 1 $ 23 $ 27 (1) Due to the unexpected resignations of certain employees at the Company’s RMS manufacturing facility during 2016, $2 of employee separation charges were reversed to income during the year ended December 31, 2016. (2) Amounts include net currency translation adjustments of $1 or less for the periods presented and/or immaterial rounding differences. There are no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges for the periods presented. |
Sales of Assets and Businesses
Sales of Assets and Businesses | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Sales of Assets and Businesses | Note 7. Sales of Assets and Businesses Sale of Corporate Headquarters In December 2016, in connection with a sale agreement entered in January 2017 to sell Chemours’ corporate headquarters building located in Wilmington, Delaware, the Company recorded a $13 pre-tax impairment charge and classified the net book value of the building as an asset held for sale within other assets on the consolidated balance sheets at December 31, 2016. The Company completed the sale in April 2017 for net proceeds of $29, of which, $13 was used to repay a portion of Chemours’ senior secured term loans. Contemporaneous with the sale, Chemours entered into lease agreements to leaseback a portion of the building. A gain of $2 was deferred in connection with the sale and leaseback transaction. Chemical Solutions Portfolio Optimization In June 2016, the Company entered into an asset purchase agreement with Veolia North America, Inc. (Veolia), whereby Veolia agreed to acquire the Sulfur business of Chemours’ Chemical Solutions segment for a purchase price of $325 in cash, subject to customary working capital and other adjustments. $10 of the proceeds were received in May 2016. The Company completed the sale and, in July 2016, received the remaining proceeds of $311, net of working capital adjustments. Prior to the completion of the sale, in the second quarter of 2016, the Company recorded a pre-tax impairment loss of $58 as a component of restructuring and asset-related charges, net in the consolidated statements of operations. Upon completion of the sale, the Company also recorded an additional pre-tax loss on sale of $4, net of a benefit from contractual adjustments in other income, net in the consolidated statements of operations. The net book value of the assets and liabilities disposed of in this sale amounted to $342 and $11, respectively. In April 2016, the Company entered into a stock and asset purchase agreement with LANXESS Corporation (Lanxess), whereby Lanxess agreed to acquire the Clean & Disinfect (C&D) business of Chemours’ Chemical Solutions segment by acquiring certain of Chemours’ subsidiaries and assets for a purchase price of $230 in cash, subject to customary working capital and other adjustments. The Company completed the sale and, in August 2016, received proceeds of $223, net of working capital adjustments and $2 of cash transferred. For the year ended December 31, 2016, in connection with this sale, the Company recorded a pre-tax gain of $169 in other income, net in the consolidated statements of operations. The net book values of the assets and liabilities disposed of in this sale amounted to $48 (including goodwill of $13) and $6, respectively, and the Company incurred $9 of transaction and other charges in connection therewith. In November 2015, the Company signed a definitive agreement to sell its aniline facility in Beaumont, Texas to The Dow Chemical Company (Dow). The net book value of the related asset group (including goodwill) was classified as an asset held for sale at December 31, 2015, which was included in prepaid expenses and other on the consolidated balance sheets. The transaction closed in March 2016, and Chemours received $140 in cash from Dow. The net book value of the assets disposed of in this sale amounted to $41 (including goodwill of $4), and the Company incurred $11 of transaction and other charges in connection therewith. As a result of the transaction, Chemours recognized a pre-tax gain of $89 for the year ended December 31, 2016, which was recorded in other income, net in the consolidated statements of operations. The aggregate amounts and major components of the assets and liabilities disposed of in connection with the portfolio optimization activities for Chemours’ Chemical Solutions segment during the year ended December 31, 2016 are set forth in the following table. Chemical Solutions Portfolio Optimization Current assets: Accounts receivable - trade $ 22 Inventories 17 Total current assets 39 Non-current assets: Property, plant, and equipment, net 298 Goodwill 17 Other assets 136 Less: Impairment loss (58 ) Total non-current assets, net 393 Total assets 432 Accounts payable and accrued liabilities 17 Total liabilities 17 Total net assets disposed $ 415 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 8. Other Income, Net The following table sets forth the components of the Company’s other income, net for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Leasing, contract services, and miscellaneous income $ 30 $ 35 $ 25 Royalty income (1) 24 15 19 Gain (loss) on sale of assets and businesses (2) 22 254 (9 ) Exchange gains (losses), net (3) 3 (57 ) 19 Total other income, net $ 79 $ 247 $ 54 (1) Royalty income is primarily from technology and trademark licensing. (2) For the year ended December 31, 2017, gain on sale includes a gain of $13 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and a $12 gain associated with the sale of the Company’s Edge Moor, Delaware plant site, net of certain losses on other disposals. For the year ended December 31, 2016, gain on sale includes gains of $169 and $89 associated with the sales of the Company’s C&D business and its aniline facility in Beaumont, Texas, respectively. (3) Exchange gains (losses), net includes gains and losses on foreign currency forward contracts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes U.S. Income Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act (Tax Act). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to: (i) reducing the U.S. federal corporate tax rate from 35% to 21%; (ii) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (iii) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (iv) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (v) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized; (vi) creating the base erosion anti-abuse tax, a new minimum tax; (vii) creating a new limitation on deductible interest expense; (viii) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; and, (ix) creating the global intangibles low-tax income (GILTI) inclusions. The Company’s accounting for the following elements of the Tax Act is incomplete; however, management was able to make reasonable estimates of certain effects and, therefore, recorded the provisional adjustments set forth below. Reduction of U.S. Federal Corporate Tax Rate The Tax Act reduces the corporate tax rate to 21%, effective January 1, 2018. For certain of the Company’s U.S. deferred tax assets and liabilities, it has recorded a provisional tax benefit of $68, with a corresponding net adjustment to deferred tax benefit. While the Company is able to make a reasonable estimate of the impact of the reduction in its corporate rate, it may be affected by other analyses related to the Tax Act, including, but not limited to, the Company’s calculation of deemed repatriation of deferred foreign earnings and profits (E&P) and the state tax effect of adjustments made to federal temporary differences. Deemed Repatriation Transition Tax The Deemed Repatriation Transition Tax (Transition Tax) is a tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company is able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax obligation of $322, which was partially offset by $202 of foreign tax credits, on $2,400 of historic unremitted foreign E&P. The Company continues to gather additional information to more-precisely compute the amount of the Transition Tax. The Company continues to believe that its foreign earnings are permanently reinvested; however, as the Company continues to evaluate the impacts of the Tax Act, the Company may change this assertion in a future period. Valuation Allowance During the fourth quarter of 2017, the Company released $33 of valuation allowance related to its foreign tax credits that were utilized against the provisional amount of Transition Tax recorded in income tax expense. The Company continues to assess whether its valuation allowance analyses are affected by various aspects of the Tax Act, for example, as it relates to the deemed repatriation of deferred foreign income, GILTI inclusions, new categories of foreign tax credits, the immediate full-expensing of certain capital expenditures, and interest expense limitations. Since, as discussed herein, the Company has recorded provisional amounts related to certain portions of the Tax Act, any corresponding determination of the need for or change in a valuation allowance is also provisional. Global Intangibles Low-tax Income The Tax Act creates a new requirement that certain income (i.e., GILTI) earned by controlled foreign corporations (CFCs) must be included currently in the gross income of the CFCs’ U.S. shareholder. GILTI is the excess of the shareholder’s net CFC-tested income over the net deemed tangible income return, which is currently defined as the excess of (i) 10% of the aggregate of the U.S. shareholder’s pro rata share of the qualified business asset investment of each CFC with respect to which it is a U.S. shareholder over, (ii) the amount of certain interest expense taken into account in the determination of net CFC-tested income. Because of the complexity of the new GILTI tax rules, the Company continues to evaluate this provision of the Tax Act and the application of Topic 740. Under GAAP, the Company is allowed to make an accounting policy choice of either (i) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (i.e., the period cost method), or (ii) factoring such amounts into the Company’s measurement of its deferred taxes (i.e., the deferred method). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Because whether the Company expects to have future U.S. inclusions in taxable income related to GILTI depends on not only its current structure and estimated future results of global operations, but also its intent and ability to modify its structure and/or its business, management is not yet able to reasonably estimate the effect of this provision of the Tax Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its consolidated financial statements, and has not made a policy decision regarding whether to record deferred taxes on GILTI. 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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Current tax expense: U.S. federal (1) $ (8 ) $ — $ 37 U.S. state and local (1) 1 — 1 International 89 93 62 Total current tax expense 82 93 100 Deferred tax expense (benefit): U.S. federal 60 (101 ) (187 ) U.S. state and local 6 (17 ) (14 ) International 17 7 3 Total deferred tax expense (benefit) 83 (111 ) (198 ) Total provision for (benefit from) income taxes $ 165 $ (18 ) $ (98 ) (1) Amounts for the year ended December 31, 2015 were recorded pursuant to the Separation-related tax matters agreement. The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016. December 31, 2017 2016 Deferred tax assets: Environmental and other reserves $ 89 $ 150 Litigation reserves 14 149 Stock-based compensation and accrued employee benefits 26 35 Other assets and other accrued liabilities 8 27 Tax loss carryforwards 27 45 Foreign tax credit carryforwards 17 50 Total deferred tax assets 181 456 Less: Valuation allowance (17 ) (50 ) Total deferred tax assets, net 164 406 Deferred tax liabilities: Pension and other liabilities (55 ) (16 ) Property, plant, and equipment (274 ) (441 ) Inventories and other assets (4 ) (40 ) Total deferred tax liabilities (333 ) (497 ) Deferred tax liability, net $ (169 ) $ (91 ) The following table sets forth an analysis of the Company’s effective tax rate for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 $ % $ % $ % Statutory U.S. federal income tax rate $ 319 35.0 % $ (4 ) 35.0 % $ (66 ) 35.0 % State income taxes, net of federal benefit (1) 7 0.7 % (16 ) 150.4 % (10 ) 5.1 % Lower effective tax rate on international operations, net (149 ) (16.3 )% (61 ) 552.5 % (23 ) 12.0 % Depletion (8 ) (0.9 )% (6 ) 51.2 % (6 ) 3.4 % Goodwill — — % 5 (47.9 )% 6 (3.2 )% Exchange losses (gains) 5 0.6 % 4 (39.1 )% (1 ) 0.5 % Provision to return and other adjustments 6 0.6 % 6 (57.9 )% — — % Permanent items 9 1.0 % 3 (27.3 )% 1 (0.5 )% Valuation allowance (2) (33 ) (3.6 )% 50 (451.6 )% — — % Net impact of U.S. tax reform 39 4.3 % — (— )% — — % Stock-based compensation (1) (20 ) (2.2 )% — (— )% — — % Other, net (10 ) (1.2 )% 1 (1.7 )% 1 (0.2 )% Total effective tax rate $ 165 18.1 % $ (18 ) 163.6 % $ (98 ) 52.1 % (1) Total windfall benefits on stock-based compensation amounted to $22 for the year ended December 31, 2017, which is inclusive of $20 in federal income tax benefit and $2 in state income tax benefit. (2) Release of the valuation allowance during 2015 was related to a tax loss carryforward incurred prior to July 1, 2015 that is attributable to DuPont’s tax periods pursuant to the tax matters agreement and did not impact the effective tax rate as the adjustment was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. 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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 U.S. operations (including exports) $ (306 ) $ (481 ) $ (492 ) International operations 1,218 470 304 Total income (loss) before income taxes $ 912 $ (11 ) $ (188 ) For the year ended December 31, 2017, the Company released $33 of valuation allowance on its foreign tax credits. The valuation allowance release represents the amount of foreign tax credit carryforward that was used to offset the provisional Transition Tax recorded in the period. 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 the future or prior years. At December 31, 2017, the U.S federal and state tax losses are $24, which substantially expire between 2035 and 2037. The Company also has U.S. foreign tax credit carryforwards of $17, which expire in 2026 and are fully offset by a valuation allowance. Lastly, the Company has foreign net operating losses of $1, which substantially expire between 2025 and 2026. The Company has maintained a valuation allowance of $17 on its remaining foreign tax credit carryforward. The amount of the foreign tax credits that are considered realizable could be adjusted in the future as the Company continues to evaluate the impact of U.S. tax reform on its ability to utilize these credits. 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 2011 through 2017 Mexico 2012 through 2017 Netherlands 2014 through 2017 Taiwan 2014 through 2017 U.S. 2015 through 2017 Positions challenged by the taxing authorities may be settled or appealed by Chemours and/or DuPont in accordance with the tax matters agreement. As a result, income tax uncertainties are recognized in the Company’s consolidated financial statements in accordance with accounting for income taxes, when applicable. During 2017, the Company received approval from the Internal Revenue Service for an accounting method change; therefore, $6 of unrecognized tax benefits were released. Chemours is not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected in the consolidated balance sheets at December 31, 2017. Prior to the Separation, Chemours was included in DuPont’s consolidated income tax returns, and Chemours’ income taxes for those periods are computed and reported herein under the separate return method. Use of the separate return method may result in differences when the sum of the amounts allocated to stand-alone tax provisions are compared with amounts presented in the consolidated financial statements. In that event, the related deferred tax assets and liabilities could be significantly different from those presented herein for these periods. Certain tax attributes that were reflected in DuPont’s consolidated financial statements, such as net operating loss carryforwards, may or may not exist at the stand-alone Chemours level. As it is assumed that all amounts due to DuPont prior to the Separation were settled on December 31 of each year, Chemours’ consolidated financial statements do not reflect any amounts due to DuPont for income tax-related matters. The following table sets forth the change in the Company’s unrecognized tax benefit for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Balance at January 1, $ 6 $ 7 $ 39 Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period (6 ) (1 ) — Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period — — — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (1) — — (32 ) Balance at December 31, $ — $ 6 $ 7 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ — $ — $ — Total amount of interest and penalties recognized in the consolidated statements of operations (1) — — 1 Total amount of interest and penalties recognized in the consolidated balance sheets — — — (1) Reduction to the unrecognized tax benefits represents DuPont’s responsibilities for uncertain income tax positions recorded prior to July 1, 2015 pursuant to the tax matters agreement. The reduction was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Balance at January 1, $ 50 $ — $ 36 Net charges to income tax expense — 50 — Release of valuation allowance (1) (33 ) — (36 ) Balance at December 31, $ 17 $ 50 $ — (1) The valuation allowance released during 2015 was related to tax loss carryforwards incurred prior to July 1, 2015, which were attributable to DuPont’s tax periods pursuant to the tax matters agreement. The adjustment was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 10. Earnings Per Share of Common Stock Reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to Chemours $ 746 $ 7 $ (90 ) Denominator: Weighted-average number of common shares outstanding - basic 184,844,106 181,621,422 180,993,623 Dilutive effect of the Company’s employee compensation plans 6,139,885 1,795,078 — Weighted-average number of common shares outstanding - diluted 190,983,991 183,416,500 180,993,623 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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Average number of stock options 43,072 5,820,499 8,358,894 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | Note 11. Accounts and Notes Receivable, Net The following table sets forth the components of the Company’s accounts and notes receivable, net at December 31, 2017 and 2016. December 31, 2017 2016 Accounts receivable - trade, net (1) $ 847 $ 742 VAT, GST, and other taxes (2) 54 46 Other receivables (3) 18 19 Total accounts and notes receivable, net $ 919 $ 807 (1) Accounts receivable - trade, net includes trade notes receivable and is net of allowances for doubtful accounts of $5 at December 31, 2017 and 2016. 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 notes receivable, advances, and other deposits. Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to $1, $7, and $1 for the years ended December 31, 2017, 2016, and 2015, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Net [Abstract] | |
Inventories | Note 12. Inventories The following table sets forth the components of the Company’s inventories at December 31, 2017 and 2016. December 31, 2017 2016 Finished products $ 648 $ 532 Semi-finished products 164 150 Raw materials, stores, and supplies 313 285 Inventories before LIFO adjustment 1,125 967 Adjustment of inventories to LIFO basis (190 ) (200 ) Total inventories $ 935 $ 767 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 U.S. locations, which comprised $509 and $465, or 45% and 48%, of inventories before the LIFO adjustments at December 31, 2017 and 2016, respectively. The remainder of inventory held in international locations and certain U.S. locations is valued under the average cost method. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 2016 Equipment $ 6,961 $ 6,748 Buildings 875 814 Construction-in-progress 520 293 Land 119 106 Mineral rights 36 36 Property, plant, and equipment 8,511 7,997 Less: Accumulated depreciation (5,503 ) (5,213 ) Total property, plant, and equipment, net $ 3,008 $ 2,784 Depreciation expense amounted to $269, $281, and $264 for the years ended December 31, 2017, 2016, and 2015, respectively. Property, plant, and equipment, net includes gross assets under capital leases of $7 and $5 at December 31, 2017 and 2016, respectively, and a build-to-suit lease asset of $8 at December 31, 2017. Interest expense capitalized as part of property, plant, and equipment, net amounted to $9, $18, and $21 for the years ended December 31, 2017, 2016, and 2015, respectively. See Note 18 for further discussion regarding the Company’s build-to-suit lease arrangement. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Note 14. Goodwill and Other Intangible Assets, Net Goodwill The following table sets forth the changes in the carrying amount of the Company’s goodwill by reportable segment for the years ended December 31, 2017 and 2016. Titanium Technologies Fluoroproducts Chemical Solutions Total Balance at January 1, 2016 $ 13 $ 85 $ 68 $ 166 Sale of business (1) — — (13 ) (13 ) Balance at December 31, 2016 13 85 55 153 Balance at December 31, 2017 $ 13 $ 85 $ 55 $ 153 (1) Represents goodwill disposed of in connection with the sale of the Company’s C&D business. Chemours consists of three operating segments: Titanium Technologies, Fluoroproducts, and Chemical Solutions. The Company defines its reporting units as one level below these operating segments, with the exception of Titanium Technologies, which is both an operating segment and a reporting unit. The Company tested the goodwill balances attributable to each of its reporting units for potential impairment on October 1, 2017 and 2016, the date of Chemours’ annual goodwill assessment, and concluded that the fair value of each reporting unit that carries goodwill substantially exceeded the respective reporting unit’s carrying amount. As a result, no impairment charges related to goodwill were recognized by the Company for the years ended December 31, 2017 and 2016. In 2015, the Company performed a strategic evaluation of its Chemical Solutions portfolio. As a result of subsequent changes to the segment’s reporting units in the third quarter of 2015, the Company recorded a $25 pre-tax impairment charge related to its Sulfur reporting unit. The Sulfur reporting unit was disposed of through the sale of its assets and business during 2016. Accordingly, there are no accumulated impairment losses included in the Company’s goodwill at December 31, 2017 and 2016. 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, 2017 and 2016. December 31, 2017 December 31, 2016 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (7 ) $ 2 Patents 19 (18 ) 1 19 (18 ) 1 Purchased trademarks 5 (2 ) 3 5 (2 ) 3 Purchased and licensed technology 3 (2 ) 1 3 (2 ) 1 Other (1) 10 (3 ) 7 10 — 10 Total other intangible assets, net $ 46 $ (33 ) $ 13 $ 46 $ (29 ) $ 17 (1) Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. The aggregate pre-tax amortization expense for definite-lived intangible assets was $4, $3, and $3 for the years ended December 31, 2017, 2016, and 2015, respectively. The estimated aggregate pre-tax amortization expense for 2018, 2019, 2020, 2021, and 2022 is $3, $3, $3, $2, and $1, respectively. Definite-lived intangible assets are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is continually evaluated. The Company does not have any indefinite-lived intangible assets. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 15. Other Assets The following table sets forth the components of the Company’s other assets at December 31, 2017 and 2016. December 31, 2017 2016 Capitalized repair and maintenance costs $ 117 $ 145 Pension assets (1) 260 159 Deferred income taxes 40 41 Asset held for sale (2) — 29 Miscellaneous (3) 36 43 Total other assets $ 453 $ 417 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. (2) Asset held for sale at December 31, 2016 represents the Company’s corporate headquarters building located in Wilmington, Delaware, which was sold in 2017. (3) Miscellaneous includes deferred financing fees related to the Company’s senior secured revolving credit facility of $9 and $13 at December 31, 2017 and 2016, respectively. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable | Note 16. Accounts Payable The following table sets forth the components of the Company’s accounts payable at December 31, 2017 and 2016. December 31, 2017 2016 Trade payables $ 1,008 $ 858 Dividends payable (1) 31 — VAT and other payables 36 26 Total accounts payable $ 1,075 $ 884 (1) Represents a $0.17 per share dividend declared in December 2017, which will be paid on March 15, 2018 to the Company’s shareholders of record as of the close of business on February 15, 2018. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Note 17. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2017 and 2016. December 31, 2017 2016 Compensation and other employee-related costs $ 174 $ 154 Employee separation costs (1) 27 31 Accrued litigation (2) 13 344 Environmental remediation (3) 66 71 Income taxes 58 39 Customer rebates 83 53 Deferred revenue (4) 8 76 Accrued interest 24 21 Miscellaneous (5) 105 83 Total other accrued liabilities $ 558 $ 872 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities. (2) Accrued litigation includes a $335 litigation accrual related to Company’s PFOA MDL Settlement at December 31, 2016, which is discussed further in Note 20. The Company made payments of $15 and $320 during the second and third quarters of 2017 for a full release of all claims by the settling plaintiffs. (3) Represents the current portion of accrued environmental remediation, which is discussed further in Note 20. (4) Deferred revenue includes a $58 prepayment from DuPont for specified goods and services at December 31, 2016, which were fulfilled and/or delivered during 2017. (5) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, the current portion of the Company’s asset retirement obligations, and other miscellaneous expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 18. Debt The following table sets forth the components of the Company’s total debt at December 31, 2017 and 2016. December 31, 2017 2016 Senior secured term loans: Tranche B term loan due May 2022 $ — $ 1,372 Tranche B-1 Dollar Term Loan due May 2022 923 — Tranche B-1 Euro Term Loan due May 2022 (€394 at December 31, 2017) 469 — Senior unsecured notes: 6.625% due May 2023 1,158 1,158 7.000% due May 2025 750 750 6.125% due May 2023 (€295 at December 31, 2017 and 2016) 350 308 5.375% due May 2027 500 — Capital lease obligations 3 3 Build-to-suit lease obligation 8 — Total debt 4,161 3,591 Less: Unamortized issue discounts (8 ) (5 ) Less: Unamortized debt issuance costs (41 ) (42 ) Less: Current maturities of long-term debt (15 ) (15 ) Total long-term debt, net $ 4,097 $ 3,529 Senior Secured Credit Facilities On May 12, 2015, Chemours entered into a credit agreement that provides for a seven-year senior secured term loan in an aggregate principal amount of $1,500, which is repayable in equal quarterly installments at a rate of 1% of the original principal amount per annum, with the balance payable at maturity (Prior Term Loan). The Prior Term Loan was issued with a $7 original issue discount and bore interest at a rate of LIBOR plus 3.0%, subject to a LIBOR floor of 0.75%. The proceeds from the Prior Term Loan were used to fund a portion of the distribution to DuPont, along with certain related fees and expenses. The credit agreement, as amended, also provides for a five-year, $750 senior secured revolving credit facility (Revolving Credit Facility). The proceeds of any loans made under the Revolving Credit Facility can be used for capital expenditures, acquisitions, working capital needs, and other general corporate purposes. No borrowings were outstanding under the Revolving Credit Facility at December 31, 2017 and 2016; however, Chemours had $101 and $132 in letters of credit issued and outstanding under this facility at December 31, 2017 and 2016, respectively. The Revolving Credit Facility bears variable interest of a range based on Chemours’ total net leverage ratio between (i) a 0.50% and 1.25% spread for base rate loans and (ii) a 1.50% and 2.25% spread for LIBOR loans. The applicable margins were 0.50% for base rate loans and 1.50% for LIBOR loans at December 31, 2017. In addition, the Company is required to pay a commitment fee on the average daily unused amount of the Revolving Credit Facility at a rate based on its total net leverage ratio, between 0.20% and 0.35%. At December 31, 2017, commitment fees were assessed at a rate of 0.20% per annum. On April 3, 2017, the Company completed an amendment (April Amendment) to its credit agreement which provides for a new class of term loans, denominated in euros, in an aggregate principal amount of €400 (Euro Term Loan), and a new class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $940 (Dollar Term Loan, and, collectively with the Euro Term Loan, the New Term Loans). The New Term Loans replaced in full the Prior Term Loan outstanding as of March 31, 2017. The New Term Loans mature on May 12, 2022, which is the same maturity date of the Prior Term Loan. The Euro Term Loan bears a variable interest rate equal to EURIBOR plus 2.25%, subject to a EURIBOR floor of 0.75%, and the Dollar Term Loan bears a variable interest rate equal to LIBOR plus 2.50%, subject to a LIBOR floor of 0.00%. The April Amendment also modified certain provisions of the credit agreement, including increased certain incurrence limits to allow further flexibility for the Company. All other provisions, including financial covenants, remained unchanged. No incremental debt was issued as a result of the April Amendment, although the Euro Term Loan is subject to remeasurement gains or losses. The Company recorded a $3 loss on debt extinguishment and related amendment fees in the second quarter of 2017. The effective interest rates on the Dollar Term Loan and the Euro Term Loan were approximately 3.85% and 3.00%, respectively, for the year ended December 31, 2017. The credit agreement contains financial covenants which, solely with respect to the Revolving Credit Facility, as amended, require Chemours not to exceed a maximum senior secured net leverage ratio of: (i) 3.50 to 1.00 each quarter through December 31, 2016; (ii) 3.00 to 1.00 through June 30, 2017; and (iii) further decreasing by 0.25 to 1.00 every subsequent six months to 2.00 to 1.00 by January 1, 2019 and thereafter. Chemours is also required to maintain a minimum interest coverage ratio of 1.75 to 1.00 each quarter through June 30, 2017 and further increasing by 0.25 to 1.00 every subsequent six months to 3.00 to 1.00 by January 1, 2019 and thereafter. In addition, the credit agreement contains customary affirmative and negative covenants that, among other things, limit or restrict Chemours’ and its subsidiaries’ ability, subject to certain exceptions, to incur liens, merge, consolidate or sell, transfer or lease assets, make investments, pay dividends, transact with subsidiaries, and incur indebtedness. The credit agreement also contains customary representations and warranties and events of default. Chemours was in compliance with its debt covenants at December 31, 2017. Chemours’ obligations under the Revolving Credit Facility and the New Term Loans (collectively, the Senior Secured Credit Facilities) are guaranteed on a senior secured basis by all of its material domestic subsidiaries, subject to certain agreed upon exceptions. The obligations under the Senior Secured Credit Facilities are also, subject to certain agreed upon exceptions, secured by a first lien on substantially all of Chemours’ and its material, wholly-owned domestic subsidiaries’ assets, 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 On May 12, 2015, Chemours issued an aggregate principal amount of $2,503 in senior unsecured notes in a private placement (collectively, the Notes). The 2023 Notes, with an aggregate principal amount of $1,350, bear interest at a rate of 6.625% per annum and will mature on May 15, 2023, with all outstanding principal payable at maturity (2023 Notes). The 2025 Notes, with an aggregate principal amount of $750, bear interest at a rate of 7.000% per annum and will mature on May 15, 2025, with all outstanding principal payable at maturity (2025 Notes). The 2023 Notes, denominated in euros, with an aggregate principal amount of €360, bear interest at a rate of 6.125% per annum and will mature on May 15, 2023, with all outstanding principal payable at maturity (Euro Notes). Interest on the Notes is payable semi-annually in cash in arrears on May 15 and November 15 of each year. The proceeds from the Notes were used to fund the cash and in-kind distributions to DuPont and to pay any related fees and expenses. The in-kind distribution to DuPont in an aggregate principal amount of $507 of Chemours’ 2025 Notes were exchanged by DuPont with third-parties for certain of DuPont’s notes. The Notes are fully and unconditionally guaranteed, jointly and severally, by Chemours’ existing and future subsidiaries that guarantee the Senior Secured Credit Facilities or that guarantee the Company’s other indebtedness or any of its guarantors’ indebtedness in an aggregate principal amount in excess of In connection with the issuance of the Notes, Chemours entered into a registration rights agreement, in which Chemours agreed to file a registration statement with the U.S. Securities and Exchange Commission (SEC) for the exchange of the Notes for newly-registered notes with identical terms. On March 18, 2016, the Company filed a registration statement on Form S-4 with respect to the exchange offer, and the registration statement was declared effective on April 12, 2016. The exchange offer was completed on May 19, 2016. In addition, the Euro Notes were listed for trading on the Global Exchange Market of the Irish Stock Exchange on May 5, 2016. On May 23, 2017, Chemours issued a $500 aggregate principal amount of 5.375% senior unsecured notes due May 2027 (2027 Notes). The 2027 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $489, net of an original issue discount of $5 and underwriting fees and other related expenses of $6, which are deferred and amortized to interest expense using the effective interest method over the term of the 2027 Notes. A portion of the net proceeds from the 2027 Notes was used to pay the $335 accrued for the global settlement of the multi-district PFOA MDL Settlement, as discussed in Note 20. The remaining proceeds from the 2027 Notes were available for general corporate purposes. The offering of the 2027 Notes was registered under the Securities Act of 1933, as amended, under a registration statement on Form S-3 filed with the SEC on May, 4, 2017. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of Chemours’ existing and future domestic subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities or (ii) guarantees other indebtedness of Chemours or any guarantor in an aggregate principal amount in excess of Chemours may redeem the 2027 Notes, in whole or in part, at an amount equal to 100% of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase prior to February 15, 2027. Chemours may also redeem some or all of the 2027 Notes by means other than a redemption, including tender offer and open market repurchases. Chemours is obligated to offer to purchase the 2027 Notes at a price of 101% of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Build-to-suit Lease Obligation In October 2017, Chemours executed a build-to-suit lease agreement to construct a new 312,000-square-foot R&D facility on the Science, Technology, and Advanced Research campus of the University of Delaware (UD) in Newark, Delaware (The Chemours Discovery Hub). The land on which The Chemours Discovery Hub will be located is leased to a third-party owner-lessor by UD, and Chemours will act as the construction agent and ultimate lessee of the facility based on the Company’s agreement with the owner-lessor. Project costs paid by the owner-lessor are reflected in the Company’s consolidated balance sheets as construction-in-progress within property, plant, and equipment, and a corresponding build-to-suit lease liability within long-term debt. Through December 31, 2017, project costs paid by the owner-lessor amounted to $8. Construction of The Chemours Discovery Hub is expected to be completed by early 2020. Term Loans and Notes Repayments During the year ended December 31, 2016, the Company repurchased or repaid portions of its Prior Term Loan, 2023 Notes, and Euro Notes with the aggregate principal and cash payment amounts set forth in the following table. Year Ended December 31, 2016 Aggregate Principal Cash Payments Prior Term Loan (1) $ 105 $ 104 2023 Notes 192 182 Euro Notes 73 68 $ 370 $ 354 (1) The Prior Term Loan’s aggregate principal amounts exclude the required quarterly installment repayments, which are equivalent to $15 per year. For the years ended December 31, 2017, 2016, and 2015, Chemours recognized interest expense, net of $215, $213, and $132, respectively. Interest expense, net for the year ended December 31, 2016 includes a gain on extinguishment of debt of $10, net of $5 in charges related to the write-off of deferred financing costs associated with the extinguished debt. Maturities Chemours has required quarterly principal payments related to the New Term Loans equivalent to 1.00% per annum through March 2022, with the balance due at maturity. Principal maturities on the New Term Loans, as amended, over the next five years are approximately $14 in each year from 2018 to 2021, with the remaining principal of $1,336 due in 2022. Debt maturities related to the Notes in 2023 and beyond will be $2,758. Following the end of each fiscal year commencing on the year ended December 31, 2016, on an annual basis, the Company is also required to make additional principal repayments, 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 3.00 to 1.00 leverage target. No principal repayments were required to be made in 2017 based upon the December 31, 2016 excess cash flows determined under the credit agreement. Debt Fair Value The fair values of the Dollar Term Loan, the Euro Term Loan, the 2023 Notes, the 2025 Notes, the Euro Notes, and the 2027 Notes at December 31, 2017 were approximately $928, $471, $1,228, $816, $373, and $521, respectively. The estimated fair values of the New Term Loans and the Notes are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 19. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2017 and 2016. December 31, 2017 2016 Environmental remediation (1) $ 187 $ 208 Employee-related costs (2) 123 113 Employee separation costs — 3 Accrued litigation (1) 48 53 Asset retirement obligations (1) 43 41 Deferred revenue 6 5 Miscellaneous (3) 68 101 Total other liabilities $ 475 $ 524 (1) The Company’s accrued environmental remediation, accrued litigation, and asset retirement obligations liabilities are discussed further in Note 20. (2) Employee-related costs primarily represent liabilities associated with the Company’s long-term employee benefits plans. (3) Miscellaneous primarily includes an accrued indemnification liability of $52 and $78 at December 31, 2017 and 2016, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 20. Commitments and Contingent Liabilities Guarantees Obligations of Equity Affiliates and Others Chemours has directly guaranteed certain obligations of its equity affiliates and customers. At December 31, 2017 and 2016, Chemours had directly guaranteed $2 and less than $1 of such obligations, respectively. These guarantees represent the maximum potential amount of future undiscounted payments that Chemours could be required to make under the guarantees in the event of default by the guaranteed parties. No amounts were accrued at December 31, 2017 and 2016. Chemours assesses payment and performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned either (i) based on the external credit rating of the counterparty, or (ii) through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. Operating Leases Chemours uses various leased facilities and equipment in its operations. The terms for these leased assets vary depending on the lease agreement. Future minimum lease payments (including residual value guarantee amounts) under non-cancelable operating leases are $59, $52, $38, $33, and $37 for the years ended December 31, 2018, 2019, 2020, 2021, and 2022, respectively, and $268 for the years thereafter. Net rental expense under the Company’s operating leases was $76, $68, and $83 for the years ended December 31, 2017, 2016, and 2015, respectively. Asset Retirement Obligations Chemours has recorded asset retirement obligations, which are inclusive of costs related to closure, reclamation, and removal for mining operations in the production of TiO 2 The following table sets forth the activity in the Company’s asset retirement obligations for the years ended December 31, 2017 and 2016. Year Ended December 31, 2017 2016 Balance at January 1, $ 43 $ 42 Accretion expense 6 2 Settlements and payments (1 ) (1 ) Balance at December 31, $ 48 $ 43 Current portion $ 5 $ 2 Non-current portion 43 41 Litigation In addition to the matters discussed below, Chemours, by virtue of its status as a subsidiary of DuPont prior to the Separation, is subject to or required under the Separation-related agreements executed prior to the Separation to indemnify DuPont against various pending legal proceedings arising out of the normal course of Chemours’ business including product liability, intellectual property, commercial, environmental, and antitrust lawsuits. It is not possible to predict the outcomes of these various proceedings. Except for the litigation specific to PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) and GenX and other perfluorinated and polyfluorinated compounds for which separate assessments are provided 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 Chemours’ consolidated financial position, results of operations, or liquidity. Disputes between Chemours and DuPont may also arise with respect to indemnification matters, including disputes based on matters of law or contract interpretation. If and to the extent these disputes arise, they could materially adversely affect Chemours. Asbestos In the Separation, DuPont assigned its asbestos docket to Chemours. At December 31, 2017 and 2016, there were approximately 1,600 and 1,900 lawsuits pending, respectively, against DuPont alleging personal injury from exposure to asbestos. These cases are pending in state and federal court in numerous jurisdictions in the U.S. and are individually set for trial. A small number of cases are pending outside the U.S. Most of the actions were brought by contractors who worked at sites between 1950 and the 1990s. A small number of cases involve similar allegations by DuPont employees or household members of contractors or DuPont employees. Finally, certain lawsuits allege personal injury as a result of exposure to DuPont products. At December 31, 2017 and 2016, Chemours had an accrual of $38 and $41 related to this matter, respectively. Chemours reviews this estimate and related assumptions quarterly. Benzene In the Separation, DuPont assigned its benzene docket to Chemours. As of December 31, 2017 and 2016, there were 17 and 27 cases pending against DuPont alleging benzene-related illnesses, respectively. These cases consist of premises matters involving contractors and deceased former employees who claim exposure to benzene while working at DuPont sites primarily in the 1960s through the 1980s, and product liability claims based on alleged exposure to benzene found in trace amounts in aromatic hydrocarbon solvents used to manufacture DuPont products such as paints, thinners, and reducers. A benzene case (Hood v. DuPont) was tried to a verdict in Texas state court on October 20, 2015. Plaintiffs alleged that Mr. Hood’s Acute Myelogenous Leukemia was the result of 24 years of occupational exposure to trace benzene found in DuPont automotive paint products and that DuPont negligently failed to warn him that its paints, reducers, and thinners contained benzene that could cause cancer or leukemia. The jury found in the plaintiffs’ favor, awarding $6.9 in compensatory damages and $1.5 in punitive damages. In March 2016, acting on the Company’s motion, the court struck the punitive award. Through DuPont, Chemours has filed an appeal on the remaining award based upon substantial errors made at the trial court level. Plaintiffs filed a cross appeal. Management believes that a loss is reasonably possible related to these matters; however, given the evaluation of each benzene matter is highly fact-driven and impacted by disease, exposure, and other factors, a range of such losses cannot be reasonably estimated at this time. PFOA Prior to the fourth quarter of 2014, the performance chemicals segment of DuPont made PFOA at its Fayetteville, North Carolina plant and used PFOA as a processing aid in the manufacture of fluoropolymers and fluoroelastomers at certain sites including: Washington Works, Parkersburg, West Virginia; Chambers Works, Deepwater, New Jersey; Dordrecht Works, Netherlands; Changshu Works, China; and Shimizu, Japan. These sites are now owned and/or operated by Chemours. Chemours recorded accruals of $14 and $349 related to the PFOA matters discussed below at December 31, 2017 and 2016, respectively. Specific to the PFOA MDL Settlement (also discussed below), the Company recorded an accrual of $335 at December 31, 2016, which was paid in installments of $15 and $320 during the second and third quarters of 2017, respectively. These accruals also include charges related to DuPont’s obligations under agreements with the U.S. Environmental Protection Agency (EPA) and voluntary commitments to the New Jersey Department of Environmental Protection. These obligations and voluntary commitments include surveying, sampling, and testing drinking water in and around certain Company sites offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory. A provisional health advisory level was set by the EPA in 2009 at 0.4 parts per billion (ppb) that includes PFOA in drinking water. In May 2016, the EPA announced a health advisory level of 0.07 ppb that includes PFOA in drinking water. As a result, Chemours recorded an additional $4 in the second quarter of 2016 based on management’s best estimate of the impact of the new health advisory level on the Company’s obligations to the EPA, which have expanded the testing and water supply commitments previously established. Based on prior testing, the Company has initiated additional testing and treatment in certain additional locations in and around the Chambers Works and Washington Works plants. The Company will continue to work with the EPA regarding the extent of work that may be required with respect to these matters. In February 2018, the State of Ohio initiated litigation against DuPont regarding historical PFOA emissions from the Washington Works site. Chemours is an additional named defendant. Ohio alleges damage to natural resources and seeks damages including remediation and other costs and punitive damages. This action is in its early stages and it is not possible at this point to predict the timing, course, or outcome. Drinking Water Actions In August 2001, a class action, captioned Leach v. DuPont, was filed in West Virginia state court alleging that residents living near the Washington Works facility had suffered, or may suffer, deleterious health effects from exposure to PFOA in drinking water. DuPont and attorneys for the class reached a settlement in 2004 that binds about 80,000 residents. In 2005, DuPont paid the plaintiffs’ attorneys’ fees and expenses of $23 and made a payment of $70, which class counsel designated to fund a community health project. DuPont funded a series of health studies which were completed in October 2012 by an independent science panel of experts (C8 Science Panel). The studies were conducted in communities exposed to PFOA to evaluate available scientific evidence on whether any probable link exists, as defined in the settlement agreement, between exposure to PFOA and human 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. In May 2013, a panel of three independent medical doctors released its initial recommendations for screening and diagnostic testing of eligible class members. In September 2014, the medical panel recommended follow-up screening and diagnostic testing three years after initial testing, based on individual results. The medical panel has not communicated its anticipated schedule for completion of its protocol. DuPont is obligated to fund up to $235 for a medical monitoring program for eligible class members and, in addition, administrative cost associated with the program, including class counsel fees. In January 2012, DuPont put $1 in an escrow account to fund medical monitoring as required by the settlement agreement. The court-appointed Director of Medical Monitoring established the program to implement the medical panel’s recommendations and the registration process, as well as eligibility screening, is ongoing. Diagnostic screening and testing is ongoing and associated payments to service providers are being disbursed from the escrow account. As of December 31, 2017, less than $1 has been disbursed from the escrow account related to medical monitoring. While it is probable that the Company will incur costs related to the medical monitoring program discussed above, such costs cannot be reasonably estimated due to uncertainties surrounding the level of participation by eligible class members and the scope of testing. In addition, under the Leach settlement agreement, DuPont must continue to provide water treatment designed to reduce the level of PFOA in water to six area water districts and private well users. At Separation, this obligation was assigned to Chemours, which is included in the accrual amounts recorded as of December 31, 2017. Under the Leach settlement, class members may pursue personal injury claims against DuPont only for those human diseases for which the C8 Science Panel determined a probable link exists. Approximately 3,500 lawsuits were filed in various federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation (MDL) in Ohio federal court. Settlement of MDL between DuPont and MDL Plaintiffs In March 2017, DuPont entered into an agreement with the MDL plaintiffs’ counsel providing for a global settlement of all cases and claims in the MDL, including all filed and unfiled personal injury cases and claims that are part of the plaintiffs’ counsel’s claim inventory, as well as cases that have been tried to a jury verdict (MDL Settlement). The total settlement amount is $670.7 in cash, with half paid by Chemours and half paid by DuPont. DuPont’s payment was not subject to indemnification or reimbursement by Chemours, and Chemours accrued $335 associated with this matter at December 31, 2016. In exchange for payment of the total settlement amount, DuPont and Chemours received a complete release of all claims by the settling plaintiffs. The MDL Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by DuPont or Chemours. As of September 30, 2017, Chemours had paid the full $335 accrued under the MDL Settlement. Settlement between DuPont and Chemours Related to MDL DuPont and Chemours agreed to a limited sharing of potential future PFOA costs (indemnifiable losses, as defined in the separation agreement between DuPont and Chemours) for a period of five years. During that five-year period, Chemours will annually pay future PFOA costs up to $25 and, if such amount is exceeded, DuPont will pay any excess amount up to the next $25 (which payment will not be subject to indemnification by Chemours), with Chemours annually bearing any further excess costs under the terms of the separation agreement. After the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the separation agreement will continue unchanged. Chemours has also agreed that it will not contest its indemnification obligations to DuPont under the separation agreement for PFOA costs on the basis of ostensible defenses generally applicable to the indemnification provisions under the separation agreement, including defenses relating to punitive damages, fines or penalties, or attorneys’ fees, and waives any such defenses with respect to PFOA costs. Chemours has, however, retained other defenses, including as to whether any particular PFOA claim is within the scope of the indemnification provisions of the separation agreement. Post-MDL Settlement Injury Matters There are a few plaintiffs who declined to participate in the MDL Settlement. The Company expects that these matters will be dismissed. The MDL Settlement does not resolve PFOA personal-injury claims of plaintiffs who did not have cases or claims in the MDL or personal-injury claims based on diseases first diagnosed after February 11, 2017. Since the resolution of the MDL, personal-injury cases have been filed in West Virginia, Ohio, and New York courts. The New York matters, which are not part of the Leach class, are brought by three individual plaintiffs alleging negligence and other claims in the release of perfluorinated compounds, including PFOA, into drinking water, and seeking compensatory and punitive damages against current and former owners and suppliers of a manufacturing facility in Hoosick Falls, New York. Management believes that the probability of loss is reasonably possible but not estimable at this time due to various reasons including, among others, that the proceedings are in early stages and there are significant factual issues to be resolved. Centre Water In May 2017, the Water Works and Sewer Board of the Town of Centre, Alabama filed suit against numerous carpet manufacturers located in Dalton, Georgia and suppliers and former suppliers, including DuPont, in Alabama state court. The complaint alleges negligence, nuisance, and trespass in the release of perfluorinated compounds, including PFOA, into a river leading to the town’s water source, and seeks compensatory and punitive damages. Management believes that the probability of loss is remote. PFOA Summary Chemours accrued $335 associated with the MDL Settlement at December 31, 2016, of which all $335 had been paid as of December 31, 2017. There could be additional lawsuits filed related to DuPont’s use of PFOA, its manufacture of PFOA, or its customers’ use of DuPont products that may not be within the scope of the MDL Settlement. Any such litigation could result in Chemours incurring additional costs and liabilities. Management believes it is reasonably possible that the Company could incur losses related to other PFOA matters in excess of amounts accrued, but any such losses are not estimable at this time due to various reasons including, among others, that such matters are in early stages and have significant factual issues to be resolved. U.S. Smelter and Lead Refinery, Inc. Six lawsuits, including one putative class action, are pending against DuPont by area residents concerning the U.S. Smelter and Lead Refinery multi-party Superfund site in East Chicago, Indiana. Five of the lawsuits allege that Chemours is now responsible for DuPont environmental liabilities. The lawsuits include allegations for personal injury damages, property diminution, and damages under the Comprehensive Environmental Response Compensation and Liability Act (CERCLA, often referred to as Superfund). At Separation, DuPont assigned Chemours its former plant site, which is located south of the residential portion of the Superfund area, and its responsibility for the environmental remediation at the Superfund site. DuPont has requested that Chemours defend and indemnify it, and Chemours has agreed to do so under a reservation of rights. Management believes a loss is reasonably possible, but not estimable at this time due to various reasons including, among others, that such matters are in early stages and have significant factual issues to be resolved. GenX and Other Perfluorinated and Polyfluorinated Compounds As reported in the press and noted in public statements by the Company, governmental agencies and local community members have made inquiries and engaged in discussions with the Company with respect to the discharge of the polymerization processing aid HFPO Dimer Acid (sometimes referred to as GenX or C3 Dimer) and perfluorinated and polyfluorinated compounds from the Company’s facility in Fayetteville, North Carolina into the Cape Fear River, groundwater, and air. The Company believes that such discharges have not impacted the safety of drinking water in North Carolina. The Company has commenced capturing and separately disposing process wastewater from the Fayetteville facility and is cooperating with a variety of ongoing inquiries and investigations from federal, state, and local authorities, regulators, and other governmental entities, including responding to three federal grand jury subpoenas. In September 2017, the North Carolina Department of Environmental Quality (NC DEQ) issued a 60-day notice of intent to suspend the permit for the Fayetteville facility and the State of North Carolina filed an action in North Carolina state court regarding the discharges seeking a temporary restraining order and preliminary injunction, as well as other relief including abatement and site correction. A partial consent order was entered partially resolving the State’s action in return for the Company’s agreement to continue and supplement the voluntary wastewater-disposal measures it had previously commenced and to provide certain information. In November 2017, NC DEQ informed the Company that it was suspending the process wastewater discharge permit for the Fayetteville facility. The Company thereafter commenced the capture and separate disposal of all process wastewater from the Fayetteville facility related to the Company’s own operations. The Company is continuing to cooperate with and discuss these matters with the State and NC DEQ, including as to issues raised by the State and NC DEQ relating to groundwater deposition and air emissions. It is possible that issues relating to groundwater deposition and/or air emissions could result in further litigation or regulatory demands with regard to the Fayetteville facility. Civil actions have been filed against the Company and DuPont in North Carolina federal court relating to discharges from the Fayetteville site, including a consolidated action brought by water systems seeking damages and injunctive relief, and a consolidated purported class action seeking medical monitoring and property damage and/or other monetary and injunctive relief on behalf of the putative classes of property owners and residents in areas near or that draw drinking water from the Cape Fear River. It is possible that additional litigation may be filed against the Company and/or DuPont concerning the discharges. The Company believes it has valid defenses to such litigation including that the discharges did not impact the safety of drinking water or cause any damages or injury. As these issues are in their early stages, however, it is not possible at this point to predict the timing, course, or outcome of the governmental and regulatory inquiries, the notice issued by NC DEQ, the action brought by North Carolina, and the other litigation, and it is possible that these matters could materially affect the Company’s results and operations. In addition, local communities, organizations, and federal and state regulatory agencies have raised questions concerning HFPO Dimer Acid at certain other manufacturing sites operated by the Company, and it is possible that similar developments to those described above and centering on the Fayetteville site could arise in other locations. Environmental Chemours, by virtue of its status as a subsidiary of DuPont prior to the Separation, is subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances by Chemours or other parties. Much of this liability results from CERCLA, the Resource Conservation and Recovery Act and similar state and global laws. These laws require Chemours to undertake certain investigative, remediation, and restoration activities at sites where Chemours conducts or once conducted operations or at sites where Chemours-generated waste was disposed. The accrual also includes estimated costs related to a number of sites identified for which it is probable that environmental remediation will be required, but which are not currently the subject of enforcement activities. At December 31, 2017 and 2016, the consolidated balance sheets included a liability relating to these matters of $253 and $278, respectively, which, in management’s opinion, is appropriate based on existing facts and circumstances. The time-frame for a site to go through all phases of remediation (investigation and active clean-up) may take about 15 to 20 years, followed by several years of operation, maintenance, and monitoring (OM&M) activities. Remediation activities, including OM&M activities, vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse regulatory requirements, as well as the presence or absence of other potentially responsible parties. In addition, for claims that Chemours may be required to indemnify DuPont pursuant to the Separation-related agreements, Chemours, through DuPont, has limited available information for certain sites or is in the early stages of discussions with regulators. For these sites in particular, there may be considerable variability between the clean-up activities that are currently being undertaken or planned and the ultimate actions that could be required. Therefore, considerable uncertainty exists with respect to environmental remediation costs and, under adverse changes in circumstances, although deemed remote, the potential liability may range up to approximately $510 above the amount accrued at December 31, 2017. For the years ended December 31, 2017, 2016, and 2015, Chemours incurred environmental remediation expenses of $48, $44, and $38, respectively. Based on existing facts and circumstances, management does not believe that any loss, in excess of amounts accrued, related to remediation activities at any individual site will have a material impact on the Company’s financial position, results of operations, or cash flows in any given year, as such obligation can be satisfied or settled over many years. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Equity | Note 21. Equity Share Repurchase Program On November 30, 2017, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $500, plus any associated fees or costs in connection with the Company’s share repurchase activity. Under the share repurchase program, shares of Chemours’ common stock may be purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s share repurchase program became effective on November 30, 2017 and continues through its expiration on December 31, 2020. The program may be suspended or discontinued at any time. All common shares purchased under the share repurchase program are held as treasury stock and are accounted for using the cost method. As of December 31, 2017, the Company purchased 2,386,406 shares of Chemours’ issued and outstanding common stock under the share repurchase program, which amounted to $116 at an average share price of $48.81 per share. Of the 2,386,406 shares purchased by Chemours, 206,106 shares amounting to $10 settled subsequent to December 31, 2017. All common shares purchased were part of the Company’s share repurchase program, which was announced to the public on December 1, 2017. The aggregate amount of Chemours’ common stock that remains available for purchase under the share repurchase program at December 31, 2017 is $384. Dividends Payable On November 30, 2017, the Company’s board of directors declared a cash dividend of $0.17 per share, payable to the record holders of Chemours’ issued and outstanding common stock as of the close of business on February 15, 2018. This dividend will be paid on March 15, 2018, and accordingly, the Company has accrued a dividend payable amounting to $31 at December 31, 2017. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 22. Financial Instruments Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, Chemours enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency risks. The Company has established a derivative program to be utilized for financial risk management. This program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The derivative program has procedures consistent with Chemours’ financial risk management policies and guidelines. Foreign Currency Forward Contracts Chemours uses foreign currency forward contracts to reduce its net exposure, by currency, related to the non-functional currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. These derivative instruments are not part of a cash flows hedge program or a fair value hedge program, and have not been designated as a hedge. Although all of the forward contracts are subject to an enforceable master netting agreement, Chemours has elected to present the derivative assets and liabilities on a gross basis on its consolidated balance sheets. No collateral has been required for these contracts. All gains and losses resulting from the revaluation of the derivative assets and liabilities are recognized in other income, net in the consolidated statements of operations during the period in which they occurred. At December 31, 2017, there were no forward exchange currency contracts outstanding, and at December 31, 2016, there were 45 forward exchange currency contracts outstanding with an aggregate gross notional value of $518. Chemours recognized a net gain of $4 for the year ended December 31, 2017, a net loss of $15 for the year ended December 31, 2016, and a net gain of $42 for the year ended December 31, 2015, which are recorded in other income, net in the consolidated statements of operations. Net Investment Hedge - Foreign Currency Borrowings Chemours designated its Euro Notes and, beginning in April 2017, also designated its new Euro Term Loan as a hedge of its net investments in certain of its international subsidiaries that use the euro as their functional currency in order to reduce the volatility in stockholders’ equity caused by the changes in foreign currency exchange rates of the euro with respect to the U.S. dollar. Chemours uses the spot method to measure the effectiveness of its net investment hedge. For each reporting period, the change in the carrying value of the Euro Notes and the Euro Term Loan due to remeasurement of the effective portion are reported in accumulated other comprehensive loss on the consolidated balance sheets, and the remaining change in the carrying value of the ineffective portion, if any, is recognized in other income, net in the consolidated statements of operations. Chemours evaluates the effectiveness of its net investment hedge quarterly. Chemours did not record any ineffectiveness for the years ended December 31, 2017, 2016, or 2015. The Company recognized pre-tax losses of $86 and pre-tax gains of $14 and $8 on its net investment hedges within accumulated other comprehensive loss for the years ended December 31, 2017, 2016, and 2015, respectively. Fair Value of Derivative Instruments The following table sets forth the fair value of Chemours’ derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2017 and 2016. Fair Value Using Level 2 Inputs December 31, Balance Sheet Location 2017 2016 Asset derivatives: Foreign currency forward contracts Accounts and notes receivable - trade, net $ — $ 2 Total asset derivatives $ — $ 2 Liability derivatives: Foreign currency forward contracts Other accrued liabilities $ — $ 4 Total liability derivatives $ — $ 4 The Company’s foreign currency forward contracts are classified as Level 2 financial instruments within the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data, and are subjected to tolerance and/or quality checks. |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Long-term Employee Benefits | Note 23. Long-term Employee Benefits Plans Covering Employees in the U.S. Chemours sponsors a variety of employee benefit plans, which cover substantially all U.S. employees. Prior to July 1, 2015, U.S. employees generally participated in DuPont’s primary pension plan, the Retirement Savings Plan (RSP), and certain other long-term employee benefit plans. In conjunction with the Separation on July 1, 2015, Chemours’ employees stopped participating in DuPont’s plans and became participants in newly-established Chemours plans. DuPont retained all liabilities related to its U.S. plans following the Separation. On July 1, 2015, Chemours established a defined contribution plan, similar in design to DuPont’s RSP, which covered all eligible U.S. employees. The purpose of the plan is to encourage employees to save for their future retirement needs. The plan is a tax-qualified contributory profit-sharing plan, with cash or deferred arrangement, and any eligible employee of Chemours may participate. Chemours matches 100% of the first 6% of the employee’s contribution election, and the plan’s matching contributions vest immediately upon contribution. Chemours may also provide an additional discretionary retirement savings contribution to eligible employees’ compensation. The amount of this contribution, if any, is at the sole discretion of the Company, and the discretionary contribution vests for employees with at least three years of service. From time to time, Chemours provides additional discretionary retirement savings contributions to eligible employees’ compensation. In lieu of a defined benefit plan, Chemours provides an enhanced 401(k) contribution for employees who previously participated in DuPont’s pension plan. The enhanced benefits consist of an additional contribution of 1% to 7% of the employee’s eligible compensation, depending upon the employee’s length of service with DuPont at the time of separation. The plan will continue until 2019, subject to early termination. Plans Covering Employees Outside the U.S. Pension coverage for employees of Chemours’ non-U.S. subsidiaries is provided, to the extent deemed appropriate, through separate plans established after the Separation and comparable to the DuPont plans in those countries. Obligations under such plans are either funded by depositing funds with trustees, covered by insurance contracts, or unfunded. Participation in the Plans Prior to July 1, 2015, Chemours participated in DuPont’s U.S. and non-U.S. plans (excluding plans in the Netherlands and Taiwan) as though they were participants in a multi-employer plan with the other businesses of DuPont. The following table sets forth the multi-employer pension expense allocated by DuPont to Chemours for the plans in which Chemours participated prior to the Separation. The allocation of cost was based on active employee headcount and is included in the consolidated statements of operations. These amounts do not represent cash payments to DuPont or DuPont’s plans. EIN / Pension Year Ended December 31, Plan Name Number 2017 2016 2015 DuPont Pension and Retirement Plan (U.S.) 51-0014090/001 $ — $ — $ 48 All other U.S. and non-U.S. Plans — — 5 Single and Multi-employer Plans Beginning in the first quarter of 2015, Chemours has accounted for the plans covering its employees in the Netherlands and Taiwan as a multi-employer plan and a single-employer plan, respectively. In the third quarter of 2015, in connection with the Separation, additional plans in Germany, Belgium, Japan, Korea, Mexico, and Switzerland were established. As of December 31, 2015, these plans were all accounted for as single-employer plans. Starting in 2017, DuPont exited the Netherlands plan, and the Company began accounting for the Netherlands plan as a single-employer plan. The following table sets forth the Company’s net periodic pension income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Net periodic pension cost (income): Service cost $ 16 $ 14 $ 16 Interest cost 16 19 19 Expected return on plan assets (75 ) (63 ) (83 ) Amortization of actuarial loss 22 23 16 Amortization of prior service (credit) cost (2 ) (1 ) 4 Curtailment gain — (2 ) — Settlement loss 1 5 — Net periodic pension income (22 ) (5 ) (28 ) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (24 ) 17 11 Amortization of actuarial loss (24 ) (28 ) (16 ) Prior service credit — — (24 ) Amortization of prior service credit (cost) 2 3 (4 ) Effect of foreign exchange rates 38 (15 ) (33 ) Benefit recognized in other comprehensive income (loss) (8 ) (23 ) (66 ) Total net periodic pension income and benefit recognized in other comprehensive income (loss) $ (30 ) $ (28 ) $ (94 ) The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Net loss $ 329 $ 336 $ 363 Prior service credit (11 ) (11 ) (16 ) Total amount recognized in accumulated other comprehensive loss $ 318 $ 325 $ 347 The estimated pre-tax net loss and prior service credit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost (income) during 2018 are $14 and $2, respectively. The following table sets forth summarized information on the Company’s pension plans at December 31, 2017 and 2016. December 31, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,105 $ 1,103 Service cost 16 14 Interest cost 16 19 Plan participants’ contributions 2 2 Actuarial (gain) loss (39 ) 69 Benefits paid (53 ) (36 ) Plan Amendments (1 ) — Curtailments — (3 ) Settlements and transfers (3 ) (12 ) Other events (4 ) (2 ) Currency translation 138 (49 ) Benefit obligation at end of year 1,177 1,105 Change in plan assets: Fair value of plan assets at beginning of year 1,169 1,137 Actual return on plan assets 60 113 Employer contributions 38 16 Plan participants’ contributions 2 2 Benefits paid (53 ) (36 ) Settlements and transfers (3 ) (12 ) Other events (3 ) — Currency translation 153 (51 ) Fair value of plan assets at end of year 1,363 1,169 Total funded status at end of year $ 186 $ 64 The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2017 and 2016. December 31, 2017 2016 Non-current assets $ 258 $ 159 Current liabilities (1 ) (1 ) Non-current liabilities (71 ) (94 ) Total net amount recognized $ 186 $ 64 The accumulated benefit obligation for all pension plans was $1,112 and $1,042 as of December 31, 2017 and 2016, respectively. The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2017 and 2016. December 31, Pension plans with projected benefit obligation in excess of plan assets 2017 2016 Projected benefit obligation $ 178 $ 183 Accumulated benefit obligation 149 152 Fair value of plan assets 106 87 December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2017 2016 Projected benefit obligation $ 178 $ 179 Accumulated benefit obligation 149 151 Fair value of plan assets 106 84 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 plan’s actuary 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, 2017 and 2016. December 31, Weighted average assumptions used to determine benefit obligations 2017 2016 Discount rate 1.9 % 1.8 % Rate of compensation increase (1) 2.5 % 2.5 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. December 31, Weighted average assumptions used to determine net benefit cost 2017 2016 Discount rate 1.8 % 2.4 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 5.7 % 5.7 % (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 a master trust fund. The strategic asset allocation for the trust fund is selected by management, reflecting the results of comprehensive asset and liability modeling. 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, 2017 and 2016. December 31, 2017 2016 Cash and cash equivalents 4.8 % 2.5 % U.S. and non-U.S. equity securities 42.6 % 41.6 % Fixed income securities 52.6 % 55.9 % Total weighted-average target allocation 100.0 % 100.0 % 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, 2017 and 2016. Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Asset category: Debt - government issued $ 505 $ 1 $ 504 Debt - corporate issued 144 24 120 Debt - asset backed 40 — 40 U.S. and non-U.S. equities 581 295 286 Derivatives - asset position 8 2 6 Derivatives - liability position (1 ) — (1 ) Cash and cash equivalents 65 65 — Other 14 11 3 Total pension assets before pension receivables 1,356 $ 398 $ 958 Pension trust receivables, net (1) 7 Total pension assets $ 1,363 (1) Receivables are primarily for investment income earned but not yet received. Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Asset category: Debt - government issued $ 433 $ 8 $ 425 Debt - corporate issued 142 76 66 Debt - asset backed 42 25 17 U.S. and non-U.S. equities 502 28 474 Derivatives - asset position 3 — 3 Derivatives - liability position (32 ) — (32 ) Cash and cash equivalents 77 77 — Other 7 — 7 Total pension assets before pension payables 1,174 $ 214 $ 960 Pension trust payables, net (1) (5 ) Total pension assets $ 1,169 (1) Payables are primarily for investment securities purchased. For pension plan assets classified as Level 1 instruments within the fair value hierarchy, total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 instruments within the fair value hierarchy, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established, recognized vendors of market data and subjected to tolerance and/or quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates, and implied volatilities obtained from various market sources. Cash Flows Defined Benefit Plan For the years ended December 31, 2017 and 2016, Chemours contributed $38 and $16, respectively, to its defined benefit plans. DuPont contributed, on behalf of Chemours, $38 to its pension and other long-term benefit plans during the first half of 2015. Chemours contributed $8 to its pension plans during 2015. Of the contributions made in 2017, $10 relates to the settlement of the U.S. Pension Restoration Plan (U.S. PRP), which was a supplemental pension plan for certain U.S. employees. The liability associated with the U.S. PRP was transferred to Chemours from DuPont at the Separation Date, at which point the plan ceased accepting new participants. In October 2017, the Company made a cash payment of $10 to settle the remaining liability attributable to the remaining participants in the U.S. PRP. Chemours expects to contribute $15 to its pension plans in 2018. The following table sets forth the benefit payments that are expected to be paid by the Company over the next five years and the five years thereafter as of December 31, 2017. 2018 $ 45 2019 47 2020 48 2021 47 2022 48 2023 to 2027 262 Defined Contribution Plan DuPont contributed, on behalf of Chemours, $26 to its defined contribution plans during the first half of 2015. From July 1 to December 31, 2015, Chemours contributed $28 to its defined contribution plan. For the years ended December 31, 2016 and 2017, Chemours contributed $44 and $45, respectively, to its defined contribution plan. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation | Note 24. Stock-based Compensation Total stock-based compensation cost included in the consolidated statements of operations was $29, $20, and $17 for the years ended December 31, 2017, 2016, and 2015, respectively. The income tax provision for the year ended December 31, 2017 is inclusive of $22 in federal and state income tax benefits from windfalls on share-based payments due to the Company’s adoption of ASU No. 2016-09 during 2017. Stock-based compensation expense prior to the Separation on July 1, 2015 was allocated to Chemours based on the portion of DuPont’s incentive stock program in which Chemours’ employees participated. Adopted at the Separation, The Chemours Company Equity and Incentive Plan (Prior Plan) provided for grants to certain employees, independent contractors, or non-employee directors of the Company of different forms of awards, including stock options, RSUs, and PSUs. The Prior Plan had a maximum shares reserve of 13,500,000 for the grant of equity awards plus the number of shares of converted awards, as discussed below. As of December 31, 2016, 7,806,040 shares of the Prior Plan were still available for grants. In accordance with the employee matters agreement between DuPont and Chemours, certain executives and employees were entitled to receive equity compensation awards of Chemours in replacement of previously outstanding awards granted under various DuPont stock incentive plans prior to the Separation. In connection with the Separation, these awards were converted into new Chemours equity awards using a formula designed to preserve the intrinsic value of the awards immediately prior to the Separation Date. At the date of conversion, the total intrinsic value of the converted options was $18. As a result of the conversion of these awards, the Company recorded a $3 incremental charge in the third quarter of 2015. The terms and conditions of the DuPont awards were replicated and, as necessary, adjusted to ensure that the vesting schedule and economic value of the awards were unchanged by the conversion. On April 26, 2017, Chemours’ stockholders approved The Chemours Company 2017 Equity and Incentive Plan (2017 Plan), which replaces the Prior Plan in providing 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. As a result, no further grants will be made under the Prior Plan. A total of 19,000,000 shares of the Company’s common stock may be subject to awards granted under the 2017 Plan, less one share for every one share that was subject to an option or stock appreciation right granted after December 31, 2016 under the Prior Plan, and one-and-a-half shares for every one share 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. Shares underlying 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 2017 Plan. At December 31, 2017, 17,677,641 shares of equity and incentive plan reserve are available for grants under the 2017 Plan. The Chemours Compensation Committee determines the long-term incentive mix, including stock options, RSUs, and PSUs, and may authorize new grants annually. Stock Options In connection with the Separation from DuPont, Chemours granted non-qualified stock options to certain employees in July 2015, which represented replacement of previously granted performance stock unit awards at DuPont. The July 2015 grant will cliff vest March 1, 2018 and expire 10 years from the date of grant. Other than those options, Chemours’ expense for the year ended December 31, 2015 was entirely related to options granted to replace outstanding option awards from DuPont that were converted to Chemours’ options on July 1, 2015. During 2016 and 2017, Chemours granted non-qualified stock options to certain of its employees, which will serially vest over a three-year period and expire 10 years from the date of grant. The following table sets forth the weighted-average assumptions used to determine expense related to stock option awards granted during the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Risk-free interest rate 2.14 % 1.46 % 1.50 % Expected term (years) 6.00 6.00 5.40 Volatility 44.49 % 60.00 % 42.00 % Dividend yield 0.35 % 2.14 % 6.90 % Fair value per stock option $ 15.21 $ 3.41 $ 3.17 The Company determined the dividend yield by dividing the expected annual dividend on the Company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the average volatility of peer companies adjusted for the Company’s debt leverage. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. The expected life is determined using a simplified approach, calculated as the mid-point between the graded vesting period and the contractual life of the award. The following table sets forth Chemours’ stock option activity for the year ended December 31, 2017. Number of Shares (in thousands) Weighted-average Exercise Price (per share) Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2016 7,969 $ 13.72 5.08 $ 66,668 Granted 878 34.84 Exercised (2,173 ) 14.36 Forfeited (47 ) 20.55 Expired (30 ) 12.29 Outstanding, December 31, 2017 6,597 $ 15.72 5.11 $ 226,524 Exercisable, December 31, 2017 3,599 $ 14.00 3.46 $ 129,800 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day at the end of the quarter 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 quarter-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, 2017 and 2016 amounted to $49 and $9, respectively. The total intrinsic value of all options exercised for the year ended December 31, 2015 was insignificant. At December 31, 2017, $6 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 2.00 years. Restricted Stock Units In the years following the Separation, as well as at the time of Separation in accordance with the employee matters agreement, Chemours granted 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 upon the market price of the underlying common stock as of the grant date. Non-vested awards of RSUs primarily include awards without a performance condition, as well as a small subset of awards for which specific levels of cost savings and revenue enhancements must be achieved for vesting to occur. The following table sets forth non-vested RSUs, both with and without a performance condition, at December 31, 2017. Number of Shares (in thousands) Weighted-average Grant Date Fair Value (per share) Non-vested, December 31, 2016 2,316 $ 11.23 Granted 214 36.68 Vested (1,316 ) 11.46 Forfeited (49 ) 14.27 Non-vested, December 31, 2017 1,165 $ 15.34 At December 31, 2017, there was $5 of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted average period of 0.57 years. Performance Share Units Beginning in 2016, Chemours issued 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 200% 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, 2017. Number of Shares (in thousands) Weighted-average Grant Date Fair Value (per share) Non-vested, December 31, 2016 803 $ 6.10 Granted 211 40.30 Vested — — Forfeited (27 ) 16.62 Non-vested, December 31, 2017 987 $ 12.94 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 condition is satisfied. The per unit weighted-average fair value at the date of grant for PSUs granted during the year ended December 31, 2017 was $40.30. The fair value of each PSU grant is amortized monthly into compensation expense based on its respective vesting conditions over four equally weighted measurement periods, three of which are annual and one of which is cumulative. 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. At December 31, 2017, based on the Company’s assessment of its performance goals for 2016 and 2017, approximately 700,000 additional shares may be awarded under the 2016 and 2017 grant awards. Employee Stock Purchase Plan On January 26, 2017, the Company’s board of directors approved The Chemours Company Employee Stock Purchase Plan (ESPP), which was approved by Chemours’ stockholders on April 26, 2017. Under the ESPP, a total of 7,000,000 shares of Chemours’ common stock are reserved and authorized for issuance to participating employees, as defined by the ESPP, which excludes executive officers of the Company. The ESPP provides for consecutive 12-month offering periods, each with four purchase periods beginning and ending on the calendar quarters within those offering periods. The initial offering period under the ESPP began on October 2, 2017. Participating employees are eligible to purchase the Company’s common stock at a discounted rate equal to 95% of its fair value on the last trading day of each purchase period. In January 2018, the Company executed an open market transaction to purchase Company stock on behalf of ESPP participants. Total purchases amounted to less than $1, which was used to purchase 11,894 shares. |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segments Geographical Areas [Abstract] | |
Geographic and Segment Information | Note 25. Geographic and Segment Information Geographic Information Year Ended December 31, 2017 2016 2015 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 $ 2,255 $ 2,018 $ 2,288 $ 1,861 $ 2,570 $ 2,184 Asia Pacific 1,593 131 1,315 129 1,393 136 Europe, the Middle East, and Africa 1,506 302 1,081 278 977 308 Latin America (2) 829 557 716 516 777 549 Total net sales and property, plant, and equipment, net $ 6,183 $ 3,008 $ 5,400 $ 2,784 $ 5,717 $ 3,177 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. Segment Information Chemours’ operations consist of three reportable segments based on similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments. Chemours’ reportable segments are: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a leading, global producer of TiO 2 Segment sales include transfers to another reportable segment. Certain products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. These product transfers were limited and were not significant for each of the periods presented. Depreciation and amortization includes depreciation on R&D facilities and amortization of other intangible assets, excluding write-down of assets. Segment net assets include net working capital, net property, plant, and equipment, and other non-current operating assets and liabilities of the segment. This is the measure of segment assets reviewed by the Company’s Chief Operating Decision Maker (CODM). Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) is the primary measure of segment profitability used by the CODM and is defined as income (loss) before income taxes, excluding the following: • interest expense, depreciation, and amortization; • non-operating pension and other post-retirement employee benefit costs, which represent the components of net periodic pension (income) costs excluding the service cost component; • exchange (gains) losses included in other income (expense), net; • restructuring, asset-related charges, and other charges, net; • asset impairments; • (gains) losses on sale of business or assets; and, • other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently. The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, Titanium Technologies Fluoroproducts Chemical Solutions Corporate and Other Total 2017 Net sales to external customers $ 2,958 $ 2,654 $ 571 $ — $ 6,183 Adjusted EBITDA 862 669 57 (166 ) 1,422 Depreciation and amortization 118 109 18 28 273 Equity in earnings of affiliates — 33 — — 33 Net assets 1,785 1,842 460 (3,222 ) 865 Investments in affiliates — 173 — — 173 Purchases of property, plant, and equipment 65 249 65 32 411 2016 Net sales to external customers $ 2,364 $ 2,264 $ 772 $ — $ 5,400 Adjusted EBITDA 466 445 39 (128 ) 822 Depreciation and amortization 119 101 30 34 284 Equity in earnings of affiliates — 26 — 3 29 Net assets 1,513 1,400 292 (3,101 ) 104 Investments in affiliates — 116 — 20 136 Purchases of property, plant, and equipment 105 120 104 9 338 2015 Net sales to external customers $ 2,392 $ 2,230 $ 1,095 $ — $ 5,717 Adjusted EBITDA 326 300 29 (82 ) 573 Depreciation and amortization 125 88 52 2 267 Equity in earnings of affiliates — 21 — 1 22 Net assets 1,659 1,567 839 (3,935 ) 130 Investments in affiliates — 127 — 9 136 Purchases of property, plant, and equipment 255 142 117 5 519 The following table sets forth a reconciliation of Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes $ 912 $ (11 ) $ (188 ) Interest expense, net 215 213 132 Depreciation and amortization 273 284 267 Non-operating pension and other post-retirement employee benefit income (34 ) (20 ) (3 ) Exchange (gains) losses (3 ) 57 (19 ) Restructuring charges 57 51 285 Asset-related charges (1) 3 124 73 (Gain) loss on sale of assets and businesses (2) (22 ) (254 ) 9 Transaction costs (3) 3 19 9 Legal and other charges (4) 18 359 8 Adjusted EBITDA $ 1,422 $ 822 $ 573 (1) The year ended December 31, 2016 includes pre-tax impairment charges of $13 and $58 associated with the sales of the Company’s corporate headquarters building located in Wilmington, Delaware and Sulfur business, respectively, and $48 in pre-tax impairment charges associated with the Company’s aniline facility in Pascagoula, Mississippi, as well as certain other asset write-offs. The year ended December 31, 2015 includes pre-tax impairment charges of $45 associated with the Company’s RMS facility in Niagara Falls, New York, and $25 of goodwill impairment charges associated with its Sulfur business. (2) The year ended December 31, 2017 includes gains of $13 and $12 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and for the sale of its Edge Moor, Delaware plant site, respectively, net of certain losses on other disposals. The year ended December 31, 2016 includes gains of $169 and $89 associated with the sales of the Company’s C&D business and its aniline facility in Beaumont, Texas, respectively. (3) Includes accounting, legal, and bankers’ transaction fees incurred related to the Company’s strategic initiatives, which includes pre-sale transaction costs incurred in connection with the sales of the C&D and Sulfur businesses during 2016. (4) Includes litigation settlements, water treatment accruals, lease termination charges, and other expenses. The year ended December 31, 2016 includes $335 in litigation accruals associated with the PFOA MDL Settlement. The Company’s net sales to external customers by product group for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Titanium dioxide $ 2,958 $ 2,364 $ 2,392 Fluorochemicals 1,378 1,093 984 Fluoropolymers 1,276 1,171 1,246 Mining solutions 261 262 301 Performance chemicals and intermediates 306 298 363 Divested business (1) 4 212 431 Total net sales to external customers $ 6,183 $ 5,400 $ 5,717 (1) Inclusive of the Company’s C&D and Sulfur businesses, as well as its aniline facility in Beaumont, Texas, which were all sold in 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 26. Accumulated Other Comprehensive Loss The following table sets forth the components of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2017, 2016, and 2015. Currency Translation Adjustment Net Investment Hedge Employee Benefits Total Balance at January 1, 2015 $ 19 $ — $ — $ 19 Assumption and establishment of pension plans, net — — (311 ) (311 ) Other comprehensive (loss) income (304 ) 8 52 (244 ) Balance at December 31, 2015 (285 ) 8 (259 ) (536 ) Other comprehensive (loss) income (73 ) 14 18 (41 ) Balance at December 31, 2016 (358 ) 22 (241 ) (577 ) Other comprehensive income (loss) 200 (62 ) (3 ) 135 Balance at December 31, 2017 $ (158 ) $ (40 ) $ (244 ) $ (442 ) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 27. Subsequent Event In connection with Chemours’ share repurchase program, the Company purchased an additional $34 of its issued and outstanding common stock in January 2018. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 28. Quarterly Financial Data (Unaudited) The following table sets forth a summary of the Company’s quarterly results of operations for the years ended December 31, 2017 and 2016. For the Three Months Ended 2017 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,437 $ 1,588 $ 1,584 $ 1,575 $ 6,183 Cost of goods sold 1,079 1,147 1,117 1,087 4,429 Income before income taxes 173 225 250 264 912 Net income 151 161 207 228 747 Net income attributable to Chemours 150 161 207 228 746 Basic earnings per share of common stock 0.82 0.87 1.12 1.23 4.04 Diluted earnings per share of common stock 0.79 0.84 1.08 1.19 3.91 For the Three Months Ended 2016 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,297 $ 1,383 $ 1,398 $ 1,322 $ 5,400 Cost of goods sold 1,095 1,116 1,056 1,024 4,290 Income (loss) before income taxes 70 (41 ) 234 (273 ) (11 ) Net income (loss) 51 (18 ) 204 (230 ) 7 Net income (loss) attributable to Chemours 51 (18 ) 204 (230 ) 7 Basic earnings (loss) per share of common stock 0.28 (0.10 ) 1.12 (1.26 ) 0.04 Diluted earnings (loss) per share of common stock 0.28 (0.10 ) 1.11 (1.26 ) 0.04 (1) Individual quarters may not sum to full year amounts due to rounding. |
Guarantor Condensed Consolidati
