Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 11, 2019 | Jun. 30, 2018 | |
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 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Trading Symbol | CC | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 167,037,003 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Cost of goods sold | 1,064 | 1,151 | 1,259 | 1,193 | 1,090 | 1,119 | 1,150 | 1,081 | 4,667 | 4,438 | 4,297 |
Gross profit | 1,971 | 1,745 | 1,103 | ||||||||
Selling, general, and administrative expense | 657 | 626 | 946 | ||||||||
Research and development expense | 82 | 81 | 81 | ||||||||
Restructuring, asset-related, and other charges | 49 | 57 | 170 | ||||||||
Total other operating expenses | 788 | 764 | 1,197 | ||||||||
Equity in earnings of affiliates | 43 | 33 | 29 | ||||||||
Interest expense, net | (195) | (214) | (219) | ||||||||
(Loss) gain on extinguishment of debt | (38) | (1) | 6 | ||||||||
Other income, net | 162 | 113 | 267 | ||||||||
Income (loss) before income taxes | 182 | 269 | 323 | 381 | 264 | 250 | 225 | 173 | 1,155 | 912 | (11) |
Provision for (benefit from) income taxes | 159 | 165 | (18) | ||||||||
Net income (loss) | 142 | 275 | 282 | 297 | 228 | 207 | 161 | 151 | 996 | 747 | 7 |
Less: Net income attributable to non-controlling interests | 1 | 1 | 0 | ||||||||
Net income (loss) attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | $ 995 | $ 746 | $ 7 |
Per share data | |||||||||||
Basic earnings per share of common stock | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ 1.23 | $ 1.12 | $ 0.87 | $ 0.82 | $ 5.62 | $ 4.04 | $ 0.04 |
Diluted earnings per share of common stock | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ 1.19 | $ 1.08 | $ 0.84 | $ 0.79 | $ 5.45 | $ 3.91 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss), pre-tax | $ 1,155 | $ 912 | $ (11) |
Net Income (loss), tax | (159) | (165) | 18 |
Net income (loss) | 996 | 747 | 7 |
Hedging activities: | |||
Unrealized gain (loss) on net investment hedge, pre-tax | 32 | (86) | 14 |
Unrealized gain (loss) on net investment hedge, tax | (8) | 24 | 0 |
Unrealized gain (loss) on net investment hedge, after-tax | 24 | (62) | 14 |
Unrealized gain on cash flow hedge, pre-ax | 10 | 0 | 0 |
Unrealized gain on cash flow hedge, tax | (1) | 0 | 0 |
Unrealized gain on cash flow hedge, after-tax | 9 | 0 | 0 |
Reclassifications to net income - cash flow hedge, pre-tax | (4) | 0 | 0 |
Reclassifications to net income - cash flow hedge, tax | 1 | 0 | 0 |
Reclassifications to net income - cash flow hedge, after-tax | (3) | 0 | 0 |
Hedging activities, net, pre-tax | 38 | (86) | 14 |
Hedging activities, net, tax | (8) | 24 | 0 |
Hedging activities, net, after-tax | 30 | (62) | 14 |
Cumulative translation adjustments, pre-tax | (75) | 200 | (73) |
Cumulative translation adjustments, tax | 0 | 0 | 0 |
Cumulative translation adjustments, after-tax | (75) | 200 | (73) |
Defined benefit plans: | |||
Net (loss) gain,pre-tax | (115) | 24 | (17) |
Net (loss) gain, tax | 29 | (5) | 5 |
Net (loss) gain, after-tax | (86) | 19 | (12) |
Effect of foreign exchange rates, pre-tax | 8 | (38) | 15 |
Effect of foreign exchange rates, tax | 0 | 0 | (3) |
Effect of foreign exchange rates, after-tax | 8 | (38) | 12 |
Amortization of prior service gain, pre- tax | (2) | (2) | (1) |
Amortization of prior service gain, tax | 0 | 0 | 0 |
Amortization of prior service gain, after-tax | (2) | (2) | (1) |
Amortization of actuarial loss, pre-tax | 16 | 24 | 23 |
Amortization of actuarial loss, tax | (4) | (6) | (6) |
Amortization of actuarial loss, after-tax | 12 | 18 | 17 |
Settlement loss, pre-tax | 0 | 0 | 5 |
Settlement loss, tax | 0 | 0 | (1) |
Settlement loss, after-tax | 0 | 0 | 4 |
Curtailment gain, pre-tax | 0 | 0 | (2) |
Curtailment gain, tax | 0 | 0 | 0 |
Curtailment gain, after-tax | 0 | 0 | (2) |
Defined benefit plans, net, pre-tax | (93) | 8 | 23 |
Defined benefit plans, net, tax | 25 | (11) | (5) |
Defined benefit plans, net, after-tax | (68) | (3) | 18 |
Other comprehensive (loss) income, pre-tax | (130) | 122 | (36) |
Other comprehensive (loss) income, tax | 17 | 13 | (5) |
Other comprehensive (loss) income, after-tax | (113) | 135 | (41) |
Comprehensive income (loss), pre-tax | 1,025 | 1,034 | (47) |
Comprehensive income (loss), tax | (151) | (152) | 13 |
Comprehensive income (loss), after-tax | 874 | 882 | (34) |
Less: Comprehensive income attributable to non-controlling interests, pre-tax | 1 | 1 | 0 |
Less: Comprehensive income attributable to non-controlling interests, tax | 0 | 0 | 0 |
Less: Comprehensive income attributable to non-controlling interests, after-tax | 1 | 1 | 0 |
Comprehensive income (loss) attributable to Chemours,pre tax | 1,024 | 1,033 | (47) |
Comprehensive income (loss) attributable to Chemours, tax | (151) | (152) | 13 |
Comprehensive income (loss) attributable to Chemours, after-tax | 873 | 881 | (34) |
Accounting Standards Update 2018-02 [Member] | |||
Defined benefit plans: | |||
Cumulative effect of adopting ASU No. 2018-02, pre-tax | 0 | 0 | 0 |
Cumulative effect of adopting ASU No. 2018-02, tax | (9) | 0 | 0 |
Cumulative effect of adopting ASU No. 2018-02, after-tax | $ (9) | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,201 | $ 1,556 |
Accounts and notes receivable, net | 861 | 919 |
Inventories | 1,147 | 935 |
Prepaid expenses and other | 84 | 83 |
Total current assets | 3,293 | 3,493 |
Property, plant, and equipment | 8,992 | 8,511 |
Less: Accumulated depreciation | (5,701) | (5,503) |
Property, plant, and equipment, net | 3,291 | 3,008 |
Goodwill and other intangible assets, net | 181 | 166 |
Investments in affiliates | 160 | 173 |
Other assets | 437 | 453 |
Total assets | 7,362 | 7,293 |
Current liabilities: | ||
Accounts payable | 1,137 | 1,075 |
Current maturities of long-term debt | 13 | 15 |
Other accrued liabilities | 559 | 558 |
Total current liabilities | 1,709 | 1,648 |
Long-term debt, net | 3,959 | 4,097 |
Deferred income taxes | 217 | 208 |
Other liabilities | 457 | 475 |
Total liabilities | 6,342 | 6,428 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 187,204,567 shares issued and 170,780,474 shares outstanding at December 31, 2018; 185,343,034 shares issued and 182,956,628 shares outstanding at December 31, 2017) | 2 | 2 |
Treasury stock at cost (16,424,093 shares at December 31, 2018; 2,386,406 shares at December 31, 2017) | (750) | (116) |
Additional paid-in capital | 860 | 837 |
Retained earnings | 1,466 | 579 |
Accumulated other comprehensive loss | (564) | (442) |
Total Chemours stockholders’ equity | 1,014 | 860 |
Non-controlling interests | 6 | 5 |
Total equity | 1,020 | 865 |
Total liabilities and equity | $ 7,362 | $ 7,293 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 187,204,567 | 185,343,034 |
Common stock, shares outstanding (in shares) | 170,780,474 | 182,956,628 |
Treasury stock (in shares) | 16,424,093 | 2,386,406 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-controlling Interests [Member] |
Total stockholders' equity, beginning balance at Dec. 31, 2015 | $ 130 | $ 2 | $ 775 | $ (115) | $ (536) | $ 4 | |
Shares, beginning balance at Dec. 31, 2015 | 181,069,751 | ||||||
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 | ||||||
Stock-based compensation expense | 19 | 19 | |||||
Net income | 7 | 7 | |||||
Dividends | (22) | (16) | (6) | ||||
Dividends per Share declared during period | $ 0.12 | ||||||
Other comprehensive income (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 | ||||||
Dividends per Share, as of December 30 at Dec. 31, 2016 | $ 0.12 | ||||||
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 | ||||||
Stock-based compensation expense | 29 | 29 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (12) | (12) | |||||
Net income | 747 | 746 | 1 | ||||
Dividends | (53) | (53) | |||||
Dividends per Share declared during period | $ 0.29 | ||||||
Other comprehensive income (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 | 185,343,034 | 2,386,406 | |||||
Dividends per Share, as of December 30 at Dec. 31, 2017 | $ 0.29 | ||||||
Common stock issued - compensation plans (in shares) | 783,346 | ||||||
Exercise of stock options, net | 16 | 16 | |||||
Exercise of stock options, net (in shares) | 1,078,187 | ||||||
Purchases of treasury stock at cost | (634) | $ (634) | |||||
Purchases of treasury stock at cost (in shares) | 14,050,098 | ||||||
Shares issued under employee stock purchase plan (in shares) | (12,411) | ||||||
Stock-based compensation expense | 24 | 24 | |||||
Cancellation of unissued stock awards withheld to cover taxes | (17) | (17) | |||||
Cumulative effect of adopting ASU No. 2018-02 | 9 | (9) | |||||
Net income | 996 | 995 | 1 | ||||
Dividends | (117) | (117) | |||||
Dividends per Share declared during period | $ 0.67 | ||||||
Other comprehensive income (loss) | (113) | (113) | |||||
Total stockholders' equity, ending balance at Dec. 31, 2018 | $ 1,020 | $ 2 | $ (750) | $ 860 | $ 1,466 | $ (564) | $ 6 |
Shares, ending balance at Dec. 31, 2018 | 187,204,567 | 16,424,093 | |||||
Dividends per Share, as of December 30 at Dec. 31, 2018 | $ 0.67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash flows from operating activities | |||
Net income | $ 996 | $ 747 | $ 7 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 284 | 273 | 284 |
Asset-related charges | 4 | 3 | 124 |
Gain on sales of assets and businesses | (45) | (22) | (254) |
Equity in earnings of affiliates, net | 18 | (33) | (12) |
Loss (gain) on extinguishment of debt | 38 | 1 | (6) |
Amortization of debt issuance costs and issue discounts | 11 | 13 | 16 |
Deferred tax provision (benefit) | 23 | 83 | (111) |
Other operating charges and credits, net | 17 | 41 | 62 |
Decrease (increase) in operating assets: | |||
Accounts and notes receivable, net | 47 | (88) | 5 |
Inventories and other operating assets | (297) | (208) | 147 |
(Decrease) increase in operating liabilities: | |||
Accounts payable and other operating liabilities | 44 | (170) | 332 |
Cash provided by operating activities | 1,140 | 640 | 594 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (498) | (411) | (338) |
Acquisition of business, net | (37) | 0 | 0 |
Proceeds from sales of assets and businesses, net | 46 | 39 | 708 |
Investments in affiliates | 0 | 0 | (1) |
Foreign exchange contract settlements, net | 2 | 2 | (12) |
Cash (used for) provided by investing activities | (487) | (370) | 357 |
Cash flows from financing activities | |||
Proceeds from issuance of debt, net | 520 | 495 | 0 |
Debt repayments | (679) | (27) | (381) |
Payments related to extinguishment of debt | (29) | (1) | 0 |
Payments of debt issuance costs | (12) | (6) | (4) |
Purchases of treasury stock, at cost | (644) | (106) | 0 |
Proceeds from exercised stock options, net | 16 | 31 | 11 |
Payments related to tax withholdings on vested restricted stock units | (17) | (12) | 0 |
Payments of dividends | (148) | (22) | (22) |
Cash (used for) provided by financing activities | (993) | 352 | (396) |
Effect of exchange rate changes on cash and cash equivalents | (15) | 32 | (19) |
(Decrease) increase in cash and cash equivalents | (355) | 654 | 536 |
Cash and cash equivalents at January 1, | 1,556 | 902 | 366 |
Cash and cash equivalents at December 31, | 1,201 | 1,556 | 902 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 206 | 208 | 208 |
Income taxes, net of refunds | 75 | 79 | 50 |
Non-cash investing and financing activities: | |||
Changes in property, plant, and equipment included in accounts payable | 37 | (14) | (12) |
Obligations incurred under build-to-suit lease arrangement | 47 | 8 | 0 |
Purchases of treasury stock not settled by year-end | 0 | 10 | 0 |
Dividends accrued but not yet paid | $ 0 | $ 31 | $ 0 |
Background and Description of t
Background and Description of the Business | 12 Months Ended |
Dec. 31, 2018 | |
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 refrigerants, industrial fluoropolymer resins, sodium cyanide, performance chemicals and intermediates, and 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 U.S., Canada, Mexico, Brazil, the Netherlands, Belgium, China, Taiwan, Japan, Switzerland, Singapore, Hong Kong, India, and France. At December 31, 2018, the Company operated 28 major production facilities globally, of which, 20 were dedicated to Fluoroproducts, one was dedicated to Chemical Solutions, five were dedicated to Titanium Technologies, and two supported multiple segments. Chemours began operating as an independent company on July 1, 2015 (the “Separation Date”) after separating from E.I. DuPont de Nemours and Company (“DuPont”) (the “Separation”). 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. On August 31, 2017, DuPont completed a merger with The Dow Chemical Company (“Dow”), pursuant to which, Dow and DuPont became subsidiaries of DowDuPont, Inc. with the intent to form three independent, publicly-traded companies. At this time, the agreements related to Chemours’ Separation remain between Chemours and DuPont. 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, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the Company’s financial position and results of operations have been included for the periods presented herein. The notes that follow are an integral part of the Company’s consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which, was not material to the Company’s consolidated financial statements. 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 was not material to the Company’s consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. Revenue Recognition Chemours recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled to in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third-parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income, net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions 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. 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 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. Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written-off when management determines that they are uncollectible. Inventories Chemours’ 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. 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. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, 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. Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years. Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Litigation Chemours accrues for 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 include 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 becomes 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 as a component of the 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. Derivatives In the ordinary course of business, Chemours enters into contractual arrangements (i.e., derivatives) to reduce its exposure to foreign currency risks. The Company has established a derivative program to be utilized for financial risk management, which currently includes the following risk management strategies: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from remeasuring its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; and, (iii) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity resulting from changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of the Company’s international subsidiaries that use the euro as their functional currency. The Company’s derivative program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The derivative program operates within Chemours’ financial risk management policies and guidelines. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income, net in the consolidated statements of operations during the period in which they occurred, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been entered under a cash flow hedge program, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occurred, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. Changes in the Company’s euro-denominated debt instruments due to remeasurement, which is designated as a net investment hedge, are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income, net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income, net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. Defined Benefit Plans Due to local regulations outside of 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. Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established to prioritize the valuation inputs used to measure fair value. The hierarchy gives highest priority to unadjusted, quoted prices in active markets for identical assets and liabilities (i.e., Level 1 measurements) and lowest priority to unobservable inputs (i.e., Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: Level 1 – Quoted prices in active markets for identical assets and liabilities; Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) 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. The Company plans to elect the package of practical expedients included in this guidance, which allows it to not reassess whether any expired or existing contracts contain leases, the lease classification for any expired or existing leases, and the initial direct costs for existing leases. The Company does not plan to recognize short-term leases on its consolidated balance sheets, and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements At adoption, the Company expects to recognize a material increase in total assets and total liabilities resulting from the recognition of right-of-use assets and the related lease liabilities initially measured at the present value of its future operating lease payments. The Company continues to evaluate the impacts of adopting this guidance on its financial position, results of operations, and cash flows, and is updating its systems, processes, and internal controls to meet the new reporting and disclosure requirements in ASU No. 2016-02. The Company believes the most significant impact relates to its accounting for real estate leases. The adoption of this standard will have no impact on the Company’s covenant compliance under its current debt agreements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Recently Adopted Accounting Guidance Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Effective January 1, 2018, Chemours adopted the new revenue recognition guidance contained in Topic 606 using the modified retrospective transition method. The Company elected to utilize a practical expedient allowed under the modified retrospective transition method to apply the new standard only to contracts that are not completed on the date of initial adoption. In applying this guidance, the Company evaluated its population of open contracts with customers on January 1, 2018 and determined that the impact of adopting Topic 606 was not material to its consolidated financial statements. No cumulative adjustment to the Company’s opening retained earnings balance was required. As a result of applying this new guidance, there are changes to the classification of certain amounts in the consolidated statements of operations. Certain royalty income amounts for trademark licensing arrangements that were previously reflected as a component of other income, net in the consolidated statements of operations are now reflected as a component of net sales, which amounted to $4 for the year ended December 31, 2018. Additionally, certain expenses related to the Company’s provision of technical services to customers that were previously reflected as a component of selling, general, and administrative expense in the consolidated statements of operations will now be reflected as a component of the cost of goods sold, which amounted to $2 for the year ended December 31, 2018. Under the modified retrospective transition method, the Company’s comparative financial information as of and for the years ended December 31, 2017 and 2016 has not been restated, and as such, continues to be reported using the accounting standards in effect during those time periods. The following |
Significant Transactions and Ev
Significant Transactions and Events | 12 Months Ended |
Dec. 31, 2018 | |
Significant Transactions And Events [Abstract] | |
Significant Transactions and Events | Note 4. Significant Transactions and Events 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, asset-related, and other charges 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. 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 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 Dow. The transaction closed in March 2016, and Chemours received $140 in cash from Dow. The Company incurred $11 of transaction and other charges in connection with this sale, and 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. Sale of Land in Linden, New Jersey In March 2016, the Company entered into an agreement to sell a 210-acre plot of land that formerly housed a DuPont manufacturing site located in Linden, New Jersey. The land was assigned to Chemours in connection with the Separation, and the Company completed the sale in March 2018 for a gain of $42 and net cash proceeds of $39. As part of the sales agreement, the buyer agreed to assume certain costs associated with ongoing environmental remediation activities at the site amounting to $3, which have been reflected as a component of prepaid expenses and other on the consolidated balance sheets. Chemours remains responsible for certain other ongoing environmental remediation activities at the site, which were previously accrued as a component of other liabilities on the consolidated balance sheets. Acquisition of ICOR International, Inc. In April 2018, the Company, through its wholly-owned subsidiary, The Chemours Company FC, LLC, entered into a Stock Purchase Agreement (“SPA”) to acquire all of the outstanding stock of ICOR International, Inc. (“ICOR”), a closely-held private company that produces, sells, and distributes replacement refrigerant gases for use in commercial, industrial, and automotive refrigerant applications. Pursuant to the terms of the SPA, the Company paid $37 in total consideration at closing in the all-cash acquisition, which included customary working capital and other adjustments made within a specified time period. The acquisition of ICOR complements the Company’s existing portfolio of product offerings within the Fluoroproducts segment, as well as provides the Company with access to ICOR’s established customer base and assembled workforce. The Company accounted for the acquisition of ICOR as a business combination, and as such, all assets acquired and liabilities assumed were recorded at their estimated fair values. The excess of the consideration transferred over the fair value of the identifiable net assets acquired was recorded as goodwill within the Fluoroproducts segment, which represents the expected future benefits arising from the assembled workforce and other synergies to be realized from the acquisition of ICOR. The Company elected to treat the acquisition of ICOR as an asset acquisition under the Internal Revenue Code, and as such, expects that all of the related goodwill will be deductible for federal income tax purposes. The following table sets forth the Company’s fair value estimates of the assets acquired and liabilities assumed in the acquisition of ICOR, which were finalized during the fourth quarter of 2018. Fair Value At Acquisition Date Measurement Period Adjustments Adjusted Fair Value Weighted-average Useful Life (in Years) Assets acquired: Accounts receivable - trade $ 4 $ — $ 4 Inventories 8 — 8 Property, plant, and equipment 1 — 1 Identifiable intangible asset: Customer relationships (1) 20 2 22 5 Total assets acquired 33 2 35 Liabilities assumed: Accounts payable 1 — 1 Other accrued liabilities 1 — 1 Total liabilities assumed 2 — 2 Total identifiable net assets acquired 31 2 33 Goodwill (1) 6 (2 ) 4 Net assets acquired $ 37 $ — $ 37 (1) During the third quarter of 2018, the Company recorded a measurement period adjustment to its customer relationships based on an ongoing analysis associated with the preparation of a third-party appraisal. The fair value of ICOR’s customer relationships was determined using the excess earnings method, which is a discounted cash flows approach. This method takes into account significant unobservable inputs and is a Level 3 fair value measurement within the fair value hierarchy. The use of this valuation methodology requires management to make various assumptions, including, but not limited to, assumptions about future profitability, cash flows, and discount rates applicable to the acquired business and, where applicable, market participants. These assumptions are based on management’s best estimates and include considerations related to management’s knowledge and experience, historical trends, general economic conditions, and other situational factors. The Company’s consolidated financial statements include ICOR’s results of operations from April 2, 2018, the date of acquisition, through December 31, 2018. Net sales and net income attributable to Chemours contributed by ICOR during this period were not material to the Company’s or its Fluoroproducts segment’s results of operations. Acquisition-related expenses amounted to less than $1 at December 31, 2018, and are included as a component of selling, general, and administrative expense in the consolidated statements of operations. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Note 5. Net Sales Disaggregation of Net Sales The following table sets forth a disaggregation of the Company’s net sales by geographic region, product group, and segment for the year ended December 31, 2018. Year Ended December 31, 2018 Chemical Titanium Fluoroproducts Solutions Technologies Total Net sales by geographic region (1) North America $ 1,143 $ 341 $ 894 $ 2,378 Asia Pacific 675 81 964 1,720 Europe, the Middle East, and Africa 825 18 842 1,685 Latin America (2) 219 162 474 855 Total net sales $ 2,862 $ 602 $ 3,174 $ 6,638 Net sales by product group Fluorochemicals $ 1,497 $ — $ — $ 1,497 Fluoropolymers 1,365 — — 1,365 Mining solutions — 289 — 289 Performance chemicals and intermediates — 313 — 313 Titanium dioxide and other minerals — — 3,174 3,174 Total net sales $ 2,862 $ 602 $ 3,174 $ 6,638 (1) Net sales are attributable to countries based on customer location. (2) Latin America includes Mexico. Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time. Contract Balances The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price. The following table sets forth the Company’s contract balances from contracts with customers for the year ended December 31, 2018 and 2017. Year Ended December 31, 2018 2017 Accounts receivable - trade, net (1) $ 790 $ 847 Customer rebates 79 83 (1) Accounts receivable - trade, net includes trade notes receivable, and is net of allowances for doubtful accounts of $5 at December 31, 2018 and 2017. Such allowances are equal to the estimated uncollectible amounts. The Company’s deferred revenue balances at December 31, 2018 and 2017 were not significant. Additionally, changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the year ended December 31, 2018 were not significant. For the year ended December 31, 2018, the amount of revenue recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not significant. There were no Remaining Performance Obligations Certain of the Company’s MSA or other arrangements contain take-or-pay clauses, whereby customers are required to purchase a fixed minimum quantity of product during a specified period, or pay the Company for such orders, even if not requested by the customer. The Company considers these take-or-pay clauses to be an enforceable contract, and as such, the legally-enforceable minimum amounts under such an arrangement are considered to be outstanding performance obligations on contracts with an original expected duration greater than one year. At December 31, 2018, Chemours had $119 of remaining performance obligations. The Company expects to recognize approximately 35% of its remaining performance obligations as revenue in 2019, an approximate additional 45% in 2020, and the balance thereafter. The Company applies the practical expedient in Topic 606 and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by December 31, 2018 are also excluded. |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2018 | |
Research And Development [Abstract] | |
Research and Development Expense | Note 6. Research and Development Expense The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Fluoroproducts $ 50 $ 48 $ 46 Chemical Solutions 2 3 7 Titanium Technologies 28 29 27 Corporate and Other 2 1 1 Total research and development expense $ 82 $ 81 $ 81 |
Restructuring, Asset-Related, a