Guarantor Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor Condensed Consolidating Financial Information | Note 29. Guarantor Condensed Consolidating Financial Information The following guarantor financial information is included in accordance with Rule 3-10 of Regulation S-X (Rule 3-10) in connection with the issuance of the Notes by The Chemours Company (Parent Issuer). The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis, in each case, subject to certain exceptions, by the Parent Issuer and by certain subsidiaries (together, the Guarantor Subsidiaries). Each of the Guarantor Subsidiaries is 100% owned by the Company. None of the other subsidiaries of the Company, either direct or indirect, guarantee the Notes (together, the Non-Guarantor Subsidiaries). The Guarantor Subsidiaries, excluding the Parent Issuer, will be automatically released from those guarantees upon the occurrence of certain customary release provisions. The following condensed consolidating financial information is presented to comply with the Company’s requirements under Rule 3-10: • the consolidating statements of comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015; • the consolidating balance sheets at December 31, 2017 and 2016; and, • the consolidating statements of cash flows for the years ended December 31, 2017, 2016, and 2015. Consistent with the discussion in Note 2, Chemours did not operate as a separate, stand-alone entity for all periods included within these condensed consolidating financial statements. Prior to the Separation on July 1, 2015, Chemours’ operations were included in DuPont’s financial results in different legal forms, including, but not limited to, wholly-owned subsidiaries for which Chemours was the sole business, components of legal entities in which Chemours operated in conjunction with other DuPont businesses, and a majority-owned joint venture. For periods prior to July 1, 2015, the condensed consolidating financial information has been prepared from DuPont’s historical accounting records and is presented on a stand-alone basis as if Chemours’ operations had been conducted independently from DuPont. The condensed consolidating financial information is presented using the equity method of accounting for the Company’s investments in 100% owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of its subsidiaries’ cumulative results of operations, capital contributions, distributions, and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information included herein should be read in conjunction with the consolidated financial statements presented and the related notes. As discussed in Note 7, the Company entered into a stock and asset purchase agreement with Lanxess, pursuant to which Lanxess acquired the Company’s C&D business which comprise certain assets and subsidiaries of the Company, including International Dioxide, Inc., which was a guarantor subsidiary. Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,887 $ 4,030 $ (1,734 ) $ 6,183 Cost of goods sold — 3,084 3,036 (1,691 ) 4,429 Gross profit — 803 994 (43 ) 1,754 Selling, general, and administrative expense 36 449 155 (38 ) 602 Research and development expense — 74 6 — 80 Restructuring and asset-related charges, net — 56 1 — 57 Total expenses 36 579 162 (38 ) 739 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (221 ) 3 3 — (215 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (55 ) (34 ) 79 Income before income taxes 685 366 749 (888 ) 912 (Benefit from) provision for income taxes (62 ) 117 114 (4 ) 165 Net income 747 249 635 (884 ) 747 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 747 $ 249 $ 634 $ (884 ) $ 746 Comprehensive income attributable to Chemours $ 881 $ 253 $ 828 $ (1,081 ) $ 881 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,749 $ 3,222 $ (1,571 ) $ 5,400 Cost of goods sold — 3,218 2,615 (1,543 ) 4,290 Gross profit — 531 607 (28 ) 1,110 Selling, general, and administrative expense 21 794 139 (20 ) 934 Research and development expense — 77 3 — 80 Restructuring and asset-related charges, net — 168 2 — 170 Total expenses 21 1,039 144 (20 ) 1,184 Equity in earnings of affiliates — 4 25 — 29 Equity in earnings of subsidiaries 100 — — (100 ) — Interest (expense) income, net (211 ) (3 ) 1 — (213 ) Intercompany interest income (expense), net 60 4 (64 ) — — Other income, net 20 193 54 (20 ) 247 (Loss) income before income taxes (52 ) (310 ) 479 (128 ) (11 ) (Benefit from) provision for income taxes (59 ) (52 ) 100 (7 ) (18 ) Net income (loss) 7 (258 ) 379 (121 ) 7 Less: Net income attributable to non-controlling interests — — — — — Net income (loss) attributable to Chemours $ 7 $ (258 ) $ 379 $ (121 ) $ 7 Comprehensive (loss) income attributable to Chemours $ (34 ) $ (255 ) $ 321 $ (66 ) $ (34 ) Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 4,044 $ 3,269 $ (1,596 ) $ 5,717 Cost of goods sold — 3,708 2,650 (1,596 ) 4,762 Gross profit — 336 619 — 955 Selling, general, and administrative expense 15 426 204 (13 ) 632 Research and development expense — 95 2 — 97 Restructuring and asset-related charges, net — 295 38 — 333 Goodwill impairment — 25 — — 25 Total expenses 15 841 244 (13 ) 1,087 Equity in earnings of affiliates — 1 21 — 22 Equity in earnings of subsidiaries (47 ) — — 47 — Interest expense, net (131 ) (1 ) — — (132 ) Intercompany interest income (expense), net 44 — (44 ) — — Other income (expense), net 13 92 (31 ) (20 ) 54 (Loss) income before income taxes (136 ) (413 ) 321 40 (188 ) (Benefit from) provision for income taxes (46 ) (89 ) 40 (3 ) (98 ) Net (loss) income (90 ) (324 ) 281 43 (90 ) Less: Net income attributable to non-controlling interests — — — — — Net (loss) income attributable to Chemours $ (90 ) $ (324 ) $ 281 $ 43 $ (90 ) Comprehensive (loss) income attributable to Chemours $ (334 ) $ (324 ) $ 29 $ 295 $ (334 ) Condensed Consolidating Balance Sheets Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 761 $ 795 $ — $ 1,556 Accounts and notes receivable, net — 308 611 — 919 Intercompany receivable 3 904 581 (1,488 ) — Inventories — 394 631 (90 ) 935 Prepaid expenses and other — 57 15 11 83 Total current assets 3 2,424 2,633 (1,567 ) 3,493 Property, plant, and equipment — 6,449 2,062 — 8,511 Less: Accumulated depreciation — (4,438 ) (1,065 ) — (5,503 ) Property, plant, and equipment, net — 2,011 997 — 3,008 Goodwill and other intangible assets, net — 152 14 — 166 Investments in affiliates — — 173 — 173 Investment in subsidiaries 4,393 — — (4,393 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 23 115 328 (13 ) 453 Total assets $ 5,569 $ 4,702 $ 4,145 $ (7,123 ) $ 7,293 Liabilities Current liabilities: Accounts payable $ 31 $ 606 $ 438 $ — $ 1,075 Current maturities of long-term debt 15 — — — 15 Intercompany payable 542 581 365 (1,488 ) — Other accrued liabilities 34 343 181 — 558 Total current liabilities 622 1,530 984 (1,488 ) 1,648 Long-term debt, net 4,087 10 — — 4,097 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes — 127 105 (24 ) 208 Other liabilities — 388 87 — 475 Total liabilities 4,709 2,055 2,326 (2,662 ) 6,428 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 860 2,647 1,814 (4,461 ) 860 Non-controlling interests — — 5 — 5 Total equity 860 2,647 1,819 (4,461 ) 865 Total liabilities and equity $ 5,569 $ 4,702 $ 4,145 $ (7,123 ) $ 7,293 Condensed Consolidating Balance Sheets Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 224 $ 678 $ — $ 902 Accounts and notes receivable, net — 299 508 — 807 Intercompany receivable 3 1,050 46 (1,099 ) — Inventories — 341 476 (50 ) 767 Prepaid expenses and other — 38 32 7 77 Total current assets 3 1,952 1,740 (1,142 ) 2,553 Property, plant, and equipment — 6,136 1,861 — 7,997 Less: Accumulated depreciation — (4,285 ) (928 ) — (5,213 ) Property, plant, and equipment, net — 1,851 933 — 2,784 Goodwill and other intangible assets, net — 156 14 — 170 Investments in affiliates — — 136 — 136 Investment in subsidiaries 3,258 — — (3,258 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 13 178 226 — 417 Total assets $ 4,424 $ 4,137 $ 3,049 $ (5,550 ) $ 6,060 Liabilities Current liabilities: Accounts payable $ — $ 573 $ 311 $ — $ 884 Current maturities of long-term debt 15 — — — 15 Intercompany payable 762 46 291 (1,099 ) — Other accrued liabilities 21 718 133 — 872 Total current liabilities 798 1,337 735 (1,099 ) 1,771 Long-term debt, net 3,526 3 — — 3,529 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes — 59 73 — 132 Other liabilities — 428 96 — 524 Total liabilities 4,324 1,827 2,054 (2,249 ) 5,956 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 100 2,310 991 (3,301 ) 100 Non-controlling interests — — 4 — 4 Total equity 100 2,310 995 (3,301 ) 104 Total liabilities and equity $ 4,424 $ 4,137 $ 3,049 $ (5,550 ) $ 6,060 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (133 ) $ 603 $ 169 $ — $ 639 Cash flows from investing activities Purchases of property, plant, and equipment — (327 ) (84 ) — (411 ) Proceeds from sales of assets and businesses, net — 39 — — 39 Intercompany investing activities — 220 — (220 ) — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (66 ) (84 ) (220 ) (370 ) Cash flows from financing activities Intercompany short-term repayments, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payment of deferred financing fees (6 ) — — — (6 ) Purchases of treasury stock at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Tax payments related to withholdings on vested restricted stock units (12 ) — — — (12 ) Payment of dividends (22 ) — — — (22 ) Cash provided by financing activities 133 — — 220 353 Effect of exchange rate changes on cash and cash equivalents — — 32 — 32 Increase in cash and cash equivalents — 537 117 — 654 Cash and cash equivalents at January 1, — 224 678 — 902 Cash and cash equivalents at December 31, $ — $ 761 $ 795 $ — $ 1,556 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (176 ) $ 355 $ 415 $ — $ 594 Cash flows from investing activities Purchases of property, plant, and equipment — (233 ) (105 ) — (338 ) Proceeds from sales of assets and businesses, net — 591 117 — 708 Intercompany investing activities — (560 ) — 560 — Investments in affiliates — — (1 ) — (1 ) Foreign exchange contract settlements, net — (12 ) — — (12 ) Cash (used for) provided by investing activities — (214 ) 11 560 357 Cash flows from financing activities Intercompany short-term borrowings, net 560 — — (560 ) — Debt repayments (369 ) (12 ) — — (381 ) Payment of deferred financing fees (4 ) — — — (4 ) Proceeds from exercised stock options, net 11 — — — 11 Payment of dividends (22 ) — — — (22 ) Cash provided by (used for) financing activities 176 (12 ) — (560 ) (396 ) Effect of exchange rate changes on cash and cash equivalents — — (19 ) — (19 ) Increase in cash and cash equivalents — 129 407 — 536 Cash and cash equivalents at January 1, — 95 271 — 366 Cash and cash equivalents at December 31, $ — $ 224 $ 678 $ — $ 902 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (119 ) $ 171 $ 121 $ 9 $ 182 Cash flows from investing activities Purchases of property, plant, and equipment — (292 ) (227 ) — (519 ) Proceeds from sales of assets and businesses, net — 6 6 — 12 Intercompany investing activities — (202 ) — 202 — Investments in affiliates — — (32 ) — (32 ) Foreign exchange contract settlements, net — 42 — — 42 Cash used for investing activities — (446 ) (253 ) 202 (497 ) Cash flows from financing activities Intercompany short-term borrowings, net 202 — — (202 ) — Proceeds from issuance of debt, net 3,489 2 — — 3,491 Debt repayments (8 ) (2 ) — — (10 ) Payment of deferred financing fees (79 ) — — — (79 ) Cash provided at Separation by DuPont — 87 160 — 247 Net transfers (to) from DuPont (3,380 ) 283 249 (9 ) (2,857 ) Payment of dividends (105 ) — — — (105 ) Cash provided by financing activities 119 370 409 (211 ) 687 Effect of exchange rate changes on cash and cash equivalents — — (6 ) — (6 ) Increase in cash and cash equivalents — 95 271 — 366 Cash and cash equivalents at January 1, — — — — — Cash and cash equivalents at December 31, $ — $ 95 $ 271 $ — $ 366 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, including the allocations of costs as discussed above, 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 and Combination | Principles of Consolidation and Combination 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 financial statements for the periods prior to the Separation Date include the combined assets, liabilities, revenues, and expenses of Chemours. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Revenue Recognition | Revenue Recognition Revenue is recognized when the earnings process is complete. Revenue for product sales is recognized when products are shipped to the customer in accordance with the terms of the agreement, title and risk of loss have been transferred, collectability is reasonably assured, and pricing is fixed or determinable. Revenue associated with advance payments are recorded as deferred revenue and are recognized as shipments are made and title, ownership, and risk of loss pass to the customer. Accruals are made for sales returns and other allowances based on historical experience. Cash sales incentives are accounted for as a reduction in sales, and non-cash sales incentives are recorded as a charge to cost of goods sold at the time that the revenue or selling expense, depending on the nature of the incentive, is recorded. Amounts billed to customers for shipping and handling fees are included in net sales, and costs incurred by Chemours for the delivery of goods are classified as cost of goods sold in the consolidated statements of operations. Taxes on revenue-producing transactions are excluded from net sales. Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable, and collectability is reasonably assured. |
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. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions as a component of other income, net in the consolidated statements of operations. Income tax-related penalties are included in the provision for (benefit from) income taxes. Chemours does not provide for income taxes on the undistributed earnings of all of its foreign subsidiaries that are intended to be indefinitely reinvested. Prior to the Separation, the amounts recorded for income taxes attributed certain current and deferred income taxes of DuPont to Chemours’ stand-alone financial statements in a manner that is systematic, rational, and consistent with the asset and liability method prescribed by Accounting Standards Codification Topic 740, Income Taxes |
Earnings Per Share | Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with original maturities of three months or less. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ receivables portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Receivables are written-off when management determines that they are uncollectible. |
Inventories | Inventories Chemours’ U.S. inventories are valued at the lower of cost or market, as inventories held at substantially all U.S. locations are valued using the last-in, first-out (LIFO) method. Chemours’ non-U.S. inventories are valued at the lower of cost or net realizable value, as inventories held outside the U.S. are valued using the average cost method. The elements of cost in inventories include raw materials, direct labor, and manufacturing overhead. Stores and supplies are valued at the lower of cost or net realizable value. Cost is generally determined by the average cost method. |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment is carried at cost and is depreciated using the straight-line method. Property, plant, and equipment placed in service prior to 1995 is depreciated under the sum-of-the-years’ digits method, or other substantially-similar methods. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over five to seven years. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the consolidated balance sheets and are included in the determination of any gain or loss on such disposals. Repair and maintenance costs that materially add to the value of the asset or prolong its useful life are capitalized and depreciated based on their extension to the asset’s useful life. Capitalized repair and maintenance costs are recorded on the consolidated balance sheets as a component of other assets. |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets Chemours evaluates the carrying value of its long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. For the purposes of recognition or measurement of an impairment charge, the assessment is performed on the asset or asset group at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. To determine the level at which the assessment is performed, Chemours considers factors such as revenue dependency, shared costs, and the extent of vertical integration. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the use and eventual disposition of the asset or asset group are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value, which is made based on prices of similar assets or other valuation methodologies, including present value techniques. Long-lived assets to be disposed of by means other than sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value, less the estimated cost to sell. Depreciation is discontinued for any long-lived assets classified as held for sale. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. 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 assessment, 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 value. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, and customer lists, are amortized over their estimated useful lives, generally for periods ranging from five to 20 years. The reasonableness of the useful lives of these assets is continually evaluated. |
Defined Benefit Plans | Defined Benefit Plans Due to local regulations outside the U.S., Chemours has defined benefit plans covering certain of its employees. The benefits of these plans, which primarily relate to pension, are accrued over the employees’ service periods. The Company uses actuarial methods and assumptions in the valuation of its defined benefit obligations and the determination of any net periodic pension income or expense. Any differences between actual and expected results, or changes in the value of defined benefit obligations and plan assets, if any, are not recognized in earnings as they occur. Rather, they are systematically recognized over subsequent periods. |
Derivatives | Derivatives Chemours enters into forward currency exchange contracts to minimize its volatility in earnings related to foreign exchange gains and losses, which result from remeasuring any net monetary assets denominated in non-functional currencies held by Chemours. Chemours does not hold or issue financial instruments for speculative or trading purposes. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. All gains and losses resulting from the revaluation of the Company’s derivative assets and liabilities are recognized in other income, net in the consolidated statements of operations during the period in which they occur. |
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 classified within 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 obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 30 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 reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Prior to the Separation, Chemours was a participant in DuPont’s self-insurance program where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks were estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For other risks, a combination of third-party insurance and self-insurance was used, reflecting DuPont’s comprehensive reviews of relevant risks. The annual cost was allocated to all of the participating businesses using methodologies deemed reasonable by management. All obligations pursuant to these plans had historically been obligations of DuPont. As such, these obligations were not included in the consolidated balance sheets, with the exception of self-insurance liabilities related to workers’ compensation, vehicle liability, and employee-related benefits. |
Litigation | Litigation Chemours accrues for legal matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Litigation-related liabilities and expenditures included in the consolidated financial statements represent legal matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. |
Environmental Liabilities and Expenditures | Environmental Liabilities and Expenditures Chemours accrues for remediation activities when it is probable that a liability has been incurred and a reasonable estimate of the liability can be made. Where the available information is sufficient to estimate the amount of liability, that estimate has been used. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies. Inherent uncertainties exist in such evaluations, primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies. These accruals are adjusted periodically as remediation efforts progress and as additional technological, regulatory, and legal information become available. Environmental liabilities and expenditures include claims for matters that are liabilities of DuPont and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Accrued liabilities are undiscounted and do not include claims against third-parties, and are included in other accrued liabilities and other liabilities on the consolidated balance sheets. Costs related to environmental remediation are charged to expense in the period incurred, within cost of goods sold in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. |
Treasury Stock | Treasury Stock Chemours accounts for repurchases of the Company’s common stock as treasury stock using the cost method, whereby the entire cost of the acquired common stock is recorded as treasury stock. |
Stock-based Compensation | Stock-based Compensation Chemours’ stock-based compensation consists of stock options, restricted stock units (RSUs), and performance share units (PSUs) awarded to employees and non-employee directors. Stock options and PSUs are measured at their fair value on the grant date or date of modification, as applicable. RSUs are measured at the stock price on the grant date or date of modification, as applicable. The Company recognizes compensation expense on a straight-line basis over the requisite service and/or performance period, as applicable. Forfeitures of awards are accounted as a reduction in stock-based compensation expense in the period such awards are forfeited. |
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 rates. Foreign currency-denominated revenue and expense amounts are remeasured at average 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, net in the period in which they occur. 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 within equity. 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 income in the period in which they occur. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. During 2015, when Chemours’ operations were legally and operationally separated within DuPont in anticipation of the Separation, certain of Chemours’ foreign entities set their respective local currencies as the functional currency. |
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 (Level 1 measurements) and lowest priority to unobservable inputs (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 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company believes that the adoption of the standard will not have a material impact on its consolidated financial statements. Substantially all of the Company’s revenue consists of sales of products that represent a single performance obligation where control transfers at the point in time title and risk of loss pass to the customer. The Company continues to evaluate the impact of the standard update on its consolidated financial statements and related disclosures, and additional differences may be identified as new or amended contracts with customers that will impact future periods are executed. The Company expects that its disclosure in the notes to the consolidated financial statements related to revenue recognition will be expanded in the first quarter of 2018 in line with the requirements of the standard to further describe the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients that the Company may elect to apply. The provisions of ASU No. 2016-02 are effective for the Company’s fiscal year beginning January 1, 2019, including interim periods within that fiscal year. At adoption, the Company will recognize a right-of-use asset and a lease liability initially measured at the present value of its operating lease payments. The Company is currently evaluating the impacts of adopting this guidance on its financial position, results of operations, and cash flows. In August 2016, the FASB issued various updates to ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Recently Adopted Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting |
Restructuring and Asset-Relat38
Restructuring and Asset-Related Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program | The following table sets forth the components of the Company’s restructuring and asset-related charges, net for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Restructuring-related charges: Employee separation charges $ 23 $ 4 $ 137 Decommissioning and other charges, net 33 47 18 Asset-related charges - restructuring — — 133 Total restructuring-related charges, net 56 51 288 Asset-related charges - impairment (1) 1 119 45 Total restructuring and asset-related charges, net $ 57 $ 170 $ 333 (1) Impairment charges for the year ended December 31, 2016 include $13 and $58 in pre-tax impairment charges related to the sales of the Company’s corporate headquarters building located in Wilmington, Delaware and its Sulfur business, respectively, and $48 in pre-tax impairment charges related to the Company’s aniline facility in Pascagoula, Mississippi. Impairment charges for the year ended December 31, 2015 include $45 in pre-tax impairment charges related to the Company’s Reactive Metals Solutions (RMS) manufacturing facility in Niagara Falls, New York. |
Schedule of Restructuring Charges | The impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Plant and product line closures (1) : Titanium Technologies $ 4 $ 30 $ 140 Fluoroproducts 3 7 24 Chemical Solutions 17 8 12 Total plant and product line closures 24 45 176 2015 Global Restructuring Program (2) : Titanium Technologies — 2 33 Fluoroproducts — 4 54 Chemical Solutions — — 25 Total 2015 Global Restructuring Program — 6 112 2017 Restructuring Program 32 — — Total restructuring-related charges, net $ 56 $ 51 $ 288 (1) Includes charges related to employee separation, decommissioning and dismantling costs, and asset-related charges in connection with the restructuring activities. (2) Includes $24 related to corporate support functions that were allocated to the segments for the year ended December 31, 2015. 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, 2017, 2016, and 2015. Titanium Technologies Site Closures Fluoroproducts Lines Shutdown Chemical Solutions Site Closures 2015 Global Restructuring Program 2017 Restructuring Program Total Balance at December 31, 2015 $ 11 $ 2 $ 12 $ 73 $ — $ 98 Charges (credits) to income (1) — — (2 ) 6 — 4 Payments (7 ) (1 ) (1 ) (59 ) — (68 ) Currency translation and other adjustments (2) — — (1 ) 1 — — Balance at December 31, 2016 4 1 8 21 — 34 Charges to income — — — 1 23 24 Payments (3 ) (1 ) (6 ) (21 ) — (31 ) Currency translation and other adjustments (2) — — — — — — Balance at December 31, 2017 $ 1 $ — $ 2 $ 1 $ 23 $ 27 (1) Due to the unexpected resignations of certain employees at the Company’s RMS manufacturing facility during 2016, $2 of employee separation charges were reversed to income during the year ended December 31, 2016. (2) Amounts include net currency translation adjustments of $1 or less for the periods presented and/or immaterial rounding differences. |
Sales of Assets and Businesses
Sales of Assets and Businesses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Major Components of Assets and Liabilities Disposed | The aggregate amounts and major components of the assets and liabilities disposed of in connection with the portfolio optimization activities for Chemours’ Chemical Solutions segment during the year ended December 31, 2016 are set forth in the following table. Chemical Solutions Portfolio Optimization Current assets: Accounts receivable - trade $ 22 Inventories 17 Total current assets 39 Non-current assets: Property, plant, and equipment, net 298 Goodwill 17 Other assets 136 Less: Impairment loss (58 ) Total non-current assets, net 393 Total assets 432 Accounts payable and accrued liabilities 17 Total liabilities 17 Total net assets disposed $ 415 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income And Expenses [Abstract] | |
Components of Other Income | The following table sets forth the components of the Company’s other income, net for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Leasing, contract services, and miscellaneous income $ 30 $ 35 $ 25 Royalty income (1) 24 15 19 Gain (loss) on sale of assets and businesses (2) 22 254 (9 ) Exchange gains (losses), net (3) 3 (57 ) 19 Total other income, net $ 79 $ 247 $ 54 (1) Royalty income is primarily from technology and trademark licensing. (2) For the year ended December 31, 2017, gain on sale includes a gain of $13 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and a $12 gain associated with the sale of the Company’s Edge Moor, Delaware plant site, net of certain losses on other disposals. For the year ended December 31, 2016, gain on sale includes gains of $169 and $89 associated with the sales of the Company’s C&D business and its aniline facility in Beaumont, Texas, respectively. (3) Exchange gains (losses), net includes gains and losses on foreign currency forward contracts. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Current tax expense: U.S. federal (1) $ (8 ) $ — $ 37 U.S. state and local (1) 1 — 1 International 89 93 62 Total current tax expense 82 93 100 Deferred tax expense (benefit): U.S. federal 60 (101 ) (187 ) U.S. state and local 6 (17 ) (14 ) International 17 7 3 Total deferred tax expense (benefit) 83 (111 ) (198 ) Total provision for (benefit from) income taxes $ 165 $ (18 ) $ (98 ) (1) Amounts for the year ended December 31, 2015 were recorded pursuant to the Separation-related tax matters agreement. |
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, 2017 and 2016. December 31, 2017 2016 Deferred tax assets: Environmental and other reserves $ 89 $ 150 Litigation reserves 14 149 Stock-based compensation and accrued employee benefits 26 35 Other assets and other accrued liabilities 8 27 Tax loss carryforwards 27 45 Foreign tax credit carryforwards 17 50 Total deferred tax assets 181 456 Less: Valuation allowance (17 ) (50 ) Total deferred tax assets, net 164 406 Deferred tax liabilities: Pension and other liabilities (55 ) (16 ) Property, plant, and equipment (274 ) (441 ) Inventories and other assets (4 ) (40 ) Total deferred tax liabilities (333 ) (497 ) Deferred tax liability, net $ (169 ) $ (91 ) |
Schedule of Effective Income Tax Rate | The following table sets forth an analysis of the Company’s effective tax rate for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 $ % $ % $ % Statutory U.S. federal income tax rate $ 319 35.0 % $ (4 ) 35.0 % $ (66 ) 35.0 % State income taxes, net of federal benefit (1) 7 0.7 % (16 ) 150.4 % (10 ) 5.1 % Lower effective tax rate on international operations, net (149 ) (16.3 )% (61 ) 552.5 % (23 ) 12.0 % Depletion (8 ) (0.9 )% (6 ) 51.2 % (6 ) 3.4 % Goodwill — — % 5 (47.9 )% 6 (3.2 )% Exchange losses (gains) 5 0.6 % 4 (39.1 )% (1 ) 0.5 % Provision to return and other adjustments 6 0.6 % 6 (57.9 )% — — % Permanent items 9 1.0 % 3 (27.3 )% 1 (0.5 )% Valuation allowance (2) (33 ) (3.6 )% 50 (451.6 )% — — % Net impact of U.S. tax reform 39 4.3 % — (— )% — — % Stock-based compensation (1) (20 ) (2.2 )% — (— )% — — % Other, net (10 ) (1.2 )% 1 (1.7 )% 1 (0.2 )% Total effective tax rate $ 165 18.1 % $ (18 ) 163.6 % $ (98 ) 52.1 % (1) Total windfall benefits on stock-based compensation amounted to $22 for the year ended December 31, 2017, which is inclusive of $20 in federal income tax benefit and $2 in state income tax benefit. (2) Release of the valuation allowance during 2015 was related to a tax loss carryforward incurred prior to July 1, 2015 that is attributable to DuPont’s tax periods pursuant to the tax matters agreement and did not impact the effective tax rate as the adjustment was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. |