Restructuring, Asset-Related, and Other Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Asset-Related, and Other Charges | Note 7. Restructuring, Asset-related, and Other Charges The following table sets forth the components of the Company’s restructuring, asset-related, and other charges by category for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Restructuring and other charges: Employee separation charges $ 14 $ 23 $ 4 Decommissioning and other charges 31 33 47 Total restructuring and other charges 45 56 51 Asset-related charges (1) 4 1 119 Total restructuring, asset-related, and other charges $ 49 $ 57 $ 170 (1) Asset-related charges for the year ended December 31, 2018 included $4 for a pre-tax goodwill impairment charge in the Company’s Chemical Solutions segment. Asset-related charges for the year ended December 31, 2016 included $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. The following table sets forth the impacts of the Company’s restructuring, asset-related, and other charges to segment earnings for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Restructuring and other charges: Plant and product line closures: Fluoroproducts $ — $ 3 $ 7 Chemical Solutions 4 17 8 Titanium Technologies — 4 30 Corporate and Other 9 — — Total plant and product line closures 13 24 45 2015 Global Restructuring Program: Fluoroproducts — — 4 Titanium Technologies — — 2 Total 2015 Global Restructuring Program — — 6 2017 Restructuring Program: Fluoroproducts 9 — — Chemical Solutions 2 — — Titanium Technologies 1 — — Corporate and Other 15 32 — Total 2017 Restructuring Program 27 32 — 2018 Restructuring Program 5 — — Total restructuring and other charges 45 56 51 Asset-related charges: Chemical Solutions 4 — 106 Corporate and Other — 1 13 Total asset-related charges 4 1 119 Total restructuring, asset-related, and other charges $ 49 $ 57 $ 170 Plant and Product Line Closures Fluoroproducts In August 2015, in an effort to improve the profitability of the Company’s Fluoroproducts segment, management approved the closure of certain production lines in the segment’s U.S. manufacturing plants. For the years ended December 31, 2017 and 2016, the Company recorded additional decommissioning and dismantling-related charges of $3 and $7, respectively, for certain of these production lines. At December 31, 2017, the Company had substantially completed all actions related to the restructuring activities for certain of its production lines, which amounted to $17 in the aggregate, excluding asset-related charges. Chemical Solutions In the fourth quarter of 2015, the Company announced the completion of the strategic review of its Reactive Metals Solutions (“RMS”) business and management’s 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. The Company recorded additional decommissioning and dismantling-related charges of $4, $17, and $8 for the years ended December 31, 2018, 2017, and 2016, respectively. The Company expects to incur approximately $10 in additional restructuring charges for similar activities through 2021, which will be expensed as incurred. As of December 31, 2018, the Company incurred, in the aggregate, $35 in restructuring charges related to these activities, excluding asset-related charges. 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 Corporate and Other In the first quarter of 2018, the Company began a project to demolish and remove several dormant, unused buildings at its Chambers Works site in Deepwater, New Jersey, which were assigned to Chemours in connection with the Separation. For the year ended December 31, 2018, the Company incurred $9 in decommissioning and dismantling-related charges associated with these efforts. The Company expects to incur approximately $20 to $25 in additional restructuring charges related to its Chambers Works site through the end of 2020, which will be reflected in Corporate and Other, and will be expensed as incurred. 2015 Global Restructuring Program In the fourth quarter of 2015, the Company announced a global workforce reduction impacting approximately 430 positions. This action was part of the Company’s efforts to streamline and simplify the structure of its worldwide organization, and to reduce costs. The associated headcount reductions were completed during the year ended December 31, 2016, and the Company recognized an additional $6 in employee separation charges for these efforts. 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 $18 and $14 in restructuring-related charges for years ended December 31, 2018 and 2017, respectively. In October 2017, the Company also announced a voluntary separation program (“VSP”) for certain eligible U.S. employees in an effort to better manage the anticipated future changes to its workforce. Employees who volunteered for and were accepted under the VSP were entitled to 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 separated from the Company through the end of 2018. An accrual representing the majority of these termination benefits, amounting to $18, was recognized in the fourth quarter of 2017. The remaining incremental, one-time financial incentives under the VSP were recognized over the period each participating employee continued to provide service to Chemours, and amounted to $9. The Company recorded charges of $27 and $32 for the years ended December 31, 2018 and 2017, respectively, for its 2017 program. The cumulative amount incurred, in the aggregate, for the Company’s 2017 program amounted to $59 at December 31, 2018. The Company has substantially completed all actions related to this program, and the remaining amounts accrued as of December 31, 2018 are expected to be paid out in the first half of 2019. 2018 Restructuring Program In the fourth quarter of 2018, management initiated a restructuring program of the Company’s corporate functions and recorded the related estimated severance costs of $5. The program is expected to be completed in the first half of 2019. 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, 2018 and 2017. Fluoroproducts Line Shutdown Chemical Solutions Site Closures Titanium Technologies Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program Total Balance at January 1, 2017 $ 1 $ 8 $ 4 $ 21 $ — $ — $ 34 Charges to income — — — 1 23 — 24 Payments (1 ) (6 ) (3 ) (21 ) — — (31 ) Balance at December 31, 2017 — 2 1 1 23 — 27 Charges to income — — — — 9 5 14 Payments — (2 ) (1 ) — (22 ) — (25 ) Balance at December 31, 2018 $ — $ — $ — $ 1 $ 10 $ 5 $ 16 At December 31, 2018 and 2017, there are no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Leasing, contract services, and miscellaneous income (1) $ 79 $ 30 $ 35 Royalty income (2) 10 24 15 Gain on sales of assets and businesses (3) 45 22 254 Exchange gains (losses), net (4) 1 3 (57 ) Non-operating pension and other post-retirement employee benefit income 27 34 20 Total other income, net $ 162 $ 113 $ 267 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $67, $15, and $6 for the years ended December 31, 2018, 2017, and 2016, respectively. (2) Royalty income for the year ended December 31, 2018 is primarily from technology licensing. Royalty income for the years ended December 31, 2017 and 2016 is primarily from technology and trademark licensing. (3) For the year ended December 31, 2018, gain on sale includes a $3 gain and a $42 gain associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. 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. (4) Exchange gains (losses), net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Current tax expense (benefit): U.S. federal $ 23 $ (8 ) $ — U.S. state and local 4 1 — International 110 89 93 Total current tax expense 137 82 93 Deferred tax expense (benefit): U.S. federal 20 60 (101 ) U.S. state and local 3 6 (17 ) International (1 ) 17 7 Total deferred tax expense (benefit) 22 83 (111 ) Total provision for (benefit from) income taxes $ 159 $ 165 $ (18 ) The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2018 and 2017. December 31, 2018 2017 Deferred tax assets: Environmental and other reserves $ 80 $ 89 Litigation reserves 28 14 Stock-based compensation and accrued employee benefits 28 26 Other assets and other accrued liabilities 8 8 Tax attribute carryforwards 29 27 Foreign tax credit carryforwards 18 17 Total deferred tax assets 191 181 Less: Valuation allowance (2 ) (17 ) Total deferred tax assets, net 189 164 Deferred tax liabilities: Pension and other liabilities (35 ) (55 ) Property, plant, and equipment (313 ) (274 ) Inventories and other assets (12 ) (4 ) Total deferred tax liabilities (360 ) (333 ) Deferred tax liability, net $ (171 ) $ (169 ) The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 $ % $ % $ % Statutory U.S. federal income tax rate $ 243 21.0 % $ 319 35.0 % $ (4 ) 35.0 % State income taxes, net of federal benefit 7 0.6 % 7 0.7 % (16 ) 150.4 % Lower effective tax rate on international operations, net (44 ) (3.8 )% (149 ) (16.3 )% (61 ) 552.5 % Depletion (6 ) (0.5 )% (8 ) (0.9 )% (6 ) 51.2 % Goodwill — — % — — % 5 (47.9 )% Exchange losses (gains) (4 ) (0.3 )% 5 0.6 % 4 (39.1 )% Provision to return and other adjustments (9 ) (0.8 )% 6 0.6 % 6 (57.9 )% Permanent items 12 1.0 % 9 1.0 % 3 (27.3 )% Valuation allowance (15 ) (1.3 )% (33 ) (3.6 )% 50 (451.6 )% Net impact of U.S. tax reform (10 ) (0.9 )% 39 4.3 % — (— )% Stock-based compensation (14 ) (1.2 )% (20 ) (2.2 )% — (— )% Other, net (1 ) — % (10 ) (1.1 )% 1 (1.7 )% Total effective tax rate $ 159 13.8 % $ 165 18.1 % $ (18 ) 163.6 % 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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 U.S. operations (including exports) $ 114 $ (306 ) $ (481 ) International operations 1,041 1,218 470 Total income (loss) before income taxes $ 1,155 $ 912 $ (11 ) U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation, commonly referred to as U.S. tax reform. U.S. tax reform 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; (vi) creating the Base Erosion Anti-abuse Tax (“BEAT”), a new minimum tax; (vi) creating a new limitation on the deductible interest expense; and, (vii) the creation of the Global Intangibles Low-taxed Income (“GILTI”) inclusions. The Deemed Repatriation Transition Tax (the “Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain of the Company’s foreign subsidiaries. The Company has determined, 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 in order to compute its one-time Transition Tax. U.S. tax reform created 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 “routine return” 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. The Company has elected to treat 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). In 2017, the Company recorded provisional estimates for U.S. tax reform in its provision for income taxes, which amounted to a net benefit of $3. Staff Accounting Bulletin No. 118 (“SAB No. 118”) issued by the U.S. Securities and Exchange Commission (“SEC”) allowed registrants to record provisional estimates for U.S. tax reform during a measurement period not to exceed one year from the enactment date, which was December 22, 2017. In September 2018, the Company recorded a $10 tax benefit to adjust its initial provisional estimates for U.S. tax reform in its provision for income taxes, which reduced the effective tax rate by 1% for the year ended December 31, 2018. The adjustment was specifically related to changes to certain deferred tax assets and liabilities upon filing of the Company’s 2017 tax return, which impacted the Company’s initial estimate of the revaluation of these deferred tax assets and liabilities as a result of the reduced corporate tax rate, the Transition Tax on previously untaxed accumulated and current E&P of certain of the Company’s foreign subsidiaries, and the associated foreign tax credits. While management has completed its analysis within the applicable measurement period, pursuant to SAB No. 118, the Company is accounting for the tax impact of U.S. tax reform’s provisions based on an interpretation of existing statutory law, including guidance issued by the U.S. Treasury and the Internal Revenue Service (“IRS”). During the second half of 2018, the U.S. Treasury and the IRS issued certain proposed regulations addressing new provisions such as GILTI, BEAT, Limitation of Deduction of Business Interest, Foreign Tax Credit, and the Anti-hybrid Regulations. On January 15, 2019, the final Section 965 Toll Charge regulations were issued. While there can be no assurances as to the effect of any final regulations on the Company’s income tax provision, management will continue to evaluate the impact as any regulations issued become final. At December 31, 2018, management believed that sufficient liquidity was available in the U.S. As a result, the Company is indefinitely reinvested with respect to the historical unremitted pre-2018 E&P of its foreign subsidiaries, which was approximately $550 at December 31, 2018. Management asserts that it is indefinitely reinvested with respect to current year earnings from several foreign subsidiaries, and therefore, has not recorded deferred tax liabilities with respect to those earnings. At December 31, 2018, deferred tax liabilities for foreign subsidiaries that are not indefinitely reinvested were not material to the Company’s consolidated financial statements. The potential tax implications of the repatriation of unremitted E&P are driven by the facts at the time of distribution; however, due to U.S. tax reform and the U.S. Transition Tax, the incremental cost to repatriate E&P is not expected to be material if a distribution is made in the future as there are minimal foreign withholding taxes in the applicable foreign jurisdictions. Other Matters For the year ended December 31, 2018, the Company released $15 of valuation allowance on its foreign tax credits, which was the result of additional guidance issued by the U.S. Treasury during 2018 with respect to foreign tax credits. The valuation allowance release represents the amount of foreign tax credit carryforwards that are expected to be utilized before they begin to expire in 2026. Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward or back, subject to statutory limitations, to reduce taxable income or taxes payable in future or prior years. At December 31, 2018, the Company’s U.S federal and state tax losses amounted to $6, which substantially expire between 2036 and 2038. The Company also had U.S. foreign tax credit carryforwards of $18, which expire in 2026, and $13 in R&D tax credits, which expire in 2035. Lastly, the Company had foreign net operating losses of $3, which substantially expire between 2026 and 2029. 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 2014 through 2018 Mexico 2012 through 2018 Netherlands 2015 through 2018 Singapore 2015 through 2018 Switzerland 2015 through 2018 Taiwan 2015 through 2018 U.S. 2015 through 2018 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. The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ — $ 6 $ 7 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 2 — — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — — — Balance at December 31, $ 2 $ — $ 6 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 2 $ — $ — Total amount of interest and penalties recognized in the consolidated statements of operations — — — Total amount of interest and penalties recognized in the consolidated balance sheets — — — The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ 17 $ 50 $ — Net charges to income tax expense — — 50 Release of valuation allowance (15 ) (33 ) — Balance at December 31, $ 2 $ 17 $ 50 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 10. Earnings Per Share of Common Stock The following table sets forth reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Numerator: Net income attributable to Chemours $ 995 $ 746 $ 7 Denominator: Weighted-average number of common shares outstanding - basic 176,968,554 184,844,106 181,621,422 Dilutive effect of the Company’s employee compensation plans 5,603,467 6,139,885 1,795,078 Weighted-average number of common shares outstanding - diluted 182,572,021 190,983,991 183,416,500 Basic earnings per share of common stock $ 5.62 $ 4.04 $ 0.04 Diluted earnings per share of common stock 5.45 3.91 0.04 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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Average number of stock options 393,016 43,072 5,820,499 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Accounts receivable - trade, net (1) $ 790 $ 847 VAT, GST, and other taxes (2) 56 54 Other receivables (3) 15 18 Total accounts and notes receivable, net $ 861 $ 919 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 at December 31, 2018 and 2017, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2018 and 2017. 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, the fair value of derivative assets, and other deposits. Accounts and notes receivable are carried at amounts that approximate their fair values. Bad debt expense amounted to less than $1, $1, and $7 for the years ended December 31, 2018, 2017, and 2016, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Net [Abstract] | |
Inventories | Note 12. Inventories The following table sets forth the components of the Company’s inventories at December 31, 2018 and 2017. December 31, 2018 2017 Finished products $ 701 $ 648 Semi-finished products 195 164 Raw materials, stores, and supplies 476 313 Inventories before LIFO adjustment 1,372 1,125 Less: Adjustment of inventories to LIFO basis (225 ) (190 ) Total inventories $ 1,147 $ 935 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 $622 and $509 (or |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Equipment $ 7,344 $ 6,961 Buildings 914 875 Construction-in-progress 579 520 Land 119 119 Mineral rights 36 36 Property, plant, and equipment 8,992 8,511 Less: Accumulated depreciation (5,701 ) (5,503 ) Total property, plant, and equipment, net $ 3,291 $ 3,008 Depreciation expense amounted to $276, $269, and $281 for the years ended December 31, 2018, 2017, and 2016, respectively. Property, plant, and equipment, net included gross assets under capital leases of $7 at December 31, 2018 and 2017, and a build-to-suit lease asset of $55 and $8 at December 31, 2018 and 2017, respectively. Interest expense capitalized as part of property, plant, and equipment, net amounted to $17, $9, and $18 for the years ended December 31, 2018, 2017, and 2016, respectively. See “Note 19 – Debt” 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, 2018 | |
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 segment for the years ended December 31, 2018 and 2017. December 31, 2018 2017 Fluoroproducts: Balance at January 1, $ 85 $ 85 Acquisition of business 4 — Balance at December 31, 89 85 Chemical Solutions: Balance at January 1, 55 55 Goodwill impairment (4 ) — Balance at December 31, 51 55 Titanium Technologies: Balance at January 1, 13 13 Balance at December 31, 13 13 Total goodwill $ 153 $ 153 Chemours consists of three operating segments: Fluoroproducts, Chemical Solutions, and Titanium Technologies. The Company defines its reporting units as one level below these operating segments, with the exception of the Titanium Technologies segment, 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, 2018 and 2017, the dates of Chemours’ annual goodwill assessment, and concluded that $4 of goodwill associated with the Performance Chemicals and Intermediates reporting unit in the Chemical Solutions segment was impaired at October 1, 2018. No further goodwill impairments were recorded for the years ended December 31, 2018 and 2017, as the fair values of the Company’s other reporting units that carry goodwill exceeded each respective reporting unit’s carrying amount on October 1, 2018 and 2017. The total accumulated impairment losses included in the Company’s goodwill balance at December 31, 2018 amounted to $4. There were no accumulated impairment losses included in the Company’s goodwill balance at December 31, 2017. 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, 2018 and 2017. December 31, 2018 December 31, 2017 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (8 ) $ 1 Customer relationships 22 (3 ) 19 — — — Patents 19 (19 ) — 19 (18 ) 1 Purchased trademarks 5 (3 ) 2 5 (2 ) 3 Purchased and licensed technology 3 (3 ) — 3 (2 ) 1 Other (1) 10 (4 ) 6 10 (3 ) 7 Total other intangible assets, net $ 68 $ (40 ) $ 28 $ 46 $ (33 ) $ 13 (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 $6, $4, and $3 for the years ended December 31, 2018, 2017, and 2016, respectively. The estimated aggregate pre-tax amortization expense for 2019, 2020, 2021, 2022, and 2023 is $7, $7, $7, $5, 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. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Affiliates | Note 15. Investments in Affiliates The Company holds investments in companies where it, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee. The following table sets forth the carrying value, jurisdiction, and ownership percentages of the Company’s investments in affiliates at December 31, 2018 and 2017. December 31, 2018 December 31, 2017 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 94 50.0% $ 112 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 36 50.0% 36 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 30 10.0% 25 10.0% $ 160 $ 173 The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ 173 $ 136 $ 136 Equity in earnings of affiliates 43 33 29 Investments in affiliates — — 1 Dividends (58 ) — (18 ) Divestment — — (12 ) Currency translation and other 2 4 — Balance at December 31, $ 160 $ 173 $ 136 The Company engages in transactions with its equity method investees in the ordinary course of business. For the years ended December 31, 2018, 2017, and 2016, net sales to the Company’s equity method investees amounted to $143, $99, and $70, respectively, and purchases from the Company’s equity method investees amounted to $125, $87, and $97, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 16. Other Assets The following table sets forth the components of the Company’s other assets at December 31, 2018 and 2017. December 31, 2018 2017 Capitalized repair and maintenance costs $ 178 $ 117 Pension assets (1) 174 260 Deferred income taxes 46 40 Miscellaneous 39 36 Total other assets $ 437 $ 453 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable | Note 17. Accounts Payable The following table sets forth the components of the Company’s accounts payable at December 31, 2018 and 2017. December 31, 2018 2017 Trade payables $ 1,111 $ 1,008 Dividends payable — 31 VAT and other payables 26 36 Total accounts payable $ 1,137 $ 1,075 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Note 18. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2018 and 2017. December 31, 2018 2017 Compensation and other employee-related costs $ 108 $ 174 Employee separation costs (1) 16 27 Accrued litigation (2) 76 13 Environmental remediation (2) 74 66 Income taxes 87 58 Customer rebates 79 83 Deferred income 6 8 Accrued interest 21 24 Miscellaneous (3) 92 105 Total other accrued liabilities $ 559 $ 558 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring and other activities. (2) Represents the current portion of accrued litigation and environmental remediation, which are discussed further in “Note 21 – Commitments and Contingent Liabilities.” (3) 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, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 19. Debt The following table sets forth the components of the Company’s debt at December 31, 2018 and 2017. December 31, 2018 2017 Senior secured term loans: 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 Tranche B-2 Dollar Term Loan due May 2025 893 — Tranche B-2 Euro Term Loan due May 2025 (€347 at December 31, 2018) 396 — Senior unsecured notes: 6.625% due May 2023 908 1,158 7.000% due May 2025 750 750 6.125% due May 2023 (€295 at December 31, 2017) — 350 4.000% due May 2026 (€450 at December 31, 2018) 513 — 5.375% due May 2027 500 500 Capital lease obligations 2 3 Build-to-suit lease obligation 55 8 Total debt 4,017 4,161 Less: Unamortized issue discounts (10 ) (8 ) Less: Unamortized debt issuance costs (35 ) (41 ) Less: Current maturities of long-term debt (13 ) (15 ) Total long-term debt, net $ 3,959 $ 4,097 Senior Secured Credit Facilities On April 3, 2017, the Company completed an amendment to its then-existing credit agreement which provided for a seven-year, senior secured term loan facility and a five-year, $750 senior secured revolving credit facility (“Prior Revolving Credit Facility”) (collectively, the “Prior Senior Secured Credit Facilities”). The senior secured term loan facility under the Prior Senior Secured Credit Facilities provided for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $940 (“Prior Dollar Term Loan”) and a class of term loans, denominated in euros, in an aggregate principal amount of €400 (“Prior Euro Term Loan”) (collectively, the “Prior Term Loans”). On April 3, 2018, the Company entered into an amended and restated credit agreement that provides for a seven-year, senior secured term loan facility and a five-year, $800 senior secured revolving credit facility (“New Revolving Credit Facility”) (collectively, the “New Senior Secured Credit Facilities”). The New Senior Secured Credit Facilities replaced, in full, the Company’s obligations under the Prior Senior Secured Credit Facilities, and is subject to a springing maturity in the event that the senior unsecured notes due in May 2023 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date. The senior secured term loan facility under the New Senior Secured Credit Facilities provides for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $900 (“New Dollar Term Loan”) and a class of term loans, denominated in euros, in an aggregate principal amount of €350 (“New Euro Term Loan”) (collectively, the “New Term Loans”). The proceeds of the New Term Loans, together with cash on hand, were primarily used to prepay, in full, all outstanding amounts under the Prior Senior Secured Credit Facilities, which amounted to $921 for the Prior Dollar Term Loan and €393 for the Prior Euro Term Loan. The New Dollar Term Loan bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75% or adjusted base rate plus 0.75%, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00% or 1.00%, respectively. The New Euro Term Loan bears a variable interest rate equal to adjusted EURIBOR plus 2.00%, subject to an adjusted EURIBOR floor of 0.50%. The New Term Loans will mature on April 3, 2025, and are subject to acceleration in certain circumstances. The proceeds of any loans made under the New Revolving Credit Facility can be used for working capital needs and other general corporate purposes, including permitted acquisitions, as defined in the amended and restated credit agreement. The New Revolving Credit Facility bears a variable interest rate range based on the Company’s total net leverage ratio, as defined in the amended and restated credit agreement, between (i) a 0.25% and a 1.00% spread for adjusted base rate loans, and (ii) a 1.25% and a 2.00% spread for LIBOR and EURIBOR loans. In addition, the Company is required to pay a commitment fee on the average daily unused amount of the New Revolving Credit Facility within an interest rate range based on its total net leverage ratio, between 0.10% and 0.25%. The New Revolving Credit Facility will mature on April 3, 2023, and is subject to acceleration in certain circumstances. There were no borrowings under the New Revolving Credit Facility at December 31, 2018 or under the Prior Revolving Credit Facility at December 31, 2017. Issued and outstanding letters of credit under the New Revolving Credit Facility amounted to $104 at December 31, 2018. Issued and outstanding letters of credit under the Prior Revolving Credit Facility amounted to $101 at December 31, 2017. At December 31, 2018, the effective interest rates on the New Dollar Term Loan and the New Euro Term Loan were 4.28% and 2.50%, respectively, and commitment fees on the New Revolving Credit Facility were assessed at a rate of 0.10% per annum. In connection with the issuance of the New Senior Secured Credit Facilities, the Company incurred a loss on debt extinguishment of $3 for the year ended December 31, 2018. The amended and restated credit agreement also modified or eliminated certain provisions of the Company’s prior credit agreement, including the interest coverage ratio financial covenant and certain other negative covenants to allow for further flexibility. Under the amended and restated credit agreement, solely with respect to the New Revolving Credit Facility, the Company is required to not exceed a maximum senior secured net leverage ratio of (i) 2.25 to 1.00 for the quarter December 31, 2018, and (ii) 2.00 to 1.00 in each quarter beginning January 1, 2019, through the date of maturity. In addition, the amended and restated credit agreement contains customary affirmative and negative covenants that, among other things, limit or restrict the Company’s and its subsidiaries’ ability, subject to certain exceptions, to incur additional indebtedness or liens, pay dividends, and engage in certain transactions, including mergers, acquisitions, asset sales, or investments, outside of specified carve-outs. The amended and restated credit agreement also contains customary representations and warranties and events of default, which are substantially similar to those in the prior credit agreement. The Company was in compliance with its debt covenants at December 31, 2018 and 2017. The Company’s obligations under the New Senior Secured Credit Facilities are guaranteed on a senior secured basis by all of its material domestic subsidiaries, which are also guarantors of the Company’s outstanding notes, subject to certain exceptions. The obligations under the New Senior Secured Credit Facilities are also, subject to certain exceptions, secured by a first priority lien on substantially all of the Company’s assets and substantially all of the assets of its wholly-owned, material domestic subsidiaries, including 100% of the stock of certain of its domestic subsidiaries and 65% of the stock of certain of its foreign subsidiaries. Senior Unsecured Notes Senior Unsecured Notes due May 2023 and May 2025 On May 12, 2015, Chemours issued an aggregate principal amount of $2,503 in senior unsecured notes consisting of an aggregate principal amount of $1,350 6.625% senior unsecured notes due May 2023, denominated in U.S. dollars (the “2023 Dollar Notes”), an aggregate principal amount of €360 6.125% senior unsecured notes due May 2023, denominated in euros (the “2023 Euro Notes”), and an aggregate principal amount of $750 7.000% senior unsecured notes due May 2025, denominated in U.S dollars (the “2025 Notes) (collectively, the “Original Notes”). As discussed in more detail below, the Company purchased or redeemed, as applicable, all of the outstanding 2023 Euro Notes and a $250 aggregate principal amount of the 2023 Dollar Notes. The Original Notes required or require, as applicable, payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and September 15 of each year. The proceeds from the Original Notes were issued to fund a cash distribution to DuPont in connection with the Separation. The Original Notes were or are, as applicable, fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis, by each of Chemours’ existing and future direct or indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the New Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the Original Notes, t he Company was or is , as applicable, obligated to offer to purchase the Original Notes at a price of (i) 101 % of their 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, and (ii) 100 % of their principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, with the proceeds from certain asset dispositions. These restrictions and prohibitions were or are , as applicable, subject to certain qualifications and exceptions set forth in the indenture governing the Original Notes , including without limitation, reinvestment rights with respect to the proceeds of asset dispositions. Chemours is permitted to currently redeem some or all of the 2023 Dollar Notes at specified redemption prices, and may redeem some or all of the 2025 Notes on or after May 15, 2020 at specified redemption prices. Chemours may also redeem some or all of the 2023 Dollar Notes or the 2025 Notes by means other than a redemption, including tender offer or open market purchases. Pursuant to the terms of the tax matters agreement entered into at the time of the Separation, the Company’s ability to pre-pay, pay down, redeem, retire, or otherwise acquire the 2025 Notes is limited in the absence of obtaining certain tax opinions. Senior Unsecured Notes Due May 2027 On May 23, 2017, Chemours issued a $500 aggregate principal amount of 5.375% senior unsecured notes due May 2027 (the “2027 Notes”). The 2027 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $489, net of an original issue discount of $5 and underwriting fees and other related expenses of $6, which are deferred and amortized to interest expense using the effective interest method over the term of the 2027 Notes. A portion of the net proceeds from the 2027 Notes was used to pay the $335 accrued for the global settlement of the multi-district “PFOA MDL Settlement,” as discussed in “Note 21 – Commitments and Contingent Liabilities.” The remaining proceeds from the 2027 Notes were available for general corporate purposes. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of Chemours’ existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the New Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of Chemours or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the 2027 Notes, 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. Senior Unsecured Notes due May 2026 On June 6, 2018, the Company issued an aggregate principal amount of €450 4.000% senior unsecured notes due May 2026, denominated in euros (the “2026 Euro Notes”). The 2026 Euro Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis, by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the New Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the 2026 Euro Notes, the Company is obligated to offer to purchase the 2026 Euro Notes at a price of 101 % of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to May 15, 2021, the Company may redeem the 2026 Euro Notes (i) in whole or in part, at an amount equal to 100 % of the aggregate principal amount plus a specified “make-whole” premium, and (ii) on one or more occasions, up to 35 % of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 104 % of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. The guarantees of the 2026 Euro Notes will rank equally with all other senior indebtedness of the guarantors. The 2026 Euro Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and are senior in right of payment to all of its existing and future debt that is, by its terms, expressly subordinated in right of payment to the 2026 Euro Notes. The 2026 Euro Notes are subordinated to indebtedness under the New Senior Secured Credit Facilities, as well as any future secured debt to the extent of the value of the assets securing such debt, and are structurally subordinated to the liabilities of any non-guarantor subsidiaries. The Company received net proceeds of €445 from the offering of the 2026 Euro Notes, which, together with cash on hand, were used to purchase or redeem, as the case may be, all of the outstanding 2023 Euro Notes and a $250 aggregate principal amount of the 2023 Dollar Notes 2023 Notes Tender Offers and Redemption of the 2023 Euro Notes On May 21, 2018, the Company commenced two all-cash tender offers to purchase: (i) up to $250 of the outstanding 2023 Dollar Notes, for a purchase price of $1,052.50 per $1,000.00 of principal amount through an early tender deadline of June 4, 2018, and $1,022.50 per $1,000.00 of principal amount thereafter, through June 18, 2018, the tender expiration date, plus any accrued and unpaid interest thereon (the “Dollar Tender Offer”); and, (ii) any and all of the outstanding 2023 Euro Notes (collectively, the “2023 Notes”), for a purchase price of €1,048.75 per €1,000.00 of principal amount through an early tender deadline of June 4, 2018, and €1,018.75 per €1,000.00 of principal amount thereafter, through June 18, 2018, the tender expiration date, plus any accrued and unpaid interest thereon (the “Euro Tender Offer”) (collectively, the “Tender Offers”). The Company completed the Dollar Tender Offer on June 6, 2018 for an aggregate purchase price of $264, inclusive of an early participation premium of $13 and accrued interest of $1. The Company completed the Euro Tender Offer on June 8, 2018 for an aggregate purchase price of €310, inclusive of an early participation premium of €14 and accrued interest of €1. In connection with the Euro Tender Offer, the Company received consents from the holders of a majority of the aggregate principal amount of the 2023 Euro Notes to amend certain provisions of the indenture governing the 2023 Euro Notes, thereby allowing the Company to call and redeem the remaining 2023 Euro Notes outstanding upon two business days’ notice to the noteholders. On June 8, 2018, the Company completed the redemption of the remaining outstanding 2023 Euro Notes that were not purchased pursuant to the Euro Tender Offer. The Tender Offers and the redemption of the 2023 Euro Notes were funded with the proceeds from the offering of the 2026 Euro Notes and cash on hand. 