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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 U.S. operations (including exports) $ (306 ) $ (481 ) $ (492 ) International operations 1,218 470 304 Total income (loss) before income taxes $ 912 $ (11 ) $ (188 ) |
Schedule of open tax years by significant jurisdiction | 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 2011 through 2017 Mexico 2012 through 2017 Netherlands 2014 through 2017 Taiwan 2014 through 2017 U.S. 2015 through 2017 |
Schedule of Unrecognized Tax Benefits | The following table sets forth the change in the Company’s unrecognized tax benefit for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Balance at January 1, $ 6 $ 7 $ 39 Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period (6 ) (1 ) — Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period — — — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (1) — — (32 ) Balance at December 31, $ — $ 6 $ 7 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ — $ — $ — Total amount of interest and penalties recognized in the consolidated statements of operations (1) — — 1 Total amount of interest and penalties recognized in the consolidated balance sheets — — — (1) Reduction to the unrecognized tax benefits represents DuPont’s responsibilities for uncertain income tax positions recorded prior to July 1, 2015 pursuant to the tax matters agreement. The reduction was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. |
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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Balance at January 1, $ 50 $ — $ 36 Net charges to income tax expense — 50 — Release of valuation allowance (1) (33 ) — (36 ) Balance at December 31, $ 17 $ 50 $ — (1) The valuation allowance released during 2015 was related to tax loss carryforwards incurred prior to July 1, 2015, which were attributable to DuPont’s tax periods pursuant to the tax matters agreement. The adjustment was recorded in DuPont’s net investment in the consolidated statements of stockholders’ equity for the year ended December 31, 2015. |
Earnings Per Share of Common 42
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to Chemours $ 746 $ 7 $ (90 ) Denominator: Weighted-average number of common shares outstanding - basic 184,844,106 181,621,422 180,993,623 Dilutive effect of the Company’s employee compensation plans 6,139,885 1,795,078 — Weighted-average number of common shares outstanding - diluted 190,983,991 183,416,500 180,993,623 |
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, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Average number of stock options 43,072 5,820,499 8,358,894 |
Accounts and Notes Receivable43
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 2016 Accounts receivable - trade, net (1) $ 847 $ 742 VAT, GST, and other taxes (2) 54 46 Other receivables (3) 18 19 Total accounts and notes receivable, net $ 919 $ 807 (1) Accounts receivable - trade, net includes trade notes receivable and is net of allowances for doubtful accounts of $5 at December 31, 2017 and 2016. 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 notes receivable, advances, and other deposits. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Net [Abstract] | |
Schedule of Inventories | December 31, 2017 2016 Finished products $ 648 $ 532 Semi-finished products 164 150 Raw materials, stores, and supplies 313 285 Inventories before LIFO adjustment 1,125 967 Adjustment of inventories to LIFO basis (190 ) (200 ) Total inventories $ 935 $ 767 |
Property, Plant, and Equipmen45
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 2016 Equipment $ 6,961 $ 6,748 Buildings 875 814 Construction-in-progress 520 293 Land 119 106 Mineral rights 36 36 Property, plant, and equipment 8,511 7,997 Less: Accumulated depreciation (5,503 ) (5,213 ) Total property, plant, and equipment, net $ 3,008 $ 2,784 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 reportable segment for the years ended December 31, 2017 and 2016. Titanium Technologies Fluoroproducts Chemical Solutions Total Balance at January 1, 2016 $ 13 $ 85 $ 68 $ 166 Sale of business (1) — — (13 ) (13 ) Balance at December 31, 2016 13 85 55 153 Balance at December 31, 2017 $ 13 $ 85 $ 55 $ 153 (1) Represents goodwill disposed of in connection with the sale of the Company’s C&D business. |
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, 2017 and 2016. December 31, 2017 December 31, 2016 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (7 ) $ 2 Patents 19 (18 ) 1 19 (18 ) 1 Purchased trademarks 5 (2 ) 3 5 (2 ) 3 Purchased and licensed technology 3 (2 ) 1 3 (2 ) 1 Other (1) 10 (3 ) 7 10 — 10 Total other intangible assets, net $ 46 $ (33 ) $ 13 $ 46 $ (29 ) $ 17 (1) Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 2016 Capitalized repair and maintenance costs $ 117 $ 145 Pension assets (1) 260 159 Deferred income taxes 40 41 Asset held for sale (2) — 29 Miscellaneous (3) 36 43 Total other assets $ 453 $ 417 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. (2) Asset held for sale at December 31, 2016 represents the Company’s corporate headquarters building located in Wilmington, Delaware, which was sold in 2017. (3) Miscellaneous includes deferred financing fees related to the Company’s senior secured revolving credit facility of $9 and $13 at December 31, 2017 and 2016, respectively. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable | The following table sets forth the components of the Company’s accounts payable at December 31, 2017 and 2016. December 31, 2017 2016 Trade payables $ 1,008 $ 858 Dividends payable (1) 31 — VAT and other payables 36 26 Total accounts payable $ 1,075 $ 884 (1) Represents a $0.17 per share dividend declared in December 2017, which will be paid on March 15, 2018 to the Company’s shareholders of record as of the close of business on February 15, 2018. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. December 31, 2017 2016 Compensation and other employee-related costs $ 174 $ 154 Employee separation costs (1) 27 31 Accrued litigation (2) 13 344 Environmental remediation (3) 66 71 Income taxes 58 39 Customer rebates 83 53 Deferred revenue (4) 8 76 Accrued interest 24 21 Miscellaneous (5) 105 83 Total other accrued liabilities $ 558 $ 872 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities. (2) Accrued litigation includes a $335 litigation accrual related to Company’s PFOA MDL Settlement at December 31, 2016, which is discussed further in Note 20. The Company made payments of $15 and $320 during the second and third quarters of 2017 for a full release of all claims by the settling plaintiffs. (3) Represents the current portion of accrued environmental remediation, which is discussed further in Note 20. (4) Deferred revenue includes a $58 prepayment from DuPont for specified goods and services at December 31, 2016, which were fulfilled and/or delivered during 2017. (5) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, the current portion of the Company’s asset retirement obligations, and other miscellaneous expenses. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Total Debt | The following table sets forth the components of the Company’s total debt at December 31, 2017 and 2016. December 31, 2017 2016 Senior secured term loans: Tranche B term loan due May 2022 $ — $ 1,372 Tranche B-1 Dollar Term Loan due May 2022 923 — Tranche B-1 Euro Term Loan due May 2022 (€394 at December 31, 2017) 469 — Senior unsecured notes: 6.625% due May 2023 1,158 1,158 7.000% due May 2025 750 750 6.125% due May 2023 (€295 at December 31, 2017 and 2016) 350 308 5.375% due May 2027 500 — Capital lease obligations 3 3 Build-to-suit lease obligation 8 — Total debt 4,161 3,591 Less: Unamortized issue discounts (8 ) (5 ) Less: Unamortized debt issuance costs (41 ) (42 ) Less: Current maturities of long-term debt (15 ) (15 ) Total long-term debt, net $ 4,097 $ 3,529 |
Schedule of Repurchases of Debt | During the year ended December 31, 2016, the Company repurchased or repaid portions of its Prior Term Loan, 2023 Notes, and Euro Notes with the aggregate principal and cash payment amounts set forth in the following table. Year Ended December 31, 2016 Aggregate Principal Cash Payments Prior Term Loan (1) $ 105 $ 104 2023 Notes 192 182 Euro Notes 73 68 $ 370 $ 354 (1) The Prior Term Loan’s aggregate principal amounts exclude the required quarterly installment repayments, which are equivalent to $15 per year. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at December 31, 2017 and 2016. December 31, 2017 2016 Environmental remediation (1) $ 187 $ 208 Employee-related costs (2) 123 113 Employee separation costs — 3 Accrued litigation (1) 48 53 Asset retirement obligations (1) 43 41 Deferred revenue 6 5 Miscellaneous (3) 68 101 Total other liabilities $ 475 $ 524 (1) The Company’s accrued environmental remediation, accrued litigation, and asset retirement obligations liabilities are discussed further in Note 20. (2) Employee-related costs primarily represent liabilities associated with the Company’s long-term employee benefits plans. (3) Miscellaneous primarily includes an accrued indemnification liability of $52 and $78 at December 31, 2017 and 2016, respectively. |
Commitments and Contingent Li52
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. Year Ended December 31, 2017 2016 Balance at January 1, $ 43 $ 42 Accretion expense 6 2 Settlements and payments (1 ) (1 ) Balance at December 31, $ 48 $ 43 Current portion $ 5 $ 2 Non-current portion 43 41 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The following table sets forth the fair value of Chemours’ derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2017 and 2016. Fair Value Using Level 2 Inputs December 31, Balance Sheet Location 2017 2016 Asset derivatives: Foreign currency forward contracts Accounts and notes receivable - trade, net $ — $ 2 Total asset derivatives $ — $ 2 Liability derivatives: Foreign currency forward contracts Other accrued liabilities $ — $ 4 Total liability derivatives $ — $ 4 |
Schedule of Derivative Liabilities at Fair Value | The following table sets forth the fair value of Chemours’ derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2017 and 2016. Fair Value Using Level 2 Inputs December 31, Balance Sheet Location 2017 2016 Asset derivatives: Foreign currency forward contracts Accounts and notes receivable - trade, net $ — $ 2 Total asset derivatives $ — $ 2 Liability derivatives: Foreign currency forward contracts Other accrued liabilities $ — $ 4 Total liability derivatives $ — $ 4 |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule of Multiemployer Plans | The following table sets forth the multi-employer pension expense allocated by DuPont to Chemours for the plans in which Chemours participated prior to the Separation. The allocation of cost was based on active employee headcount and is included in the consolidated statements of operations. These amounts do not represent cash payments to DuPont or DuPont’s plans. EIN / Pension Year Ended December 31, Plan Name Number 2017 2016 2015 DuPont Pension and Retirement Plan (U.S.) 51-0014090/001 $ — $ — $ 48 All other U.S. and non-U.S. Plans — — 5 |
Schedules of Net Periodic Pension Income | The following table sets forth the Company’s net periodic pension income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Net periodic pension cost (income): Service cost $ 16 $ 14 $ 16 Interest cost 16 19 19 Expected return on plan assets (75 ) (63 ) (83 ) Amortization of actuarial loss 22 23 16 Amortization of prior service (credit) cost (2 ) (1 ) 4 Curtailment gain — (2 ) — Settlement loss 1 5 — Net periodic pension income (22 ) (5 ) (28 ) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (24 ) 17 11 Amortization of actuarial loss (24 ) (28 ) (16 ) Prior service credit — — (24 ) Amortization of prior service credit (cost) 2 3 (4 ) Effect of foreign exchange rates 38 (15 ) (33 ) Benefit recognized in other comprehensive income (loss) (8 ) (23 ) (66 ) Total net periodic pension income and benefit recognized in other comprehensive income (loss) $ (30 ) $ (28 ) $ (94 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Net loss $ 329 $ 336 $ 363 Prior service credit (11 ) (11 ) (16 ) Total amount recognized in accumulated other comprehensive loss $ 318 $ 325 $ 347 |
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, 2017 and 2016. December 31, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,105 $ 1,103 Service cost 16 14 Interest cost 16 19 Plan participants’ contributions 2 2 Actuarial (gain) loss (39 ) 69 Benefits paid (53 ) (36 ) Plan Amendments (1 ) — Curtailments — (3 ) Settlements and transfers (3 ) (12 ) Other events (4 ) (2 ) Currency translation 138 (49 ) Benefit obligation at end of year 1,177 1,105 Change in plan assets: Fair value of plan assets at beginning of year 1,169 1,137 Actual return on plan assets 60 113 Employer contributions 38 16 Plan participants’ contributions 2 2 Benefits paid (53 ) (36 ) Settlements and transfers (3 ) (12 ) Other events (3 ) — Currency translation 153 (51 ) Fair value of plan assets at end of year 1,363 1,169 Total funded status at end of year $ 186 $ 64 |
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, 2017 and 2016. December 31, 2017 2016 Non-current assets $ 258 $ 159 Current liabilities (1 ) (1 ) Non-current liabilities (71 ) (94 ) Total net amount recognized $ 186 $ 64 |
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, 2017 and 2016. December 31, Pension plans with projected benefit obligation in excess of plan assets 2017 2016 Projected benefit obligation $ 178 $ 183 Accumulated benefit obligation 149 152 Fair value of plan assets 106 87 |
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, 2017 and 2016. December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2017 2016 Projected benefit obligation $ 178 $ 179 Accumulated benefit obligation 149 151 Fair value of plan assets 106 84 |
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, 2017 and 2016. December 31, Weighted average assumptions used to determine benefit obligations 2017 2016 Discount rate 1.9 % 1.8 % Rate of compensation increase (1) 2.5 % 2.5 % (1) The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours. December 31, Weighted average assumptions used to determine net benefit cost 2017 2016 Discount rate 1.8 % 2.4 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 5.7 % 5.7 % (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, 2017 and 2016. December 31, 2017 2016 Cash and cash equivalents 4.8 % 2.5 % U.S. and non-U.S. equity securities 42.6 % 41.6 % Fixed income securities 52.6 % 55.9 % Total weighted-average target allocation 100.0 % 100.0 % The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2017 and 2016. Fair Value Measurements at December 31, 2017 Total Level 1 Level 2 Asset category: Debt - government issued $ 505 $ 1 $ 504 Debt - corporate issued 144 24 120 Debt - asset backed 40 — 40 U.S. and non-U.S. equities 581 295 286 Derivatives - asset position 8 2 6 Derivatives - liability position (1 ) — (1 ) Cash and cash equivalents 65 65 — Other 14 11 3 Total pension assets before pension receivables 1,356 $ 398 $ 958 Pension trust receivables, net (1) 7 Total pension assets $ 1,363 (1) Receivables are primarily for investment income earned but not yet received. Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Asset category: Debt - government issued $ 433 $ 8 $ 425 Debt - corporate issued 142 76 66 Debt - asset backed 42 25 17 U.S. and non-U.S. equities 502 28 474 Derivatives - asset position 3 — 3 Derivatives - liability position (32 ) — (32 ) Cash and cash equivalents 77 77 — Other 7 — 7 Total pension assets before pension payables 1,174 $ 214 $ 960 Pension trust payables, net (1) (5 ) Total pension assets $ 1,169 (1) Payables are primarily for investment securities purchased. |
Schedule of Expected Benefit Payments | The following table sets forth the benefit payments that are expected to be paid by the Company over the next five years and the five years thereafter as of December 31, 2017. 2018 $ 45 2019 47 2020 48 2021 47 2022 48 2023 to 2027 262 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions of Stock Options | The following table sets forth the weighted-average assumptions used to determine expense related to stock option awards granted during the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Risk-free interest rate 2.14 % 1.46 % 1.50 % Expected term (years) 6.00 6.00 5.40 Volatility 44.49 % 60.00 % 42.00 % Dividend yield 0.35 % 2.14 % 6.90 % Fair value per stock option $ 15.21 $ 3.41 $ 3.17 |
Schedule of Stock Options Activity | The following table sets forth Chemours’ stock option activity for the year ended December 31, 2017. Number of Shares (in thousands) Weighted-average Exercise Price (per share) Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2016 7,969 $ 13.72 5.08 $ 66,668 Granted 878 34.84 Exercised (2,173 ) 14.36 Forfeited (47 ) 20.55 Expired (30 ) 12.29 Outstanding, December 31, 2017 6,597 $ 15.72 5.11 $ 226,524 Exercisable, December 31, 2017 3,599 $ 14.00 3.46 $ 129,800 |
Schedule of Restricted Stock Units Activity | Non-vested awards of RSUs primarily include awards without a performance condition, as well as a small subset of awards for which specific levels of cost savings and revenue enhancements must be achieved for vesting to occur. The following table sets forth non-vested RSUs, both with and without a performance condition, at December 31, 2017. Number of Shares (in thousands) Weighted-average Grant Date Fair Value (per share) Non-vested, December 31, 2016 2,316 $ 11.23 Granted 214 36.68 Vested (1,316 ) 11.46 Forfeited (49 ) 14.27 Non-vested, December 31, 2017 1,165 $ 15.34 |
Schedule of Performance Share Units Activity | The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2017. Number of Shares (in thousands) Weighted-average Grant Date Fair Value (per share) Non-vested, December 31, 2016 803 $ 6.10 Granted 211 40.30 Vested — — Forfeited (27 ) 16.62 Non-vested, December 31, 2017 987 $ 12.94 |
Geographic and Segment Inform56
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segments Geographical Areas [Abstract] | |
Schedule of Net Sales and Net Property, Plant and Equipment by Geographical Area | Year Ended December 31, 2017 2016 2015 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 $ 2,255 $ 2,018 $ 2,288 $ 1,861 $ 2,570 $ 2,184 Asia Pacific 1,593 131 1,315 129 1,393 136 Europe, the Middle East, and Africa 1,506 302 1,081 278 977 308 Latin America (2) 829 557 716 516 777 549 Total net sales and property, plant, and equipment, net $ 6,183 $ 3,008 $ 5,400 $ 2,784 $ 5,717 $ 3,177 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Schedule of Segment Information | The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, Titanium Technologies Fluoroproducts Chemical Solutions Corporate and Other Total 2017 Net sales to external customers $ 2,958 $ 2,654 $ 571 $ — $ 6,183 Adjusted EBITDA 862 669 57 (166 ) 1,422 Depreciation and amortization 118 109 18 28 273 Equity in earnings of affiliates — 33 — — 33 Net assets 1,785 1,842 460 (3,222 ) 865 Investments in affiliates — 173 — — 173 Purchases of property, plant, and equipment 65 249 65 32 411 2016 Net sales to external customers $ 2,364 $ 2,264 $ 772 $ — $ 5,400 Adjusted EBITDA 466 445 39 (128 ) 822 Depreciation and amortization 119 101 30 34 284 Equity in earnings of affiliates — 26 — 3 29 Net assets 1,513 1,400 292 (3,101 ) 104 Investments in affiliates — 116 — 20 136 Purchases of property, plant, and equipment 105 120 104 9 338 2015 Net sales to external customers $ 2,392 $ 2,230 $ 1,095 $ — $ 5,717 Adjusted EBITDA 326 300 29 (82 ) 573 Depreciation and amortization 125 88 52 2 267 Equity in earnings of affiliates — 21 — 1 22 Net assets 1,659 1,567 839 (3,935 ) 130 Investments in affiliates — 127 — 9 136 Purchases of property, plant, and equipment 255 142 117 5 519 |
Reconciliation of EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes | The following table sets forth a reconciliation of Adjusted EBITDA to the Company’s consolidated net income (loss) before income taxes for the years ended December 31, 2017, 2016, and 2015. Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes $ 912 $ (11 ) $ (188 ) Interest expense, net 215 213 132 Depreciation and amortization 273 284 267 Non-operating pension and other post-retirement employee benefit income (34 ) (20 ) (3 ) Exchange (gains) losses (3 ) 57 (19 ) Restructuring charges 57 51 285 Asset-related charges (1) 3 124 73 (Gain) loss on sale of assets and businesses (2) (22 ) (254 ) 9 Transaction costs (3) 3 19 9 Legal and other charges (4) 18 359 8 Adjusted EBITDA $ 1,422 $ 822 $ 573 (1) The year ended December 31, 2016 includes pre-tax impairment charges of $13 and $58 associated with the sales of the Company’s corporate headquarters building located in Wilmington, Delaware and Sulfur business, respectively, and $48 in pre-tax impairment charges associated with the Company’s aniline facility in Pascagoula, Mississippi, as well as certain other asset write-offs. The year ended December 31, 2015 includes pre-tax impairment charges of $45 associated with the Company’s RMS facility in Niagara Falls, New York, and $25 of goodwill impairment charges associated with its Sulfur business. (2) The year ended December 31, 2017 includes gains of $13 and $12 associated with the sale of the Company’s land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, and for the sale of its Edge Moor, Delaware plant site, respectively, net of certain losses on other disposals. The year ended December 31, 2016 includes gains of $169 and $89 associated with the sales of the Company’s C&D business and its aniline facility in Beaumont, Texas, respectively. (3) Includes accounting, legal, and bankers’ transaction fees incurred related to the Company’s strategic initiatives, which includes pre-sale transaction costs incurred in connection with the sales of the C&D and Sulfur businesses during 2016. (4) Includes litigation settlements, water treatment accruals, lease termination charges, and other expenses. The year ended December 31, 2016 includes $335 in litigation accruals associated with the PFOA MDL Settlement. |
Schedule of Net Sales to External Customers by Product Group | The Company’s net sales to external customers by product group for the years ended December 31, 2017, 2016, and 2015 are set forth in the following table. Year Ended December 31, 2017 2016 2015 Titanium dioxide $ 2,958 $ 2,364 $ 2,392 Fluorochemicals 1,378 1,093 984 Fluoropolymers 1,276 1,171 1,246 Mining solutions 261 262 301 Performance chemicals and intermediates 306 298 363 Divested business (1) 4 212 431 Total net sales to external customers $ 6,183 $ 5,400 $ 5,717 (1) Inclusive of the Company’s C&D and Sulfur businesses, as well as its aniline facility in Beaumont, Texas, which were all sold in 2016. |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The following table sets forth the components of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2017, 2016, and 2015. Currency Translation Adjustment Net Investment Hedge Employee Benefits Total Balance at January 1, 2015 $ 19 $ — $ — $ 19 Assumption and establishment of pension plans, net — — (311 ) (311 ) Other comprehensive (loss) income (304 ) 8 52 (244 ) Balance at December 31, 2015 (285 ) 8 (259 ) (536 ) Other comprehensive (loss) income (73 ) 14 18 (41 ) Balance at December 31, 2016 (358 ) 22 (241 ) (577 ) Other comprehensive income (loss) 200 (62 ) (3 ) 135 Balance at December 31, 2017 $ (158 ) $ (40 ) $ (244 ) $ (442 ) |
Quarterly Financial Data (Una58
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table sets forth a summary of the Company’s quarterly results of operations for the years ended December 31, 2017 and 2016. For the Three Months Ended 2017 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,437 $ 1,588 $ 1,584 $ 1,575 $ 6,183 Cost of goods sold 1,079 1,147 1,117 1,087 4,429 Income before income taxes 173 225 250 264 912 Net income 151 161 207 228 747 Net income attributable to Chemours 150 161 207 228 746 Basic earnings per share of common stock 0.82 0.87 1.12 1.23 4.04 Diluted earnings per share of common stock 0.79 0.84 1.08 1.19 3.91 For the Three Months Ended 2016 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,297 $ 1,383 $ 1,398 $ 1,322 $ 5,400 Cost of goods sold 1,095 1,116 1,056 1,024 4,290 Income (loss) before income taxes 70 (41 ) 234 (273 ) (11 ) Net income (loss) 51 (18 ) 204 (230 ) 7 Net income (loss) attributable to Chemours 51 (18 ) 204 (230 ) 7 Basic earnings (loss) per share of common stock 0.28 (0.10 ) 1.12 (1.26 ) 0.04 Diluted earnings (loss) per share of common stock 0.28 (0.10 ) 1.11 (1.26 ) 0.04 (1) Individual quarters may not sum to full year amounts due to rounding. |
Guarantor Condensed Consolida59
Guarantor Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,887 $ 4,030 $ (1,734 ) $ 6,183 Cost of goods sold — 3,084 3,036 (1,691 ) 4,429 Gross profit — 803 994 (43 ) 1,754 Selling, general, and administrative expense 36 449 155 (38 ) 602 Research and development expense — 74 6 — 80 Restructuring and asset-related charges, net — 56 1 — 57 Total expenses 36 579 162 (38 ) 739 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (221 ) 3 3 — (215 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (55 ) (34 ) 79 Income before income taxes 685 366 749 (888 ) 912 (Benefit from) provision for income taxes (62 ) 117 114 (4 ) 165 Net income 747 249 635 (884 ) 747 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 747 $ 249 $ 634 $ (884 ) $ 746 Comprehensive income attributable to Chemours $ 881 $ 253 $ 828 $ (1,081 ) $ 881 Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,749 $ 3,222 $ (1,571 ) $ 5,400 Cost of goods sold — 3,218 2,615 (1,543 ) 4,290 Gross profit — 531 607 (28 ) 1,110 Selling, general, and administrative expense 21 794 139 (20 ) 934 Research and development expense — 77 3 — 80 Restructuring and asset-related charges, net — 168 2 — 170 Total expenses 21 1,039 144 (20 ) 1,184 Equity in earnings of affiliates — 4 25 — 29 Equity in earnings of subsidiaries 100 — — (100 ) — Interest (expense) income, net (211 ) (3 ) 1 — (213 ) Intercompany interest income (expense), net 60 4 (64 ) — — Other income, net 20 193 54 (20 ) 247 (Loss) income before income taxes (52 ) (310 ) 479 (128 ) (11 ) (Benefit from) provision for income taxes (59 ) (52 ) 100 (7 ) (18 ) Net income (loss) 7 (258 ) 379 (121 ) 7 Less: Net income attributable to non-controlling interests — — — — — Net income (loss) attributable to Chemours $ 7 $ (258 ) $ 379 $ (121 ) $ 7 Comprehensive (loss) income attributable to Chemours $ (34 ) $ (255 ) $ 321 $ (66 ) $ (34 ) Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 4,044 $ 3,269 $ (1,596 ) $ 5,717 Cost of goods sold — 3,708 2,650 (1,596 ) 4,762 Gross profit — 336 619 — 955 Selling, general, and administrative expense 15 426 204 (13 ) 632 Research and development expense — 95 2 — 97 Restructuring and asset-related charges, net — 295 38 — 333 Goodwill impairment — 25 — — 25 Total expenses 15 841 244 (13 ) 1,087 Equity in earnings of affiliates — 1 21 — 22 Equity in earnings of subsidiaries (47 ) — — 47 — Interest expense, net (131 ) (1 ) — — (132 ) Intercompany interest income (expense), net 44 — (44 ) — — Other income (expense), net 13 92 (31 ) (20 ) 54 (Loss) income before income taxes (136 ) (413 ) 321 40 (188 ) (Benefit from) provision for income taxes (46 ) (89 ) 40 (3 ) (98 ) Net (loss) income (90 ) (324 ) 281 43 (90 ) Less: Net income attributable to non-controlling interests — — — — — Net (loss) income attributable to Chemours $ (90 ) $ (324 ) $ 281 $ 43 $ (90 ) Comprehensive (loss) income attributable to Chemours $ (334 ) $ (324 ) $ 29 $ 295 $ (334 ) |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 761 $ 795 $ — $ 1,556 Accounts and notes receivable, net — 308 611 — 919 Intercompany receivable 3 904 581 (1,488 ) — Inventories — 394 631 (90 ) 935 Prepaid expenses and other — 57 15 11 83 Total current assets 3 2,424 2,633 (1,567 ) 3,493 Property, plant, and equipment — 6,449 2,062 — 8,511 Less: Accumulated depreciation — (4,438 ) (1,065 ) — (5,503 ) Property, plant, and equipment, net — 2,011 997 — 3,008 Goodwill and other intangible assets, net — 152 14 — 166 Investments in affiliates — — 173 — 173 Investment in subsidiaries 4,393 — — (4,393 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 23 115 328 (13 ) 453 Total assets $ 5,569 $ 4,702 $ 4,145 $ (7,123 ) $ 7,293 Liabilities Current liabilities: Accounts payable $ 31 $ 606 $ 438 $ — $ 1,075 Current maturities of long-term debt 15 — — — 15 Intercompany payable 542 581 365 (1,488 ) — Other accrued liabilities 34 343 181 — 558 Total current liabilities 622 1,530 984 (1,488 ) 1,648 Long-term debt, net 4,087 10 — — 4,097 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes — 127 105 (24 ) 208 Other liabilities — 388 87 — 475 Total liabilities 4,709 2,055 2,326 (2,662 ) 6,428 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 860 2,647 1,814 (4,461 ) 860 Non-controlling interests — — 5 — 5 Total equity 860 2,647 1,819 (4,461 ) 865 Total liabilities and equity $ 5,569 $ 4,702 $ 4,145 $ (7,123 ) $ 7,293 Condensed Consolidating Balance Sheets Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 224 $ 678 $ — $ 902 Accounts and notes receivable, net — 299 508 — 807 Intercompany receivable 3 1,050 46 (1,099 ) — Inventories — 341 476 (50 ) 767 Prepaid expenses and other — 38 32 7 77 Total current assets 3 1,952 1,740 (1,142 ) 2,553 Property, plant, and equipment — 6,136 1,861 — 7,997 Less: Accumulated depreciation — (4,285 ) (928 ) — (5,213 ) Property, plant, and equipment, net — 1,851 933 — 2,784 Goodwill and other intangible assets, net — 156 14 — 170 Investments in affiliates — — 136 — 136 Investment in subsidiaries 3,258 — — (3,258 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 13 178 226 — 417 Total assets $ 4,424 $ 4,137 $ 3,049 $ (5,550 ) $ 6,060 Liabilities Current liabilities: Accounts payable $ — $ 573 $ 311 $ — $ 884 Current maturities of long-term debt 15 — — — 15 Intercompany payable 762 46 291 (1,099 ) — Other accrued liabilities 21 718 133 — 872 Total current liabilities 798 1,337 735 (1,099 ) 1,771 Long-term debt, net 3,526 3 — — 3,529 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes — 59 73 — 132 Other liabilities — 428 96 — 524 Total liabilities 4,324 1,827 2,054 (2,249 ) 5,956 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 100 2,310 991 (3,301 ) 100 Non-controlling interests — — 4 — 4 Total equity 100 2,310 995 (3,301 ) 104 Total liabilities and equity $ 4,424 $ 4,137 $ 3,049 $ (5,550 ) $ 6,060 |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (133 ) $ 603 $ 169 $ — $ 639 Cash flows from investing activities Purchases of property, plant, and equipment — (327 ) (84 ) — (411 ) Proceeds from sales of assets and businesses, net — 39 — — 39 Intercompany investing activities — 220 — (220 ) — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (66 ) (84 ) (220 ) (370 ) Cash flows from financing activities Intercompany short-term repayments, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payment of deferred financing fees (6 ) — — — (6 ) Purchases of treasury stock at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Tax payments related to withholdings on vested restricted stock units (12 ) — — — (12 ) Payment of dividends (22 ) — — — (22 ) Cash provided by financing activities 133 — — 220 353 Effect of exchange rate changes on cash and cash equivalents — — 32 — 32 Increase in cash and cash equivalents — 537 117 — 654 Cash and cash equivalents at January 1, — 224 678 — 902 Cash and cash equivalents at December 31, $ — $ 761 $ 795 $ — $ 1,556 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (176 ) $ 355 $ 415 $ — $ 594 Cash flows from investing activities Purchases of property, plant, and equipment — (233 ) (105 ) — (338 ) Proceeds from sales of assets and businesses, net — 591 117 — 708 Intercompany investing activities — (560 ) — 560 — Investments in affiliates — — (1 ) — (1 ) Foreign exchange contract settlements, net — (12 ) — — (12 ) Cash (used for) provided by investing activities — (214 ) 11 560 357 Cash flows from financing activities Intercompany short-term borrowings, net 560 — — (560 ) — Debt repayments (369 ) (12 ) — — (381 ) Payment of deferred financing fees (4 ) — — — (4 ) Proceeds from exercised stock options, net 11 — — — 11 Payment of dividends (22 ) — — — (22 ) Cash provided by (used for) financing activities 176 (12 ) — (560 ) (396 ) Effect of exchange rate changes on cash and cash equivalents — — (19 ) — (19 ) Increase in cash and cash equivalents — 129 407 — 536 Cash and cash equivalents at January 1, — 95 271 — 366 Cash and cash equivalents at December 31, $ — $ 224 $ 678 $ — $ 902 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (119 ) $ 171 $ 121 $ 9 $ 182 Cash flows from investing activities Purchases of property, plant, and equipment — (292 ) (227 ) — (519 ) Proceeds from sales of assets and businesses, net — 6 6 — 12 Intercompany investing activities — (202 ) — 202 — Investments in affiliates — — (32 ) — (32 ) Foreign exchange contract settlements, net — 42 — — 42 Cash used for investing activities — (446 ) (253 ) 202 (497 ) Cash flows from financing activities Intercompany short-term borrowings, net 202 — — (202 ) — Proceeds from issuance of debt, net 3,489 2 — — 3,491 Debt repayments (8 ) (2 ) — — (10 ) Payment of deferred financing fees (79 ) — — — (79 ) Cash provided at Separation by DuPont — 87 160 — 247 Net transfers (to) from DuPont (3,380 ) 283 249 (9 ) (2,857 ) Payment of dividends (105 ) — — — (105 ) Cash provided by financing activities 119 370 409 (211 ) 687 Effect of exchange rate changes on cash and cash equivalents — — (6 ) — (6 ) Increase in cash and cash equivalents — 95 271 — 366 Cash and cash equivalents at January 1, — — — — — Cash and cash equivalents at December 31, $ — $ 95 $ 271 $ — $ 366 |