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, 2018 and 2017, project costs paid by the owner-lessor amounted to $55 and $8, respectively. Construction of The Chemours Discovery Hub is expected to be completed by the end of 2019. Maturities The Company has required quarterly principal payments related to the New Senior Secured Credit Facilities equivalent to 1.00% per annum through December 2024, with the balance due at maturity. Also, following the end of each fiscal year commencing on the year ended December 31, 2019, on an annual basis, the Company is required to make additional principal payments depending on leverage levels, as defined in the amended and restated credit agreement, equivalent to up to 50% of excess cash flows based on certain leverage targets with step-downs to 25% and 0% as actual leverage decreases to below a 3.50 to 1.00 leverage target. The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. Year Ended December 31, 2019 $ 13 2020 13 2021 13 2022 13 2023 921 Thereafter 2,987 Total principal maturities on senior debt $ 3,960 Debt Fair Value The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. December 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-1 Dollar Term Loan due May 2022 $ — $ — $ 923 $ 928 Tranche B-1 Euro Term Loan due May 2022 (€394 at December 31, 2017) — — 469 471 Tranche B-2 Dollar Term Loan due May 2025 893 862 — — Tranche B-2 Euro Term Loan due May 2025 (€347 at December 31, 2018) 396 394 — — Senior unsecured notes: 6.625% due May 2023 908 918 1,158 1,228 7.000% due May 2025 750 761 750 816 6.125% due May 2023 (€295 at December 31, 2017) — — 350 373 4.000% due May 2026 (€450 at December 31, 2018) 513 487 — — 5.375% due May 2027 500 454 500 521 Total senior debt 3,960 $ 3,876 4,150 $ 4,337 Less: Unamortized issue discounts (10 ) (8 ) Less: Unamortized debt issuance costs (35 ) (41 ) Total senior debt, net $ 3,915 $ 4,101 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 20. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2018 and 2017. December 31, 2018 2017 Environmental remediation (1) $ 152 $ 187 Employee-related costs (2) 130 123 Accrued litigation (1) 53 48 Asset retirement obligations 51 43 Deferred revenue 7 6 Miscellaneous (3) 64 68 Total other liabilities $ 457 $ 475 (1) The Company’s accrued environmental remediation and accrued litigation liabilities are discussed further in “Note 21 – Commitments and Contingent Liabilities.” (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 $46 and $52 at December 31, 2018 and 2017, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 21. Commitments and Contingent Liabilities 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 $68, $48, $41, $36, and $31 for the years ended December 31, 2019, 2020, 2021, 2022, and 2023, respectively, and $134 for the years thereafter. Net rental expense under the Company’s operating leases was $81, $76, and $68 for the years ended December 31, 2018, 2017, and 2016, 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, 2018 and 2017. Year Ended December 31, 2018 2017 Balance at January 1, $ 48 $ 43 Accretion expense 10 6 Settlements and payments (1 ) (1 ) Balance at December 31, $ 57 $ 48 Current portion $ 6 $ 5 Non-current portion 51 43 Litigation In addition to the matters discussed below, the Company and certain of its subsidiaries, from time to time, are subject to various lawsuits, claims, assessments, and proceedings with respect to product liability, intellectual property, personal injury, commercial, contractual, employment, governmental, environmental, anti-trust, and other such matters that arise in the ordinary course of business. In addition, Chemours, by virtue of its status as a subsidiary of 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. It is not possible to predict the outcomes of these various lawsuits, claims, assessments, or proceedings. While management believes it is reasonably possible that Chemours could incur losses in excess of the amounts accrued, if any, for the aforementioned proceedings, it does not believe any such loss would have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. Disputes between Chemours and 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, 2018 and 2017, there were approximately 1,300 and 1,600 lawsuits pending 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 of the U.S. Most of the actions were brought by contractors who worked at sites between the 1950s and the 1990s. A small number of cases involve similar allegations by 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, 2018 and 2017, Chemours had an accrual of $37 and $38 related to these matters, respectively. Benzene In the Separation, DuPont assigned its benzene docket to Chemours. At December 31, 2018 and 2017 there were 19 and 17 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. Management believes that a loss is reasonably possible as to the docket as a whole; however, given the evaluation of each benzene matter is highly fact-driven and impacted by disease, exposure, and other factors, a range of such losses cannot be reasonably estimated at this time. PFOA Prior to the fourth quarter of 2014, the performance chemicals segment of DuPont made “PFOA” (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) 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 maintained accruals of $22 and $14 related to the PFOA matters discussed below at December 31, 2018 and 2017, respectively. These accruals relate 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 state or the national health advisory. The Company will continue to work with the EPA regarding the extent of work that may be required with respect to these matters. Drinking Water Actions In 2004, DuPont settled a class action captioned Leach v. DuPont 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 and is included in the accrual amounts recorded as of December 31, 2018. Further, under the Leach settlement, class members may pursue personal injury claims against DuPont only for those diseases for which the C8 Science Panel determined a probable link exists. Approximately 3,500 lawsuits were subsequently filed in various federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation (“MDL”) in Ohio federal court. These were resolved in March 2017 when DuPont entered into an agreement settling all MDL cases and claims, including all filed and unfiled personal injury cases and claims that were part of the plaintiffs’ counsel’s claim inventory, as well as cases tried to a jury verdict (the “MDL Settlement”) for $670.7 in cash, with half paid by Chemours, and half paid by DuPont. Concurrently with the MDL Settlement, 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. While all MDL lawsuits were dismissed or resolved through the MDL Settlement, the MDL Settlement did not resolve PFOA personal injury claims of plaintiffs who did not have cases or claims in the MDL or personal injury claims based on diseases first diagnosed after February 11, 2017. Since the resolution of the MDL, approximately 40 personal injury cases have been filed and are pending in West Virginia or Ohio courts alleging status as a Leach class member. DuPont has also been named in approximately 25 lawsuits pending in New York courts, which are not part of the Leach class, brought by individual plaintiffs alleging negligence and other claims in the release of perfluorinated compounds, including PFOA, into drinking water, and seeking medical monitoring, compensatory, and punitive damages against current and former owners and suppliers of a manufacturing facility in Hoosick Falls, New York. Two other lawsuits in New York have been filed by a business seeking to recover its losses and by nearby property owners and residents, in a putative class action, seeking medical monitoring, compensatory and punitive damages, and injunctive relief. Water District Actions 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. In February 2018, the New Jersey-American Water Company, Inc. (“NJAW”) filed suit against DuPont and Chemours in New Jersey federal court alleging that discharges of perfluorochemicals, in violation of the New Jersey Compensation and Control Act, were made into groundwater utilized in the NJAW Penns Grove water system. NJAW alleges that damages include costs associated with remediating, operating, and maintaining its system, and attorney fees. In January 2019, the Town of East Hampton (the “Town”) filed a lawsuit against DuPont, Chemours and numerous other defendants in New York state court alleging that it has and will incur costs for assessment, remediation, and response to address PFOA and “PFOS” (perfluorooctane sulfonic acid) contamination in drinking water and the environment. As to DuPont and Chemours, the Town alleges that PFOA and/or PFOS washed from clothing or cleaning supplies to cesspools and then subsurface water. In addition to cost recovery, the Town seeks natural resource damages, compensatory, and punitive damages and injunctive relief. Other PFOA Actions 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. In October 2018, a putative class action was filed in Ohio federal court against 3M Company (“3M”), DuPont, Chemours, and other defendants seeking class action status for U.S. residents having a detectable level of “PFAS” (perfluoroalkyl and polyfluoroalkyl substances) in their blood serum. The complaint seeks declaratory and injunctive relief, including the establishment of a PFAS Science Panel. In October 2018, a putative class action was filed in New Jersey federal court against 3M, DuPont, and Chemours alleging causes of action, including negligence, nuisance, and trespass and seeking damages including property diminution, remediation, treatment, and abatement with compensatory and punitive damages. The purported class includes private drinking water and well owner-occupants within two to five miles of the Company’s Chambers Works, New Jersey site containing any detectable level of PFOA or PFOS. In December 2018, the owners of a dairy farm filed a lawsuit in Maine state court against numerous defendants including DuPont and Chemours alleging that their dairy farm was contaminated by PFOS and PFOA present in treated municipal sewer sludge was used in agricultural spreading applications on their farm. The complaint asserts negligence, trespass, and other tort and state statutory claims and seeks damages. PFOA Summary There may be additional lawsuits filed related to DuPont’s use of PFOA, its manufacture of PFOA, or its customers’ use of DuPont products . U.S. Smelter and Lead Refinery, Inc. There are six lawsuits, including one putative class action, pending against DuPont by area residents concerning the U.S. Smelter and Lead Refinery multi-party Superfund site in East Chicago, Indiana. Several 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. 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 At its Fayetteville, North Carolina facility, the Company continues to capture and separately dispose of process waste water containing the polymerization processing aid hexafluoropropylene oxide dimer acid (“HFPO Dimer Acid,” sometimes referred to as “GenX” or “C3 Dimer Acid”) and other perfluorinated and polyfluorinated compounds. The Company believes that discharges to the Cape Fear River, site surface water, groundwater, and air emissions have not impacted the safety of drinking water in North Carolina and is cooperating with a variety of ongoing inquiries and investigations from federal, state, and local authorities, regulators, and other governmental entities, including an ongoing investigation being conducted by the U.S. Attorney’s Office for the Eastern District of North Carolina and the Environment and Natural Resources Division of the U.S. Department of Justice. 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 waste water disposal measures it had previously commenced and to provide certain information. In November 2017, the NC DEQ informed the Company that it was suspending the process waste water discharge permit for the Fayetteville facility. The Company thereafter commenced the capture and separate disposal of all process waste water from the Fayetteville facility related to the Company’s own operations. In addition, in June 2018, the North Carolina Legislature enacted legislation (i) granting the governor the authority, in certain circumstances, to require a facility with unauthorized PFAS discharges to cease operations, and (ii) granting the governor the auth ority, in certain circumstances, to direct the NC DEQ secretary to order a PFAS discharger to establish permanent replacement water supplies for parties whose water wa s contaminated by the discharge . On July 13, 2018, Cape Fear River Watch (“CFRW”), a non-profit organization, sued the NC DEQ in North Carolina state court, seeking to require the NC DEQ to take additional actions as to the Fayetteville facility. On August 29, 2018, CFRW sued the Company in North Carolina federal court for alleged violations of the Clean Water Act and the Toxic Substances Control Act (“TSCA”), seeking declaratory and injunctive relief and penalties. On November 21, 2018, the NC DEQ, CFRW, and the Company reached a proposed Consent Order that would resolve the State’s and CFRW’s lawsuits and other matters (including issues regarding the legislation referenced above and Notices of Violation issued by the State) and would also resolve litigation brought by CFRW. Under its terms, Chemours will agree to pay $13 to cover a civil penalty and investigative costs and will take additional actions to address site surface water, groundwater, and air emissions, including installing technology to abate future emissions by specified dates and meeting specified emissions reductions (with stipulated penalties for failures to do so). As a result of the proposed Consent Order, as of December 31, 2018, the Company had total accrued liabilities of $75 for this matter, of which, $65 is treated as accrued litigation costs. The Company’s estimated liability is based on management’s assessment of the current facts and circumstances for this matter, which are subject to various assumptions that include, but are not limited to, the number of affected properties, the type of water treatment system required, the cost of proposed water treatment systems and any related operation, maintenance, and monitoring (“OM&M”) requirements, assessed fines and penalties, and other charges contemplated by the proposed Consent Order. The proposed Consent Order was subject to public comment ending in January 2019. The proposed Consent Order provides that the NC DEQ reserves the right, based on the public comments, to withdraw or withhold its consent to the order. The NC DEQ may also request that the Company agree to modifications to the proposed Consent Order as a condition to the NC DEQ’s continued consent to it, although the Company is under no obligation to agree to any modifications. The proposed Consent Order, either as originally agreed or as modified, must be approved by the court. Numerous public comments were submitted on the proposed Consent Order. In addition, a public water authority has filed a motion to intervene in the State’s case to oppose court approval of the proposed Consent Order. The NC DEQ is currently reviewing the public comments. At this time, there is no assurance: (i) that the NC DEQ will continue to consent to the order, including with modifications; (ii) what the full scope of any modifications would be; or, (iii) whether the court will approve the order. On February 14, 2019, the Company received a Notice of Violation (“NOV”) from the EPA alleging certain TSCA violations at its Fayetteville site. Matters raised in the NOV could have the potential to affect operations at the Fayetteville site; however, based on the Company’s review, management believes that it has appropriate responses to the allegations that it intends to address with the EPA. At this time, management does not believe that a loss is probable related to the matters in this NOV. It is also possible that issues relating to site discharges could result in further litigation or regulatory demands with regard to the Fayetteville facility, including potential permit modifications. If such issues arise, if the proposed Consent Order is modified or not approved by the court, or as implementation of the obligations under the Consent Order proceed, an additional loss is reasonably possible but not estimable at this time. The Company has responded to grand jury subpoenas, produced witnesses before a grand jury and for interviews with government investigators and attorneys, and met with the U.S. Attorney’s Office for the Eastern District of North Carolina and the Environmental Natural Resources Division of the U.S. Department of Justice regarding their investigation into a potential violation of the Clean Water Act. Although the Company is not able at this point to predict the outcome of that investigation, it is reasonably possible that it could result in a criminal or civil proceeding, the imposition of fines and penalties, and/or other remedies. Civil actions have been filed against DuPont and Chemours in North Carolina federal court relating to discharges from the Fayetteville site. These actions include a consolidated action brought by public water suppliers seeking damages and injunctive relief, 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, an action by private well owners seeking compensatory and punitive damages and the above mentioned action filed by Cape Fear River Watch, which alleges violation of the Clean Water Act and/or the TSCA seeking declaratory and injunctive relief and penalties. It is possible that additional litigation may be filed against the Company and/or Du Pon t concerning the discharges. It is not possible at this point to predict the timing, course, or outcome of governmental and regulatory inquiries and notices, the action brought by North Carolina, the actions brought by CFRW, and other litigation, and it is possible that these matters could materially affect the Company’s financial results and operations. In addition, local communities, organizations, and federal and state regulatory agencies have raised questions concerning HFPO Dimer Acid and other perfluorinated and polyfluorinated compounds 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. Mining Solutions Facility Construction Stoppage In March 2018, a civil association in Mexico filed a complaint against the government authorities involved in the permitting process of the Company’s new Mining Solutions facility under construction in Gomez Palacio, Durango, Mexico. The claimant sought and obtained a suspension from the district judge to stop the Company’s construction work while the claim is studied and reviewed. Chemours, as the third-party affected, has filed an appeal. The Company has declared force majeure with its vendors while plant construction is idled. Chemours’ project permits fully comply with the laws and regulations at the federal, state, and municipal levels, and the Company is working with local and federal authorities, along with community leaders, to address the complaint. Environmental Chemours, due to the terms of its Separation-related agreements with DuPont, 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, 2018 and 2017, the consolidated balance sheets included liabilities relating to these matters of $226 and $253, respectively, which, in management’s opinion, are 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 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 $450 above the amount accrued at December 31, 2018. For the years ended December 31, 2018, 2017, and 2016, Chemours incurred environmental remediation expenses of $36, $48, and $44, respectively. In addition, during the fourth quarter of 2018, the Company reclassified $2 of its environmental liabilities to accrued litigation in connection with the ongoing matters at its Fayetteville, North Carolina facility. Sale of East Chicago, Indiana On June 29, 2018, the Company sold its East Chicago, Indiana site to a third-party for $1. In connection with the sale, the buyer has agreed to assume all costs associated with environmental remediation activities at the site in excess of $21, which will remain the responsibility of Chemours. At the time of the sale, the Company had accrued the full $21, and will reimburse the buyer through a series of progress payments to be made at defined intervals as certain tasks are completed. The Company recognized a gain of $3 on the sale, which includes the purchase price of $1, plus $2 in environmental remediation liabilities that were assumed by the buyer on the occurrence of the sale. Sale of Potomac River, West Virginia On September 27, 2018, the Company sold its Potomac River, West Virginia site to a third-party for $4. In connection with the sale, the buyer has agreed to assume certain future environmental remediation costs, and Chemours has retained $4 in existing environmental remediation liabilities. The Company recognized a $3 gain on the sale, which was deferred and will be recognized as the Company completes certain environmental remediation activities at the site. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Equity | Note 22. 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 (the “2017 Share Repurchase Program”). Under the 2017 Share Repurchase Program, shares of Chemours’ common stock were 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 2017 Share Repurchase Program became effective on November 30, 2017. On May 31, 2018, the Company completed the aggregate $500 in authorized purchases of Chemours’ issued and outstanding common stock under the 2017 Share Repurchase Program, which amounted to a cumulative 10,085,647 shares purchased at an average share price of $49.58 per share. All common shares purchased under the 2017 Share Repurchase Program are held as treasury stock and are accounted for using the cost method. On August 1, 2018, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $750, plus any associated fees or costs in connection with the Company’s share repurchases activity (the “2018 Share Repurchase Program”). Under the 2018 Share Repurchase Program, shares of Chemours’ common stock can be purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2018 Share Repurchase Program became effective on August 1, 2018 and will continue through the earlier of its expiration on December 31, 2020, or the completion of repurchases up to the approved amount. The program may be suspended or discontinued at any time. All common shares purchased under the 2018 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method. During 2018, the Company purchased an aggregate 6,350,857 shares of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to $250 at an average share price of $39.31 per share. The aggregate amount of Chemours’ common stock that remained available for purchase under this program at December 31, 2018 was $500. 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 was paid on March 15, 2018, and accordingly, the Company had accrued a dividend payable amounting to $31 at December 31, 2017. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 23. Stock-based Compensation The Company’s stock-based compensation expense amounted to $24, $29, and $19 for the years ended December 31, 2018, 2017, and 2016, respectively. On April 26, 2017, Chemours’ stockholders approved The Chemours Company 2017 Equity and Incentive Plan (the “2017 Plan”), which provides for grants to certain employees, independent contractors, or non-employee directors of the Company of different forms of awards, including stock options, RSUs, and PSUs. The 2017 Plan replaced The Chemours Company Equity and Incentive Plan (the “Prior Plan”), which was adopted by the Company at Separation. 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, 2018, approximately 16,800,000 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 the replacement of previously-granted performance stock unit awards at DuPont. The July 2015 grant cliff vested on March 1, 2018 and will expire 10 years from the date of grant. During 2018, 2017, and 2016, Chemours granted non-qualified stock options to certain of its employees, which will serially vest over a three-year period and expire 10 years 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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.65 % 2.14 % 1.46 % Expected term (years) 6 6 6 Volatility 47.56 % 44.49 % 60.00 % Dividend yield 1.42 % 0.35 % 2.14 % Fair value per stock option $ 20.47 $ 15.21 $ 3.41 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, 2018. 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, 2017 6,597 $ 15.72 5.11 $ 226,524 Granted 495 48.41 Exercised (1,073 ) 14.69 Forfeited (46 ) 37.77 Expired (3 ) 18.80 Outstanding, December 31, 2018 5,970 $ 18.45 4.80 $ 72,108 Exercisable, December 31, 2018 4,401 $ 15.00 3.91 $ 59,486 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 year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year-end. The amount changes based on the fair market value of the Company’s stock. The total intrinsic value of all options exercised for the years ended December 31, 2018, 2017, and 2016 amounted to $37, $49, and $9, respectively. At December 31, 2018, there was $7 of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of 1.86 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 on 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, 2018. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2017 1,165 $ 15.34 Granted 135 48.35 Vested (1,034 ) 14.86 Forfeited (19 ) 30.94 Non-vested, December 31, 2018 247 $ 34.22 At December 31, 2018, there was $6 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, 2018. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2017 987 $ 12.94 Granted 139 52.34 Vested (19 ) 24.16 Non-vested, December 31, 2018 1,107 $ 17.71 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 the 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, 201 8 was $ 52.34 . 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, 2018, based on the Company’s assessment of its performance goals, approximately 900,000 additional shares may be awarded under the 2017 Plan. Employee Stock Purchase Plan On January 26, 2017, the Company’s board of directors approved The Chemours Company Employee Stock Purchase Plan (the “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. To date, the Company has executed open market transactions to purchase the Company’s common stock on behalf of its ESPP participants, which amounted to 38,111 shares. An additional 12,411 shares have been issued from the Company’s treasury stock to ESPP participants at December 31, 2018. The total amount of Chemours’ common stock issued in connection with the ESPP amounted to $2 at December 31, 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 24. 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, 2018, 2017, and 2016. Cumulative Translation Adjustment Net Investment Hedge Cash Flow Hedge Employee Benefits Total Balance at January 1, 2016 $ (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 ) Other comprehensive (loss) income (75 ) 15 6 (68 ) (122 ) Balance at December 31, 2018 $ (233 ) $ (25 ) $ 6 $ (312 ) $ (564 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 25. Financial Instruments Derivative Instruments Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts At December 31, 2018, the Company had 20 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $503, and an average maturity of one month. There were no foreign currency forward contracts outstanding at December 31, 2017. Chemours recognized net gains of $3 and $4 for the years ended December 31, 2018 and 2017, respectively, and a net loss of $15 for the year ended December 31, 2016, which were recorded in other income, net in the consolidated statements of operations. Cash Flow Hedge – Foreign Currency Forward Contracts At December 31, 2018, the Company had 75 foreign currency forward contracts outstanding under Chemours’ cash flow hedge program with an aggregate notional U.S. dollar equivalent of $143, and an average maturity of four months. The Company recognized a pre-tax gain of $10 for the year ended December 31, 2018 on its cash flow hedge within accumulated other comprehensive loss. For the year ended December 31, 2018, $4 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss. The Company expects to reclassify an approximate $6 of net gain from accumulated other comprehensive loss to the cost of goods sold over the next 12 months, based on current foreign currency exchange rates. Net Investment Hedge – Foreign Currency Borrowings The Company recognized a pre-tax gain of $32, a pre-tax loss of $86, and a pre-tax gain of $14 for the years ended December 31, 2018, 2017, and 2016 on its net investment hedges within accumulated other comprehensive loss. No amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the years ended December 31, 2018, 2017, and 2016. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2018 and 2017. December 31, Balance Sheet Location 2018 2017 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net $ 1 $ — Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net 3 — Total asset derivatives $ 4 $ — Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities $ 1 $ — Total liability derivatives $ 1 $ — 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. Summary of Derivative Instruments The following table sets forth the pre-tax changes in fair value of the Company’s derivative assets and liabilities for the years ended December 31, 2018, 2017, and 2016. Gain (Loss) Recognized In Accumulated Other Year Ended December 31, Cost of Goods Sold Other Income, Net Comprehensive Loss 2018 Foreign currency forward contracts not designated as a hedging instrument $ — $ 3 $ — Foreign currency forward contracts designated as a cash flow hedge 4 — 10 Euro-denominated debt designated as a net investment hedge — — 32 2017 Foreign currency forward contracts not designated as a hedging instrument $ — $ 4 $ — Euro-denominated debt designated as a net investment hedge — — (86 ) 2016 Foreign currency forward contracts not designated as a hedging instrument $ — $ (15 ) $ — Euro-denominated debt designated as a net investment hedge — — 14 |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Long-term Employee Benefits | Note 26. Long-term Employee Benefits Plans Covering Employees in the U.S. On July 1, 2015, Chemours established a defined contribution plan, which covered all eligible U.S. employees. The purpose of the plan is to encourage employees to save for their future retirement needs. The plan is a tax-qualified contributory profit-sharing plan, with cash or deferred arrangement, and any eligible employee of Chemours may participate. Chemours matches 100% of the first 6% of the employee’s contribution election, and the plan’s matching contributions vest immediately upon contribution. 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 the Separation. The enhancement will continue until 2019, and is 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. 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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Net periodic pension cost (income): Service cost $ 14 $ 16 $ 14 Interest cost 16 16 19 Expected return on plan assets (58 ) (75 ) (63 ) Amortization of prior service gain (2 ) (2 ) (1 ) Amortization of actuarial loss 12 22 23 Curtailment gain — — (2 ) Settlement loss — 1 5 Net periodic pension income (18 ) (22 ) (5 ) Changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 115 (24 ) 17 Amortization of actuarial loss (16 ) (24 ) (28 ) Amortization of prior service gain 2 2 3 Effect of foreign exchange rates (8 ) 38 (15 ) Cost (benefit) recognized in other comprehensive income 93 (8 ) (23 ) Total net periodic pension income and cost (benefit) recognized in other comprehensive income $ 75 $ (30 ) $ (28 ) The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Net loss $ 419 $ 329 $ 336 Prior service credit (10 ) (11 ) (11 ) Total amount recognized in accumulated other comprehensive loss $ 409 $ 318 $ 325 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 2019 are $24 and $2, respectively. The following table sets forth summarized information on the Company ’ s pension plans at December 31, 201 8 and 201 7 . December 31, 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 1,177 $ 1,105 Service cost 14 16 Interest cost 16 16 Plan participants’ contributions 2 2 Actuarial loss (gain) 45 (39 ) Benefits paid (46 ) (53 ) Plan amendments — (1 ) Settlements and transfers 2 (3 ) Other events — (4 ) Currency translation (42 ) 138 Benefit obligation at end of year 1,168 1,177 Change in plan assets: Fair value of plan assets at beginning of year 1,363 1,169 Actual (loss) return on plan assets (17 ) 60 Employer contributions 15 38 Plan participants’ contributions 2 2 Benefits paid (46 ) (53 ) Settlements and transfers 2 (3 ) Other events — (3 ) Currency translation (51 ) 153 Fair value of plan assets at end of year 1,268 1,363 Total funded status at end of year $ 100 $ 186 The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2018 and 2017. December 31, 2018 2017 Non-current assets $ 174 $ 258 Current liabilities (1 ) (1 ) Non-current liabilities (73 ) (71 ) Total net amount recognized $ 100 $ 186 The accumulated benefit obligation for all pension plans was $1,106 and $1,112 as of December 31, 2018 and 2017, 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, 201 8 and 201 7 . December 31, Pension plans with projected benefit obligation in excess of plan assets 2018 2017 Projected benefit obligation $ 177 $ 178 Accumulated benefit obligation 149 149 Fair value of plan assets 103 106 December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2018 2017 Projected benefit obligation $ 177 $ 178 Accumulated benefit obligation 149 149 Fair value of plan assets 103 106 Assumptions The Company generally utilizes discount rates that are developed by matching the expected cash flows of each benefit plan to various yield curves constructed from a portfolio of high-quality, fixed income instruments provided by the plans’ actuaries as of the measurement date. The expected rate of return on plan assets reflects economic assumptions applicable to each country. The following tables set forth the assumptions that have been used to determine the Company’s benefit obligations and net benefit cost at December 31, 2018 and 2017. December 31, Weighted-average assumptions used to determine benefit obligations 2018 2017 Discount rate 2.0 % 1.9 % 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 2018 2017 Discount rate 1.9 % 1.8 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 4.1 % 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 either an insurance vehicle, a master trust fund, or a stand-alone pension fund. The strategic asset allocation for each plan is selected by management, together with the pension board, where appropriate, reflecting the results of comprehensive asset and liability modeling. For assets under its control, Chemours establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in countries are selected in accordance with the laws and practices of those countries. The following table sets forth the weighted-average allocation for the Company’s pension plan assets at December 31, 2018 and 2017. December 31, 2018 2017 Cash and cash equivalents 5 % 5 % U.S. and non-U.S. equity securities 45 % 42 % Fixed income securities 50 % 53 % Total weighted-average allocation 100 % 100 % Fixed income securities include corporate-issued, government-issued, and asset-backed securities. Corporate debt investments encompass a range of credit risk and industry diversification. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Chemours believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2018 and 2017. Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Asset category: Debt - government issued $ 487 $ 3 $ 484 Debt - corporate issued 130 33 97 U.S. and non-U.S. equities 264 263 1 Mututal Funds 296 — 296 Derivatives - asset position 9 — 9 Derivatives - liability position (5 ) — (5 ) Cash and cash equivalents 67 67 — Other 12 8 4 Total pension assets before pension receivables 1,260 $ 374 $ 886 Pension trust receivables, net (1) 8 Total pension assets $ 1,268 (1) Receivables are primarily for investment income earned but not yet received. 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. 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, 2018, 2017, and 2016 Chemours contributed $15, $38, and $16, respectively, to its defined benefit plans. 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 $16 to its pension plans in 2019. 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, 2018. Year Ended December 31, 2019 $ 45 2020 47 2021 46 2022 47 2023 50 2024 to 2028 264 Defined Contribution Plan For the years ended December 31, 2018, 2017, and 2016, Chemours contributed $51, $45, and |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | Note 2 7 . Geographic and Segment Information Geographic Information The following table sets forth the geographic locations of the Company’s net sales and property, plant, and equipment as of, and for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 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 $ 2,378 $ 2,279 $ 2,255 $ 2,018 $ 2,288 $ 1,861 Asia Pacific 1,720 124 1,593 131 1,315 129 Europe, the Middle East, and Africa 1,685 293 1,506 302 1,081 278 Latin America (2) 855 595 829 557 716 516 Total net sales and property, plant, and equipment, net $ 6,638 $ 3,291 $ 6,183 $ 3,008 $ 5,400 $ 2,784 (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: Fluoroproducts, Chemical Solutions, and Titanium Technologies. Corporate costs and certain legacy legal and environmental expenses, stock-based compensation costs, and foreign exchange gains and losses arising from the remeasurement of balances in currencies other than the functional currency of the Company’s legal entities are reflected in Corporate and Other. Segment net sales include transfers to another reportable segment. Certain products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. These product transfers were limited and were not significant for each of the periods presented. Depreciation and amortization includes depreciation on R&D facilities and amortization of other intangible assets, excluding any write-downs 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 performance 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, and other charges; • asset impairments; • (gains) losses on sales of assets and businesses; and, • other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently. The following table sets forth certain summary financial information for the Company’s reportable segments and Corporate and Other as of, and for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, Fluoroproducts Chemical Solutions Titanium Technologies Corporate and Other Total 2018 Net sales to external customers $ 2,862 $ 602 $ 3,174 $ — $ 6,638 Adjusted EBITDA 783 64 1,055 (162 ) 1,740 Depreciation and amortization 117 20 119 28 284 Equity in earnings of affiliates 43 — — — 43 Net assets 2,309 506 1,487 (3,282 ) 1,020 Investments in affiliates 160 — — — 160 Purchases of property, plant, and equipment 274 75 91 58 498 2017 Net sales to external customers $ 2,654 $ 571 $ 2,958 $ — $ 6,183 Adjusted EBITDA 669 57 862 (166 ) 1,422 Depreciation and amortization 109 18 118 28 273 Equity in earnings of affiliates 33 — — — 33 Net assets 1,842 460 1,785 (3,222 ) 865 Investments in affiliates 173 — — — 173 Purchases of property, plant, and equipment 249 65 65 32 411 2016 Net sales to external customers $ 2,264 $ 772 $ 2,364 $ — $ 5,400 Adjusted EBITDA 445 39 466 (128 ) 822 Depreciation and amortization 101 30 119 34 284 Equity in earnings of affiliates 26 — — 3 29 Net assets 1,400 292 1,513 (3,101 ) 104 Investments in affiliates 116 — — 20 136 Purchases of property, plant, and equipment 120 104 105 9 338 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, 201 8, 2017 , and 201 6 . Year Ended December 31, 2018 2017 2016 Income (loss) before income taxes $ 1,155 $ 912 $ (11 ) Interest expense, net 195 214 219 Depreciation and amortization 284 273 284 Non-operating pension and other post-retirement employee benefit income (27 ) (34 ) (20 ) Exchange (gains) losses, net (1 ) (3 ) 57 Restructuring, asset-related, and other charges (1) 49 57 170 Loss (gain) on extinguishment of debt 38 1 (6 ) Gain on sales of assets and businesses (2) (45 ) (22 ) (254 ) Transaction costs (3) 9 3 19 Legal charges (4) 82 9 343 Other charges 1 12 21 Adjusted EBITDA $ 1,740 $ 1,422 $ 822 (1) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges.” (2) The year ended December 31, 2018, included gains of $3 and $42 associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. The year ended December 31, 2017 included 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 included 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 costs associated with the Company’s debt transactions, as well as accounting, legal, and bankers’ transaction costs incurred in connection with the Company’s strategic initiatives. (4) Includes litigation settlements, PFOA drinking water treatment accruals, and other legal charges. The year ended December 31, 2018 included $63 in additional charges for the estimated liability associated with the Company’s Fayetteville, North Carolina site, which was included as a component of selling, general, and administrative expense in the consolidated statements of operations. See “Note 21 – Commitments and Contingent Liabilities” for further detail. For the year ended December 31, 2016, legal and other charges included $335 in litigation accruals associated with the PFOA MDL Settlement. The following table sets forth the Company’s net sales to external customers by product group for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Fluorochemicals $ 1,497 $ 1,378 $ 1,093 Fluoropolymers 1,365 1,276 1,171 Mining solutions 289 261 262 Performance chemicals and intermediates 313 306 298 Titanium dioxide and other minerals 3,174 2,958 2,364 Divested businesses (1) — 4 212 Total net sales $ 6,638 $ 6,183 $ 5,400 (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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 28. Subsequent Events In connection with its 2018 Share Repurchase Program, the Company purchased an additional 4,363,277 shares of Chemours’ issued and outstanding common stock subsequent to December 31, 2018, which amounted to $150 at an average share price of $34.38 per share. On February 13, 2019, the Company’s board of directors increased the authorization amount of the 2018 Share Repurchase Program from $750 to $1,000. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 29. 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, 2018 and 2017. For the Three Months Ended 2018 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,730 $ 1,816 $ 1,628 $ 1,464 $ 6,638 Cost of goods sold 1,193 1,259 1,151 1,064 4,667 Income before income taxes 381 323 269 182 1,155 Net income 297 282 275 142 996 Net income attributable to Chemours 297 281 275 142 995 Basic earnings per share of common stock 1.63 1.58 1.56 0.83 5.62 Diluted earnings per share of common stock 1.58 1.53 1.51 0.81 5.45 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 1,081 1,150 1,119 1,090 4,438 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 (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, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor Condensed Consolidating Financial Information | Note 30. Guarantor Condensed Consolidating Financial Information The following guarantor condensed consolidating financial information is included in accordance with Rule 3-10 of Regulation S-X (“Rule 3-10”) in connection with the subsidiary guarantees of the “Notes” (collectively, the 2023 Dollar Notes, the 2025 Notes, the 2026 Euro Notes, and 2027 Notes), in each case, issued by The Chemours Company (the “Parent Issuer”). As of the dates indicated, each series of the Notes was fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, subject to certain exceptions, by the same group of subsidiaries of the Parent Issuer (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”). Pursuant to the indentures governing the Notes, the Guarantor Subsidiaries 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, 2018, 2017, and 2016; • the consolidating balance sheets at December 31, 2018 and 2017; and, • the consolidating statements of cash flows for the years ended December 31, 2018, 2017, and 2016. The following guarantor condensed financial information is presented using the equity method of accounting for the Company’s investments in its wholly-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 may not necessarily be indicative of the financial positions, results of operations, or cash flows of the Company’s subsidiaries had they operated as independent entities, and should be read in conjunction with the consolidated financial statements and the related notes thereto. Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,974 $ 4,484 $ (1,820 ) $ 6,638 Cost of goods sold — 3,112 3,380 (1,825 ) 4,667 Gross profit — 862 1,104 5 1,971 Selling, general, and administrative expense 33 485 163 (24 ) 657 Research and development expense — 76 6 — 82 Restructuring, asset-related, and other charges — 46 3 — 49 Total other operating expenses 33 607 172 (24 ) 788 Equity in earnings of affiliates — — 43 — 43 Equity in earnings of subsidiaries 1,155 2 — (1,157 ) — Interest (expense) income, net (210 ) 5 10 — (195 ) Loss on extinguishment of debt (38 ) — — — (38 ) Intercompany interest income (expense), net 47 10 (57 ) — — Other income (expense), net 25 199 (40 ) (22 ) 162 Income before income taxes 946 471 888 (1,150 ) 1,155 (Benefit from) provision for income taxes (50 ) 98 111 — 159 Net income 996 373 777 (1,150 ) 996 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 996 $ 373 $ 776 $ (1,150 ) $ 995 Comprehensive income attributable to Chemours $ 873 $ 375 $ 637 $ (1,012 ) $ 873 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 3,045 (1,691 ) 4,438 Gross profit — 803 985 (43 ) 1,745 Selling, general, and administrative expense 36 449 179 (38 ) 626 Research and development expense — 74 7 — 81 Restructuring, asset-related, and other charges — 56 1 — 57 Total other operating expenses 36 579 187 (38 ) 764 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (220 ) 3 3 — (214 ) Loss on extinguishment of debt (1 ) — — — (1 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (21 ) (34 ) 113 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 2,622 (1,543 ) 4,297 Gross profit — 531 600 (28 ) 1,103 Selling, general, and administrative expense 21 794 151 (20 ) 946 Research and development expense — 77 4 — 81 Restructuring, asset-related, and other charges — 168 2 — 170 Total other operating expenses 21 1,039 157 (20 ) 1,197 Equity in earnings of affiliates — 4 25 — 29 Equity in earnings of subsidiaries 100 — — (100 ) — Interest (expense) income, net (217 ) (3 ) 1 — (219 ) Gain on extinguishment of debt 6 — — — 6 Intercompany interest income (expense), net 60 4 (64 ) — — Other income, net 20 193 74 (20 ) 267 (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 Balance Sheets Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 239 $ 962 $ — $ 1,201 Accounts and notes receivable, net — 297 564 — 861 Intercompany receivable 2 1,057 91 (1,150 ) — Inventories — 483 749 (85 ) 1,147 Prepaid expenses and other — 58 26 — 84 Total current assets 2 2,134 2,392 (1,235 ) 3,293 Property, plant, and equipment — 6,870 2,122 — 8,992 Less: Accumulated depreciation — (4,591 ) (1,110 ) — (5,701 ) Property, plant, and equipment, net — 2,279 1,012 — 3,291 Goodwill and other intangible assets, net — 167 14 — 181 Investments in affiliates — — 160 — 160 Investments in subsidiaries 4,487 11 — (4,498 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 17 154 274 (8 ) 437 Total assets $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 Liabilities Current liabilities: Accounts payable $ — $ 637 $ 500 $ — $ 1,137 Current maturities of long-term debt 13 — — — 13 Intercompany payable 698 92 360 (1,150 ) — Other accrued liabilities 21 341 198 (1 ) 559 Total current liabilities 732 1,070 1,058 (1,151 ) 1,709 Long-term debt, net 3,902 57 — — 3,959 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes 8 143 82 (16 ) 217 Other liabilities — 372 85 — 457 Total liabilities 4,642 1,642 2,375 (2,317 ) 6,342 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 1,014 3,103 1,471 (4,574 ) 1,014 Non-controlling interests — — 6 — 6 Total equity 1,014 3,103 1,477 (4,574 ) 1,020 Total liabilities and equity $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 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 Investments 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 Statements of Cash Flows Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (159 ) $ 10 $ 1,289 $ — $ 1,140 Cash flows from investing activities Purchases of property, plant, and equipment — (390 ) (108 ) — (498 ) Acquisition of business, net — (37 ) — — (37 ) Proceeds from sales of assets and businesses, net — 46 — — 46 Intercompany investing activities — (153 ) (999 ) 1,152 — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (532 ) (1,107 ) 1,152 (487 ) Cash flows from financing activities Proceeds from issuance of debt, net 520 — — — 520 Debt repayments (679 ) — — — (679 ) Payments related to extinguishment of debt (29 ) — — — (29 ) Payments of debt issuance costs (12 ) — — — (12 ) Purchases of treasury stock, at cost (644 ) — — — (644 ) Intercompany financing activities 1,152 — — (1,152 ) — Proceeds from exercised stock options, net 16 — — — 16 Payments related to tax withholdings on vested restricted stock units (17 ) — — — (17 ) Payments of dividends (148 ) — — — (148 ) Cash provided by (used for) financing activities 159 — — (1,152 ) (993 ) Effect of exchange rate changes on cash and cash equivalents — — (15 ) — (15 ) (Decrease) increase in cash and cash equivalents — (522 ) 167 — (355 ) Cash and cash equivalents at January 1, — 761 795 — 1,556 Cash and cash equivalents at December 31, $ — $ 239 $ 962 $ — $ 1,201 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 $ (132 ) $ 603 $ 169 $ — $ 640 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 borrowings, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payments related to extinguishment of debt (1 ) — — — (1 ) Payments of debt issuance costs (6 ) — — — (6 ) Purchases of treasury stock, at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Payments related to tax withholdings on vested restricted stock units (12 ) — — — (12 ) Payments of dividends (22 ) — — — (22 ) Cash provided by financing activities 132 — — 220 352 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 ) Payments of debt issuance costs (4 ) — — — (4 ) Proceeds from exercised stock options, net 11 — — — 11 Payments 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Preparation of Financial Statements | Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Revenue Recognition | Revenue Recognition Chemours recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled to in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third-parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income, net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. |
Research and Development Expense | Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Provision for (Benefit from) Income Taxes | Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions 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. |
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 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. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written-off when management determines that they are uncollectible. |
Inventories | Inventories Chemours’ 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. 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. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, 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. |
Asset Retirement Obligations | Asset Retirement Obligations Chemours records its asset retirement obligations at their fair value at the time the liability is incurred. Fair value is measured using the expected future cash outflows discounted at Chemours’ credit-adjusted, risk-free interest rate, which is considered to be a Level 3 input within the fair value hierarchy. Accretion expense is recognized as an operating expense within the cost of goods sold in the consolidated statements of operations using the credit-adjusted, risk-free interest rate in effect when the liability was recognized. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and are depreciated over the estimated remaining useful life of the asset, generally for periods ranging from two to 25 years. |
Insurance | Insurance Chemours insures for certain risks where permitted by law or regulation, including workers’ compensation, vehicle liability, and employee-related benefits. Liabilities associated with these risks are estimated in part by considering any historical claims experience, demographic factors, and other actuarial assumptions. For certain other risks, the Company uses a combination of third-party insurance and self-insurance, reflecting its comprehensive review of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Litigation | Litigation Chemours accrues for 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 include 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 becomes 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 as a component of the 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. |
Derivatives | Derivatives In the ordinary course of business, Chemours enters into contractual arrangements (i.e., derivatives) to reduce its exposure to foreign currency risks. The Company has established a derivative program to be utilized for financial risk management, which currently includes the following risk management strategies: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from remeasuring its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; and, (iii) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity resulting from changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of the Company’s international subsidiaries that use the euro as their functional currency. The Company’s derivative program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The derivative program operates within Chemours’ financial risk management policies and guidelines. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income, net in the consolidated statements of operations during the period in which they occurred, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been entered under a cash flow hedge program, any gains and losses resulting from the revaluation of derivative assets and liabilities are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occurred, and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur. Changes in the Company’s euro-denominated debt instruments due to remeasurement, which is designated as a net investment hedge, are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Derivative assets and liabilities are reported on a gross basis on the consolidated balance sheets. |
Foreign Currency Translation | Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income, net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income, net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. |
Defined Benefit Plans | Defined Benefit Plans Due to local regulations outside of 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. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exit price, the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established to prioritize the valuation inputs used to measure fair value. The hierarchy gives highest priority to unadjusted, quoted prices in active markets for identical assets and liabilities (i.e., Level 1 measurements) and lowest priority to unobservable inputs (i.e., Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Chemours applies the following valuation hierarchy in measuring the fair values of its assets and liabilities: Level 1 – Quoted prices in active markets for identical assets and liabilities; Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and, Level 3 – Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Issued and Not Yet Adopted Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) 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. The Company plans to elect the package of practical expedients included in this guidance, which allows it to not reassess whether any expired or existing contracts contain leases, the lease classification for any expired or existing leases, and the initial direct costs for existing leases. The Company does not plan to recognize short-term leases on its consolidated balance sheets, and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements At adoption, the Company expects to recognize a material increase in total assets and total liabilities resulting from the recognition of right-of-use assets and the related lease liabilities initially measured at the present value of its future operating lease payments. The Company continues to evaluate the impacts of adopting this guidance on its financial position, results of operations, and cash flows, and is updating its systems, processes, and internal controls to meet the new reporting and disclosure requirements in ASU No. 2016-02. The Company believes the most significant impact relates to its accounting for real estate leases. The adoption of this standard will have no impact on the Company’s covenant compliance under its current debt agreements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Recently Adopted Accounting Guidance Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Effective January 1, 2018, Chemours adopted the new revenue recognition guidance contained in Topic 606 using the modified retrospective transition method. The Company elected to utilize a practical expedient allowed under the modified retrospective transition method to apply the new standard only to contracts that are not completed on the date of initial adoption. In applying this guidance, the Company evaluated its population of open contracts with customers on January 1, 2018 and determined that the impact of adopting Topic 606 was not material to its consolidated financial statements. No cumulative adjustment to the Company’s opening retained earnings balance was required. As a result of applying this new guidance, there are changes to the classification of certain amounts in the consolidated statements of operations. Certain royalty income amounts for trademark licensing arrangements that were previously reflected as a component of other income, net in the consolidated statements of operations are now reflected as a component of net sales, which amounted to $4 for the year ended December 31, 2018. Additionally, certain expenses related to the Company’s provision of technical services to customers that were previously reflected as a component of selling, general, and administrative expense in the consolidated statements of operations will now be reflected as a component of the cost of goods sold, which amounted to $2 for the year ended December 31, 2018. Under the modified retrospective transition method, the Company’s comparative financial information as of and for the years ended December 31, 2017 and 2016 has not been restated, and as such, continues to be reported using the accounting standards in effect during those time periods. The following table sets forth the impacts of the adoption of Topic 606 on the Company’s consolidated statements of operations for the year ended December 31, 2018. Year Ended December 31, 2018 Without Topic 606 Topic 606 Adjustments As Reported Net sales $ 6,634 $ 4 $ 6,638 Cost of goods sold 4,665 2 4,667 Gross profit 1,969 2 1,971 Selling, general, and administrative expense 659 (2 ) 657 Research and development expense 82 — 82 Restructuring, asset-related, and other charges 49 — 49 Total other operating expenses 790 (2 ) 788 Equity in earnings of affiliates 43 — 43 Interest expense, net (195 ) — (195 ) Loss on extinguishment of debt (38 ) — (38 ) Other income, net 166 (4 ) 162 Income before income taxes 1,155 — 1,155 Provision for income taxes 159 — 159 Net income 996 — 996 Less: Net income attributable to non-controlling interests 1 — 1 Net income attributable to Chemours $ 995 $ — $ 995 Classification of Certain Cash Receipts and Cash Payments 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 Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Retirement Benefits In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) The following table sets forth a reclassification of the Company’s non-operating pension and other post-retirement employee benefit income for the years ended December 31, 2017 and 2016. Year Ended December 31, 2017 Year Ended December 31, 2016 As Reported Adjustments As Reclassified As Reported Adjustments As Reclassified Net sales $ 6,183 $ — $ 6,183 $ 5,400 $ — $ 5,400 Cost of goods sold 4,429 9 4,438 4,290 7 4,297 Gross profit 1,754 (9 ) 1,745 1,110 (7 ) 1,103 Selling, general, and administrative expense 602 24 626 934 12 946 Research and development expense 80 1 81 80 1 81 Restructuring, asset-related, and other charges 57 — 57 170 — 170 Total other operating expenses 739 25 764 1,184 13 1,197 Equity in earnings of affiliates 33 — 33 29 — 29 Interest expense, net (214 ) — (214 ) (219 ) — (219 ) (Loss) gain on extinguishment of debt (1 ) — (1 ) 6 — 6 Other income, net 79 34 113 247 20 267 Income (loss) before income taxes 912 — 912 (11 ) — (11 ) Provision for (benefit from) income taxes 165 — 165 (18 ) — (18 ) Net income 747 — 747 7 — 7 Less: Net income attributable to non-controlling interests 1 — 1 — — — Net income attributable to Chemours $ 746 $ — $ 746 $ 7 $ — $ 7 Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
ASU 2014-09 [Member] | |
Impacts of Adoption of New Accounting Guidance on Consolidated Statements of Operations | The following table sets forth the impacts of the adoption of Topic 606 on the Company’s consolidated statements of operations for the year ended December 31, 2018. Year Ended December 31, 2018 Without Topic 606 Topic 606 Adjustments As Reported Net sales $ 6,634 $ 4 $ 6,638 Cost of goods sold 4,665 2 4,667 Gross profit 1,969 2 1,971 Selling, general, and administrative expense 659 (2 ) 657 Research and development expense 82 — 82 Restructuring, asset-related, and other charges 49 — 49 Total other operating expenses 790 (2 ) 788 Equity in earnings of affiliates 43 — 43 Interest expense, net (195 ) — (195 ) Loss on extinguishment of debt (38 ) — (38 ) Other income, net 166 (4 ) 162 Income before income taxes 1,155 — 1,155 Provision for income taxes 159 — 159 Net income 996 — 996 Less: Net income attributable to non-controlling interests 1 — 1 Net income attributable to Chemours $ 995 $ — $ 995 |
ASU 2017-07 [Member] | |
Impacts of Adoption of New Accounting Guidance on Consolidated Statements of Operations | The following table sets forth a reclassification of the Company’s non-operating pension and other post-retirement employee benefit income for the years ended December 31, 2017 and 2016. Year Ended December 31, 2017 Year Ended December 31, 2016 As Reported Adjustments As Reclassified As Reported Adjustments As Reclassified Net sales $ 6,183 $ — $ 6,183 $ 5,400 $ — $ 5,400 Cost of goods sold 4,429 9 4,438 4,290 7 4,297 Gross profit 1,754 (9 ) 1,745 1,110 (7 ) 1,103 Selling, general, and administrative expense 602 24 626 934 12 946 Research and development expense 80 1 81 80 1 81 Restructuring, asset-related, and other charges 57 — 57 170 — 170 Total other operating expenses 739 25 764 1,184 13 1,197 Equity in earnings of affiliates 33 — 33 29 — 29 Interest expense, net (214 ) — (214 ) (219 ) — (219 ) (Loss) gain on extinguishment of debt (1 ) — (1 ) 6 — 6 Other income, net 79 34 113 247 20 267 Income (loss) before income taxes 912 — 912 (11 ) — (11 ) Provision for (benefit from) income taxes 165 — 165 (18 ) — (18 ) Net income 747 — 747 7 — 7 Less: Net income attributable to non-controlling interests 1 — 1 — — — Net income attributable to Chemours $ 746 $ — $ 746 $ 7 $ — $ 7 |