Background and Description of60
Background and Description of the Business (Narrative) (Details) | Jul. 02, 2015 | Dec. 31, 2017segmentfacility$ / shares | Dec. 31, 2016$ / shares | Jun. 23, 2015$ / shares |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Number of facilities | 26 | |||
Common stock , par value (USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Spin off transaction distribution ratio | 20.00% | |||
Parent Issuer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Common stock , par value (USD per share) | $ / shares | $ 0.30 | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of facilities | 1 | |||
Titanium Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of facilities | 5 | |||
Fluoroproducts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of facilities | 18 | |||
Chemical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of facilities | 2 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Noncash contribution | $ 109 | |
Cumulative translation adjustment | $ 31 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
ASU 2017-07 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reclassification of non-operating pension income from the operating expense captions to other income, net | $ 34 | $ 20 |
ASU 2016-09 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Tax benefits from significant options exercised and RSUs vested | 22 | |
ASU 2016-09 [Member] | Stock Options Exercised and RSUs Vested [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Tax benefits from significant options exercised and RSUs vested | $ 22 | |
Consolidated Subsidiaries [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non controlling interests, ownership percentage by parent | 100.00% | |
Voting stock ownership percentage | 50.00% | |
Consolidated Subsidiaries [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Voting stock ownership percentage | 20.00% |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Equipment and Buildings [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Useful Life | 15 years |
Equipment and Buildings [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Useful Life | 25 years |
Software Development [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Useful Life | 5 years |
Software Development [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Useful Life | 7 years |
Summary of Significant Accoun64
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets and Asset Retirement Obligations (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 5 years |
Useful life of asset retirement obligation | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 20 years |
Useful life of asset retirement obligation | 30 years |
Relationship with DuPont and 65
Relationship with DuPont and Related Entities (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 30 Months Ended | |
Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | |
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 238,000,000 | $ 0 | ||
Affiliated Entity [Member] | Arrangement to Purchase Services and Materials [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of agreement with related party | $ 190,000,000 | |||
Recognition of deferred revenue | $ 190,000,000 | |||
Affiliated Entity [Member] | Cost of Goods Sold [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 23,000,000 | |||
Affiliated Entity [Member] | Selling, General and Administrative Expenses [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 205,000,000 | |||
Affiliated Entity [Member] | R&D Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 10,000,000 | |||
Operating Segments [Member] | Titanium Technologies [Member] | Subsidiary of Common Parent [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 2,000,000 | |||
Operating Segments [Member] | Fluoroproducts [Member] | Subsidiary of Common Parent [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 34,000,000 | |||
Operating Segments [Member] | Chemical Solutions [Member] | Subsidiary of Common Parent [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 21,000,000 |
Research and Development Expe66
Research and Development Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Research and Development [Line Items] | |||
Research and development expense | $ 80 | $ 80 | $ 97 |
Projects Incurred by Chemours [Member] | |||
Research and Development [Line Items] | |||
Research and development expense | $ 80 | $ 80 | 97 |
Corporate Central Research and Development [Member] | |||
Research and Development [Line Items] | |||
Research and development expense | $ 10 |
Restructuring and Asset-Relat67
Restructuring and Asset-Related Charges, Net (Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Employee separation charges | $ 23 | $ 4 | $ 137 | |
Decommissioning and other charges, net | 33 | 47 | 18 | |
Asset-related charges - restructuring | 0 | 0 | 133 | |
Total restructuring-related charges, net | 56 | 51 | 288 | |
Asset-related charges - impairment | 1 | 119 | 45 | |
Total restructuring and asset-related charges, net | $ 57 | 170 | 333 | |
Disposed by Sale [Member] | Sulfur Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | $ 58 | 58 | ||
Chemical Solutions [Member] | Corporate Headquarter Building [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | 13 | |||
Pascagoula, Mississippi [Member] | Aniline Facility [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | $ 48 | |||
Niagara Falls, NY [Member] | Reactive Metals Solutions Plant (RMS) Closure [Member] | Operating Segments [Member] | Chemical Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | $ 45 |
Restructuring and Asset-Relat68
Restructuring and Asset-Related Charges, Net (Segment Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | $ 56 | $ 51 | $ 288 |
2015 Global Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 0 | 6 | 112 |
2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 32 | 0 | 0 |
Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 24 | 45 | 176 |
Operating Segments [Member] | Titanium Technologies [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 140 | ||
Operating Segments [Member] | Titanium Technologies [Member] | 2015 Global Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 0 | 2 | 33 |
Operating Segments [Member] | Titanium Technologies [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 4 | 30 | 140 |
Operating Segments [Member] | Fluoroproducts [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 3 | 7 | 21 |
Operating Segments [Member] | Fluoroproducts [Member] | 2015 Global Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 0 | 4 | 54 |
Operating Segments [Member] | Fluoroproducts [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 3 | 7 | 24 |
Operating Segments [Member] | Chemical Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 8 | ||
Operating Segments [Member] | Chemical Solutions [Member] | 2015 Global Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | 0 | 0 | 25 |
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | $ 17 | $ 8 | 12 |
Corporate, Non-Segment [Member] | 2015 Global Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and asset related charges, net | $ 24 |
Restructuring and Asset-Relat69
Restructuring and Asset-Related Charges, Net (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2017Employee | Nov. 30, 2015position | Aug. 31, 2015production_line | Jun. 30, 2015position | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015USD ($)position | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 56 | $ 51 | $ 288 | ||||||||
2015 Global Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 0 | 6 | 112 | ||||||||
Expected number of positions to be eliminated | position | 430 | ||||||||||
Number of positions eliminated (more than) | position | 430 | ||||||||||
2017 Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 32 | 0 | 0 | ||||||||
2017 Restructuring Program [Member] | Minimum [Member] | Restructuring-Related Charges Expected to be Incurred Though December 31, 2018 [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 20 | ||||||||||
2017 Restructuring Program [Member] | Maximum [Member] | Restructuring-Related Charges Expected to be Incurred Though December 31, 2018 [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 25 | ||||||||||
Operating Segments [Member] | Titanium Technologies [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 140 | ||||||||||
Land sold | $ 10 | ||||||||||
Operating Segments [Member] | Titanium Technologies [Member] | 2015 Global Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 0 | 2 | 33 | ||||||||
Operating Segments [Member] | Fluoroproducts [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 3 | 7 | 21 | ||||||||
Operating Segments [Member] | Fluoroproducts [Member] | 2015 Global Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 0 | 4 | 54 | ||||||||
Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 8 | ||||||||||
Operating Segments [Member] | Chemical Solutions [Member] | 2015 Global Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 0 | 0 | 25 | ||||||||
Employee separation [Member] | 2015 Global Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 48 | 64 | |||||||||
Employee separation [Member] | Operating Segments [Member] | Titanium Technologies [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 11 | ||||||||||
Employee separation [Member] | Operating Segments [Member] | Fluoroproducts [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 2 | ||||||||||
Employee separation [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 12 | ||||||||||
Property, Plant and Equipment Related Charges [Member] | Operating Segments [Member] | Titanium Technologies [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 115 | ||||||||||
Property, Plant and Equipment Related Charges [Member] | Operating Segments [Member] | Fluoroproducts [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 18 | ||||||||||
Decommissioning Costs [Member] | Operating Segments [Member] | Titanium Technologies [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 14 | ||||||||||
Decommissioning Costs [Member] | Operating Segments [Member] | Fluoroproducts [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 1 | ||||||||||
Additional Restructuring Charges [Member] | Operating Segments [Member] | Titanium Technologies [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 4 | 30 | |||||||||
Additional Restructuring Charges [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 17 | ||||||||||
Contract Termination [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 2 | ||||||||||
Decommissioning and Other Related Charges [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | $ 6 | ||||||||||
Corporate Function Efforts [Member] | 2017 Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Employee separation and asset related charges | 14 | ||||||||||
Voluntary Separation Program [Member] | 2017 Restructuring Program [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Expected number of positions to be eliminated | Employee | 300 | ||||||||||
Accrual of termination benefits recognized | $ 18 | ||||||||||
New Johnsonville, Tennessee [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Number of production lines shut down during period | production_line | 1 | ||||||||||
Niagara Falls, NY [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Expected number of positions to be eliminated | position | 200 | ||||||||||
Niagara Falls, NY [Member] | Additional Restructuring Charges [Member] | Operating Segments [Member] | Chemical Solutions [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Additional restructuring charges expected to be incurred in 2018 | $ 4 | $ 4 |
Restructuring and Asset-Relat70
Restructuring and Asset-Related Charges, Net (Restructuring Program Schedule) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | $ 34,000,000 | $ 98,000,000 | |
Charges (credits) to income | 24,000,000 | 4,000,000 | |
Payments | (31,000,000) | (68,000,000) | |
Currency translation and other adjustments | 0 | 0 | |
Restructuring reserve, ending | 27,000,000 | 34,000,000 | $ 98,000,000 |
Employee separation charges | 23,000,000 | 4,000,000 | 137,000,000 |
Maximum [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Currency translation and other adjustments | 1,000,000 | ||
Employee separation [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Employee separation charges | 2,000,000 | ||
Titanium Technologies Site Closure [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | 4,000,000 | 11,000,000 | |
Charges (credits) to income | 0 | 0 | |
Payments | (3,000,000) | (7,000,000) | |
Currency translation and other adjustments | 0 | 0 | |
Restructuring reserve, ending | 1,000,000 | 4,000,000 | 11,000,000 |
Fluoroproducts Lines Shutdown [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | 1,000,000 | 2,000,000 | |
Charges (credits) to income | 0 | 0 | |
Payments | (1,000,000) | (1,000,000) | |
Currency translation and other adjustments | 0 | 0 | |
Restructuring reserve, ending | 0 | 1,000,000 | 2,000,000 |
Chemical Solutions Site Closures [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | 8,000,000 | 12,000,000 | |
Charges (credits) to income | 0 | (2,000,000) | |
Payments | (6,000,000) | (1,000,000) | |
Currency translation and other adjustments | 0 | (1,000,000) | |
Restructuring reserve, ending | 2,000,000 | 8,000,000 | 12,000,000 |
2015 Global Restructuring Program [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | 21,000,000 | 73,000,000 | |
Charges (credits) to income | 1,000,000 | 6,000,000 | |
Payments | (21,000,000) | (59,000,000) | |
Currency translation and other adjustments | 0 | 1,000,000 | |
Restructuring reserve, ending | 1,000,000 | 21,000,000 | 73,000,000 |
2017 Restructuring Program [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning | 0 | 0 | |
Charges (credits) to income | 23,000,000 | 0 | |
Payments | 0 | 0 | |
Currency translation and other adjustments | 0 | 0 | |
Restructuring reserve, ending | $ 23,000,000 | $ 0 | $ 0 |
Sales of Assets and Businesse71
Sales of Assets and Businesses (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | May 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Other assets, impairment charges | $ 13 | ||||||||||
Net proceeds from sale and leaseback transaction | $ 29 | ||||||||||
Sale and leaseback transaction, deferred gain | 2 | ||||||||||
Repayment of senior secured term loans | $ 354 | ||||||||||
Asset related charges | $ 1 | 119 | $ 45 | ||||||||
Other Income, Net [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale of assets | 89 | ||||||||||
Sulfur Business [Member] | Assets Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash proceeds from sale of facility | $ 10 | ||||||||||
Loss on sale | $ 4 | ||||||||||
Sulfur Business [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Purchase price | $ 325 | ||||||||||
Proceeds from sale | 311 | ||||||||||
Net assets disposed | 342 | ||||||||||
Liabilities of assets held-for-sale | $ 11 | ||||||||||
Sulfur Business [Member] | Disposed by Sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Asset related charges | $ 58 | 58 | |||||||||
Clean and Disinfect Product Line [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale of assets | 169 | ||||||||||
Clean and Disinfect Product Line [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Purchase price | $ 230 | ||||||||||
Net assets disposed | 48 | 48 | |||||||||
Liabilities of assets held-for-sale | 6 | 6 | |||||||||
Proceeds from sale | $ 223 | ||||||||||
Cash transferred in sale | $ 2 | ||||||||||
Goodwill | $ 13 | 13 | |||||||||
Transaction and other charges | $ 9 | ||||||||||
Aniline Facility, Beaumont, Texas [Member] | Disposed by Sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash proceeds from sale of facility | $ 140 | ||||||||||
Net assets disposed | 41 | ||||||||||
Goodwill | 4 | ||||||||||
Transaction costs | $ 11 | ||||||||||
Senior secured term loan [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Repayment of senior secured term loans | $ 13 |
Sales of Assets and Businesse72
Sales of Assets and Businesses (Major Components of Assets and Liabilities Disposed) (Details) - Disposed by Sale [Member] - Chemical Solutions Portfolio Optimization [Member] $ in Millions | Dec. 31, 2016USD ($) |
Current assets: | |
Accounts receivable - trade | $ 22 |
Inventories | 17 |
Total current assets | 39 |
Non-current assets: | |
Property, plant, and equipment, net | 298 |
Goodwill | 17 |
Other assets | 136 |
Less: Impairment loss | (58) |
Total non-current assets, net | 393 |
Total assets | 432 |
Accounts payable and accrued liabilities | 17 |
Total liabilities | 17 |
Total net assets disposed | $ 415 |
Other Income, Net (Components o
Other Income, Net (Components of Other Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income And Expenses [Abstract] | |||
Leasing, contract services and miscellaneous income | $ 30 | $ 35 | $ 25 |
Royalty income | 24 | 15 | 19 |
Gain (loss) on sale of assets and businesses | 22 | 254 | (9) |
Exchange gains (losses), net | 3 | (57) | 19 |
Total other income, net | $ 79 | $ 247 | $ 54 |
Other Income, Net (Components74
Other Income, Net (Components of Other Income) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Land [Member] | Repauno New Jersey [Member] | ||
Component of Other Income [Line Items] | ||
Gain on sale of asset | $ 13 | |
Edge Moor Site [Member] | ||
Component of Other Income [Line Items] | ||
Gain on sale of asset | $ 12 | |
Clean and Disinfect Product Line [Member] | ||
Component of Other Income [Line Items] | ||
Gain on sale of asset | $ 169 | |
Beaumont Site [Member] | ||
Component of Other Income [Line Items] | ||
Gain on sale of asset | $ 89 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Tax Credit Carryforward [Line Items] | |||||
U.S. federal corporate tax rate | 35.00% | 35.00% | 35.00% | ||
Provision (benefit) for income taxes | $ 165 | $ (18) | $ (98) | ||
Provisional repatriation transition tax obligation | 322 | ||||
Foreign tax credits | 202 | ||||
Unremitted earnings of foreign subsidiaries | $ 2,400 | 2,400 | |||
Change in valuation allowance on foreign tax credits | (33) | $ (33) | 50 | ||
Percentage of pro rata portion shareholder equity | 10.00% | ||||
Valuation allowance | 17 | $ 17 | 50 | ||
Unrecognized income tax benefits released | 6 | $ 1 | $ 0 | ||
U.S Federal and State [Member] | Expiration Between Years 2035 to 2037 [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax loss carryforwards | 24 | 24 | |||
U.S Federal [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Valuation allowance | 17 | 17 | |||
U.S Federal [Member] | Expiration Year 2026 [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforwards | 17 | 17 | |||
Foreign [Member] | Expiration Between Years 2025 to 2026 [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax loss carryforwards | $ 1 | $ 1 | |||
Subsequent Event [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
U.S. federal corporate tax rate | 21.00% | ||||
Provision (benefit) for income taxes | $ 68 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense: | |||
U.S. federal | $ (8) | $ 0 | $ 37 |
U.S. state and local | 1 | 0 | 1 |
International | 89 | 93 | 62 |
Total current tax expense | 82 | 93 | 100 |
Deferred tax expense (benefit): | |||
U.S. federal | 60 | (101) | (187) |
U.S. state and local | 6 | (17) | (14) |
International | 17 | 7 | 3 |
Total deferred tax expense (benefit) | 83 | (111) | (198) |
Total provision for (benefit from) income taxes | $ 165 | $ (18) | $ (98) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Environmental and other reserves | $ 89 | $ 150 |
Litigation reserves | 14 | 149 |
Stock-based compensation and accrued employee benefits | 26 | 35 |
Other assets and other accrued liabilities | 8 | 27 |
Tax loss carryforwards | 27 | 45 |
Foreign tax credit carryforwards | 17 | 50 |
Total deferred tax assets | 181 | 456 |
Less: Valuation allowance | (17) | (50) |
Total deferred tax assets, net | 164 | 406 |
Deferred tax liabilities: | ||
Pension and other liabilities | (55) | (16) |
Property, plant, and equipment | (274) | (441) |
Inventories and other assets | (4) | (40) |
Total deferred tax liabilities | (333) | (497) |
Deferred tax liability, net | $ (169) | $ (91) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 0.70% | 150.40% | 5.10% |
Lower effective tax rate on international operations, net | (16.30%) | 552.50% | 12.00% |
Depletion | (0.90%) | 51.20% | 3.40% |
Goodwill | (0.00%) | (47.90%) | (3.20%) |
Exchange losses (gains) | 0.60% | (39.10%) | 0.50% |
Provision to return and other adjustments | 0.60% | (57.90%) | 0.00% |
Permanent items | 1.00% | (27.30%) | (0.50%) |
Valuation allowance | (3.60%) | (451.60%) | 0.00% |
Net impact of U.S. tax reform | 4.30% | 0.00% | 0.00% |
Stock-based compensation | (2.20%) | 0.00% | 0.00% |
Other, net | (1.20%) | (1.70%) | (0.20%) |
Total effective tax rate | 18.10% | 163.60% | 52.10% |
Income Taxes - Effective Inco79
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Statutory U.S. federal income tax rate | $ 319 | $ (4) | $ (66) | |
State income taxes, net of federal benefit | 7 | (16) | (10) | |
Lower effective tax rate on international operations, net | (149) | (61) | (23) | |
Depletion | (8) | (6) | (6) | |
Goodwill | 5 | 6 | ||
Exchange losses (gains) | 5 | 4 | (1) | |
Provision to return and other adjustments | 6 | 6 | ||
Permanent items | 9 | 3 | 1 | |
Valuation allowance | $ (33) | (33) | 50 | |
Net impact of U.S. tax reform | 39 | |||
Stock-based compensation | (20) | |||
Other, net | (10) | 1 | 1 | |
Total provision for (benefit from) income taxes | $ 165 | $ (18) | $ (98) |
Income Taxes - Effective Inco80
Income Taxes - Effective Income Tax Reconciliation (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Examination [Line Items] | |
Total windfall benefits on stock-based compensation | $ (22) |
U.S Federal [Member] | |
Income Tax Examination [Line Items] | |
Total windfall benefits on stock-based compensation | (20) |
State [Member] | |
Income Tax Examination [Line Items] | |
Total windfall benefits on stock-based compensation | $ (2) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. operations (including exports) | $ (306) | $ (481) | $ (492) | ||||||||
International operations | 1,218 | 470 | 304 | ||||||||
Income (loss) before income taxes | $ 264 | $ 250 | $ 225 | $ 173 | $ (273) | $ 234 | $ (41) | $ 70 | $ 912 | $ (11) | $ (188) |
Income Taxes - Summary of open
Income Taxes - Summary of open tax years by significant jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,011 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,012 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,014 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,014 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,017 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,017 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,017 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,017 |
U.S Federal [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,015 |
U.S Federal [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,017 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 6 | $ 7 | $ 39 |
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | (6) | (1) | 0 |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 0 | 0 | 0 |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 0 | 0 | (32) |
Balance at December 31, | 0 | 6 | 7 |
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate | 0 | 0 | 0 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 0 | 0 | 1 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $ 0 | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 50 | $ 0 | $ 36 |
Net charges to income tax expense | 0 | 50 | 0 |
Release of valuation allowance | (33) | 0 | (36) |
Balance at December 31, | $ 17 | $ 50 | $ 0 |
Earnings Per Share of Common 85
Earnings Per Share of Common Stock (Earnings per Share Calculation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income (loss) attributable to Chemours | $ 228 | $ 207 | $ 161 | $ 150 | $ (230) | $ 204 | $ (18) | $ 51 | $ 746 | $ 7 | $ (90) |
Denominator: | |||||||||||
Weighted-average number of common shares outstanding - basic | 184,844,106 | 181,621,422 | 180,993,623 | ||||||||
Dilutive effect of the Company’s employee compensation plans | 6,139,885 | 1,795,078 | |||||||||
Weighted-average number of common shares outstanding - diluted | 190,983,991 | 183,416,500 | 180,993,623 |
Earnings Per Share of Common 86
Earnings Per Share of Common Stock (Anti-dilutive Shares Excluded from Computation of Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Average number of stock options | 43,072 | 5,820,499 | 8,358,894 |
Accounts and Notes Receivable87
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Accounts receivable—trade, net | $ 847 | $ 742 |
VAT, GST and other taxes | 54 | 46 |
Other receivables | 18 | 19 |
Total accounts and notes receivable, net | $ 919 | $ 807 |
Accounts and Notes Receivable88
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable) (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Allowance for doubtful accounts receivable | $ 5 | $ 5 |
Accounts and Notes Receivable89
Accounts and Notes Receivable, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2004 | |
Receivables [Abstract] | |||
Bad debt expense | $ 1 | $ 7 | $ 1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Net [Abstract] | ||
Finished products | $ 648 | $ 532 |
Semi-finished products | 164 | 150 |
Raw materials, stores, and supplies | 313 | 285 |
Inventories before LIFO adjustment | 1,125 | 967 |
Adjustment of inventories to LIFO basis | (190) | (200) |
Total inventories | 935 | 767 |
LIFO inventory amount | $ 509 | $ 465 |
Percentage of LIFO inventory | 45.00% | 48.00% |
Property, Plant, and Equipmen91
Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,511 | $ 7,997 | |
Less: Accumulated depreciation | (5,503) | (5,213) | |
Property, plant, and equipment, net | 3,008 | 2,784 | $ 3,177 |
Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 6,961 | 6,748 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 875 | 814 | |
Construction-in-progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 520 | 293 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 119 | 106 | |
Mineral rights [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36 | $ 36 |
Property, Plant, and Equipmen92
Property, Plant, and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 269 | $ 281 | $ 264 |
Capital leased assets | 7 | 5 | |
Build to suit lease assets | 8 | ||
Interest capitalized | $ 9 | $ 18 | $ 21 |
Goodwill and Other Intangible93
Goodwill and Other Intangible Assets, Net (Schedule of Goodwill) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 166 | |
Sale of business | (13) | [1] |
Goodwill, ending balance | 153 | |
Operating Segments [Member] | Titanium Technologies [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 13 | |
Sale of business | 0 | [1] |
Goodwill, ending balance | 13 | |
Operating Segments [Member] | Fluoroproducts [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 85 | |
Sale of business | 0 | [1] |
Goodwill, ending balance | 85 | |
Operating Segments [Member] | Chemical Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 68 | |
Sale of business | (13) | [1] |
Goodwill, ending balance | $ 55 | |
[1] | Represents goodwill disposed of in connection with the sale of the Company’s C&D business. |
Goodwill and Other Intangible94
Goodwill and Other Intangible Assets, Net (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Goodwill and Other Intangible Assets | ||||
Number of operating segments | segment | 3 | |||
Goodwill impairment | $ 0 | $ 0 | $ 25,000,000 | |
Accumulated impairment losses included in goodwill | 0 | 0 | ||
Amortization expense, 2018 | 3,000,000 | |||
Amortization expense, 2019 | 3,000,000 | |||
Amortization expense, 2020 | 3,000,000 | |||
Amortization expense, 2021 | 2,000,000 | |||
Amortization expense, 2022 | $ 1,000,000 | |||
Minimum [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Useful life | 5 years | |||
Maximum [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Useful life | 20 years | |||
Continuing Operations [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Aggregate pre-tax amortization expense | $ 4,000,000 | $ 3,000,000 | $ 3,000,000 | |
Sulfur [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Goodwill impairment | $ 25,000,000 |
Goodwill and Other Intangible95
Goodwill and Other Intangible Assets, Net (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | $ 46 | $ 46 | |
Accumulated Amortization | (33) | (29) | |
Net | 13 | 17 | |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 9 | 9 | |
Accumulated Amortization | (8) | (7) | |
Net | 1 | 2 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 19 | 19 | |
Accumulated Amortization | (18) | (18) | |
Net | 1 | 1 | |
Purchased Trademarks [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 5 | 5 | |
Accumulated Amortization | (2) | (2) | |
Net | 3 | 3 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 3 | 3 | |
Accumulated Amortization | (2) | (2) | |
Net | 1 | 1 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | [1] | 10 | 10 |
Accumulated Amortization | [1] | (3) | 0 |
Net | [1] | $ 7 | $ 10 |
[1] | Represents non-cash favorable supply contracts acquired in connection with the sale of the Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021. |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Line Items] | ||
Capitalized repair and maintenance costs | $ 117 | $ 145 |
Pension assets | 260 | 159 |
Deferred income taxes | 40 | 41 |
Asset held for sale | 29 | |
Miscellaneous | 36 | 43 |
Total other assets | 453 | 417 |
Senior Secured Revolving Credit Facility [Member] | ||
Other Assets [Line Items] | ||
Deferred financing fee | $ 9 | $ 13 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 1,008 | $ 858 |
Dividends payable | 31 | |
VAT and other payables | 36 | 26 |
Total accounts payable | $ 1,075 | $ 884 |
Accounts Payable (Parenthetical