Significant Transactions and _2
Significant Transactions and Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Transactions And Events [Abstract] | |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition | The following table sets forth the Company’s fair value estimates of the assets acquired and liabilities assumed in the acquisition of ICOR, which were finalized during the fourth quarter of 2018. Fair Value At Acquisition Date Measurement Period Adjustments Adjusted Fair Value Weighted-average Useful Life (in Years) Assets acquired: Accounts receivable - trade $ 4 $ — $ 4 Inventories 8 — 8 Property, plant, and equipment 1 — 1 Identifiable intangible asset: Customer relationships (1) 20 2 22 5 Total assets acquired 33 2 35 Liabilities assumed: Accounts payable 1 — 1 Other accrued liabilities 1 — 1 Total liabilities assumed 2 — 2 Total identifiable net assets acquired 31 2 33 Goodwill (1) 6 (2 ) 4 Net assets acquired $ 37 $ — $ 37 (1) During the third quarter of 2018, the Company recorded a measurement period adjustment to its customer relationships based on an ongoing analysis associated with the preparation of a third-party appraisal. |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Net Sales by Geographical Region, Product Group, and Segment | The following table sets forth a disaggregation of the Company’s net sales by geographic region, product group, and segment for the year ended December 31, 2018. Year Ended December 31, 2018 Chemical Titanium Fluoroproducts Solutions Technologies Total Net sales by geographic region (1) North America $ 1,143 $ 341 $ 894 $ 2,378 Asia Pacific 675 81 964 1,720 Europe, the Middle East, and Africa 825 18 842 1,685 Latin America (2) 219 162 474 855 Total net sales $ 2,862 $ 602 $ 3,174 $ 6,638 Net sales by product group Fluorochemicals $ 1,497 $ — $ — $ 1,497 Fluoropolymers 1,365 — — 1,365 Mining solutions — 289 — 289 Performance chemicals and intermediates — 313 — 313 Titanium dioxide and other minerals — — 3,174 3,174 Total net sales $ 2,862 $ 602 $ 3,174 $ 6,638 (1) Net sales are attributable to countries based on customer location. (2) Latin America includes Mexico. |
Summary of Contract Balances from Contracts with Customers | The following table sets forth the Company’s contract balances from contracts with customers for the year ended December 31, 2018 and 2017. Year Ended December 31, 2018 2017 Accounts receivable - trade, net (1) $ 790 $ 847 Customer rebates 79 83 (1) Accounts receivable - trade, net includes trade notes receivable, and is net of allowances for doubtful accounts of $5 at December 31, 2018 and 2017. Such allowances are equal to the estimated uncollectible amounts. |
Research and Development Expe_2
Research and Development Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Research And Development [Abstract] | |
Summary of R&D Expense by Segment | The following table sets forth the Company’s R&D expense by segment for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Fluoroproducts $ 50 $ 48 $ 46 Chemical Solutions 2 3 7 Titanium Technologies 28 29 27 Corporate and Other 2 1 1 Total research and development expense $ 82 $ 81 $ 81 |
Restructuring, Asset-Related,_2
Restructuring, Asset-Related, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program | The following table sets forth the components of the Company’s restructuring, asset-related, and other charges by category for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Restructuring and other charges: Employee separation charges $ 14 $ 23 $ 4 Decommissioning and other charges 31 33 47 Total restructuring and other charges 45 56 51 Asset-related charges (1) 4 1 119 Total restructuring, asset-related, and other charges $ 49 $ 57 $ 170 (1) Asset-related charges for the year ended December 31, 2018 included $4 for a pre-tax goodwill impairment charge in the Company’s Chemical Solutions segment. Asset-related charges for the year ended December 31, 2016 included $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. |
Schedule of Restructuring Charges | The following table sets forth the impacts of the Company’s restructuring, asset-related, and other charges to segment earnings for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Restructuring and other charges: Plant and product line closures: Fluoroproducts $ — $ 3 $ 7 Chemical Solutions 4 17 8 Titanium Technologies — 4 30 Corporate and Other 9 — — Total plant and product line closures 13 24 45 2015 Global Restructuring Program: Fluoroproducts — — 4 Titanium Technologies — — 2 Total 2015 Global Restructuring Program — — 6 2017 Restructuring Program: Fluoroproducts 9 — — Chemical Solutions 2 — — Titanium Technologies 1 — — Corporate and Other 15 32 — Total 2017 Restructuring Program 27 32 — 2018 Restructuring Program 5 — — Total restructuring and other charges 45 56 51 Asset-related charges: Chemical Solutions 4 — 106 Corporate and Other — 1 13 Total asset-related charges 4 1 119 Total restructuring, asset-related, and other charges $ 49 $ 57 $ 170 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, 2018 and 2017. Fluoroproducts Line Shutdown Chemical Solutions Site Closures Titanium Technologies Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program Total Balance at January 1, 2017 $ 1 $ 8 $ 4 $ 21 $ — $ — $ 34 Charges to income — — — 1 23 — 24 Payments (1 ) (6 ) (3 ) (21 ) — — (31 ) Balance at December 31, 2017 — 2 1 1 23 — 27 Charges to income — — — — 9 5 14 Payments — (2 ) (1 ) — (22 ) — (25 ) Balance at December 31, 2018 $ — $ — $ — $ 1 $ 10 $ 5 $ 16 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Leasing, contract services, and miscellaneous income (1) $ 79 $ 30 $ 35 Royalty income (2) 10 24 15 Gain on sales of assets and businesses (3) 45 22 254 Exchange gains (losses), net (4) 1 3 (57 ) Non-operating pension and other post-retirement employee benefit income 27 34 20 Total other income, net $ 162 $ 113 $ 267 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $67, $15, and $6 for the years ended December 31, 2018, 2017, and 2016, respectively. (2) Royalty income for the year ended December 31, 2018 is primarily from technology licensing. Royalty income for the years ended December 31, 2017 and 2016 is primarily from technology and trademark licensing. (3) For the year ended December 31, 2018, gain on sale includes a $3 gain and a $42 gain associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. 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. (4) Exchange gains (losses), net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Current tax expense (benefit): U.S. federal $ 23 $ (8 ) $ — U.S. state and local 4 1 — International 110 89 93 Total current tax expense 137 82 93 Deferred tax expense (benefit): U.S. federal 20 60 (101 ) U.S. state and local 3 6 (17 ) International (1 ) 17 7 Total deferred tax expense (benefit) 22 83 (111 ) Total provision for (benefit from) income taxes $ 159 $ 165 $ (18 ) |
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, 2018 and 2017. December 31, 2018 2017 Deferred tax assets: Environmental and other reserves $ 80 $ 89 Litigation reserves 28 14 Stock-based compensation and accrued employee benefits 28 26 Other assets and other accrued liabilities 8 8 Tax attribute carryforwards 29 27 Foreign tax credit carryforwards 18 17 Total deferred tax assets 191 181 Less: Valuation allowance (2 ) (17 ) Total deferred tax assets, net 189 164 Deferred tax liabilities: Pension and other liabilities (35 ) (55 ) Property, plant, and equipment (313 ) (274 ) Inventories and other assets (12 ) (4 ) Total deferred tax liabilities (360 ) (333 ) Deferred tax liability, net $ (171 ) $ (169 ) |
Schedule of Effective Income Tax Rate | The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 $ % $ % $ % Statutory U.S. federal income tax rate $ 243 21.0 % $ 319 35.0 % $ (4 ) 35.0 % State income taxes, net of federal benefit 7 0.6 % 7 0.7 % (16 ) 150.4 % Lower effective tax rate on international operations, net (44 ) (3.8 )% (149 ) (16.3 )% (61 ) 552.5 % Depletion (6 ) (0.5 )% (8 ) (0.9 )% (6 ) 51.2 % Goodwill — — % — — % 5 (47.9 )% Exchange losses (gains) (4 ) (0.3 )% 5 0.6 % 4 (39.1 )% Provision to return and other adjustments (9 ) (0.8 )% 6 0.6 % 6 (57.9 )% Permanent items 12 1.0 % 9 1.0 % 3 (27.3 )% Valuation allowance (15 ) (1.3 )% (33 ) (3.6 )% 50 (451.6 )% Net impact of U.S. tax reform (10 ) (0.9 )% 39 4.3 % — (— )% Stock-based compensation (14 ) (1.2 )% (20 ) (2.2 )% — (— )% Other, net (1 ) — % (10 ) (1.1 )% 1 (1.7 )% Total effective tax rate $ 159 13.8 % $ 165 18.1 % $ (18 ) 163.6 % |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 U.S. operations (including exports) $ 114 $ (306 ) $ (481 ) International operations 1,041 1,218 470 Total income (loss) before income taxes $ 1,155 $ 912 $ (11 ) |
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 2014 through 2018 Mexico 2012 through 2018 Netherlands 2015 through 2018 Singapore 2015 through 2018 Switzerland 2015 through 2018 Taiwan 2015 through 2018 U.S. 2015 through 2018 |
Schedule of Unrecognized Tax Benefits | The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ — $ 6 $ 7 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 2 — — Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations — — — Balance at December 31, $ 2 $ — $ 6 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 2 $ — $ — Total amount of interest and penalties recognized in the consolidated statements of operations — — — Total amount of interest and penalties recognized in the consolidated balance sheets — — — |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ 17 $ 50 $ — Net charges to income tax expense — — 50 Release of valuation allowance (15 ) (33 ) — Balance at December 31, $ 2 $ 17 $ 50 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Numerator: Net income attributable to Chemours $ 995 $ 746 $ 7 Denominator: Weighted-average number of common shares outstanding - basic 176,968,554 184,844,106 181,621,422 Dilutive effect of the Company’s employee compensation plans 5,603,467 6,139,885 1,795,078 Weighted-average number of common shares outstanding - diluted 182,572,021 190,983,991 183,416,500 Basic earnings per share of common stock $ 5.62 $ 4.04 $ 0.04 Diluted earnings per share of common stock 5.45 3.91 0.04 |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Average number of stock options 393,016 43,072 5,820,499 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Accounts receivable - trade, net (1) $ 790 $ 847 VAT, GST, and other taxes (2) 56 54 Other receivables (3) 15 18 Total accounts and notes receivable, net $ 861 $ 919 (1) Accounts receivable - trade, net includes trade notes receivable of $2 and less than $1 at December 31, 2018 and 2017, respectively, and is net of allowances for doubtful accounts of $5 at December 31, 2018 and 2017. 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, the fair value of derivative assets, and other deposits. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Net [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventories at December 31, 2018 and 2017. December 31, 2018 2017 Finished products $ 701 $ 648 Semi-finished products 195 164 Raw materials, stores, and supplies 476 313 Inventories before LIFO adjustment 1,372 1,125 Less: Adjustment of inventories to LIFO basis (225 ) (190 ) Total inventories $ 1,147 $ 935 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Equipment $ 7,344 $ 6,961 Buildings 914 875 Construction-in-progress 579 520 Land 119 119 Mineral rights 36 36 Property, plant, and equipment 8,992 8,511 Less: Accumulated depreciation (5,701 ) (5,503 ) Total property, plant, and equipment, net $ 3,291 $ 3,008 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes in the carrying amount of the Company’s goodwill by segment for the years ended December 31, 2018 and 2017. December 31, 2018 2017 Fluoroproducts: Balance at January 1, $ 85 $ 85 Acquisition of business 4 — Balance at December 31, 89 85 Chemical Solutions: Balance at January 1, 55 55 Goodwill impairment (4 ) — Balance at December 31, 51 55 Titanium Technologies: Balance at January 1, 13 13 Balance at December 31, 13 13 Total goodwill $ 153 $ 153 |
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, 2018 and 2017. December 31, 2018 December 31, 2017 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (8 ) $ 1 $ 9 $ (8 ) $ 1 Customer relationships 22 (3 ) 19 — — — Patents 19 (19 ) — 19 (18 ) 1 Purchased trademarks 5 (3 ) 2 5 (2 ) 3 Purchased and licensed technology 3 (3 ) — 3 (2 ) 1 Other (1) 10 (4 ) 6 10 (3 ) 7 Total other intangible assets, net $ 68 $ (40 ) $ 28 $ 46 $ (33 ) $ 13 (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. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in Affiliates | The following table sets forth the carrying value, jurisdiction, and ownership percentages of the Company’s investments in affiliates at December 31, 2018 and 2017. December 31, 2018 December 31, 2017 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 94 50.0% $ 112 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 36 50.0% 36 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 30 10.0% 25 10.0% $ 160 $ 173 |
Schedule of Changes in Investments in Affiliates | The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Balance at January 1, $ 173 $ 136 $ 136 Equity in earnings of affiliates 43 33 29 Investments in affiliates — — 1 Dividends (58 ) — (18 ) Divestment — — (12 ) Currency translation and other 2 4 — Balance at December 31, $ 160 $ 173 $ 136 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Capitalized repair and maintenance costs $ 178 $ 117 Pension assets (1) 174 260 Deferred income taxes 46 40 Miscellaneous 39 36 Total other assets $ 437 $ 453 (1) Pension assets represent the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable | The following table sets forth the components of the Company’s accounts payable at December 31, 2018 and 2017. December 31, 2018 2017 Trade payables $ 1,111 $ 1,008 Dividends payable — 31 VAT and other payables 26 36 Total accounts payable $ 1,137 $ 1,075 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. December 31, 2018 2017 Compensation and other employee-related costs $ 108 $ 174 Employee separation costs (1) 16 27 Accrued litigation (2) 76 13 Environmental remediation (2) 74 66 Income taxes 87 58 Customer rebates 79 83 Deferred income 6 8 Accrued interest 21 24 Miscellaneous (3) 92 105 Total other accrued liabilities $ 559 $ 558 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring and other activities. (2) Represents the current portion of accrued litigation and environmental remediation, which are discussed further in “Note 21 – Commitments and Contingent Liabilities.” (3) 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, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2018 and 2017. December 31, 2018 2017 Senior secured term loans: 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 Tranche B-2 Dollar Term Loan due May 2025 893 — Tranche B-2 Euro Term Loan due May 2025 (€347 at December 31, 2018) 396 — Senior unsecured notes: 6.625% due May 2023 908 1,158 7.000% due May 2025 750 750 6.125% due May 2023 (€295 at December 31, 2017) — 350 4.000% due May 2026 (€450 at December 31, 2018) 513 — 5.375% due May 2027 500 500 Capital lease obligations 2 3 Build-to-suit lease obligation 55 8 Total debt 4,017 4,161 Less: Unamortized issue discounts (10 ) (8 ) Less: Unamortized debt issuance costs (35 ) (41 ) Less: Current maturities of long-term debt (13 ) (15 ) Total long-term debt, net $ 3,959 $ 4,097 |
Schedule of Debt Principal Maturities | The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. Year Ended December 31, 2019 $ 13 2020 13 2021 13 2022 13 2023 921 Thereafter 2,987 Total principal maturities on senior debt $ 3,960 |
Estimated Fair Values of Senior Debt Issues | The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy. December 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-1 Dollar Term Loan due May 2022 $ — $ — $ 923 $ 928 Tranche B-1 Euro Term Loan due May 2022 (€394 at December 31, 2017) — — 469 471 Tranche B-2 Dollar Term Loan due May 2025 893 862 — — Tranche B-2 Euro Term Loan due May 2025 (€347 at December 31, 2018) 396 394 — — Senior unsecured notes: 6.625% due May 2023 908 918 1,158 1,228 7.000% due May 2025 750 761 750 816 6.125% due May 2023 (€295 at December 31, 2017) — — 350 373 4.000% due May 2026 (€450 at December 31, 2018) 513 487 — — 5.375% due May 2027 500 454 500 521 Total senior debt 3,960 $ 3,876 4,150 $ 4,337 Less: Unamortized issue discounts (10 ) (8 ) Less: Unamortized debt issuance costs (35 ) (41 ) Total senior debt, net $ 3,915 $ 4,101 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at December 31, 2018 and 2017. December 31, 2018 2017 Environmental remediation (1) $ 152 $ 187 Employee-related costs (2) 130 123 Accrued litigation (1) 53 48 Asset retirement obligations 51 43 Deferred revenue 7 6 Miscellaneous (3) 64 68 Total other liabilities $ 457 $ 475 (1) The Company’s accrued environmental remediation and accrued litigation liabilities are discussed further in “Note 21 – Commitments and Contingent Liabilities.” (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 $46 and $52 at December 31, 2018 and 2017, respectively. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. Year Ended December 31, 2018 2017 Balance at January 1, $ 48 $ 43 Accretion expense 10 6 Settlements and payments (1 ) (1 ) Balance at December 31, $ 57 $ 48 Current portion $ 6 $ 5 Non-current portion 51 43 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Risk-free interest rate 2.65 % 2.14 % 1.46 % Expected term (years) 6 6 6 Volatility 47.56 % 44.49 % 60.00 % Dividend yield 1.42 % 0.35 % 2.14 % Fair value per stock option $ 20.47 $ 15.21 $ 3.41 |
Schedule of Stock Options Activity | The following table sets forth Chemours’ stock option activity for the year ended December 31, 2018. 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, 2017 6,597 $ 15.72 5.11 $ 226,524 Granted 495 48.41 Exercised (1,073 ) 14.69 Forfeited (46 ) 37.77 Expired (3 ) 18.80 Outstanding, December 31, 2018 5,970 $ 18.45 4.80 $ 72,108 Exercisable, December 31, 2018 4,401 $ 15.00 3.91 $ 59,486 |
Schedule of Restricted Stock Units Activity | The following table sets forth non-vested RSUs, both with and without a performance condition, at December 31, 2018. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2017 1,165 $ 15.34 Granted 135 48.35 Vested (1,034 ) 14.86 Forfeited (19 ) 30.94 Non-vested, December 31, 2018 247 $ 34.22 |
Schedule of Performance Share Units Activity | The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2018. Number of Shares (in Thousands) Weighted-average Grant Date Fair Value (per Share) Non-vested, December 31, 2017 987 $ 12.94 Granted 139 52.34 Vested (19 ) 24.16 Non-vested, December 31, 2018 1,107 $ 17.71 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016. Cumulative Translation Adjustment Net Investment Hedge Cash Flow Hedge Employee Benefits Total Balance at January 1, 2016 $ (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 ) Other comprehensive (loss) income (75 ) 15 6 (68 ) (122 ) Balance at December 31, 2018 $ (233 ) $ (25 ) $ 6 $ (312 ) $ (564 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities At Fair Value | The following table sets forth the fair value of the Company’s derivative assets and liabilities, and their level within the fair value hierarchy, at December 31, 2018 and 2017. December 31, Balance Sheet Location 2018 2017 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net $ 1 $ — Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net 3 — Total asset derivatives $ 4 $ — Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities $ 1 $ — Total liability derivatives $ 1 $ — |
Schedule of Pre-tax Charge the Fair Value of Derivative Assets and Liabilities | The following table sets forth the pre-tax changes in fair value of the Company’s derivative assets and liabilities for the years ended December 31, 2018, 2017, and 2016. Gain (Loss) Recognized In Accumulated Other Year Ended December 31, Cost of Goods Sold Other Income, Net Comprehensive Loss 2018 Foreign currency forward contracts not designated as a hedging instrument $ — $ 3 $ — Foreign currency forward contracts designated as a cash flow hedge 4 — 10 Euro-denominated debt designated as a net investment hedge — — 32 2017 Foreign currency forward contracts not designated as a hedging instrument $ — $ 4 $ — Euro-denominated debt designated as a net investment hedge — — (86 ) 2016 Foreign currency forward contracts not designated as a hedging instrument $ — $ (15 ) $ — Euro-denominated debt designated as a net investment hedge — — 14 |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Net periodic pension cost (income): Service cost $ 14 $ 16 $ 14 Interest cost 16 16 19 Expected return on plan assets (58 ) (75 ) (63 ) Amortization of prior service gain (2 ) (2 ) (1 ) Amortization of actuarial loss 12 22 23 Curtailment gain — — (2 ) Settlement loss — 1 5 Net periodic pension income (18 ) (22 ) (5 ) Changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 115 (24 ) 17 Amortization of actuarial loss (16 ) (24 ) (28 ) Amortization of prior service gain 2 2 3 Effect of foreign exchange rates (8 ) 38 (15 ) Cost (benefit) recognized in other comprehensive income 93 (8 ) (23 ) Total net periodic pension income and cost (benefit) recognized in other comprehensive income $ 75 $ (30 ) $ (28 ) |
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, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Net loss $ 419 $ 329 $ 336 Prior service credit (10 ) (11 ) (11 ) Total amount recognized in accumulated other comprehensive loss $ 409 $ 318 $ 325 |
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, 201 8 and 201 7 . December 31, 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 1,177 $ 1,105 Service cost 14 16 Interest cost 16 16 Plan participants’ contributions 2 2 Actuarial loss (gain) 45 (39 ) Benefits paid (46 ) (53 ) Plan amendments — (1 ) Settlements and transfers 2 (3 ) Other events — (4 ) Currency translation (42 ) 138 Benefit obligation at end of year 1,168 1,177 Change in plan assets: Fair value of plan assets at beginning of year 1,363 1,169 Actual (loss) return on plan assets (17 ) 60 Employer contributions 15 38 Plan participants’ contributions 2 2 Benefits paid (46 ) (53 ) Settlements and transfers 2 (3 ) Other events — (3 ) Currency translation (51 ) 153 Fair value of plan assets at end of year 1,268 1,363 Total funded status at end of year $ 100 $ 186 |
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, 2018 and 2017. December 31, 2018 2017 Non-current assets $ 174 $ 258 Current liabilities (1 ) (1 ) Non-current liabilities (73 ) (71 ) Total net amount recognized $ 100 $ 186 |
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, 201 8 and 201 7 . December 31, Pension plans with projected benefit obligation in excess of plan assets 2018 2017 Projected benefit obligation $ 177 $ 178 Accumulated benefit obligation 149 149 Fair value of plan assets 103 106 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2018 2017 Projected benefit obligation $ 177 $ 178 Accumulated benefit obligation 149 149 Fair value of plan assets 103 106 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, 201 8 and 201 7 . |
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, 2018 and 2017. December 31, Weighted-average assumptions used to determine benefit obligations 2018 2017 Discount rate 2.0 % 1.9 % 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 2018 2017 Discount rate 1.9 % 1.8 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 4.1 % 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, 2018 and 2017. December 31, 2018 2017 Cash and cash equivalents 5 % 5 % U.S. and non-U.S. equity securities 45 % 42 % Fixed income securities 50 % 53 % Total weighted-average allocation 100 % 100 % The following tables set forth the fair values of the Company’s pension assets by level within the fair value hierarchy at December 31, 2018 and 2017. Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Asset category: Debt - government issued $ 487 $ 3 $ 484 Debt - corporate issued 130 33 97 U.S. and non-U.S. equities 264 263 1 Mututal Funds 296 — 296 Derivatives - asset position 9 — 9 Derivatives - liability position (5 ) — (5 ) Cash and cash equivalents 67 67 — Other 12 8 4 Total pension assets before pension receivables 1,260 $ 374 $ 886 Pension trust receivables, net (1) 8 Total pension assets $ 1,268 (1) Receivables are primarily for investment income earned but not yet received. 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. |
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, 2018. Year Ended December 31, 2019 $ 45 2020 47 2021 46 2022 47 2023 50 2024 to 2028 264 |
Geographic and Segment Inform_2
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Net Property, Plant and Equipment by Geographical Area | The following table sets forth the geographic locations of the Company’s net sales and property, plant, and equipment as of, and for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 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 $ 2,378 $ 2,279 $ 2,255 $ 2,018 $ 2,288 $ 1,861 Asia Pacific 1,720 124 1,593 131 1,315 129 Europe, the Middle East, and Africa 1,685 293 1,506 302 1,081 278 Latin America (2) 855 595 829 557 716 516 Total net sales and property, plant, and equipment, net $ 6,638 $ 3,291 $ 6,183 $ 3,008 $ 5,400 $ 2,784 (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 and Corporate and Other as of, and for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, Fluoroproducts Chemical Solutions Titanium Technologies Corporate and Other Total 2018 Net sales to external customers $ 2,862 $ 602 $ 3,174 $ — $ 6,638 Adjusted EBITDA 783 64 1,055 (162 ) 1,740 Depreciation and amortization 117 20 119 28 284 Equity in earnings of affiliates 43 — — — 43 Net assets 2,309 506 1,487 (3,282 ) 1,020 Investments in affiliates 160 — — — 160 Purchases of property, plant, and equipment 274 75 91 58 498 2017 Net sales to external customers $ 2,654 $ 571 $ 2,958 $ — $ 6,183 Adjusted EBITDA 669 57 862 (166 ) 1,422 Depreciation and amortization 109 18 118 28 273 Equity in earnings of affiliates 33 — — — 33 Net assets 1,842 460 1,785 (3,222 ) 865 Investments in affiliates 173 — — — 173 Purchases of property, plant, and equipment 249 65 65 32 411 2016 Net sales to external customers $ 2,264 $ 772 $ 2,364 $ — $ 5,400 Adjusted EBITDA 445 39 466 (128 ) 822 Depreciation and amortization 101 30 119 34 284 Equity in earnings of affiliates 26 — — 3 29 Net assets 1,400 292 1,513 (3,101 ) 104 Investments in affiliates 116 — — 20 136 Purchases of property, plant, and equipment 120 104 105 9 338 |
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, 201 8, 2017 , and 201 6 . Year Ended December 31, 2018 2017 2016 Income (loss) before income taxes $ 1,155 $ 912 $ (11 ) Interest expense, net 195 214 219 Depreciation and amortization 284 273 284 Non-operating pension and other post-retirement employee benefit income (27 ) (34 ) (20 ) Exchange (gains) losses, net (1 ) (3 ) 57 Restructuring, asset-related, and other charges (1) 49 57 170 Loss (gain) on extinguishment of debt 38 1 (6 ) Gain on sales of assets and businesses (2) (45 ) (22 ) (254 ) Transaction costs (3) 9 3 19 Legal charges (4) 82 9 343 Other charges 1 12 21 Adjusted EBITDA $ 1,740 $ 1,422 $ 822 (1) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges.” (2) The year ended December 31, 2018, included gains of $3 and $42 associated with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. The year ended December 31, 2017 included 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 included 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 costs associated with the Company’s debt transactions, as well as accounting, legal, and bankers’ transaction costs incurred in connection with the Company’s strategic initiatives. (4) Includes litigation settlements, PFOA drinking water treatment accruals, and other legal charges. The year ended December 31, 2018 included $63 in additional charges for the estimated liability associated with the Company’s Fayetteville, North Carolina site, which was included as a component of selling, general, and administrative expense in the consolidated statements of operations. See “Note 21 – Commitments and Contingent Liabilities” for further detail. For the year ended December 31, 2016, legal and other charges included $335 in litigation accruals associated with the PFOA MDL Settlement. |
Schedule of Net Sales to External Customers by Product Group | The following table sets forth the Company’s net sales to external customers by product group for the years ended December 31, 2018, 2017, and 2016. Year Ended December 31, 2018 2017 2016 Fluorochemicals $ 1,497 $ 1,378 $ 1,093 Fluoropolymers 1,365 1,276 1,171 Mining solutions 289 261 262 Performance chemicals and intermediates 313 306 298 Titanium dioxide and other minerals 3,174 2,958 2,364 Divested businesses (1) — 4 212 Total net sales $ 6,638 $ 6,183 $ 5,400 (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. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017. For the Three Months Ended 2018 March 31, June 30, September 30, December 31, Full Year (1), Net sales $ 1,730 $ 1,816 $ 1,628 $ 1,464 $ 6,638 Cost of goods sold 1,193 1,259 1,151 1,064 4,667 Income before income taxes 381 323 269 182 1,155 Net income 297 282 275 142 996 Net income attributable to Chemours 297 281 275 142 995 Basic earnings per share of common stock 1.63 1.58 1.56 0.83 5.62 Diluted earnings per share of common stock 1.58 1.53 1.51 0.81 5.45 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 1,081 1,150 1,119 1,090 4,438 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 (1) Individual quarters may not sum to full year amounts due to rounding. |
Guarantor Condensed Consolida_2
Guarantor Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Net sales $ — $ 3,974 $ 4,484 $ (1,820 ) $ 6,638 Cost of goods sold — 3,112 3,380 (1,825 ) 4,667 Gross profit — 862 1,104 5 1,971 Selling, general, and administrative expense 33 485 163 (24 ) 657 Research and development expense — 76 6 — 82 Restructuring, asset-related, and other charges — 46 3 — 49 Total other operating expenses 33 607 172 (24 ) 788 Equity in earnings of affiliates — — 43 — 43 Equity in earnings of subsidiaries 1,155 2 — (1,157 ) — Interest (expense) income, net (210 ) 5 10 — (195 ) Loss on extinguishment of debt (38 ) — — — (38 ) Intercompany interest income (expense), net 47 10 (57 ) — — Other income (expense), net 25 199 (40 ) (22 ) 162 Income before income taxes 946 471 888 (1,150 ) 1,155 (Benefit from) provision for income taxes (50 ) 98 111 — 159 Net income 996 373 777 (1,150 ) 996 Less: Net income attributable to non-controlling interests — — 1 — 1 Net income attributable to Chemours $ 996 $ 373 $ 776 $ (1,150 ) $ 995 Comprehensive income attributable to Chemours $ 873 $ 375 $ 637 $ (1,012 ) $ 873 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 3,045 (1,691 ) 4,438 Gross profit — 803 985 (43 ) 1,745 Selling, general, and administrative expense 36 449 179 (38 ) 626 Research and development expense — 74 7 — 81 Restructuring, asset-related, and other charges — 56 1 — 57 Total other operating expenses 36 579 187 (38 ) 764 Equity in earnings of affiliates — — 33 — 33 Equity in earnings of subsidiaries 849 — — (849 ) — Interest (expense) income, net (220 ) 3 3 — (214 ) Loss on extinguishment of debt (1 ) — — — (1 ) Intercompany interest income (expense), net 64 — (64 ) — — Other income (expense), net 29 139 (21 ) (34 ) 113 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 2,622 (1,543 ) 4,297 Gross profit — 531 600 (28 ) 1,103 Selling, general, and administrative expense 21 794 151 (20 ) 946 Research and development expense — 77 4 — 81 Restructuring, asset-related, and other charges — 168 2 — 170 Total other operating expenses 21 1,039 157 (20 ) 1,197 Equity in earnings of affiliates — 4 25 — 29 Equity in earnings of subsidiaries 100 — — (100 ) — Interest (expense) income, net (217 ) (3 ) 1 — (219 ) Gain on extinguishment of debt 6 — — — 6 Intercompany interest income (expense), net 60 4 (64 ) — — Other income, net 20 193 74 (20 ) 267 (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 Balance Sheets | Condensed Consolidating Balance Sheets Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Assets Current assets: Cash and cash equivalents $ — $ 239 $ 962 $ — $ 1,201 Accounts and notes receivable, net — 297 564 — 861 Intercompany receivable 2 1,057 91 (1,150 ) — Inventories — 483 749 (85 ) 1,147 Prepaid expenses and other — 58 26 — 84 Total current assets 2 2,134 2,392 (1,235 ) 3,293 Property, plant, and equipment — 6,870 2,122 — 8,992 Less: Accumulated depreciation — (4,591 ) (1,110 ) — (5,701 ) Property, plant, and equipment, net — 2,279 1,012 — 3,291 Goodwill and other intangible assets, net — 167 14 — 181 Investments in affiliates — — 160 — 160 Investments in subsidiaries 4,487 11 — (4,498 ) — Intercompany notes receivable 1,150 — — (1,150 ) — Other assets 17 154 274 (8 ) 437 Total assets $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 Liabilities Current liabilities: Accounts payable $ — $ 637 $ 500 $ — $ 1,137 Current maturities of long-term debt 13 — — — 13 Intercompany payable 698 92 360 (1,150 ) — Other accrued liabilities 21 341 198 (1 ) 559 Total current liabilities 732 1,070 1,058 (1,151 ) 1,709 Long-term debt, net 3,902 57 — — 3,959 Intercompany notes payable — — 1,150 (1,150 ) — Deferred income taxes 8 143 82 (16 ) 217 Other liabilities — 372 85 — 457 Total liabilities 4,642 1,642 2,375 (2,317 ) 6,342 Commitments and contingent liabilities Equity Total Chemours stockholders’ equity 1,014 3,103 1,471 (4,574 ) 1,014 Non-controlling interests — — 6 — 6 Total equity 1,014 3,103 1,477 (4,574 ) 1,020 Total liabilities and equity $ 5,656 $ 4,745 $ 3,852 $ (6,891 ) $ 7,362 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 Investments 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 Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations and Adjustments Consolidated Cash flows from operating activities Cash (used for) provided by operating activities $ (159 ) $ 10 $ 1,289 $ — $ 1,140 Cash flows from investing activities Purchases of property, plant, and equipment — (390 ) (108 ) — (498 ) Acquisition of business, net — (37 ) — — (37 ) Proceeds from sales of assets and businesses, net — 46 — — 46 Intercompany investing activities — (153 ) (999 ) 1,152 — Foreign exchange contract settlements, net — 2 — — 2 Cash used for investing activities — (532 ) (1,107 ) 1,152 (487 ) Cash flows from financing activities Proceeds from issuance of debt, net 520 — — — 520 Debt repayments (679 ) — — — (679 ) Payments related to extinguishment of debt (29 ) — — — (29 ) Payments of debt issuance costs (12 ) — — — (12 ) Purchases of treasury stock, at cost (644 ) — — — (644 ) Intercompany financing activities 1,152 — — (1,152 ) — Proceeds from exercised stock options, net 16 — — — 16 Payments related to tax withholdings on vested restricted stock units (17 ) — — — (17 ) Payments of dividends (148 ) — — — (148 ) Cash provided by (used for) financing activities 159 — — (1,152 ) (993 ) Effect of exchange rate changes on cash and cash equivalents — — (15 ) — (15 ) (Decrease) increase in cash and cash equivalents — (522 ) 167 — (355 ) Cash and cash equivalents at January 1, — 761 795 — 1,556 Cash and cash equivalents at December 31, $ — $ 239 $ 962 $ — $ 1,201 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 $ (132 ) $ 603 $ 169 $ — $ 640 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 borrowings, net (220 ) — — 220 — Proceeds from issuance of debt, net 495 — — — 495 Debt repayments (27 ) — — — (27 ) Payments related to extinguishment of debt (1 ) — — — (1 ) Payments of debt issuance costs (6 ) — — — (6 ) Purchases of treasury stock, at cost (106 ) — — — (106 ) Proceeds from exercised stock options, net 31 — — — 31 Payments related to tax withholdings on vested restricted stock units (12 ) — — — (12 ) Payments of dividends (22 ) — — — (22 ) Cash provided by financing activities 132 — — 220 352 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 ) Payments of debt issuance costs (4 ) — — — (4 ) Proceeds from exercised stock options, net 11 — — — 11 Payments 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 |
Background and Description of_2
Background and Description of the Business Narrative (Details) | 12 Months Ended |
Dec. 31, 2018segmentfacility | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Number of facilities | 28 |
Operating Segments [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 2 |
Titanium Technologies [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 5 |
Fluoroproducts [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 20 |
Chemical Solutions [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 1 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cumulative translation adjustment | $ 31 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
ASU 2014-09 [Member] | Net Sales [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Changes in classification of amounts on adoption of new guidance | $ 4 |
ASU 2014-09 [Member] | Cost of Goods Sold [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Changes in classification of amounts on adoption of new guidance | $ 2 |
Consolidated Subsidiaries [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Voting stock ownership percentage | 50.00% |
Consolidated Subsidiaries [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Voting stock ownership percentage | 20.00% |
Consolidated Subsidiaries [Member] | Outside Shareholders [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Non controlling interests, ownership percentage by parent | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 Accoun_6
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets and Asset Retirement Obligations (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 | 25 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Impacts of Adoption of New Accounting Guidance on Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Cost of goods sold | 1,064 | 1,151 | 1,259 | 1,193 | 1,090 | 1,119 | 1,150 | 1,081 | 4,667 | 4,438 | 4,297 |
Gross profit | 1,971 | 1,745 | 1,103 | ||||||||
Selling, general, and administrative expense | 657 | 626 | 946 | ||||||||
Research and development expense | 82 | 81 | 81 | ||||||||
Restructuring, asset-related, and other charges | 49 | 57 | 170 | ||||||||
Total other operating expenses | 788 | 764 | 1,197 | ||||||||
Equity in earnings of affiliates | 43 | 33 | 29 | ||||||||
Interest expense, net | (195) | (214) | (219) | ||||||||
(Loss) gain on extinguishment of debt | (38) | (1) | 6 | ||||||||
Other income, net | 162 | 113 | 267 | ||||||||
Income (loss) before income taxes | 182 | 269 | 323 | 381 | 264 | 250 | 225 | 173 | 1,155 | 912 | (11) |
Provision for (benefit from) income taxes | 159 | 165 | (18) | ||||||||
Net income (loss) | 142 | 275 | 282 | 297 | 228 | 207 | 161 | 151 | 996 | 747 | 7 |
Less: Net income attributable to non-controlling interests | 1 | 1 | 0 | ||||||||
Net income (loss) attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | 995 | $ 746 | $ 7 |
ASU 2014-09 [Member] | Without Topic 606 [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Net sales | 6,634 | ||||||||||
Cost of goods sold | 4,665 | ||||||||||
Gross profit | 1,969 | ||||||||||
Selling, general, and administrative expense | 659 | ||||||||||
Research and development expense | 82 | ||||||||||
Restructuring, asset-related, and other charges | 49 | ||||||||||
Total other operating expenses | 790 | ||||||||||
Equity in earnings of affiliates | 43 | ||||||||||
Interest expense, net | (195) | ||||||||||
(Loss) gain on extinguishment of debt | (38) | ||||||||||
Other income, net | 166 | ||||||||||
Income (loss) before income taxes | 1,155 | ||||||||||
Provision for (benefit from) income taxes | 159 | ||||||||||
Net income (loss) | 996 | ||||||||||
Less: Net income attributable to non-controlling interests | 1 | ||||||||||
Net income (loss) attributable to Chemours | 995 | ||||||||||
ASU 2014-09 [Member] | Topic 606 Adjustments [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Net sales | 4 | ||||||||||
Cost of goods sold | 2 | ||||||||||
Gross profit | 2 | ||||||||||
Selling, general, and administrative expense | (2) | ||||||||||
Total other operating expenses | (2) | ||||||||||
Other income, net | $ (4) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reclassification of Non-operating Pension and Other Post-retirement Employee Benefit Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Cost of goods sold | 1,064 | 1,151 | 1,259 | 1,193 | 1,090 | 1,119 | 1,150 | 1,081 | 4,667 | 4,438 | 4,297 |
Gross profit | 1,971 | 1,745 | 1,103 | ||||||||
Selling, general, and administrative expense | 657 | 626 | 946 | ||||||||
Research and development expense | 82 | 81 | 81 | ||||||||
Restructuring, asset-related, and other charges | 49 | 57 | 170 | ||||||||
Total other operating expenses | 788 | 764 | 1,197 | ||||||||
Equity in earnings of affiliates | 43 | 33 | 29 | ||||||||
Interest expense, net | (195) | (214) | (219) | ||||||||
(Loss) gain on extinguishment of debt | (38) | (1) | 6 | ||||||||
Other income, net | 162 | 113 | 267 | ||||||||
Income (loss) before income taxes | 182 | 269 | 323 | 381 | 264 | 250 | 225 | 173 | 1,155 | 912 | (11) |
Provision for (benefit from) income taxes | 159 | 165 | (18) | ||||||||
Net income (loss) | 142 | 275 | 282 | 297 | 228 | 207 | 161 | 151 | 996 | 747 | 7 |
Less: Net income attributable to non-controlling interests | 1 | 1 | 0 | ||||||||
Net income (loss) attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | $ 995 | 746 | 7 |
As Reported [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Net sales | 6,183 | 5,400 | |||||||||
Cost of goods sold | 4,429 | 4,290 | |||||||||
Gross profit | 1,754 | 1,110 | |||||||||
Selling, general, and administrative expense | 602 | 934 | |||||||||
Research and development expense | 80 | 80 | |||||||||
Restructuring, asset-related, and other charges | 57 | 170 | |||||||||
Total other operating expenses | 739 | 1,184 | |||||||||
Equity in earnings of affiliates | 33 | 29 | |||||||||
Interest expense, net | (214) | (219) | |||||||||
(Loss) gain on extinguishment of debt | (1) | 6 | |||||||||
Other income, net | 79 | 247 | |||||||||
Income (loss) before income taxes | 912 | (11) | |||||||||
Provision for (benefit from) income taxes | 165 | (18) | |||||||||
Net income (loss) | 747 | 7 | |||||||||
Less: Net income attributable to non-controlling interests | 1 | ||||||||||
Net income (loss) attributable to Chemours | 746 | 7 | |||||||||
ASU 2017-07 [Member] | Adjustments [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cost of goods sold | 9 | 7 | |||||||||
Gross profit | (9) | (7) | |||||||||
Selling, general, and administrative expense | 24 | 12 | |||||||||
Research and development expense | 1 | 1 | |||||||||
Total other operating expenses | 25 | 13 | |||||||||
Other income, net | $ 34 | $ 20 |
Significant Transactions and _3
Significant Transactions and Events - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2016USD ($)a | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2016USD ($) | |
Significant Transactions And Events [Line Items] | |||||||||||
Asset related and other charges | $ 4 | $ 1 | $ 119 | ||||||||
Recognized gain on sale of land | $ 42 | 45 | 22 | 254 | |||||||
Net cash proceeds of transaction | 39 | 46 | 39 | 708 | |||||||
Environmental remediation activities amount | $ 3 | 36 | $ 48 | 44 | |||||||
ICOR International, Inc. [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Total consideration in all cash acquisition | $ 37 | ||||||||||
ICOR International, Inc. [Member] | Maximum [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Acquisition related expense | $ 1 | ||||||||||
Linden, New Jersey [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Number of acre of land for sale | a | 210 | ||||||||||
Other Income, Net [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Gain on sale of assets | 89 | ||||||||||
Sulfur Business [Member] | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Purchase price | $ 325 | ||||||||||
Proceeds from sale | $ 311 | ||||||||||
Sulfur Business [Member] | Assets Held-for-sale [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Cash proceeds from sale of facility | $ 10 | ||||||||||
Loss on sale | $ 4 | ||||||||||
Sulfur Business [Member] | Disposed by Sale [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Asset related and other charges | $ 58 | 58 | |||||||||
Clean and Disinfect Product Line [Member] | |||||||||||
Significant Transactions And Events [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] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Purchase price | $ 230 | ||||||||||
Proceeds from sale | $ 223 | ||||||||||
Cash transferred in sale | $ 2 | ||||||||||
Transaction and other charges | $ 9 | ||||||||||
Aniline Facility, Beaumont, Texas [Member] | Disposed by Sale [Member] | |||||||||||
Significant Transactions And Events [Line Items] | |||||||||||
Cash proceeds from sale of facility | $ 140 | ||||||||||
Transaction costs | $ 11 |
Significant Transactions and _4
Significant Transactions and Events - Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition (Details) - ICOR International, Inc. [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Apr. 03, 2018 | |
Fair Value, Assets acquired: | ||
Fair Value, Accounts receivable - trade | $ 4 | $ 4 |
Fair Value, Inventories | 8 | 8 |
Fair Value,Property, plant, and equipment | 1 | 1 |
Fair Value, Identifiable intangible asset: | ||
Fair Value, Customer relationships | 22 | 20 |
Fair Value, Total assets acquired | 35 | 33 |
Fair Value, Liabilities assumed: | ||
Fair Value, Accounts payable | 1 | 1 |
Fair Value, Other accrued liabilities | 1 | 1 |
Fair Value, Total liabilities assumed | 2 | 2 |
Fair Value, Total identifiable net assets acquired | 33 | 31 |
Fair Value, Goodwill | 4 | 6 |
Fair Value, Net assets acquired | $ 37 | $ 37 |
Weighted-average Useful Life (Years), Customer relationships | 5 years | |
Adjustments [Member] | ||
Fair Value, Identifiable intangible asset: | ||
Fair Value, Customer relationships | $ 2 | |
Fair Value, Total assets acquired | 2 | |
Fair Value, Liabilities assumed: | ||
Fair Value, Total identifiable net assets acquired | 2 | |
Fair Value, Goodwill | $ (2) |
Net Sales - Summary of Disaggre
Net Sales - Summary of Disaggregation of Net Sales by Geographical Region, Product Group, and Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,378 | 2,255 | 2,288 | ||||||||
Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,720 | 1,593 | 1,315 | ||||||||
Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,685 | 1,506 | 1,081 | ||||||||
Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 855 | $ 829 | $ 716 | ||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 6,638 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluorochemicals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,497 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoropolymers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,365 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Mining Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 289 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Performance Chemicals and Intermediates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 313 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Dioxide and Other Minerals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 3,174 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,378 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,720 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,685 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 855 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 2,862 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Fluorochemicals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,497 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Fluoropolymers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,365 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 1,143 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 675 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 825 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoroproducts [Member] | Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 219 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 602 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Mining Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 289 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Performance Chemicals and Intermediates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 313 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 341 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 81 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 18 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Chemical Solutions [Member] | Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 162 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 3,174 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | Titanium Dioxide and Other Minerals [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 3,174 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | North America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 894 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 964 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | Europe, the Middle East, and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | 842 | ||||||||||
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Technologies [Member] | Latin America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Disaggregation of Net Sales | $ 474 |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - Topic 606 [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 790 | $ 847 |
Customer rebates | $ 79 | $ 83 |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Balances from Contracts with Customers (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disaggregation Of Revenue [Line Items] | ||
Allowance for doubtful accounts | $ 5 | $ 5 |
Topic 606 [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Allowance for doubtful accounts | $ 5 | $ 5 |
Net Sales - Narrative (Details)
Net Sales - Narrative (Details) - Topic 606 [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Contract asset balances | $ 0 |
Capitalized costs | 0 |
Remaining performance obligations | $ 119,000,000 |
Revenue, practical expedient, financing component | true |
Net Sales - Narrative (Details1
Net Sales - Narrative (Details1) - Topic 606 [Member] | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 35.00% |
Remaining performance obligations original expected period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 45.00% |
Remaining performance obligations original expected period | 1 year |
Research and Development Expe_3
Research and Development Expense - Summary of R&D Expense by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Research and Development [Line Items] | |||
Total research and development expense | $ 82 | $ 81 | $ 81 |
Fluoroproducts [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 50 | 48 | 46 |
Chemical Solutions [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 2 | 3 | 7 |
Titanium Technologies [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 28 | 29 | 27 |
Corporate and Other [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | $ 2 | $ 1 | $ 1 |
Restructuring, Asset-Related,_3
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |||
Employee separation charges | $ 14 | $ 23 | $ 4 |
Decommissioning and other charges | 31 | 33 | 47 |
Total restructuring and other charges | 45 | 56 | 51 |
Asset-related charges | 4 | 1 | 119 |
Total restructuring, asset-related, and other charges | $ 49 | $ 57 | $ 170 |
Restructuring, Asset-Related,_4
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Parenthetical) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment charge | $ 0 | $ 0 | ||
Asset-related charges - impairment | 4,000,000 | 1,000,000 | $ 119,000,000 | |
Disposed by Sale [Member] | Sulfur Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | $ 58,000,000 | 58,000,000 | ||
Chemical Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Goodwill impairment charge | 4,000,000 | |||
Asset-related charges - impairment | $ 4,000,000 | $ 0 | 106,000,000 | |
Chemical Solutions [Member] | Corporate Headquarter Building [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | 13,000,000 | |||
Pascagoula, Mississippi [Member] | Aniline Facility [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges - impairment | $ 48,000,000 |
Restructuring, Asset-Related,_5
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 45 | $ 56 | $ 51 | |
Asset-related charges | 4 | 1 | 119 | |
Restructuring, asset-related and other charges | 49 | 57 | 170 | |
2015 Global Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 6 | |
2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 27 | 32 | 0 | |
Restructuring, asset-related and other charges | 27 | 32 | ||
2018 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 0 | 0 | |
Restructuring, asset-related and other charges | $ 5 | |||
Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 13 | 24 | 45 | |
Titanium Technologies [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 0 | 0 | |
Chemical Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges | 4 | 0 | 106 | |
Operating Segments [Member] | Titanium Technologies [Member] | 2015 Global Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 2 | |
Operating Segments [Member] | Titanium Technologies [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 4 | 30 | |
Operating Segments [Member] | Fluoroproducts [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 9 | 0 | 0 | |
Operating Segments [Member] | Fluoroproducts [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 3 | 7 | |
Operating Segments [Member] | Chemical Solutions [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2 | 0 | 0 | |
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 4 | 17 | 8 | |
Operating Segments [Member] | Fluroproducts | 2015 Global Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 4 | |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset-related charges | 0 | 1 | 13 | |
Corporate and Other [Member] | 2017 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 15 | 32 | 0 | |
Corporate and Other [Member] | Plant and Product Line Closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 9 | $ 0 | $ 0 |
Restructuring, Asset-Related,_6
Restructuring, Asset-Related, and Other Charges - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017USD ($)Employee | Aug. 31, 2015production_line | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015position | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | $ 49,000,000 | $ 57,000,000 | $ 170,000,000 | ||||||
2015 Global Restructuring Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Number of positions eliminated (more than) | position | 430 | ||||||||
Employee separation and asset related charges | 6,000,000 | ||||||||
2017 Restructuring Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | 27,000,000 | 32,000,000 | |||||||
Aggregate restructuring costs | 59,000,000 | ||||||||
2018 Restructuring Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | $ 5,000,000 | ||||||||
New Johnsonville, Tennessee [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Number of production lines shut down during period | production_line | 1 | ||||||||
Operating Segments [Member] | Niagara Falls, NY [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring costs, excluding asset-related charges | 35,000,000 | ||||||||
Expected number of positions to be eliminated | position | 200 | ||||||||
Operating Segments [Member] | Fluoroproducts [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring costs, excluding asset-related charges | 17,000,000 | ||||||||
Operating Segments [Member] | Titanium Technologies [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Proceeds from sale of land | $ 10,000,000 | ||||||||
Operating Segments [Member] | Titanium Technologies [Member] | Edge Moor, Delaware Site [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring costs, excluding asset-related charges | 60,000,000 | ||||||||
Decommissioning Costs [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | 4,000,000 | 17,000,000 | 8,000,000 | ||||||
Decommissioning Costs [Member] | Operating Segments [Member] | Fluoroproducts [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | 3,000,000 | 7,000,000 | |||||||
Decommissioning Costs [Member] | Operating Segments [Member] | Titanium Technologies [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | 4,000,000 | $ 30,000,000 | |||||||
Decommissioning Costs [Member] | Corporate and Other [Member] | Deepwater, New Jersey [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, asset-related and other charges | 9,000,000 | ||||||||
Additional Restructuring Charges [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Additional restructuring charges expected to be incurred | 10,000,000 | 10,000,000 | |||||||
Additional Restructuring Charges [Member] | Corporate and Other [Member] | Deepwater, New Jersey [Member] | Minimum [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Additional restructuring charges expected to be incurred | 20,000,000 | 20,000,000 | |||||||
Additional Restructuring Charges [Member] | Corporate and Other [Member] | Deepwater, New Jersey [Member] | Maximum [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Additional restructuring charges expected to be incurred | $ 25,000,000 | 25,000,000 | |||||||
Corporate Function Efforts [Member] | 2017 Restructuring Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Employee separation and asset related charges | $ 18,000,000 | $ 14,000,000 | |||||||
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 | $ 18,000,000 | ||||||||
Voluntary Separation Program One-Time Financial Incentives [Member] | 2017 Restructuring Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Accrual of termination benefits recognized | $ 9,000,000 |
Restructuring, Asset-Related,_7
Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | $ 27 | $ 34 |
Charges to income | 14 | 24 |
Payments | (25) | (31) |
Restructuring reserve, ending | 16 | 27 |
Fluoroproducts Lines Shutdown [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 1 |
Charges to income | 0 | 0 |
Payments | 0 | (1) |
Restructuring reserve, ending | 0 | 0 |
Chemical Solutions Site Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 2 | 8 |
Charges to income | 0 | 0 |
Payments | (2) | (6) |
Restructuring reserve, ending | 0 | 2 |
Titanium Technologies Site Closure [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 1 | 4 |
Charges to income | 0 | 0 |
Payments | (1) | (3) |
Restructuring reserve, ending | 0 | 1 |
2015 Global Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 1 | 21 |
Charges to income | 0 | 1 |
Payments | 0 | (21) |
Restructuring reserve, ending | 1 | 1 |
2017 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 23 | 0 |
Charges to income | 9 | 23 |
Payments | (22) | 0 |
Restructuring reserve, ending | 10 | 23 |
2018 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 0 |
Charges to income | 5 | 0 |
Payments | 0 | 0 |
Restructuring reserve, ending | $ 5 | $ 0 |
Other Income, Net - Components
Other Income, Net - Components of Other Income (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Component of Other Income [Line Items] | ||||||||||||
Leasing, contract services and miscellaneous income | $ 79 | $ 30 | $ 35 | |||||||||
Royalty income | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | 6,638 | 6,183 | 5,400 | |
Gain on sales of assets and businesses | $ 42 | 45 | 22 | 254 | ||||||||
Exchange gains (losses), net | 1 | 3 | (57) | |||||||||
Non-operating pension and other post-retirement employee benefit income | 27 | 34 | 20 | |||||||||
Total other income, net | 162 | 113 | 267 | |||||||||
Royalty Income [Member] | ||||||||||||
Component of Other Income [Line Items] | ||||||||||||
Royalty income | $ 10 | $ 24 | $ 15 |
Other Income, Net - Component_2
Other Income, Net - Components of Other Income (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Component of Other Income [Line Items] | |||
Leasing, contract services and miscellaneous income | $ 79 | $ 30 | $ 35 |
Clean and Disinfect Product Line [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | 169 | ||
European Union [Member] | Fluorinated Greenhouse Gas [Member] | |||
Component of Other Income [Line Items] | |||
Leasing, contract services and miscellaneous income | 67 | 15 | 6 |
East Chicago, Indiana [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | 3 | ||
Repauno New Jersey [Member] | Land [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | 13 | ||
Linden, New Jersey Sites [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 42 | ||
Edge Moor, Delaware Site [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 12 | ||
Beaumont Site [Member] | |||
Component of Other Income [Line Items] | |||
Gain on sale of asset | $ 89 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax expense (benefit): | |||
U.S. federal | $ 23 | $ (8) | $ 0 |
U.S. state and local | 4 | 1 | 0 |
International | 110 | 89 | 93 |
Total current tax expense | 137 | 82 | 93 |
Deferred tax expense (benefit): | |||
U.S. federal | 20 | 60 | (101) |
U.S. state and local | 3 | 6 | (17) |
International | (1) | 17 | 7 |
Total deferred tax expense (benefit) | 22 | 83 | (111) |
Total provision for (benefit from) income taxes | $ 159 | $ 165 | $ (18) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Environmental and other reserves | $ 80 | $ 89 |
Litigation reserves | 28 | 14 |
Stock-based compensation and accrued employee benefits | 28 | 26 |
Other assets and other accrued liabilities | 8 | 8 |
Tax attribute carryforwards | 29 | 27 |
Foreign tax credit carryforwards | 18 | 17 |
Total deferred tax assets | 191 | 181 |
Less: Valuation allowance | (2) | (17) |
Total deferred tax assets, net | 189 | 164 |
Deferred tax liabilities: | ||
Pension and other liabilities | (35) | (55) |
Property, plant, and equipment | (313) | (274) |
Inventories and other assets | (12) | (4) |
Total deferred tax liabilities | (360) | (333) |
Deferred tax liability, net | $ (171) | $ (169) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 0.60% | 0.70% | 150.40% |
Lower effective tax rate on international operations, net | (3.80%) | (16.30%) | 552.50% |
Depletion | (0.50%) | (0.90%) | 51.20% |
Goodwill | 0.00% | 0.00% | (47.90%) |
Exchange losses (gains) | (0.30%) | 0.60% | (39.10%) |
Provision to return and other adjustments | (0.80%) | 0.60% | (57.90%) |
Permanent items | 1.00% | 1.00% | (27.30%) |
Valuation allowance | (1.30%) | (3.60%) | (451.60%) |
Net impact of U.S. tax reform | (0.90%) | 4.30% | 0.00% |
Stock-based compensation | (1.20%) | (2.20%) | 0.00% |
Other, net | 0.00% | (1.10%) | (1.70%) |
Total effective tax rate | 13.80% | 18.10% | 163.60% |
Income Taxes - Effective Inco_2
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax rate | $ 243 | $ 319 | $ (4) |
State income taxes, net of federal benefit | 7 | 7 | (16) |
Lower effective tax rate on international operations, net | (44) | (149) | (61) |
Depletion | (6) | (8) | (6) |
Goodwill | 5 | ||
Exchange losses (gains) | (4) | 5 | 4 |
Provision to return and other adjustments | (9) | 6 | 6 |
Permanent items | 12 | 9 | 3 |
Valuation allowance | (15) | (33) | 50 |
Net impact of U.S. tax reform | (10) | 39 | |
Stock-based compensation | (14) | (20) | |
Other, net | (1) | (10) | 1 |
Total provision for (benefit from) income taxes | $ 159 | $ 165 | $ (18) |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. operations (including exports) | $ 114 | $ (306) | $ (481) | ||||||||
International operations | 1,041 | 1,218 | 470 | ||||||||
Income (loss) before income taxes | $ 182 | $ 269 | $ 323 | $ 381 | $ 264 | $ 250 | $ 225 | $ 173 | $ 1,155 | $ 912 | $ (11) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | ||||
U.S. federal corporate tax rate | 21.00% | 35.00% | 35.00% | |
Percentage of pro rata portion shareholder equity | 10.00% | |||
Income tax benefit as impact of Tax Act | $ 3 | |||
Maximum measurement period for estimation of Tax Act | 1 year | |||
Income tax benefit to adjust its initial provisional estimates for U.S. tax reform in its income tax provisions | $ 10 | |||
Effective tax rate impact for U.S. tax reform | (1.00%) | |||
E&P of foreign subsidiaries | $ 550 | |||
Change in valuation allowance on foreign tax credits | (15) | $ (33) | $ 50 | |
Expiration Year 2035 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
R&D tax credits | 13 | |||
U.S Federal and State [Member] | Expiration Between Years 2036 To 2038 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax loss carryforwards | 6 | |||
U.S Federal [Member] | Expiration Year 2026 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit carryforwards | 18 | |||
Foreign [Member] | Expiration Between Years 2026 to 2029 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax loss carryforwards | $ 3 |
Income Taxes - Summary of open