Accounts Payable (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Payables And Accruals [Abstract] | |
Dividend per share | $ 0.17 |
Dividends payable declared date | 2017-12 |
Dividends payable payment date | Mar. 15, 2018 |
Dividends payable record date | Feb. 15, 2018 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Millions | May 23, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | ||||||
Compensation and other employee-related costs | $ 174 | $ 154 | ||||
Employee separation costs | [1] | 27 | 31 | |||
Accrued litigation | [2] | 13 | 344 | |||
Environmental remediation | [3] | 66 | 71 | |||
Income taxes | 58 | 39 | ||||
Customer rebates | 83 | 53 | ||||
Deferred revenue | [4] | 8 | 76 | |||
Accrued interest | 24 | 21 | ||||
Miscellaneous | [5] | 105 | 83 | |||
Total other accrued liabilities | $ 558 | 872 | ||||
Prepayment from DuPont for specified goods and services | 58 | |||||
PFOA MDL Settlement [Member] | ||||||
Accrued Liabilities, Current [Abstract] | ||||||
Settlement payments | $ 335 | |||||
PFOA Matters [Member] | PFOA MDL Settlement [Member] | ||||||
Accrued Liabilities, Current [Abstract] | ||||||
Accrued litigation | $ 335 | |||||
Settlement payments | $ 320 | $ 15 | ||||
[1] | Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities. | |||||
[2] | Accrued litigation includes a $335 litigation accrual related to Company’s PFOA MDL Settlement at December 31, 2016, which is discussed further in Note 20. The Company made payments of $15 and $320 during the second and third quarters of 2017 for a full release of all claims by the settling plaintiffs. | |||||
[3] | Represents the current portion of accrued environmental remediation, which is discussed further in Note 20. | |||||
[4] | Deferred revenue includes a $58 prepayment from DuPont for specified goods and services at December 31, 2016, which were fulfilled and/or delivered during 2017. | |||||
[5] | Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, the current portion of the Company’s asset retirement obligations, and other miscellaneous expenses. |
Debt (Components of Total Debt)
Debt (Components of Total Debt) (Details) € in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | May 12, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 3 | $ 3 | |||
Build-to-suit lease obligation | 8 | ||||
Total debt | 4,161 | 3,591 | |||
Less: Unamortized issue discounts | (8) | (5) | |||
Less: Unamortized debt issuance costs | (41) | (42) | |||
Less: Current maturities of long-term debt | (15) | (15) | |||
Total long-term debt, net | 4,097 | 3,529 | |||
Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 2,503 | ||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,158 | $ 1,158 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | |
Senior unsecured notes [Member] | 7.000% Senior Notes Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 750 | $ 750 | |||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% | |
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 350 | $ 308 | |||
Long-term debt, gross | € | € 295 | € 295 | |||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | 6.125% | |
Senior unsecured notes [Member] | 5.375% Senior Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500 | ||||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% | |
Senior Secured Tranche B Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,372 | ||||
Senior Secured Tranche B-1 Dollar Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 923 | ||||
Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 469 | € 394 |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facilities) (Details) | Apr. 03, 2017USD ($) | May 12, 2015USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019 | Apr. 03, 2017EUR (€) |
Line of Credit Facility [Line Items] | ||||||||
Debt instrument net issue discount | $ 8,000,000 | $ 5,000,000 | ||||||
Loss on debt extinguishment and related fees | $ 3,000,000 | |||||||
Domestic Subsidiary [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Collateral as percentage of common stock | 100.00% | |||||||
Foreign Subsidiary [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Collateral as percentage of common stock | 65.00% | |||||||
Prior Term Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument term | 7 years | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |||||||
Periodic payment, percentage of face amount | 1.00% | |||||||
Debt instrument net issue discount | $ 7,000,000 | |||||||
Prior Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 3.00% | |||||||
Prior Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 0.75% | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument term | 5 years | |||||||
Line of credit facility, maximum borrowing capacity | $ 750,000,000 | |||||||
Long-term debt | 0 | 0 | ||||||
Letters of credit outstanding | $ 101,000,000 | $ 132,000,000 | ||||||
Commitment fee percentage | 0.20% | |||||||
Maximum net leverage ratio | 3.00% | 3.50% | ||||||
Minimum interest coverage ratio | 1.75% | |||||||
Revolving Credit Facility [Member] | Scenario Forecast [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum net leverage ratio | 2.00% | |||||||
Maximum net leverage ratio decrease, semi-annually | 0.25% | |||||||
Minimum interest coverage ratio | 3.00% | |||||||
Minimum coverage ratio increase, semi-annually | 0.25% | |||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 1.50% | |||||||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 0.50% | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused capacity commitment fee percentage | 0.35% | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 2.25% | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 1.25% | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused capacity commitment fee percentage | 0.20% | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 1.50% | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 0.50% | |||||||
Euro Term Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 400,000,000 | |||||||
Line of credit facility, maturity date | May 12, 2022 | |||||||
Effective interest rates on senior secured term loan | 3.00% | |||||||
Euro Term Loan [Member] | Maximum [Member] | Euro Interbank Offered Rate (EURIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 2.25% | |||||||
Euro Term Loan [Member] | Minimum [Member] | Euro Interbank Offered Rate (EURIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 0.75% | |||||||
Dollar Term Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 940,000,000 | |||||||
Line of credit facility, maturity date | May 12, 2022 | |||||||
Effective interest rates on senior secured term loan | 3.85% | |||||||
Dollar Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 2.50% | |||||||
Dollar Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Variable rate | 0.00% |
Debt (Senior Unsecured Notes) (
Debt (Senior Unsecured Notes) (Details) | May 23, 2017USD ($) | May 12, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | May 12, 2015EUR (€) |
Debt Instrument [Table] | ||||||
Proceeds from issuance of debt, net | $ 495,000,000 | $ 3,491,000,000 | ||||
Debt instrument net issue discount | $ 8,000,000 | $ 5,000,000 | ||||
PFOA MDL Settlement [Member] | ||||||
Debt Instrument [Table] | ||||||
Settlement payments | $ 335,000,000 | |||||
Senior unsecured notes [Member] | ||||||
Debt Instrument [Table] | ||||||
Long-term debt, gross | $ 2,503,000,000 | |||||
Senior unsecured notes, payment terms | Interest on the Notes is payable semi-annually in cash in arrears on May 15 and November 15 of each year | |||||
Obligation threshold for debt to become guaranteed | $ 75,000,000 | |||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101.00% | 101.00% | ||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of asset dispositions | 100.00% | 100.00% | ||||
Proceeds from issuance of debt, net | 489,000,000 | |||||
Senior unsecured notes [Member] | 7.000% Senior Notes Due May 2025 [Member] | ||||||
Debt Instrument [Table] | ||||||
Debt Instrument, face amount | $ 507,000,000 | |||||
Debt instrument interest rate | 7.00% | 7.00% | ||||
Senior unsecured notes [Member] | 2023 Notes [Member] | ||||||
Debt Instrument [Table] | ||||||
Debt Instrument, face amount | $ 1,350,000,000 | |||||
Debt instrument interest rate | 6.625% | 6.625% | ||||
Debt instrument maturity date | May 15, 2023 | |||||
Senior unsecured notes [Member] | 2025 Notes [Member] | ||||||
Debt Instrument [Table] | ||||||
Debt Instrument, face amount | $ 750,000,000 | |||||
Debt instrument interest rate | 7.00% | 7.00% | ||||
Debt instrument maturity date | May 15, 2025 | |||||
Senior unsecured notes [Member] | Euro Notes [Member] | ||||||
Debt Instrument [Table] | ||||||
Debt Instrument, face amount | € | € 360,000,000 | |||||
Debt instrument interest rate | 6.125% | 6.125% | ||||
Debt instrument maturity date | May 15, 2023 | |||||
Senior unsecured notes [Member] | 2027 Notes [Member] | ||||||
Debt Instrument [Table] | ||||||
Long-term debt, gross | $ 500,000,000 | |||||
Debt instrument interest rate | 5.375% | |||||
Obligation threshold for debt to become guaranteed | $ 100,000,000 | |||||
Debt instrument net issue discount | 5,000,000 | |||||
Underwriting fees and other related expenses | $ 6,000,000 | |||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of contract | 101.00% | |||||
Repurchase price obligation, percentage of principal amount redeemed | 100.00% |
Debt (Build-to-suit Lease Oblig
Debt (Build-to-suit Lease Obligation) (Details) - Discovery Hub [Member] $ in Millions | 3 Months Ended | |
Dec. 31, 2017USD ($) | Oct. 31, 2017ft² | |
Debt Instrument [Line Items] | ||
Build to suit lease area of land | ft² | 312,000 | |
Build to suit lease project costs paid by third party owner lessor | $ | $ 8 |
Debt Debt (Repayment Amounts) (
Debt Debt (Repayment Amounts) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Aggregate Principal | $ 370 |
Cash Payments | 354 |
Prior Term Loan [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal | 105 |
Cash Payments | 104 |
2023 Notes [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal | 192 |
Cash Payments | 182 |
Euro Notes [Member] | |
Debt Instrument [Line Items] | |
Aggregate Principal | 73 |
Cash Payments | $ 68 |
Debt Debt (Repayment Amounts105
Debt Debt (Repayment Amounts) (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Prior term loan repayments equivalent | $ 15 |
Debt Debt (Term Loans and Note
Debt Debt (Term Loans and Note Repayments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Interest expense, net | $ 215 | $ 213 | $ 132 |
Interest Expense [Member] | |||
Debt Instrument [Line Items] | |||
Gain on extinguishment of debt | 10 | ||
Write off of financing costs | $ 5 |
Debt (Maturities and Fair Value
Debt (Maturities and Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
2023 and beyond | $ 2,758 | |
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.625% | 6.625% |
Senior unsecured notes [Member] | 7.000% Senior Notes Due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.00% | 7.00% |
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.125% | 6.125% |
Senior unsecured notes [Member] | 5.375% Senior Notes Due May 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.375% | 5.375% |
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | $ 1,228 | |
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member] | 7.000% Senior Notes Due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | 816 | |
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | 373 | |
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member] | 5.375% Senior Notes Due May 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Notes, fair value | $ 521 | |
New Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.00% | |
2,018 | $ 14 | |
2,019 | 14 | |
2,020 | 14 | |
2,021 | 14 | |
2,022 | $ 1,336 | |
Additional principal repayment, percentage of excess cash flows | 50.00% | |
Additional principal repayment, percentage of excess cash flows, step-downs level one | 25.00% | |
Additional principal repayment, percentage of excess cash flows, step-downs level two | 0.00% | |
Target leverage ratio | 3.00% | |
Principal repayment, percentage of excess cash flows | 0.00% | |
Euro Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, fair value | $ 471 | |
The Dollar Term Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, fair value | $ 928 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Noncurrent [Abstract] | ||
Environmental remediation | $ 187 | $ 208 |
Employee-related costs | 123 | 113 |
Employee separation costs | 3 | |
Accrued litigation | 48 | 53 |
Asset retirement obligations | 43 | 41 |
Deferred revenue | 6 | 5 |
Miscellaneous | 68 | 101 |
Total other liabilities | $ 475 | $ 524 |
Other Liabilities (Parenthetica
Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued indemnification liability | $ 52 | $ 78 |
Commitments and Contingent L110
Commitments and Contingent Liabilities (Guarantees) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Accrual amount | $ 0 | $ 0 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee obligations | $ 2,000,000 | $ 1,000,000 |
Commitments and Contingent L111
Commitments and Contingent Liabilities (Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum lease payments, 2018 | $ 59 | ||
Future minimum lease payments, 2019 | 52 | ||
Future minimum lease payments, 2020 | 38 | ||
Future minimum lease payments, 2021 | 33 | ||
Future minimum lease payments, 2022 | 37 | ||
Future minimum lease payments, thereafter | 268 | ||
Net expense under operating leases | $ 76 | $ 68 | $ 83 |
Commitments and Contingent L112
Commitments and Contingent Liabilities (Summary of Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1, | $ 43 | $ 42 |
Accretion expense | 6 | 2 |
Settlements and payments | (1) | (1) |
Balance at December 31, | 48 | 43 |
Current portion | 5 | 2 |
Non-current portion | $ 43 | $ 41 |
Commitments and Contingent L113
Commitments and Contingent Liabilities (Litigation) (Narrative) (Details) | May 23, 2017USD ($) | Oct. 20, 2015USD ($) | Sep. 30, 2014 | May 31, 2013doctorwater_district | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)lawsuitplaintiffsubpoena | Dec. 31, 2016USD ($)lawsuit | Dec. 31, 2005USD ($) | Dec. 31, 2004resident | Jan. 31, 2012USD ($) |
Maximum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency, potential additional loss | $ 510,000,000 | |||||||||||||
PFOA MDL Settlement [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Additional estimated charges | $ 335,000,000 | |||||||||||||
Settlement payments | $ 335,000,000 | |||||||||||||
Funding for medical monitoring program [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Escrow deposit disbursements | 1,000,000 | |||||||||||||
MDL Settlement [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrual balance | $ 335,000,000 | |||||||||||||
Settlement payments | $ 335,000,000 | $ 335,000,000 | ||||||||||||
Date of Agreement | Mar. 31, 2017 | |||||||||||||
Total settlement amount | $ 670,700,000 | |||||||||||||
Post-MDL Settlement Injury Matters [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of plaintiffs alleging negligence and other claims | plaintiff | 3 | |||||||||||||
Benzene Related Illness [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Lawsuits alleging illness | lawsuit | 17 | 27 | ||||||||||||
Years of exposure to benzene | 24 years | |||||||||||||
Compensatory damages awarded | $ 6,900,000 | |||||||||||||
Punitive damages awarded | $ 1,500,000 | |||||||||||||
PFOA Matters [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrual balance | $ 14,000,000 | $ 349,000,000 | ||||||||||||
Additional estimated charges | $ 4,000,000 | |||||||||||||
PFOA Matters [Member] | Maximum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement payments | $ 25,000,000 | |||||||||||||
Period of payments | 5 years | |||||||||||||
PFOA Matters [Member] | PFOA MDL Settlement [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Additional estimated charges | $ 335,000,000 | |||||||||||||
Settlement payments | $ 320,000,000 | $ 15,000,000 | ||||||||||||
PFOA Matters: Drinking Water Actions [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Binding settlement agreement, class size | resident | 80,000 | |||||||||||||
Number of doctors to release initial screening recommendations | doctor | 3 | |||||||||||||
Follow-up screening and diagnostic testing recommended period after initial testing | 3 years | |||||||||||||
Number of water districts Company must provide treatment | water_district | 6 | |||||||||||||
PFOA Matters: Drinking Water Actions [Member] | Payment for Plaintiffs Attorney Fees [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement payments | $ 23,000,000 | |||||||||||||
PFOA Matters: Drinking Water Actions [Member] | Payment to fund community health project [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement payments | $ 70,000,000 | |||||||||||||
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingency, potential additional loss | $ 235,000,000 | |||||||||||||
Escrow deposit | $ 1,000,000 | |||||||||||||
PFOA Matters: Additional Actions [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 3,500 | |||||||||||||
DuPont [Member] | Maximum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Settlement payments | $ 25,000,000 | |||||||||||||
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of federal grand jury subpoenas | subpoena | 3 | |||||||||||||
Asbestos Issue [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 1,600 | 1,900 | ||||||||||||
Accrual balance | $ 38,000,000 | $ 41,000,000 |
Commitments and Contingent L114
Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Environmental Remediation [Line Items] | |||
Accrual for environmental remediation activities | $ 253 | $ 278 | |
Environmental remediation expense | $ 48 | $ 44 | $ 38 |
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 | $ 510 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Nov. 30, 2017 | |
Equity Class Of Treasury Stock [Line Items] | ||
Purchase of common stock value under the share repurchase program | $ 116,000,000 | |
Cash dividend declared, per share | $ 0.17 | |
Accrued dividend payable | $ 31,000,000 | |
Common Stock [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchase program effective date | Nov. 30, 2017 | |
Stock repurchase program expiration date | Dec. 31, 2020 | |
Purchase of common stock under the share repurchase program | 2,386,406 | |
Purchase of common stock value under the share repurchase program | $ 116,000,000 | |
Average share price | $ 48.81 | |
Purchase of common stock under the share repurchase program, share Settled | 206,106 | |
Purchase of common stock value under the share repurchase program, for share Settled | $ 10,000,000 | |
Remaining available amount of common stock under the share repurchase program | 384,000,000 | |
Cash dividend declared, per share | $ 0.17 | |
Accrued dividend payable | $ 31,000,000 | |
Common Stock [Member] | Maximum [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 500,000,000 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($) | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Recognized gain (loss) on derivative net investment hedge, pre-tax | $ (86) | $ 14 | $ 8 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 0 | 45 | |
Derivative notional value | $ 518 | ||
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||
Derivative [Line Items] | |||
Derivative gain (loss) | $ 4 | $ (15) | $ 42 |
Financial Instruments (Schedule
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - Not Designated as Hedging Instrument [Member] $ in Millions | Dec. 31, 2016USD ($) |
Derivatives, Fair Value [Line Items] | |
Asset derivatives | $ 2 |
Liability derivatives | 4 |
Foreign currency forward contracts [Member] | Accounts and notes receivable - trade, net [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset derivatives | 2 |
Foreign currency forward contracts [Member] | Other accrued liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives | $ 4 |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions during period | $ 28 | $ 45 | $ 44 | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution percent of employees' gross pay | 1.00% | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution percent of employees' gross pay | 7.00% | |||
Parent Issuer [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer matching contribution percent of match | 100.00% | |||
Employer matching contribution percent of employees' gross pay | 6.00% | |||
Employer contribution vesting period | 3 years | |||
Employer contributions during period | $ 26 |
Long-term Employee Benefits (Mu
Long-term Employee Benefits (Multiemployer Plan) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
DuPont Pension and Retirement Plan (U.S.) [Member] | |
Multiemployer Plans [Line Items] | |
Pension and other postretirement benefit expense | $ 48 |
Other U.S. and non-U.S. Plans [Member] | |
Multiemployer Plans [Line Items] | |
Pension and other postretirement benefit expense | $ 5 |
Long-term Employee Benefits (Sc
Long-term Employee Benefits (Schedule of Net Periodic Pension Income and Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | $ (24) | $ 17 | $ 11 |
Amortization of actuarial loss | (24) | (23) | (16) |
Prior service credit | 0 | 0 | (24) |
Amortization of prior service credit (cost) | 2 | 1 | (4) |
Effect of foreign exchange rates | 38 | (15) | (33) |
Benefit recognized in other comprehensive income (loss) | (8) | (23) | (66) |
Pension Plan [Member] | Foreign [Member] | |||
Net periodic pension cost (income): | |||
Service cost | 16 | 14 | 16 |
Interest cost | 16 | 19 | 19 |
Expected return on plan assets | (75) | (63) | (83) |
Amortization of actuarial loss | 22 | 23 | 16 |
Amortization of prior service (credit) cost | (2) | (1) | 4 |
Curtailment gain | (2) | ||
Settlement loss | 1 | 5 | |
Net periodic benefit cost | (22) | (5) | (28) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (24) | 17 | 11 |
Amortization of actuarial loss | (24) | (28) | (16) |
Prior service credit | (24) | ||
Amortization of prior service credit (cost) | 2 | 3 | (4) |
Effect of foreign exchange rates | 38 | (15) | (33) |
Benefit recognized in other comprehensive income (loss) | (8) | (23) | (66) |
Total net periodic pension income and benefit recognized in other comprehensive income (loss) | $ (30) | $ (28) | $ (94) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss | $ 329 | $ 336 | $ 363 |
Prior service credit | (11) | (11) | (16) |
Total amount recognized in accumulated other comprehensive loss | 318 | $ 325 | $ 347 |
Estimated net loss to be amortized into net periodic pension cost (income) in the next fiscal year | 14 | ||
Prior service credit to be amortized into net periodic pension cost (income) in the next fiscal year | $ 2 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 38 | $ 16 | |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,105 | 1,103 | |
Service cost | 16 | 14 | $ 16 |
Interest cost | 16 | 19 | 19 |
Plan participants’ contributions | 2 | 2 | |
Actuarial (gain) loss | (39) | 69 | |
Benefits paid | (53) | (36) | |
Plan Amendments | (1) | ||
Curtailments | (3) | ||
Settlements and transfers | (3) | (12) | |
Other events | (4) | (2) | |
Currency translation | 138 | (49) | |
Benefit obligation at end of year | 1,177 | 1,105 | 1,103 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,169 | 1,137 | |
Actual return on plan assets | 60 | 113 | |
Employer contributions | 38 | 16 | |
Plan participants’ contributions | 2 | 2 | |
Benefits paid | (53) | (36) | |
Settlements and transfers | (3) | (12) | |
Other events | (3) | ||
Currency translation | 153 | (51) | |
Fair value of plan assets at end of year | 1,363 | 1,169 | $ 1,137 |
Total funded status at end of year | $ 186 | $ 64 |
Long-term Employee Benefits 123
Long-term Employee Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 260 | $ 159 |
The accumulated benefit obligation for all pension plans | 1,112 | 1,042 |
Pension Plan [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 258 | 159 |
Current liabilities | (1) | (1) |
Non-current liabilities | (71) | (94) |
Total net amount recognized | $ 186 | $ 64 |
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, 2017 | Dec. 31, 2016 |
Pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 178 | $ 183 |
Accumulated benefit obligation | 149 | 152 |
Fair value of plan assets | 106 | 87 |
Pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 178 | 179 |
Accumulated benefit obligation | 149 | 151 |
Fair value of plan assets | $ 106 | $ 84 |
Long-term Employee Benefits (As
Long-term Employee Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 1.90% | 1.80% |
Rate of compensation increase | 2.50% | 2.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 1.80% | 2.40% |
Rate of compensation increase | 2.50% | 2.50% |
Expected return on plan assets | 5.70% | 5.70% |
Long-term Employee Benefits (Pl
Long-term Employee Benefits (Plan Assets) (Details) - Pension Plan [Member] - Foreign Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average target allocation | 100.00% | 100.00% | |
Total pension assets before pension receivables/payables | $ 1,356 | $ 1,174 | |
Pension trust receivables, net (1) | 7 | ||
Total pension assets | 1,363 | 1,169 | $ 1,137 |
Pension trust payables, net | (5) | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 398 | 214 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 958 | $ 960 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average target allocation | 4.80% | 2.50% | |
Total pension assets | $ 65 | $ 77 | |
Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 65 | 77 | |
Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 0 | $ 0 | |
Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average target allocation | 42.60% | 41.60% | |
Total pension assets | $ 581 | $ 502 | |
Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 295 | 28 | |
Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 286 | $ 474 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average target allocation | 52.60% | 55.90% | |
Fixed Income Securities [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 505 | $ 433 | |
Fixed Income Securities [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 144 | 142 | |
Fixed Income Securities [Member] | Asset backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 40 | 42 | |
Fixed Income Securities [Member] | Level 1 [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 1 | 8 | |
Fixed Income Securities [Member] | Level 1 [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 24 | 76 | |
Fixed Income Securities [Member] | Level 1 [Member] | Asset backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 0 | 25 | |
Fixed Income Securities [Member] | Level 2 [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 504 | 425 | |
Fixed Income Securities [Member] | Level 2 [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 120 | 66 | |
Fixed Income Securities [Member] | Level 2 [Member] | Asset backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 40 | 17 | |
Derivatives - Asset Position[Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 8 | 3 | |
Derivatives - Asset Position[Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 2 | 0 | |
Derivatives - Asset Position[Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 6 | 3 | |
Derivative Liability Position [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | (1) | (32) | |
Derivative Liability Position [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 0 | 0 | |
Derivative Liability Position [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | (1) | (32) | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 14 | 7 | |
Other [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 11 | 0 | |
Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 3 | $ 7 |
Long-term Employee Benefits (Ca
Long-term Employee Benefits (Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||||
2,018 | $ 45 | ||||
2,019 | 47 | ||||
2,020 | 48 | ||||
2,021 | 47 | ||||
2,022 | 48 | ||||
2023 to 2027 | 262 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions by employer | 38 | $ 16 | |||
Estimated future employer contributions in next fiscal year | 15 | ||||
Pension Plan [Member] | Parent Issuer [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions by employer | $ 8 | $ 38 | |||
U.S. Pension Restoration Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions by employer | $ 10 | ||||
Cash payment to settle remaining liability | $ 10 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Jan. 26, 2017Periodshares | Jan. 31, 2018USD ($)shares | Jul. 31, 2015 | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Apr. 26, 2017shares | Jul. 01, 2015USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation cost | $ | $ 29 | $ 20 | $ 17 | ||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock shares reserved for issuance | 7,000,000 | ||||||||
Consecutive offering periods | 12 months | ||||||||
Number of purchase periods in offer period | Period | 4 | ||||||||
Employee stock purchase plan initial offering period | Oct. 2, 2017 | ||||||||
Percentage of common stock discount rate equal to the fair value | 95.00% | ||||||||
Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock purchased under employee stock purchase plan, Value | $ | $ 1 | ||||||||
Stock purchased under employee stock purchase plan, Shares | 11,894 | ||||||||
Stock Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Intrinsic value | $ | $ 18 | ||||||||
Conversion of stock incremental cost | $ | $ 3 | ||||||||
Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiration period | 10 years | 10 years | 10 years | ||||||
Stock-based compensation award vesting period | 3 years | 3 years | |||||||
Total intrinsic value of options exercised | $ | $ 49 | $ 9 | |||||||
Unrecognized compensation cost related to stock options | $ | $ 6 | ||||||||
Unrecognized compensation cost period for recognition | 2 years | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation award vesting period | 3 years | ||||||||
Unrecognized compensation cost period for recognition | 6 months 25 days | ||||||||
Shares issued upon conversion of equity award | 1 | ||||||||
Unrecognized compensation cost related to equity awards other than options | $ | $ 5 | ||||||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 36.68 | ||||||||
Performance Share Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation award vesting period | 3 years | ||||||||
Shares issued upon conversion of equity award | 1 | ||||||||
Percentage of target award available for grant | 100.00% | ||||||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 40.30 | ||||||||
Number of additional shares to be awarded | 700,000 | ||||||||
Performance Share Units [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of target award available for grant | 0.00% | ||||||||
Performance Share Units [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of target award available for grant | 200.00% | ||||||||
Chemours Company Equity and Incentive Plan (the “Prior Plan”) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares reserved for grants (in shares) | 7,806,040 | 13,500,000 | |||||||
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 | ||||||||
Chemours Company 2017 Equity and Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares reserved for grants (in shares) | 17,677,641 | 0 | |||||||
Shares authorized for grants (in shares) | 19,000,000 | ||||||||
ASU 2016-09 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Income tax benefits from windfalls on share-based payments | $ | $ 22 |
Stock-based Compensation (Weigh
Stock-based Compensation (Weighted Average Assumptions of Stock Option) (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.14% | 1.46% | 1.50% |
Expected term (years) | 6 years | 6 years | 5 years 4 months 24 days |
Volatility | 44.49% | 60.00% | 42.00% |
Dividend yield | 0.35% | 2.14% | 6.90% |
Fair value per stock option | $ 15.21 | $ 3.41 | $ 3.17 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock Option Activity) (Details) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, beginning balance, shares | 7,969 | |
Granted, shares | 878 | |
Exercised, shares | (2,173) | |
Forfeited, shares | (47) | |
Expired, shares | (30) | |
Outstanding, ending balance, shares | 6,597 | 7,969 |
Exercisable, shares | 3,599 | |
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) | $ 13.72 | |
Granted, weighted average exercise price (in dollars per share) | 34.84 | |
Exercised, weighted average exercise price (in dollars per share) | 14.36 | |
Forfeited, weighted average exercise price (in dollars per share) | 20.55 | |
Expired, weighted average exercise price (in dollars per share) | 12.29 | |
Outstanding, weighted average exercise price, ending balance (in dollars per share) | 15.72 | $ 13.72 |
Exercisable, weighted average exercise price (in dollars per share) | $ 14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average remaining contractual term | 5 years 1 month 9 days | 5 years 29 days |
Options exercisable, weighted average remaining contractual term | 3 years 5 months 15 days | |
Options outstanding, aggregate intrinsic value | $ 226,524 | $ 66,668 |
Options exercisable, aggregate intrinsic value | $ 129,800 |
Stock-based Compensation (Restr
Stock-based Compensation (Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
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 | shares | 2,316 |
Granted, shares | shares | 214 |
Vested, shares | shares | (1,316) |
Forfeited, shares | shares | (49) |
Non-vested, ending balance, shares | shares | 1,165 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 11.23 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 36.68 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 11.46 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 14.27 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 15.34 |
Stock-based Compensation (Perfo
Stock-based Compensation (Performance Share Units Activity) (Details) - Performance Share Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
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 | shares | 803 |
Granted, shares | shares | 211 |
Vested, shares | shares | 0 |
Forfeited, shares | shares | (27) |
Non-vested, ending balance, shares | shares | 987 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 6.10 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 40.30 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 16.62 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 12.94 |
Geographic and Segment Infor133
Geographic and Segment Information - Geographic Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 1,322 | $ 1,398 | $ 1,383 | $ 1,297 | $ 6,183 | $ 5,400 | $ 5,717 |
Property, Plant, and Equipment, Net | 3,008 | 2,784 | $ 3,008 | 2,784 | 3,177 | ||||||
Number of reportable segments | segment | 3 | ||||||||||
North America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | $ 2,255 | 2,288 | 2,570 | ||||||||
Property, Plant, and Equipment, Net | 2,018 | 1,861 | 2,018 | 1,861 | 2,184 | ||||||
Asia Pacific [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,593 | 1,315 | 1,393 | ||||||||
Property, Plant, and Equipment, Net | 131 | 129 | 131 | 129 | 136 | ||||||
Europe, the Middle East, and Africa [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,506 | 1,081 | 977 | ||||||||
Property, Plant, and Equipment, Net | 302 | 278 | 302 | 278 | 308 | ||||||
Latin America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 829 | 716 | 777 | ||||||||
Property, Plant, and Equipment, Net | $ 557 | $ 516 | $ 557 | $ 516 | $ 549 |
Geographic and Segment Infor134
Geographic and Segment Information - (Schedule of Segment Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net sales to external customers | $ 6,183 | $ 5,400 | $ 5,717 |
Adjusted EBITDA | 1,422 | 822 | 573 |
Depreciation and amortization | 273 | 284 | 267 |
Equity in earnings of affiliates | 33 | 29 | 22 |
Net assets | 865 | 104 | 130 |
Investments in affiliates | 173 | 136 | 136 |
Purchases of property, plant, and equipment | 411 | 338 | 519 |
Operating Segments [Member] | Titanium Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 2,958 | 2,364 | 2,392 |
Adjusted EBITDA | 862 | 466 | 326 |
Depreciation and amortization | 118 | 119 | 125 |
Net assets | 1,785 | 1,513 | 1,659 |
Purchases of property, plant, and equipment | 65 | 105 | 255 |
Operating Segments [Member] | Fluoroproducts [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 2,654 | 2,264 | 2,230 |
Adjusted EBITDA | 669 | 445 | 300 |
Depreciation and amortization | 109 | 101 | 88 |
Equity in earnings of affiliates | 33 | 26 | 21 |
Net assets | 1,842 | 1,400 | 1,567 |
Investments in affiliates | 173 | 116 | 127 |
Purchases of property, plant, and equipment | 249 | 120 | 142 |
Operating Segments [Member] | Chemical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 571 | 772 | 1,095 |
Adjusted EBITDA | 57 | 39 | 29 |
Depreciation and amortization | 18 | 30 | 52 |
Net assets | 460 | 292 | 839 |
Purchases of property, plant, and equipment | 65 | 104 | 117 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (166) | (128) | (82) |
Depreciation and amortization | 28 | 34 | 2 |
Equity in earnings of affiliates | 3 | 1 | |
Net assets | (3,222) | (3,101) | (3,935) |
Investments in affiliates | 20 | 9 | |
Purchases of property, plant, and equipment | $ 32 | $ 9 | $ 5 |
Geographic and Segment Infor135
Geographic and Segment Information - (Reconciliation of EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Income (loss) before income taxes | $ 264,000,000 | $ 250,000,000 | $ 225,000,000 | $ 173,000,000 | $ (273,000,000) | $ 234,000,000 | $ (41,000,000) | $ 70,000,000 | $ 912,000,000 | $ (11,000,000) | $ (188,000,000) | |
Interest expense, net | 215,000,000 | 213,000,000 | 132,000,000 | |||||||||
Depreciation and amortization | 273,000,000 | 284,000,000 | 267,000,000 | |||||||||
Non-operating pension and other post-retirement employee benefit income | (34,000,000) | (20,000,000) | (3,000,000) | |||||||||
Exchange (gains) losses | (3,000,000) | 57,000,000 | (19,000,000) | |||||||||
Restructuring charges | 57,000,000 | 51,000,000 | 285,000,000 | |||||||||
Asset-related charges | 3,000,000 | 124,000,000 | 73,000,000 | |||||||||
(Gain) loss on sale of assets and businesses | (22,000,000) | (254,000,000) | 9,000,000 | |||||||||
Transaction costs | 3,000,000 | 19,000,000 | 9,000,000 | |||||||||
Legal and other charges | 18,000,000 | 359,000,000 | 8,000,000 | |||||||||
Adjusted EBITDA | 1,422,000,000 | 822,000,000 | 573,000,000 | |||||||||
Other assets, impairment charges | $ 13,000,000 | |||||||||||
Asset related charges | 1,000,000 | 119,000,000 | 45,000,000 | |||||||||
Goodwill impairment | 0 | 0 | 25,000,000 | |||||||||
PFOA MDL Settlement [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Litigation accruals | 335,000,000 | |||||||||||
Sulfur Business [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill impairment | 25,000,000 | |||||||||||
Disposed by Sale [Member] | Sulfur Business [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset related charges | $ 58,000,000 | 58,000,000 | ||||||||||
Headquarters Building Located in Wilmington, Delaware [Member] | Disposed by Sale [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset related charges | 13,000,000 | |||||||||||
Aniline Facility [Member] | Pascagoula, Mississippi [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other assets, impairment charges | 48,000,000 | |||||||||||
Asset related charges | 48,000,000 | |||||||||||
RMS Facility [Member] | Niagara Falls, NY [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset related charges | $ 45,000,000 | |||||||||||
Land [Member] | Repauno New Jersey [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on sale of asset | 13,000,000 | |||||||||||
Edge Moor Site [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on sale of asset | $ 12,000,000 | |||||||||||
Clean and Disinfect Product Line [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on sale of asset | 169,000,000 | |||||||||||
Beaumont Site [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on sale of asset | $ 89,000,000 |
Geographic and Segment Infor136
Geographic and Segment Information - (Schedule of Net Sales to External Customers by Product Group) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | $ 6,183 | $ 5,400 | $ 5,717 |
Divested Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | 4 | 212 | 431 |
Titanium Dioxide [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | 2,958 | 2,364 | 2,392 |
Fluoropolymers [member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | 1,276 | 1,171 | 1,246 |
Fluorochemicals [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | 1,378 | 1,093 | 984 |
Performance Chemicals and Intermediates [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | 306 | 298 | 363 |
Mining Solution [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales to external customers | $ 261 | $ 262 | $ 301 |
Accumulated Other Comprehens137
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 100 | ||
Assumption and establishment of pension plans, net | (3) | $ 18 | $ 52 |
Ending Balance | 860 | 100 | |
Currency Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (358) | (285) | 19 |
Assumption and establishment of pension plans, net | 0 | ||
Other comprehensive (loss) income | 200 | (73) | (304) |
Ending Balance | (158) | (358) | (285) |
Derivative Instruments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 22 | 8 | 0 |
Assumption and establishment of pension plans, net | 0 | ||
Other comprehensive (loss) income | (62) | 14 | 8 |
Ending Balance | (40) | 22 | 8 |
Employee Benefits [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (241) | (259) | 0 |
Assumption and establishment of pension plans, net | (311) | ||
Other comprehensive (loss) income | (3) | 18 | 52 |
Ending Balance | (244) | (241) | (259) |
Accumulated Other Comprehensive Loss [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (577) | (536) | 19 |
Assumption and establishment of pension plans, net | (311) | ||
Other comprehensive (loss) income | 135 | (41) | (244) |
Ending Balance | $ (442) | $ (577) | $ (536) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | Jan. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||
Purchase of common stock value under the share repurchase program | $ 116 | |
Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of common stock value under the share repurchase program | $ 116 | |
Common Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of common stock value under the share repurchase program | $ 34 |
Quarterly Financial Data (Un139
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 1,322 | $ 1,398 | $ 1,383 | $ 1,297 | $ 6,183 | $ 5,400 | $ 5,717 |
Cost of goods sold | 1,087 | 1,117 | 1,147 | 1,079 | 1,024 | 1,056 | 1,116 | 1,095 | 4,429 | 4,290 | 4,762 |
Income (loss) before income taxes | 264 | 250 | 225 | 173 | (273) | 234 | (41) | 70 | 912 | (11) | (188) |
Net income (loss) | 228 | 207 | 161 | 151 | (230) | 204 | (18) | 51 | 747 | 7 | (90) |
Net income (loss) attributable to Chemours | $ 228 | $ 207 | $ 161 | $ 150 | $ (230) | $ 204 | $ (18) | $ 51 | $ 746 | $ 7 | $ (90) |
Basic earnings (loss) per share of common stock | $ 1.23 | $ 1.12 | $ 0.87 | $ 0.82 | $ (1.26) | $ 1.12 | $ (0.10) | $ 0.28 | $ 4.04 | $ 0.04 | $ (0.50) |
Diluted earnings (loss) per share of common stock | $ 1.19 | $ 1.08 | $ 0.84 | $ 0.79 | $ (1.26) | $ 1.11 | $ (0.10) | $ 0.28 | $ 3.91 | $ 0.04 | $ (0.50) |
Guarantor Condensed Consolid140
Guarantor Condensed Consolidating Financial Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 1,575,000,000 | $ 1,584,000,000 | $ 1,588,000,000 | $ 1,437,000,000 | $ 1,322,000,000 | $ 1,398,000,000 | $ 1,383,000,000 | $ 1,297,000,000 | $ 6,183,000,000 | $ 5,400,000,000 | $ 5,717,000,000 |
Cost of goods sold | 1,087,000,000 | 1,117,000,000 | 1,147,000,000 | 1,079,000,000 | 1,024,000,000 | 1,056,000,000 | 1,116,000,000 | 1,095,000,000 | 4,429,000,000 | 4,290,000,000 | 4,762,000,000 |
Gross profit | 1,754,000,000 | 1,110,000,000 | 955,000,000 | ||||||||
Selling, general, and administrative expense | 602,000,000 | 934,000,000 | 632,000,000 | ||||||||
Research and development expense | 80,000,000 | 80,000,000 | 97,000,000 | ||||||||
Restructuring and asset-related charges, net | 57,000,000 | 170,000,000 | 333,000,000 | ||||||||
Goodwill impairment | 0 | 0 | 25,000,000 | ||||||||
Total expenses | 739,000,000 | 1,184,000,000 | 1,087,000,000 | ||||||||
Equity in earnings of affiliates | 33,000,000 | 29,000,000 | 22,000,000 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | |||||||||
Interest (expense) income, net | (215,000,000) | (213,000,000) | (132,000,000) | ||||||||
Intercompany interest income (expense), net | 0 | 0 | |||||||||
Other income (expense), net | 79,000,000 | 247,000,000 | 54,000,000 | ||||||||
Income (loss) before income taxes | 264,000,000 | 250,000,000 | 225,000,000 | 173,000,000 | (273,000,000) | 234,000,000 | (41,000,000) | 70,000,000 | 912,000,000 | (11,000,000) | (188,000,000) |
Provision (benefit) for income taxes | 165,000,000 | (18,000,000) | (98,000,000) | ||||||||
Net income (loss) | 228,000,000 | 207,000,000 | 161,000,000 | 151,000,000 | (230,000,000) | 204,000,000 | (18,000,000) | 51,000,000 | 747,000,000 | 7,000,000 | (90,000,000) |
Less: Net income attributable to non-controlling interests | 1,000,000 | 0 | 0 | ||||||||
Net income (loss) attributable to Chemours | $ 228,000,000 | $ 207,000,000 | $ 161,000,000 | $ 150,000,000 | $ (230,000,000) | $ 204,000,000 | $ (18,000,000) | $ 51,000,000 | 746,000,000 | 7,000,000 | (90,000,000) |
Comprehensive income attributable to Chemours | 881,000,000 | (34,000,000) | (334,000,000) | ||||||||
Eliminations and Adjustments [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (1,734,000,000) | (1,571,000,000) | (1,596,000,000) | ||||||||
Cost of goods sold | (1,691,000,000) | (1,543,000,000) | (1,596,000,000) | ||||||||
Gross profit | (43,000,000) | (28,000,000) | 0 | ||||||||
Selling, general, and administrative expense | (38,000,000) | (20,000,000) | (13,000,000) | ||||||||
Research and development expense | 0 | 0 | |||||||||
Restructuring and asset-related charges, net | 0 | 0 | |||||||||
Goodwill impairment | 0 | ||||||||||
Total expenses | (38,000,000) | (20,000,000) | (13,000,000) | ||||||||
Equity in earnings of affiliates | 0 | 0 | |||||||||
Equity in earnings of subsidiaries | (849,000,000) | (100,000,000) | 47,000,000 | ||||||||
Interest (expense) income, net | 0 | 0 | |||||||||
Intercompany interest income (expense), net | 0 | 0 | |||||||||
Other income (expense), net | (34,000,000) | (20,000,000) | (20,000,000) | ||||||||
Income (loss) before income taxes | (888,000,000) | (128,000,000) | 40,000,000 | ||||||||
Provision (benefit) for income taxes | (4,000,000) | (7,000,000) | (3,000,000) | ||||||||
Net income (loss) | (884,000,000) | (121,000,000) | 43,000,000 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | |||||||||
Net income (loss) attributable to Chemours | (884,000,000) | (121,000,000) | 43,000,000 | ||||||||
Comprehensive income attributable to Chemours | (1,081,000,000) | (66,000,000) | 295,000,000 | ||||||||
Parent Issuer [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | |||||||||
Cost of goods sold | 0 | 0 | |||||||||
Gross profit | 0 | 0 | |||||||||
Selling, general, and administrative expense | 36,000,000 | 21,000,000 | 15,000,000 | ||||||||
Research and development expense | 0 | 0 | |||||||||
Restructuring and asset-related charges, net | 0 | 0 | |||||||||
Goodwill impairment | 0 | ||||||||||
Total expenses | 36,000,000 | 21,000,000 | 15,000,000 | ||||||||
Equity in earnings of affiliates | 0 | 0 | |||||||||
Equity in earnings of subsidiaries | 849,000,000 | 100,000,000 | (47,000,000) | ||||||||
Interest (expense) income, net | (221,000,000) | (211,000,000) | (131,000,000) | ||||||||
Intercompany interest income (expense), net | 64,000,000 | 60,000,000 | 44,000,000 | ||||||||
Other income (expense), net | 29,000,000 | 20,000,000 | 13,000,000 | ||||||||
Income (loss) before income taxes | 685,000,000 | (52,000,000) | (136,000,000) | ||||||||
Provision (benefit) for income taxes | (62,000,000) | (59,000,000) | (46,000,000) | ||||||||
Net income (loss) | 747,000,000 | 7,000,000 | (90,000,000) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | |||||||||
Net income (loss) attributable to Chemours | 747,000,000 | 7,000,000 | (90,000,000) | ||||||||
Comprehensive income attributable to Chemours | 881,000,000 | (34,000,000) | (334,000,000) | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 3,887,000,000 | 3,749,000,000 | 4,044,000,000 | ||||||||
Cost of goods sold | 3,084,000,000 | 3,218,000,000 | 3,708,000,000 | ||||||||
Gross profit | 803,000,000 | 531,000,000 | 336,000,000 | ||||||||
Selling, general, and administrative expense | 449,000,000 | 794,000,000 | 426,000,000 | ||||||||
Research and development expense | 74,000,000 | 77,000,000 | 95,000,000 | ||||||||
Restructuring and asset-related charges, net | 56,000,000 | 168,000,000 | 295,000,000 | ||||||||
Goodwill impairment | 25,000,000 | ||||||||||
Total expenses | 579,000,000 | 1,039,000,000 | 841,000,000 | ||||||||
Equity in earnings of affiliates | 4,000,000 | 1,000,000 | |||||||||
Equity in earnings of subsidiaries | 0 | 0 | |||||||||
Interest (expense) income, net | 3,000,000 | (3,000,000) | (1,000,000) | ||||||||
Intercompany interest income (expense), net | 4,000,000 | 0 | |||||||||
Other income (expense), net | 139,000,000 | 193,000,000 | 92,000,000 | ||||||||
Income (loss) before income taxes | 366,000,000 | (310,000,000) | (413,000,000) | ||||||||
Provision (benefit) for income taxes | 117,000,000 | (52,000,000) | (89,000,000) | ||||||||
Net income (loss) | 249,000,000 | (258,000,000) | (324,000,000) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | |||||||||
Net income (loss) attributable to Chemours | 249,000,000 | (258,000,000) | (324,000,000) | ||||||||
Comprehensive income attributable to Chemours | 253,000,000 | (255,000,000) | (324,000,000) | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 4,030,000,000 | 3,222,000,000 | 3,269,000,000 | ||||||||
Cost of goods sold | 3,036,000,000 | 2,615,000,000 | 2,650,000,000 | ||||||||
Gross profit | 994,000,000 | 607,000,000 | 619,000,000 | ||||||||
Selling, general, and administrative expense | 155,000,000 | 139,000,000 | 204,000,000 | ||||||||
Research and development expense | 6,000,000 | 3,000,000 | 2,000,000 | ||||||||
Restructuring and asset-related charges, net | 1,000,000 | 2,000,000 | 38,000,000 | ||||||||
Goodwill impairment | 0 | ||||||||||
Total expenses | 162,000,000 | 144,000,000 | 244,000,000 | ||||||||
Equity in earnings of affiliates | 33,000,000 | 25,000,000 | 21,000,000 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | |||||||||
Interest (expense) income, net | 3,000,000 | 1,000,000 | 0 | ||||||||
Intercompany interest income (expense), net | (64,000,000) | (64,000,000) | (44,000,000) | ||||||||
Other income (expense), net | (55,000,000) | 54,000,000 | (31,000,000) | ||||||||
Income (loss) before income taxes | 749,000,000 | 479,000,000 | 321,000,000 | ||||||||
Provision (benefit) for income taxes | 114,000,000 | 100,000,000 | 40,000,000 | ||||||||
Net income (loss) | 635,000,000 | 379,000,000 | 281,000,000 | ||||||||
Less: Net income attributable to non-controlling interests | 1,000,000 | 0 | 0 | ||||||||
Net income (loss) attributable to Chemours | 634,000,000 | 379,000,000 | 281,000,000 | ||||||||
Comprehensive income attributable to Chemours | $ 828,000,000 | $ 321,000,000 | $ 29,000,000 |
Guarantor Condensed Consolid141
Guarantor Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 1,556 | $ 902 | $ 366 | $ 0 |
Accounts and notes receivable, net | 919 | 807 | ||
Intercompany receivable | 0 | |||
Inventories | 935 | 767 | ||
Prepaid expenses and other | 83 | 77 | ||
Total current assets | 3,493 | 2,553 | ||
Property, plant, and equipment | 8,511 | 7,997 | ||
Less: Accumulated depreciation | (5,503) | (5,213) | ||
Property, plant, and equipment, net | 3,008 | 2,784 | 3,177 | |
Goodwill and other intangible assets, net | 166 | 170 | ||
Investments in affiliates | 173 | 136 | 136 | |
Investment in subsidiaries | 0 | |||
Intercompany notes receivable | 0 | |||
Other assets | 453 | 417 | ||
Total assets | 7,293 | 6,060 | ||
Current liabilities: | ||||
Accounts payable | 1,075 | 884 | ||
Current maturities of long-term debt | 15 | 15 | ||
Intercompany payable | 0 | |||
Other accrued liabilities | 558 | 872 | ||
Total current liabilities | 1,648 | 1,771 | ||
Long-term debt, net | 4,097 | 3,529 | ||
Intercompany notes payable | 0 | |||
Deferred income taxes | 208 | 132 | ||
Other liabilities | 475 | 524 | ||
Total liabilities | 6,428 | 5,956 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 860 | 100 | ||
Non-controlling interests | 5 | 4 | ||
Total equity | 865 | 104 | 130 | 3,673 |
Total liabilities and equity | 7,293 | 6,060 | ||
Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts and notes receivable, net | 0 | |||
Intercompany receivable | (1,488) | (1,099) | ||
Inventories | (90) | (50) | ||
Prepaid expenses and other | 11 | 7 | ||
Total current assets | (1,567) | (1,142) | ||
Property, plant, and equipment | 0 | |||
Less: Accumulated depreciation | 0 | |||
Property, plant, and equipment, net | 0 | |||
Goodwill and other intangible assets, net | 0 | |||
Investments in affiliates | 0 | |||
Investment in subsidiaries | (4,393) | (3,258) | ||
Intercompany notes receivable | (1,150) | (1,150) | ||
Other assets | (13) | 0 | ||
Total assets | (7,123) | (5,550) | ||
Current liabilities: | ||||
Accounts payable | 0 | |||
Current maturities of long-term debt | 0 | |||
Intercompany payable | (1,488) | (1,099) | ||
Other accrued liabilities | 0 | |||
Total current liabilities | (1,488) | (1,099) | ||
Long-term debt, net | 0 | |||
Intercompany notes payable | (1,150) | (1,150) | ||
Deferred income taxes | (24) | 0 | ||
Other liabilities | 0 | |||
Total liabilities | (2,662) | (2,249) | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | (4,461) | (3,301) | ||
Non-controlling interests | 0 | |||
Total equity | (4,461) | (3,301) | ||
Total liabilities and equity | (7,123) | (5,550) | ||
Parent Issuer [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts and notes receivable, net | 0 | |||
Intercompany receivable | 3 | 3 | ||
Inventories | 0 | |||
Prepaid expenses and other | 0 | |||
Total current assets | 3 | 3 | ||
Property, plant, and equipment | 0 | |||
Less: Accumulated depreciation | 0 | |||
Property, plant, and equipment, net | 0 | |||
Goodwill and other intangible assets, net | 0 | |||
Investments in affiliates | 0 | |||
Investment in subsidiaries | 4,393 | 3,258 | ||
Intercompany notes receivable | 1,150 | 1,150 | ||
Other assets | 23 | 13 | ||
Total assets | 5,569 | 4,424 | ||
Current liabilities: | ||||
Accounts payable | 31 | 0 | ||
Current maturities of long-term debt | 15 | 15 | ||
Intercompany payable | 542 | 762 | ||
Other accrued liabilities | 34 | 21 | ||
Total current liabilities | 622 | 798 | ||
Long-term debt, net | 4,087 | 3,526 | ||
Intercompany notes payable | 0 | |||
Deferred income taxes | 0 | |||
Other liabilities | 0 | |||
Total liabilities | 4,709 | 4,324 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 860 | 100 | ||
Non-controlling interests | 0 | |||
Total equity | 860 | 100 | ||
Total liabilities and equity | 5,569 | 4,424 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 761 | 224 | 95 | 0 |
Accounts and notes receivable, net | 308 | 299 | ||
Intercompany receivable | 904 | 1,050 | ||
Inventories | 394 | 341 | ||
Prepaid expenses and other | 57 | 38 | ||
Total current assets | 2,424 | 1,952 | ||
Property, plant, and equipment | 6,449 | 6,136 | ||
Less: Accumulated depreciation | (4,438) | (4,285) | ||
Property, plant, and equipment, net | 2,011 | 1,851 | ||
Goodwill and other intangible assets, net | 152 | 156 | ||
Investments in affiliates | 0 | |||
Investment in subsidiaries | 0 | |||
Intercompany notes receivable | 0 | |||
Other assets | 115 | 178 | ||
Total assets | 4,702 | 4,137 | ||
Current liabilities: | ||||
Accounts payable | 606 | 573 | ||
Current maturities of long-term debt | 0 | |||
Intercompany payable | 581 | 46 | ||
Other accrued liabilities | 343 | 718 | ||
Total current liabilities | 1,530 | 1,337 | ||
Long-term debt, net | 10 | 3 | ||
Intercompany notes payable | 0 | |||
Deferred income taxes | 127 | 59 | ||
Other liabilities | 388 | 428 | ||
Total liabilities | 2,055 | 1,827 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 2,647 | 2,310 | ||
Non-controlling interests | 0 | |||
Total equity | 2,647 | 2,310 | ||
Total liabilities and equity | 4,702 | 4,137 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 795 | 678 | $ 271 | $ 0 |
Accounts and notes receivable, net | 611 | 508 | ||
Intercompany receivable | 581 | 46 | ||
Inventories | 631 | 476 | ||
Prepaid expenses and other | 15 | 32 | ||
Total current assets | 2,633 | 1,740 | ||
Property, plant, and equipment | 2,062 | 1,861 | ||
Less: Accumulated depreciation | (1,065) | (928) | ||
Property, plant, and equipment, net | 997 | 933 | ||
Goodwill and other intangible assets, net | 14 | 14 | ||
Investments in affiliates | 173 | 136 | ||
Investment in subsidiaries | 0 | |||
Intercompany notes receivable | 0 | |||
Other assets | 328 | 226 | ||
Total assets | 4,145 | 3,049 | ||
Current liabilities: | ||||
Accounts payable | 438 | 311 | ||
Current maturities of long-term debt | 0 | |||
Intercompany payable | 365 | 291 | ||
Other accrued liabilities | 181 | 133 | ||
Total current liabilities | 984 | 735 | ||
Long-term debt, net | 0 | |||
Intercompany notes payable | 1,150 | 1,150 | ||
Deferred income taxes | 105 | 73 | ||
Other liabilities | 87 | 96 | ||
Total liabilities | 2,326 | 2,054 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 1,814 | 991 | ||
Non-controlling interests | 5 | 4 | ||
Total equity | 1,819 | 995 | ||
Total liabilities and equity | $ 4,145 | $ 3,049 |
Guarantor Condensed Consolid142
Guarantor Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Cash (used for) provided by operating activities | $ 639 | $ 594 | $ 182 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (411) | (338) | (519) |
Proceeds from sales of assets and businesses, net | 39 | 708 | 12 |
Intercompany investing activities | 0 | 0 | |
Investments in affiliates | (1) | (32) | |
Foreign exchange contract settlements, net | 2 | (12) | 42 |
Cash (used for) provided by investing activities | (370) | 357 | (497) |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 495 | 3,491 | |
Intercompany short-term borrowings repayments, net | 0 | 0 | |
Debt repayments | (27) | (381) | (10) |
Payment of deferred financing fees | (6) | (4) | (79) |
Purchases of treasury stock at cost | (106) | ||
Proceeds from exercised stock options, net | 31 | 11 | |
Tax payments related to withholdings on vested restricted stock units | (12) | ||
Payment of dividends | (22) | (22) | (105) |
Cash provided at Separation by DuPont | 247 | ||
Net transfers to DuPont | (2,857) | ||
Cash provided by (used for) financing activities | 353 | (396) | 687 |
Effect of exchange rate changes on cash and cash equivalents | 32 | (19) | (6) |
Increase in cash and cash equivalents | 654 | 536 | 366 |
Cash and cash equivalents at January 1, | 902 | 366 | 0 |
Cash and cash equivalents at December 31, | 1,556 | 902 | 366 |
Eliminations and Adjustments [Member] | |||
Cash flows from operating activities | |||
Cash (used for) provided by operating activities | 0 | 9 | |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | 0 | 0 | |
Proceeds from sales of assets and businesses, net | 0 | 0 | |
Intercompany investing activities | (220) | 560 | 202 |
Investments in affiliates | 0 | 0 | |
Foreign exchange contract settlements, net | 0 | 0 | |
Cash (used for) provided by investing activities | (220) | 560 | 202 |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 0 | ||
Intercompany short-term borrowings repayments, net | 220 | (560) | (202) |
Debt repayments | 0 | 0 | |
Payment of deferred financing fees | 0 | 0 | |
Proceeds from exercised stock options, net | 0 | ||
Payment of dividends | 0 | 0 | |
Cash provided at Separation by DuPont | 0 | ||
Net transfers to DuPont | (9) | ||
Cash provided by (used for) financing activities | 220 | (560) | (211) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 |
Cash and cash equivalents at December 31, | 0 | 0 | |
Parent Issuer [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities | |||
Cash (used for) provided by operating activities | (133) | (176) | (119) |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | 0 | 0 | |
Proceeds from sales of assets and businesses, net | 0 | 0 | |
Intercompany investing activities | 0 | 0 | |
Investments in affiliates | 0 | 0 | |
Foreign exchange contract settlements, net | 0 | 0 | |
Cash (used for) provided by investing activities | 0 | 0 | |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 495 | 3,489 | |
Intercompany short-term borrowings repayments, net | (220) | 560 | 202 |
Debt repayments | (27) | (369) | (8) |
Payment of deferred financing fees | (6) | (4) | (79) |
Purchases of treasury stock at cost | (106) | ||
Proceeds from exercised stock options, net | 31 | 11 | |
Tax payments related to withholdings on vested restricted stock units | (12) | ||
Payment of dividends | (22) | (22) | (105) |
Cash provided at Separation by DuPont | 0 | ||
Net transfers to DuPont | (3,380) | ||
Cash provided by (used for) financing activities | 133 | 176 | 119 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 |
Cash and cash equivalents at December 31, | 0 | 0 | |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities | |||
Cash (used for) provided by operating activities | 603 | 355 | 171 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (327) | (233) | (292) |
Proceeds from sales of assets and businesses, net | 39 | 591 | 6 |
Intercompany investing activities | 220 | (560) | (202) |
Investments in affiliates | 0 | 0 | |
Foreign exchange contract settlements, net | 2 | (12) | 42 |
Cash (used for) provided by investing activities | (66) | (214) | (446) |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 2 | ||
Intercompany short-term borrowings repayments, net | 0 | 0 | |
Debt repayments | (12) | (2) | |
Payment of deferred financing fees | 0 | 0 | |
Proceeds from exercised stock options, net | 0 | ||
Payment of dividends | 0 | 0 | |
Cash provided at Separation by DuPont | 87 | ||
Net transfers to DuPont | 283 | ||
Cash provided by (used for) financing activities | (12) | 370 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Increase in cash and cash equivalents | 537 | 129 | 95 |
Cash and cash equivalents at January 1, | 224 | 95 | 0 |
Cash and cash equivalents at December 31, | 761 | 224 | 95 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities | |||
Cash (used for) provided by operating activities | 169 | 415 | 121 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (84) | (105) | (227) |
Proceeds from sales of assets and businesses, net | 117 | 6 | |
Intercompany investing activities | 0 | 0 | |
Investments in affiliates | (1) | (32) | |
Foreign exchange contract settlements, net | 0 | 0 | |
Cash (used for) provided by investing activities | (84) | 11 | (253) |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 0 | ||
Intercompany short-term borrowings repayments, net | 0 | 0 | |
Debt repayments | 0 | 0 | |
Payment of deferred financing fees | 0 | 0 | |
Proceeds from exercised stock options, net | 0 | ||
Payment of dividends | 0 | 0 | |
Cash provided at Separation by DuPont | 160 | ||
Net transfers to DuPont | 249 | ||
Cash provided by (used for) financing activities | 0 | 409 | |
Effect of exchange rate changes on cash and cash equivalents | 32 | (19) | (6) |
Increase in cash and cash equivalents | 117 | 407 | 271 |
Cash and cash equivalents at January 1, | 678 | 271 | 0 |
Cash and cash equivalents at December 31, | $ 795 | $ 678 | $ 271 |
Uncategorized Items - cc-201712
Label | Element | Value |
Goodwill | us-gaap_Goodwill | $ 153,000,000 |
Operating Segments [Member] | Titanium Technologies [Member] | ||
Goodwill | us-gaap_Goodwill | 13,000,000 |
Operating Segments [Member] | Fluroproducts [Member] | ||
Goodwill | us-gaap_Goodwill | 85,000,000 |
Operating Segments [Member] | Chemical Solutions [Member] | ||
Goodwill | us-gaap_Goodwill | $ 55,000,000 |