Income Taxes - Summary of open tax years by significant jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,014 |
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 | 2,015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,015 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2,018 |
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 | 2,018 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 0 | $ 6 | $ 7 |
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | 0 | (6) | (1) |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 2 | 0 | 0 |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 0 | 0 | 0 |
Balance at December 31, | 2 | 0 | 6 |
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate | 2 | 0 | 0 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 0 | 0 | 0 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 17 | $ 50 | $ 0 |
Net charges to income tax expense | 0 | 0 | 50 |
Release of valuation allowance | (15) | (33) | 0 |
Balance at December 31, | $ 2 | $ 17 | $ 50 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | $ 995 | $ 746 | $ 7 |
Denominator: | |||||||||||
Weighted-average number of common shares outstanding - basic | 176,968,554 | 184,844,106 | 181,621,422 | ||||||||
Dilutive effect of the Company’s employee compensation plans | 5,603,467 | 6,139,885 | 1,795,078 | ||||||||
Weighted-average number of common shares outstanding - diluted | 182,572,021 | 190,983,991 | 183,416,500 | ||||||||
Basic earnings per share of common stock | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ 1.23 | $ 1.12 | $ 0.87 | $ 0.82 | $ 5.62 | $ 4.04 | $ 0.04 |
Diluted earnings per share of common stock | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ 1.19 | $ 1.08 | $ 0.84 | $ 0.79 | $ 5.45 | $ 3.91 | $ 0.04 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Average number of stock options | 393,016 | 43,072 | 5,820,499 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounts receivable - trade, net | $ 790 | $ 847 |
VAT, GST and other taxes | 56 | 54 |
Other receivables | 15 | 18 |
Total accounts and notes receivable, net | $ 861 | $ 919 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 790 | $ 847 |
Allowance for doubtful accounts receivable | 5 | 5 |
Trade Notes Receivable [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 2 | |
Trade Notes Receivable [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 1 |
Accounts and Notes Receivable_5
Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 1,000,000 | $ 7,000,000 | |
Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 1,000,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Net [Abstract] | ||
Finished products | $ 701 | $ 648 |
Semi-finished products | 195 | 164 |
Raw materials, stores, and supplies | 476 | 313 |
Inventories before LIFO adjustment | 1,372 | 1,125 |
Less: Adjustment of inventories to LIFO basis | (225) | (190) |
Total inventories | $ 1,147 | $ 935 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Net [Abstract] | ||
LIFO inventory amount | $ 622 | $ 509 |
Percentage of LIFO inventory | 45.00% | 45.00% |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,992 | $ 8,511 | |
Less: Accumulated depreciation | (5,701) | (5,503) | |
Property, plant, and equipment, net | 3,291 | 3,008 | $ 2,784 |
Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,344 | 6,961 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 914 | 875 | |
Construction-in-progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 579 | 520 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 119 | 119 | |
Mineral rights [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 36 | $ 36 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 276 | $ 269 | $ 281 |
Capital leased assets | 7 | 7 | |
Build to suit lease assets | 55 | 8 | |
Interest capitalized | $ 17 | $ 9 | $ 18 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill impairment | $ 0 | $ 0 |
Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Total goodwill | 153,000,000 | 153,000,000 |
Fluoroproducts [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 85,000,000 | 85,000,000 |
Acquisition of business | 4,000,000 | |
Goodwill, ending balance | 89,000,000 | 85,000,000 |
Chemical Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill impairment | 4,000,000 | |
Chemical Solutions [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 55,000,000 | 55,000,000 |
Goodwill impairment | (4,000,000) | |
Goodwill, ending balance | 51,000,000 | 55,000,000 |
Titanium Technologies [Member] | Operating Segments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 13,000,000 | 13,000,000 |
Goodwill, ending balance | $ 13,000,000 | $ 13,000,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2018USD ($) | |
Goodwill and Other Intangible Assets | ||||
Number of operating segments | segment | 3 | |||
Goodwill impairments | $ 0 | $ 0 | ||
Accumulated impairment losses included in goodwill | 4,000,000 | 0 | ||
Amortization expense, 2019 | 7,000,000 | |||
Amortization expense, 2020 | 7,000,000 | |||
Amortization expense, 2021 | 7,000,000 | |||
Amortization expense, 2022 | 5,000,000 | |||
Amortization expense, 2023 | $ 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 | $ 6,000,000 | $ 4,000,000 | $ 3,000,000 | |
Performance Chemicals and Intermediates [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Goodwill | $ 4,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | $ 68 | $ 46 | |
Accumulated Amortization | (40) | (33) | |
Net | 28 | 13 | |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 9 | 9 | |
Accumulated Amortization | (8) | (8) | |
Net | 1 | 1 | |
Customer Relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 22 | 0 | |
Accumulated Amortization | (3) | 0 | |
Net | 19 | 0 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 19 | 19 | |
Accumulated Amortization | (19) | (18) | |
Net | 0 | 1 | |
Purchased Trademarks [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 5 | 5 | |
Accumulated Amortization | (3) | (2) | |
Net | 2 | 3 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 3 | 3 | |
Accumulated Amortization | (3) | (2) | |
Net | 0 | 1 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | [1] | 10 | 10 |
Accumulated Amortization | [1] | (4) | (3) |
Net | [1] | $ 6 | $ 7 |
[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. |
Investments in Affiliates - Nar
Investments in Affiliates - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in Affiliates | |||
Net sales | $ 12 | ||
Purchases | $ 0 | $ 0 | 1 |
Equity Method Investee [Member] | |||
Investments in Affiliates | |||
Net sales | 143 | 99 | 70 |
Purchases | $ 125 | $ 87 | $ 97 |
Consolidated Subsidiaries [Member] | Minimum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 20.00% | ||
Consolidated Subsidiaries [Member] | Maximum [Member] | |||
Investments in Affiliates | |||
Voting stock ownership percentage | 50.00% |
Investments in Affiliates - Sch
Investments in Affiliates - Schedule of Investments in Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments in Affiliates | ||||
Investments in affiliates | $ 160 | $ 173 | $ 136 | $ 136 |
Chemours-Mitsui Fluorochemicals Company, Ltd. [Member] | Japan [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 94 | $ 112 | ||
Ownership | 50.00% | 50.00% | ||
The Chemours Chenguang Fluoromaterials Company Limited [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 36 | $ 36 | ||
Ownership | 50.00% | 50.00% | ||
Changshu 3F Zhonghao New Chemical Materials Co., Ltd. [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 30 | $ 25 | ||
Ownership | 10.00% | 10.00% |
Investments in Affiliates - S_2
Investments in Affiliates - Schedule of Changes in Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Beginning Balance | $ 173 | $ 136 | $ 136 |
Equity in earnings of affiliates | 43 | 33 | 29 |
Investments in affiliates | 0 | 0 | 1 |
Dividends | (58) | (18) | |
Divestment | (12) | ||
Currency translation and other | 2 | 4 | |
Ending Balance | $ 160 | $ 173 | $ 136 |
Other Assets Schedule of Other
Other Assets Schedule of Other Assets - (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Capitalized repair and maintenance costs | $ 178 | $ 117 |
Pension assets | 174 | 260 |
Deferred income taxes | 46 | 40 |
Miscellaneous | 39 | 36 |
Total other assets | $ 437 | $ 453 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 1,111 | $ 1,008 |
Dividends payable | 31 | |
VAT and other payables | 26 | 36 |
Total accounts payable | $ 1,137 | $ 1,075 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and other employee-related costs | $ 108 | $ 174 |
Employee separation costs | 16 | 27 |
Accrued litigation | 76 | 13 |
Environmental remediation | 74 | 66 |
Income taxes | 87 | 58 |
Customer rebates | 79 | 83 |
Deferred income | 6 | 8 |
Accrued interest | 21 | 24 |
Miscellaneous | 92 | 105 |
Total other accrued liabilities | $ 559 | $ 558 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | May 12, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 2 | $ 3 | |||
Build-to-suit lease obligation | 55 | 8 | |||
Total debt | 4,017 | 4,161 | |||
Less: Unamortized issue discounts | (10) | (8) | |||
Less: Unamortized debt issuance costs | (35) | (41) | |||
Less: Current maturities of long-term debt | (13) | (15) | |||
Total long-term debt, net | 3,959 | 4,097 | |||
Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,503 | ||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 908 | 1,158 | |||
Senior unsecured notes [Member] | 7.000% Senior Notes Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 750 | 750 | |||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 350 | € 295 | |||
Senior unsecured notes [Member] | 4.000% Senior Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 513 | € 450 | |||
Senior unsecured notes [Member] | 5.375% Senior Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 500 | 500 | |||
Senior Secured Tranche B-1 Dollar Term Loan Due May 2022 [Member] | Senior unsecured notes [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 | $ 469 | € 394 | |||
Senior Secured Tranche B-2 Dollar Term Loan Due May 2025 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 893 | ||||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 396 | € 347 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Details) - Senior unsecured notes [Member] € in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | May 12, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,503 | ||||
Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 469 | € 394 | |||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 396 | € 347 | |||
6.625% Senior Notes Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 908 | $ 1,158 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | 6.625% |
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 Notes 6.125% Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 350 | € 295 | |||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% |
5.375% Senior Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500 | $ 500 | |||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% | |
4.000% Senior Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 513 | € 450 | |||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities (Narrative) (Details) | Apr. 03, 2018USD ($) | Apr. 03, 2018EUR (€) | Apr. 03, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 03, 2023 | Apr. 03, 2018EUR (€) | Apr. 03, 2017EUR (€) |
Line of Credit Facility [Line Items] | |||||||||
Loss on extinguishment of debt | $ (38,000,000) | $ (1,000,000) | $ 6,000,000 | ||||||
Senior Secured Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument term | 7 years | 7 years | 7 years | ||||||
Senior Secured Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument term | 5 years | 5 years | 5 years | ||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | $ 750,000,000 | |||||||
Line of credit facility, maturity date | Apr. 3, 2023 | Apr. 3, 2023 | |||||||
Maximum net leverage ratio | 0.25% | 0.25% | |||||||
Commitment fee percentage | 0.10% | ||||||||
Loss on extinguishment of debt | $ 3,000,000 | ||||||||
Senior Secured Revolving Credit Facility [Member] | Domestic Subsidiary [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Collateral as percentage of common stock | 100.00% | 100.00% | |||||||
Senior Secured Revolving Credit Facility [Member] | Foreign Subsidiary [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Collateral as percentage of common stock | 65.00% | 65.00% | |||||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.25% | 0.25% | |||||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.10% | 0.10% | |||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.25% | 1.25% | |||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.00% | 1.00% | |||||||
Senior Secured Revolving Credit Facility [Member] | Euro Interbank Offered Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 2.00% | 2.00% | |||||||
Dollar Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | $ 940,000,000 | |||||||
Proceeds from new term loans | $ 921,000,000 | ||||||||
Line of credit facility, maturity date | Apr. 3, 2025 | Apr. 3, 2025 | |||||||
Effective interest rates on senior secured term loan | 4.28% | ||||||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.75% | 1.75% | |||||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.00% | 0.00% | |||||||
Dollar Term Loan [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.75% | 0.75% | |||||||
Dollar Term Loan [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.00% | 1.00% | |||||||
Euro Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | € | € 350,000,000 | € 400,000,000 | |||||||
Proceeds from new term loans | € | € 393,000,000 | ||||||||
Line of credit facility, maturity date | Apr. 3, 2025 | Apr. 3, 2025 | |||||||
Effective interest rates on senior secured term loan | 2.50% | ||||||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 2.00% | 2.00% | |||||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.50% | 0.50% | |||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum net leverage ratio | 2.25% | ||||||||
Long-term debt | $ 0 | 0 | |||||||
Letters of credit outstanding | $ 104,000,000 | $ 101,000,000 | |||||||
Revolving Credit Facility [Member] | Scenario Forecast [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum net leverage ratio | 2.00% |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Narrative) (Details) | Jun. 06, 2018EUR (€) | May 21, 2018USD ($)Tender$ / shares | May 23, 2017USD ($) | May 12, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Jun. 08, 2018EUR (€) | Jun. 06, 2018USD ($) | Jun. 06, 2018EUR (€) | Dec. 31, 2017EUR (€) | May 12, 2015EUR (€) |
Debt Instrument [Line Items] | |||||||||||||
Proceeds from issuance of debt, net | $ 520,000,000 | $ 495,000,000 | $ 0 | ||||||||||
Debt instrument net issue discount | 10,000,000 | 8,000,000 | |||||||||||
(Loss) gain on extinguishment of debt | $ (38,000,000) | (1,000,000) | $ 6,000,000 | ||||||||||
PFOA MDL Settlement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Settlement payments | $ 335,000,000 | ||||||||||||
Senior unsecured notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 2,503,000,000 | ||||||||||||
Senior unsecured notes, payment terms | The Original Notes required or require, as applicable, payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and September 15 of each year. | ||||||||||||
Proceeds from issuance of debt, net | 489,000,000 | ||||||||||||
Senior unsecured notes [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net proceeds from offering | € | € 445,000,000 | ||||||||||||
Senior unsecured notes [Member] | Redemption of 2023 Euro Notes and Issuance of 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
(Loss) gain on extinguishment of debt | $ 35,000,000 | ||||||||||||
Senior unsecured notes [Member] | Dollar Tender Offer [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer aggregate purchase price | $ 264,000,000 | ||||||||||||
Tender offer early participation premium | 13,000,000 | ||||||||||||
Tender offer accrued interest | 1,000,000 | ||||||||||||
Senior unsecured notes [Member] | Euro Tender Offer [member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer aggregate purchase price | € | € 310,000,000 | ||||||||||||
Tender offer early participation premium | € | 14,000,000 | ||||||||||||
Tender offer accrued interest | € | € 1,000,000 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 908,000,000 | $ 1,158,000,000 | |||||||||||
Debt Instrument, face amount | $ 1,350,000,000 | ||||||||||||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | 6.625% | 6.625% | |||||||
Debt instrument maturity date | May 31, 2023 | ||||||||||||
Debt instrument outstanding amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||||||
Number of tender offers | Tender | 2 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,052.50 | ||||||||||||
Tender offer principal amount price per share | 1,000 | ||||||||||||
Tender offer expiration date | Jun. 4, 2018 | ||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,022.50 | ||||||||||||
Tender offer principal amount price per share | 1,000 | ||||||||||||
Tender offer expiration date | Jun. 18, 2018 | ||||||||||||
Senior unsecured notes [Member] | 2025 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | $ 750,000,000 | ||||||||||||
Debt instrument interest rate | 7.00% | 7.00% | |||||||||||
Debt instrument maturity date | May 31, 2025 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 350,000,000 | € 295,000,000 | |||||||||||
Debt Instrument, face amount | € | € 360,000,000 | ||||||||||||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% | |||||||
Debt instrument maturity date | May 31, 2023 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | Euro Tender Offer [member] | Tender Offer Purchase Price One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,048.75 | ||||||||||||
Tender offer principal amount price per share | 1,000 | ||||||||||||
Tender offer expiration date | Jun. 4, 2018 | ||||||||||||
Senior unsecured notes [Member] | Senior Notes 6.125% Due May 2023 [Member] | Euro Tender Offer [member] | Tender Offer Purchase Price Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,018.75 | ||||||||||||
Tender offer principal amount price per share | 1,000 | ||||||||||||
Tender offer expiration date | Jun. 18, 2018 | ||||||||||||
Senior unsecured notes [Member] | Original Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
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% | |||||||||||
Senior unsecured notes [Member] | 2027 Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 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 control | 101.00% | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100.00% | ||||||||||||
Senior unsecured notes [Member] | 4.000% Senior Notes Due May 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 513,000,000 | € 450,000,000 | |||||||||||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||
Senior unsecured notes [Member] | 4.000% Senior Notes Due May 2026 [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | € | € 450,000,000 | ||||||||||||
Debt instrument interest rate | 4.00% | 4.00% | |||||||||||
Debt instrument maturity date | May 31, 2026 | ||||||||||||
Senior unsecured notes, payment terms | The 2026 Euro Notes require payment of principal at maturity and payments of interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | ||||||||||||
Repurchase price obligation, percentage of principal amount redeemed in event of change of control | 101.00% | 101.00% | |||||||||||
Repurchase price obligation, percentage of principal amount redeemed | 100.00% | ||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35.00% | 35.00% | |||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 104.00% | 104.00% | |||||||||||
Senior unsecured notes [Member] | 4.000% Senior Notes Due May 2026 [Member] | Minimum [Member] | 2026 Euro Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, face amount | $ 100,000,000 |
Debt - Build-to-suit Lease Obli
Debt - Build-to-suit Lease Obligation (Narrative) (Details) - Discovery Hub [Member] $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | 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 | $ | $ 55 | $ 8 |
Debt - Maturities and Fair Valu
Debt - Maturities and Fair Value (Narrative) (Details) - Senior Secured Revolving Credit Facility [Member] | Apr. 03, 2018 |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 1.00% |
Additional principal repayment, percentage of excess cash flows | 50.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level one | 25.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level two | 0.00% |
Target leverage ratio | 3.50% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Maturities (Details) - Senior Secured Revolving Credit Facility [Member] $ in Millions | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 13 |
2,020 | 13 |
2,021 | 13 |
2,022 | 13 |
2,023 | 921 |
Thereafter | 2,987 |
Total principal maturities on senior debt | $ 3,960 |
Debt - Estimated Fair Values of
Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | May 12, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Less: Unamortized issue discounts | $ (10) | $ (8) | |||
Less: Unamortized debt issuance costs | (35) | (41) | |||
Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | $ 2,503 | ||||
Senior unsecured notes [Member] | Senior Secured Tranche B-1 Dollar Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 923 | ||||
Senior unsecured notes [Member] | Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 469 | € 394 | |||
Senior unsecured notes [Member] | Senior Secured Tranche B-2 Dollar Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 893 | ||||
Senior unsecured notes [Member] | Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 396 | € 347 | |||
6.625% Senior Notes Due May 2023 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 908 | 1,158 | |||
7.000% Senior Notes Due May 2025 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 750 | 750 | |||
Senior Notes 6.125% Due May 2023 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 350 | 295 | |||
4.000% Senior Notes Due May 2026 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 513 | 450 | |||
5.375% Senior Notes Due May 2027 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 500 | 500 | |||
Level 2 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior debt, Fair Value | 3,876 | 4,337 | |||
Total senior debt, net | 3,915 | 4,101 | |||
Less: Unamortized issue discounts | (10) | (8) | |||
Less: Unamortized debt issuance costs | (35) | (41) | |||
Level 2 [Member] | Senior unsecured notes [Member] | Senior Debt Obligations | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 3,960 | 4,150 | |||
Level 2 [Member] | Senior unsecured notes [Member] | Senior Secured Tranche B-1 Dollar Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 923 | ||||
Senior debt, Fair Value | 928 | ||||
Level 2 [Member] | Senior unsecured notes [Member] | Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 469 | 394 | |||
Senior debt, Fair Value | 471 | ||||
Level 2 [Member] | Senior unsecured notes [Member] | Senior Secured Tranche B-2 Dollar Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 893 | ||||
Senior debt, Fair Value | 862 | ||||
Level 2 [Member] | Senior unsecured notes [Member] | Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 396 | 347 | |||
Senior debt, Fair Value | 394 | ||||
Level 2 [Member] | 6.625% Senior Notes Due May 2023 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 908 | 1,158 | |||
Senior debt, Fair Value | 918 | 1,228 | |||
Level 2 [Member] | 7.000% Senior Notes Due May 2025 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 750 | 750 | |||
Senior debt, Fair Value | 761 | 816 | |||
Level 2 [Member] | Senior Notes 6.125% Due May 2023 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 350 | € 295 | |||
Senior debt, Fair Value | 373 | ||||
Level 2 [Member] | 4.000% Senior Notes Due May 2026 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 513 | € 450 | |||
Senior debt, Fair Value | 487 | ||||
Level 2 [Member] | 5.375% Senior Notes Due May 2027 [Member] | Senior unsecured notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total senior debt, Carrying Value | 500 | 500 | |||
Senior debt, Fair Value | $ 454 | $ 521 |
Debt - Estimated Fair Values _2
Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) - Senior unsecured notes [Member] € in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | May 12, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,503 | ||||
Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 469 | € 394 | |||
Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 396 | € 347 | |||
6.625% Senior Notes Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 908 | $ 1,158 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | 6.625% |
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 Notes 6.125% Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 350 | € 295 | |||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | 6.125% | 6.125% |
4.000% Senior Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 513 | € 450 | |||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |
5.375% Senior Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500 | $ 500 | |||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% | |
Level 2 [Member] | Senior Secured Tranche B-1 Euro Term Loan Due May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 469 | € 394 | |||
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due May 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 396 | € 347 | |||
Level 2 [Member] | 6.625% Senior Notes Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 908 | $ 1,158 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | |
Level 2 [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% | |
Level 2 [Member] | Senior Notes 6.125% Due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 350 | € 295 | |||
Debt instrument interest rate | 6.125% | 6.125% | 6.125% | 6.125% | |
Level 2 [Member] | 4.000% Senior Notes Due May 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 513 | € 450 | |||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |
Level 2 [Member] | 5.375% Senior Notes Due May 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 500 | $ 500 | |||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Noncurrent [Abstract] | ||
Environmental remediation | $ 152 | $ 187 |
Employee-related costs | 130 | 123 |
Accrued litigation | 53 | 48 |
Asset retirement obligations | 51 | 43 |
Deferred revenue | 7 | 6 |
Miscellaneous | 64 | 68 |
Total other liabilities | $ 457 | $ 475 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued indemnification liability | $ 46 | $ 52 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum lease payments, 2019 | $ 68 | ||
Future minimum lease payments, 2020 | 48 | ||
Future minimum lease payments, 2021 | 41 | ||
Future minimum lease payments, 2022 | 36 | ||
Future minimum lease payments, 2023 | 31 | ||
Future minimum lease payments, thereafter | 134 | ||
Net expense under operating leases | $ 81 | $ 76 | $ 68 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Summary of Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1, | $ 48 | $ 43 |
Accretion expense | 10 | 6 |
Settlements and payments | (1) | (1) |
Balance at December 31, | 57 | 48 |
Current portion | 6 | 5 |
Non-current portion | $ 51 | $ 43 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Litigation (Narrative) (Details) | Nov. 21, 2018USD ($) | May 23, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)lawsuitwater_district | Dec. 31, 2004resident | Dec. 31, 2017USD ($)lawsuit |
Loss Contingencies [Line Items] | ||||||
Accrued environmental liability | $ 226,000,000 | $ 253,000,000 | ||||
Accrued litigation | 53,000,000 | 48,000,000 | ||||
Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, potential additional loss | $ 450,000,000 | |||||
Funding for medical monitoring program [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow deposit disbursements | $ 1,500,000 | |||||
MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Date of Agreement | Mar. 31, 2017 | |||||
Total settlement amount | $ 670,700,000 | |||||
PFOA MDL Settlement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging personal injury - Filed | lawsuit | 40 | |||||
Settlement payments | $ 335,000,000 | |||||
Benzene Related Illness [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging illness | lawsuit | 19 | 17 | ||||
PFOA Matters [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual balance | $ 22,000,000 | $ 14,000,000 | ||||
Civil penalty and investigative costs | $ 13,000,000 | |||||
Accrued environmental liability | 75,000,000 | |||||
Accrued litigation | 65,000,000 | |||||
PFOA Matters [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement payments | $ 25,000,000 | |||||
Period of payments | 5 years | |||||
PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Binding settlement agreement, class size | resident | 80,000 | |||||
Number of water districts Company must provide treatment | water_district | 6 | |||||
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, potential additional loss | $ 235,000,000 | |||||
PFOA Matters: Additional Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging personal injury - Filed | lawsuit | 3,500 | |||||
DuPont [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging illness | lawsuit | 25 | |||||
DuPont [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement payments | $ 25,000,000 | |||||
DuPont [Member] | Business Seeking to Recover Losses [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging illness | lawsuit | 2 | |||||
Asbestos Issue [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuits alleging personal injury - Filed | lawsuit | 1,300 | 1,600 | ||||
Accrual balance | $ 37,000,000 | $ 38,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Environmental (Narrative) (Details) - USD ($) $ in Millions | Sep. 27, 2018 | Jun. 29, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Environmental Remediation [Line Items] | |||||||
Accrual for environmental remediation activities | $ 226 | $ 226 | $ 253 | ||||
Environmental remediation activities amount | $ 3 | 36 | 48 | $ 44 | |||
Sale of asset to third party | $ 39 | $ 46 | 39 | $ 708 | |||
East Chicago, Indiana [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Accrual for environmental remediation activities | $ 21 | ||||||
Sale of asset to third party | 1 | ||||||
Environmental remediation cost assumed by seller | 21 | ||||||
Gain on sale of asset | 3 | ||||||
Purchase price of asset sold | 1 | ||||||
Environmental remediation liability | $ 2 | ||||||
Potomac River Site [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Sale of asset to third party | $ 4 | ||||||
Gain on sale of asset | 3 | ||||||
Environmental remediation liability | $ 4 | ||||||
Fayetteville Facility [Member] | |||||||
Environmental Remediation [Line Items] | |||||||
Environmental liabilities reclassified to accrued litigation | $ 2 | ||||||
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 | $ 450 |
Equity - (Narrative) (Details)
Equity - (Narrative) (Details) - USD ($) | May 31, 2018 | Nov. 30, 2017 | Dec. 31, 2018 | Aug. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Class Of Treasury Stock [Line Items] | ||||||
Purchase of common stock value under the share repurchase program | $ 750,000,000 | $ 116,000,000 | ||||
Accrued dividend payable | $ 31,000,000 | |||||
2018 Share Repurchase Program [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 750,000,000 | |||||
Common Stock [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Cash dividend declared, per share | $ 0.17 | $ 0.67 | $ 0.29 | $ 0.12 | ||
Cash dividend date declared | Nov. 30, 2017 | |||||
Dividends payable, date of record | Feb. 15, 2018 | |||||
Dividends payable, date to be paid | Mar. 15, 2018 | |||||
Accrued dividend payable | $ 31,000,000 | |||||
Common Stock [Member] | 2017 Share Repurchase Program [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||
Stock repurchase program effective date | Nov. 30, 2017 | |||||
Average share price | $ 49.58 | |||||
Purchase of common stock under the share repurchase program | 10,085,647 | |||||
Common Stock [Member] | 2017 Share Repurchase Program [Member] | Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program effective date | Aug. 1, 2018 | |||||
Average share price | $ 39.31 | |||||
Purchase of common stock under the share repurchase program | 6,350,857 | |||||
Stock repurchase program expiration date | Dec. 31, 2020 | |||||
Purchase of common stock value under the share repurchase program | $ 250,000,000 | |||||
Remaining available amount of common stock under the share repurchase program | $ 500,000,000 | |||||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 750,000,000 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | Jan. 26, 2017Periodshares | Jul. 31, 2015 | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 26, 2017shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ | $ 24 | $ 29 | $ 19 | |||
Stock Option [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Expiration period | 10 years | 10 years | 10 years | 10 years | ||
Stock-based compensation award vesting period | 3 years | 3 years | 3 years | |||
Total intrinsic value of options exercised | $ | $ 37 | $ 49 | $ 9 | |||
Unrecognized stock-based compensation expense related to stock options | $ | $ 7 | |||||
Unrecognized stock-based compensation expense period for recognition | 1 year 10 months 9 days | |||||
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 stock-based compensation expense 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 | $ | $ 6 | |||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 48.35 | |||||
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 | $ 52.34 | |||||
Number of additional shares to be awarded | 900,000 | |||||
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% | |||||
Stock purchased under employee stock purchase plan, Shares | 38,111 | |||||
Addtional stock purchased under employee stock purchase plan, Shares | 12,411 | |||||
Stock purchased under employee stock purchase plan, Value | $ | $ 2 | |||||
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 2017 Equity and Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares reserved for grants (in shares) | 16,800,000 | 0 | ||||
Shares authorized for grants (in shares) | 19,000,000 | |||||
Chemours Company Equity and Incentive Plan (the “Prior Plan”) [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares issued upon conversion of equity stock option awards granted | 1 | |||||
Shares issued upon conversion of equity stock other than option awards granted | 1.5 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Assumptions of Stock Option (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 2.65% | 2.14% | 1.46% |
Expected term (years) | 6 years | 6 years | 6 years |
Volatility | 47.56% | 44.49% | 60.00% |
Dividend yield | 1.42% | 0.35% | 2.14% |
Fair value per stock option | $ 20.47 | $ 15.21 | $ 3.41 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, beginning balance, shares | 6,597 | |
Granted, shares | 495 | |
Exercised, shares | (1,073) | |
Forfeited, shares | (46) | |
Expired, shares | (3) | |
Outstanding, ending balance, shares | 5,970 | 6,597 |
Exercisable, shares | 4,401 | |
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) | $ 15.72 | |
Granted, weighted average exercise price (in dollars per share) | 48.41 | |
Exercised, weighted average exercise price (in dollars per share) | 14.69 | |
Forfeited, weighted average exercise price (in dollars per share) | 37.77 | |
Expired, weighted average exercise price (in dollars per share) | 18.80 | |
Outstanding, weighted average exercise price, ending balance (in dollars per share) | 18.45 | $ 15.72 |
Exercisable, weighted average exercise price (in dollars per share) | $ 15 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average remaining contractual term | 4 years 9 months 18 days | 5 years 1 month 9 days |
Options exercisable, weighted average remaining contractual term | 3 years 10 months 28 days | |
Options outstanding, aggregate intrinsic value | $ 72,108 | $ 226,524 |
Options exercisable, aggregate intrinsic value | $ 59,486 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / 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 | 1,165 |
Granted, shares | shares | 135 |
Vested, shares | shares | (1,034) |
Forfeited, shares | shares | (19) |
Non-vested, ending balance, shares | shares | 247 |
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 | $ 15.34 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 48.35 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 14.86 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 30.94 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 34.22 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Share Units Activity (Details) - Performance Share Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / 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 | 987 |
Granted, shares | shares | 139 |
Vested, shares | shares | (19) |
Non-vested, ending balance, shares | shares | 1,107 |
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 | $ 12.94 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 52.34 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 24.16 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 17.71 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 860 | ||
Other comprehensive (loss) income | 30 | $ (62) | $ 14 |
Ending Balance | 1,014 | 860 | |
Currency Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (158) | (358) | (285) |
Other comprehensive (loss) income | (75) | 200 | (73) |
Ending Balance | (233) | (158) | (358) |
Net Investment Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (40) | 22 | 8 |
Other comprehensive (loss) income | 15 | (62) | 14 |
Ending Balance | (25) | (40) | 22 |
Cash Flow Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Other comprehensive (loss) income | 6 | 0 | 0 |
Ending Balance | 6 | 0 | 0 |
Employee Benefits [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (244) | (241) | (259) |
Other comprehensive (loss) income | (68) | (3) | 18 |
Ending Balance | (312) | (244) | (241) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (442) | (577) | (536) |
Other comprehensive (loss) income | (122) | 135 | (41) |
Ending Balance | $ (564) | $ (442) | $ (577) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Recognized gains (loss) on derivative cash flow hedge, pre-tax | $ 10,000,000 | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivative [Line Items] | |||
Recognized gain (loss) on derivative net investment hedge, pre-tax | 32,000,000 | (86,000,000) | 14,000,000 |
Reclassification on derivative net investment hedge, pre-tax | $ 0 | $ 0 | 0 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 20 | 0 | |
Derivative notional value | $ 503,000,000 | ||
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||
Derivative [Line Items] | |||
Derivative gains (losses) | 3,000,000 | $ 4,000,000 | (15,000,000) |
Gain reclassification to cost of goods sold on derivative cash flow hedge | $ 3,000,000 | $ 4,000,000 | $ (15,000,000) |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 75 | ||
Derivative notional value | $ 143,000,000 | ||
Recognized gains (loss) on derivative cash flow hedge, pre-tax | 10,000,000 | ||
Derivative cash flow hedge gain from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months | 6,000,000 | ||
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cost of Goods Sold [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Gain reclassification to cost of goods sold on derivative cash flow hedge | $ 4,000,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Derivative Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - Foreign currency forward contracts [Member] $ in Millions | Dec. 31, 2018USD ($) |
Derivatives, Fair Value [Line Items] | |
Asset derivatives | $ 4 |
Liability derivatives | 1 |
Not Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset derivatives | 1 |
Not Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives | 1 |
Cash Flow Hedge [Member] | Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset derivatives | $ 3 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Pre-tax Charge the Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | $ 32 | $ (86) | $ 14 |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | 10 | ||
Foreign currency forward contracts [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | 4 | ||
Foreign currency forward contracts [Member] | Other Income (Expense), Net [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | 3 | 4 | (15) |
Euro-denominated debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss | $ 32 | $ (86) | $ 14 |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions during period | $ 51 | $ 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 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | $ 115 | $ (24) | $ 17 |
Amortization of actuarial loss | (16) | (24) | (23) |
Amortization of prior service gain | 2 | 2 | 1 |
Effect of foreign exchange rates | (8) | 38 | (15) |
Cost (benefit) recognized in other comprehensive income | 93 | (8) | (23) |
Pension Plan [Member] | Foreign [Member] | |||
Net periodic pension cost (income): | |||
Service cost | 14 | 16 | 14 |
Interest cost | 16 | 16 | 19 |
Expected return on plan assets | (58) | (75) | (63) |
Amortization of prior service gain | (2) | (2) | (1) |
Amortization of actuarial loss | 12 | 22 | 23 |
Curtailment gain | (2) | ||
Settlement loss | 1 | 5 | |
Net periodic benefit income | (18) | (22) | (5) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | 115 | (24) | 17 |
Amortization of actuarial loss | (16) | (24) | (28) |
Amortization of prior service gain | 2 | 2 | 3 |
Effect of foreign exchange rates | (8) | 38 | (15) |
Cost (benefit) recognized in other comprehensive income | 93 | (8) | (23) |
Total net periodic pension income and cost (benefit) recognized in other comprehensive income | $ 75 | $ (30) | $ (28) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss | $ 419 | $ 329 | $ 336 |
Prior service credit | (10) | (11) | (11) |
Total amount recognized in accumulated other comprehensive loss | 409 | $ 318 | $ 325 |
Estimated net loss to be amortized into net periodic pension cost (income) in the next fiscal year | 24 | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 15 | $ 38 | $ 16 |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,177 | 1,105 | |
Service cost | 14 | 16 | 14 |
Interest cost | 16 | 16 | 19 |
Plan participants’ contributions | 2 | 2 | |
Actuarial loss (gain) | 45 | (39) | |
Benefits paid | (46) | (53) | |
Plan amendments | (1) | ||
Settlements and transfers | 2 | (3) | |
Other events | (4) | ||
Currency translation | (42) | 138 | |
Benefit obligation at end of year | 1,168 | 1,177 | 1,105 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,363 | 1,169 | |
Actual (loss) return on plan assets | (17) | 60 | |
Employer contributions | 15 | 38 | |
Plan participants’ contributions | 2 | 2 | |
Benefits paid | (46) | (53) | |
Settlements and transfers | 2 | (3) | |
Other events | (3) | ||
Currency translation | (51) | 153 | |
Fair value of plan assets at end of year | 1,268 | 1,363 | $ 1,169 |
Total funded status at end of year | $ 100 | $ 186 |
Long-term Employee Benefits (_2
Long-term Employee Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 174 | $ 260 |
The accumulated benefit obligation for all pension plans | 1,106 | 1,112 |
Pension Plan [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 174 | 258 |
Current liabilities | (1) | (1) |
Non-current liabilities | (73) | (71) |
Total net amount recognized | $ 100 | $ 186 |
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, 2018 | Dec. 31, 2017 |
Pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 177 | $ 178 |
Accumulated benefit obligation | 149 | 149 |
Fair value of plan assets | 103 | 106 |
Pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 177 | 178 |
Accumulated benefit obligation | 149 | 149 |
Fair value of plan assets | $ 103 | $ 106 |
Long-term Employee Benefits (As
Long-term Employee Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.00% | 1.90% |
Rate of compensation increase | 2.50% | 2.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 1.90% | 1.80% |
Rate of compensation increase | 2.50% | 2.50% |
Expected return on plan assets | 4.10% | 5.70% |
Long-term Employee Benefits (Pl
Long-term Employee Benefits (Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 100.00% | 100.00% | |
Pension Plan [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 1,268 | $ 1,363 | $ 1,169 |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 5.00% | 5.00% | |
Total pension assets before pension receivables | $ 67 | $ 65 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 67 | 65 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 0 | $ 0 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 45.00% | 42.00% | |
Total pension assets before pension receivables | $ 264 | $ 581 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 263 | 295 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 1 | $ 286 | |
Pension Plan [Member] | Foreign [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 50.00% | 53.00% | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 1,260 | $ 1,356 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 374 | 398 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets Before Pension Receivables [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 886 | 958 | |
Pension Plan [Member] | Foreign [Member] | Pension Trust Receivables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 8 | 7 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 487 | 505 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 3 | 1 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 484 | 504 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 130 | 144 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 33 | 24 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 97 | 120 | |
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 296 | ||
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 0 | ||
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member} | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 296 | ||
Pension Plan [Member] | Foreign [Member] | Derivatives - Asset Position[Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 9 | 8 | |
Pension Plan [Member] | Foreign [Member] | Derivatives - Asset Position[Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 0 | 2 | |
Pension Plan [Member] | Foreign [Member] | Derivatives - Asset Position[Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 9 | 6 | |
Pension Plan [Member] | Foreign [Member] | Derivative Liability Position [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | (5) | (1) | |
Pension Plan [Member] | Foreign [Member] | Derivative Liability Position [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Derivative Liability Position [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension liability before pension receivables | (5) | (1) | |
Pension Plan [Member] | Foreign [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 12 | 14 | |
Pension Plan [Member] | Foreign [Member] | Other [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 8 | 11 | |
Pension Plan [Member] | Foreign [Member] | Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 4 | 3 | |
Pension Plan [Member] | Foreign [Member] | Asset-backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 40 | ||
Pension Plan [Member] | Foreign [Member] | Asset-backed Securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | 0 | ||
Pension Plan [Member] | Foreign [Member] | Asset-backed Securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets before pension receivables | $ 40 |
Long-term Employee Benefits (Ca
Long-term Employee Benefits (Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ||||
2,019 | $ 45 | |||
2,020 | 47 | |||
2,021 | 46 | |||
2,022 | 47 | |||
2,023 | 50 | |||
2024 to 2028 | 264 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by employer | 15 | $ 38 | $ 16 | |
Estimated future employer contributions in next fiscal year | $ 16 | |||
U.S. Pension Restoration Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by employer | $ 10 | |||
Cash payment to settle remaining liability | $ 10 |
Geographic and Segment Inform_3
Geographic and Segment Information - Schedule of Net Sales and Net Property, Plant and Equipment by Geographical Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Property, Plant, and Equipment, Net | 3,291 | 3,008 | 3,291 | 3,008 | 2,784 | ||||||
North America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 2,378 | 2,255 | 2,288 | ||||||||
Property, Plant, and Equipment, Net | 2,279 | 2,018 | 2,279 | 2,018 | 1,861 | ||||||
Asia Pacific [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,720 | 1,593 | 1,315 | ||||||||
Property, Plant, and Equipment, Net | 124 | 131 | 124 | 131 | 129 | ||||||
Europe, the Middle East, and Africa [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 1,685 | 1,506 | 1,081 | ||||||||
Property, Plant, and Equipment, Net | 293 | 302 | 293 | 302 | 278 | ||||||
Latin America [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Sales | 855 | 829 | 716 | ||||||||
Property, Plant, and Equipment, Net | $ 595 | $ 557 | $ 595 | $ 557 | $ 516 |
Geographic and Segment Inform_4
Geographic and Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segments Geographical Areas [Abstract] | |
Number of reportable segments | 3 |
Geographic and Segment Inform_5
Geographic and Segment Information - (Schedule of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 | |
Adjusted EBITDA | 1,740 | 1,422 | 822 | |||||||||
Depreciation and amortization | 284 | 273 | 284 | |||||||||
Equity in earnings of affiliates | 43 | 33 | 29 | |||||||||
Net assets | 1,020 | 865 | 1,020 | 865 | 104 | |||||||
Investments in affiliates | 160 | 173 | 160 | 173 | 136 | $ 136 | ||||||
Purchases of property, plant, and equipment | 498 | 411 | 338 | |||||||||
Operating Segments [Member] | Fluoroproducts [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 2,862 | 2,654 | 2,264 | |||||||||
Adjusted EBITDA | 783 | 669 | 445 | |||||||||
Depreciation and amortization | 117 | 109 | 101 | |||||||||
Equity in earnings of affiliates | 43 | 33 | 26 | |||||||||
Net assets | 2,309 | 1,842 | 2,309 | 1,842 | 1,400 | |||||||
Investments in affiliates | 160 | 173 | 160 | 173 | 116 | |||||||
Purchases of property, plant, and equipment | 274 | 249 | 120 | |||||||||
Operating Segments [Member] | Chemical Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 602 | 571 | 772 | |||||||||
Adjusted EBITDA | 64 | 57 | 39 | |||||||||
Depreciation and amortization | 20 | 18 | 30 | |||||||||
Net assets | 506 | 460 | 506 | 460 | 292 | |||||||
Purchases of property, plant, and equipment | 75 | 65 | 104 | |||||||||
Operating Segments [Member] | Titanium Technologies [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 3,174 | 2,958 | 2,364 | |||||||||
Adjusted EBITDA | 1,055 | 862 | 466 | |||||||||
Depreciation and amortization | 119 | 118 | 119 | |||||||||
Net assets | 1,487 | 1,785 | 1,487 | 1,785 | 1,513 | |||||||
Purchases of property, plant, and equipment | 91 | 65 | 105 | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Adjusted EBITDA | (162) | (166) | (128) | |||||||||
Depreciation and amortization | 28 | 28 | 34 | |||||||||
Equity in earnings of affiliates | 3 | |||||||||||
Net assets | $ (3,282) | $ (3,222) | (3,282) | (3,222) | (3,101) | |||||||
Investments in affiliates | 20 | |||||||||||
Purchases of property, plant, and equipment | $ 58 | $ 32 | $ 9 |
Geographic and Segment Inform_6
Geographic and Segment Information - (Reconciliation of EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | ||||||||||||
Income (loss) before income taxes | $ 182 | $ 269 | $ 323 | $ 381 | $ 264 | $ 250 | $ 225 | $ 173 | $ 1,155 | $ 912 | $ (11) | |
Interest expense, net | 195 | 214 | 219 | |||||||||
Depreciation and amortization | 284 | 273 | 284 | |||||||||
Non-operating pension and other post-retirement employee benefit income | (27) | (34) | (20) | |||||||||
Exchange (gains) losses, net | (1) | (3) | 57 | |||||||||
Restructuring, asset-related, and other charges | 49 | 57 | 170 | |||||||||
Loss (gain) on extinguishment of debt | 38 | 1 | (6) | |||||||||
Gain on sales of assets and businesses | $ (42) | (45) | (22) | (254) | ||||||||
Transaction costs | 9 | 3 | 19 | |||||||||
Legal charges | 82 | 9 | 343 | |||||||||
Other charges | 1 | 12 | 21 | |||||||||
Adjusted EBITDA | $ 1,740 | $ 1,422 | $ 822 |
Geographic and Segment Inform_7
Geographic and Segment Information - (Reconciliation of EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member] | |||
Segment Reporting Information [Line Items] | |||
Litigation accruals | $ 63 | ||
PFOA MDL Settlement [Member] | |||
Segment Reporting Information [Line Items] | |||
Litigation accruals | $ 335 | ||
Edge Moor, Delaware Site [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 12 | ||
Clean and Disinfect Product Line [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 169 | ||
Beaumont Site [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 89 | ||
East Chicago, Indiana [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 3 | ||
Repauno New Jersey [Member] | Land [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 13 | ||
Linden, New Jersey Sites [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 42 |
Geographic and Segment Inform_8
Geographic and Segment Information - (Schedule of Net Sales to External Customers by Product Group) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 6,638 | $ 6,183 | $ 5,400 |
Divested Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 4 | 212 | |
Fluoropolymers [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 1,365 | 1,276 | 1,171 |
Fluorochemicals [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 1,497 | 1,378 | 1,093 |
Performance Chemicals and Intermediates [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 313 | 306 | 298 |
Mining Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 289 | 261 | 262 |
Titanium Dioxide and Other Minerals [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,174 | $ 2,958 | $ 2,364 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) | Feb. 15, 2019 | Dec. 31, 2018 | Feb. 13, 2019 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Purchase of common stock value under the share repurchase program | $ 750,000,000 | $ 116,000,000 | ||
2018 Share Repurchase Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 750,000,000 | |||
Common Stock [Member] | 2018 Share Repurchase Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase of common stock shares under the share repurchase program | 6,350,857 | |||
Purchase of common stock value under the share repurchase program | $ 250,000,000 | |||
Average share price | $ 39.31 | |||
Subsequent Event [Member] | 2018 Share Repurchase Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | |||
Subsequent Event [Member] | Common Stock [Member] | 2018 Share Repurchase Program [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase of common stock shares under the share repurchase program | 4,363,277 | |||
Purchase of common stock value under the share repurchase program | $ 150,000,000 | |||
Average share price | $ 34.38 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Cost of goods sold | 1,064 | 1,151 | 1,259 | 1,193 | 1,090 | 1,119 | 1,150 | 1,081 | 4,667 | 4,438 | 4,297 |
Income before income taxes | 182 | 269 | 323 | 381 | 264 | 250 | 225 | 173 | 1,155 | 912 | (11) |
Net income | 142 | 275 | 282 | 297 | 228 | 207 | 161 | 151 | 996 | 747 | 7 |
Net income attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | $ 995 | $ 746 | $ 7 |
Basic earnings per share of common stock | $ 0.83 | $ 1.56 | $ 1.58 | $ 1.63 | $ 1.23 | $ 1.12 | $ 0.87 | $ 0.82 | $ 5.62 | $ 4.04 | $ 0.04 |
Diluted earnings per share of common stock | $ 0.81 | $ 1.51 | $ 1.53 | $ 1.58 | $ 1.19 | $ 1.08 | $ 0.84 | $ 0.79 | $ 5.45 | $ 3.91 | $ 0.04 |
Guarantor Condensed Consolida_3
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 1,464 | $ 1,628 | $ 1,816 | $ 1,730 | $ 1,575 | $ 1,584 | $ 1,588 | $ 1,437 | $ 6,638 | $ 6,183 | $ 5,400 |
Cost of goods sold | 1,064 | 1,151 | 1,259 | 1,193 | 1,090 | 1,119 | 1,150 | 1,081 | 4,667 | 4,438 | 4,297 |
Gross profit | 1,971 | 1,745 | 1,103 | ||||||||
Selling, general, and administrative expense | 657 | 626 | 946 | ||||||||
Research and development expense | 82 | 81 | 81 | ||||||||
Restructuring, asset-related, and other charges | 49 | 57 | 170 | ||||||||
Total other operating expenses | 788 | 764 | 1,197 | ||||||||
Equity in earnings of affiliates | 43 | 33 | 29 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest (expense) income, net | (195) | (214) | (219) | ||||||||
(Loss) gain on extinguishment of debt | (38) | (1) | 6 | ||||||||
Intercompany interest income (expense), net | 0 | 0 | 0 | ||||||||
Other income (expense), net | 162 | 113 | 267 | ||||||||
Income (loss) before income taxes | 182 | 269 | 323 | 381 | 264 | 250 | 225 | 173 | 1,155 | 912 | (11) |
(Benefit from) provision for income taxes | 159 | 165 | (18) | ||||||||
Net income (loss) | 142 | 275 | 282 | 297 | 228 | 207 | 161 | 151 | 996 | 747 | 7 |
Less: Net income attributable to non-controlling interests | 1 | 1 | 0 | ||||||||
Net income (loss) attributable to Chemours | $ 142 | $ 275 | $ 281 | $ 297 | $ 228 | $ 207 | $ 161 | $ 150 | 995 | 746 | 7 |
Comprehensive (loss) income attributable to Chemours | 873 | 881 | (34) | ||||||||
Eliminations and Adjustments [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (1,820) | (1,734) | (1,571) | ||||||||
Cost of goods sold | (1,825) | (1,691) | (1,543) | ||||||||
Gross profit | 5 | (43) | (28) | ||||||||
Selling, general, and administrative expense | (24) | (38) | (20) | ||||||||
Research and development expense | 0 | 0 | 0 | ||||||||
Restructuring, asset-related, and other charges | 0 | 0 | 0 | ||||||||
Total other operating expenses | (24) | (38) | (20) | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | (1,157) | (849) | (100) | ||||||||
Interest (expense) income, net | 0 | 0 | 0 | ||||||||
(Loss) gain on extinguishment of debt | 0 | 0 | 0 | ||||||||
Intercompany interest income (expense), net | 0 | 0 | 0 | ||||||||
Other income (expense), net | (22) | (34) | (20) | ||||||||
Income (loss) before income taxes | (1,150) | (888) | (128) | ||||||||
(Benefit from) provision for income taxes | 0 | (4) | (7) | ||||||||
Net income (loss) | (1,150) | (884) | (121) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Chemours | (1,150) | (884) | (121) | ||||||||
Comprehensive (loss) income attributable to Chemours | (1,012) | (1,081) | (66) | ||||||||
Parent Issuer [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general, and administrative expense | 33 | 36 | 21 | ||||||||
Research and development expense | 0 | 0 | 0 | ||||||||
Restructuring, asset-related, and other charges | 0 | 0 | 0 | ||||||||
Total other operating expenses | 33 | 36 | 21 | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 1,155 | 849 | 100 | ||||||||
Interest (expense) income, net | (210) | (220) | (217) | ||||||||
(Loss) gain on extinguishment of debt | (38) | (1) | 6 | ||||||||
Intercompany interest income (expense), net | 47 | 64 | 60 | ||||||||
Other income (expense), net | 25 | 29 | 20 | ||||||||
Income (loss) before income taxes | 946 | 685 | (52) | ||||||||
(Benefit from) provision for income taxes | (50) | (62) | (59) | ||||||||
Net income (loss) | 996 | 747 | 7 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Chemours | 996 | 747 | 7 | ||||||||
Comprehensive (loss) income attributable to Chemours | 873 | 881 | (34) | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 3,974 | 3,887 | 3,749 | ||||||||
Cost of goods sold | 3,112 | 3,084 | 3,218 | ||||||||
Gross profit | 862 | 803 | 531 | ||||||||
Selling, general, and administrative expense | 485 | 449 | 794 | ||||||||
Research and development expense | 76 | 74 | 77 | ||||||||
Restructuring, asset-related, and other charges | 46 | 56 | 168 | ||||||||
Total other operating expenses | 607 | 579 | 1,039 | ||||||||
Equity in earnings of affiliates | 0 | 0 | 4 | ||||||||
Equity in earnings of subsidiaries | 2 | 0 | 0 | ||||||||
Interest (expense) income, net | 5 | 3 | (3) | ||||||||
(Loss) gain on extinguishment of debt | 0 | 0 | 0 | ||||||||
Intercompany interest income (expense), net | 10 | 0 | 4 | ||||||||
Other income (expense), net | 199 | 139 | 193 | ||||||||
Income (loss) before income taxes | 471 | 366 | (310) | ||||||||
(Benefit from) provision for income taxes | 98 | 117 | (52) | ||||||||
Net income (loss) | 373 | 249 | (258) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Chemours | 373 | 249 | (258) | ||||||||
Comprehensive (loss) income attributable to Chemours | 375 | 253 | (255) | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 4,484 | 4,030 | 3,222 | ||||||||
Cost of goods sold | 3,380 | 3,045 | 2,622 | ||||||||
Gross profit | 1,104 | 985 | 600 | ||||||||
Selling, general, and administrative expense | 163 | 179 | 151 | ||||||||
Research and development expense | 6 | 7 | 4 | ||||||||
Restructuring, asset-related, and other charges | 3 | 1 | 2 | ||||||||
Total other operating expenses | 172 | 187 | 157 | ||||||||
Equity in earnings of affiliates | 43 | 33 | 25 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest (expense) income, net | 10 | 3 | 1 | ||||||||
(Loss) gain on extinguishment of debt | 0 | 0 | 0 | ||||||||
Intercompany interest income (expense), net | (57) | (64) | (64) | ||||||||
Other income (expense), net | (40) | (21) | 74 | ||||||||
Income (loss) before income taxes | 888 | 749 | 479 | ||||||||
(Benefit from) provision for income taxes | 111 | 114 | 100 | ||||||||
Net income (loss) | 777 | 635 | 379 | ||||||||
Less: Net income attributable to non-controlling interests | 1 | 1 | 0 | ||||||||
Net income (loss) attributable to Chemours | 776 | 634 | 379 | ||||||||
Comprehensive (loss) income attributable to Chemours | $ 637 | $ 828 | $ 321 |
Guarantor Condensed Consolida_4
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 1,201 | $ 1,556 | $ 902 | $ 366 |
Accounts and notes receivable, net | 861 | 919 | ||
Inventories | 1,147 | 935 | ||
Prepaid expenses and other | 84 | 83 | ||
Total current assets | 3,293 | 3,493 | ||
Property, plant, and equipment | 8,992 | 8,511 | ||
Less: Accumulated depreciation | (5,701) | (5,503) | ||
Property, plant, and equipment, net | 3,291 | 3,008 | 2,784 | |
Goodwill and other intangible assets, net | 181 | 166 | ||
Investments in affiliates | 160 | 173 | 136 | 136 |
Other assets | 437 | 453 | ||
Total assets | 7,362 | 7,293 | ||
Current liabilities: | ||||
Accounts payable | 1,137 | 1,075 | ||
Current maturities of long-term debt | 13 | 15 | ||
Other accrued liabilities | 559 | 558 | ||
Total current liabilities | 1,709 | 1,648 | ||
Long-term debt, net | 3,959 | 4,097 | ||
Deferred income taxes | 217 | 208 | ||
Other liabilities | 457 | 475 | ||
Total liabilities | 6,342 | 6,428 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 1,014 | 860 | ||
Non-controlling interests | 6 | 5 | ||
Total equity | 1,020 | 865 | 104 | 130 |
Total liabilities and equity | 7,362 | 7,293 | ||
Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Intercompany receivable | (1,150) | (1,488) | ||
Inventories | (85) | (90) | ||
Prepaid expenses and other | 11 | |||
Total current assets | (1,235) | (1,567) | ||
Investments in subsidiaries | (4,498) | (4,393) | ||
Intercompany notes receivable | (1,150) | (1,150) | ||
Other assets | (8) | (13) | ||
Total assets | (6,891) | (7,123) | ||
Current liabilities: | ||||
Intercompany payable | (1,150) | (1,488) | ||
Other accrued liabilities | (1) | |||
Total current liabilities | (1,151) | (1,488) | ||
Intercompany notes payable | (1,150) | (1,150) | ||
Deferred income taxes | (16) | (24) | ||
Total liabilities | (2,317) | (2,662) | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | (4,574) | (4,461) | ||
Total equity | (4,574) | (4,461) | ||
Total liabilities and equity | (6,891) | (7,123) | ||
Parent Issuer [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Intercompany receivable | 2 | 3 | ||
Total current assets | 2 | 3 | ||
Investments in subsidiaries | 4,487 | 4,393 | ||
Intercompany notes receivable | 1,150 | 1,150 | ||
Other assets | 17 | 23 | ||
Total assets | 5,656 | 5,569 | ||
Current liabilities: | ||||
Accounts payable | 31 | |||
Current maturities of long-term debt | 13 | 15 | ||
Intercompany payable | 698 | 542 | ||
Other accrued liabilities | 21 | 34 | ||
Total current liabilities | 732 | 622 | ||
Long-term debt, net | 3,902 | 4,087 | ||
Deferred income taxes | 8 | |||
Total liabilities | 4,642 | 4,709 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 1,014 | 860 | ||
Total equity | 1,014 | 860 | ||
Total liabilities and equity | 5,656 | 5,569 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 239 | 761 | 224 | 95 |
Accounts and notes receivable, net | 297 | 308 | ||
Intercompany receivable | 1,057 | 904 | ||
Inventories | 483 | 394 | ||
Prepaid expenses and other | 58 | 57 | ||
Total current assets | 2,134 | 2,424 | ||
Property, plant, and equipment | 6,870 | 6,449 | ||
Less: Accumulated depreciation | (4,591) | (4,438) | ||
Property, plant, and equipment, net | 2,279 | 2,011 | ||
Goodwill and other intangible assets, net | 167 | 152 | ||
Investments in subsidiaries | 11 | |||
Other assets | 154 | 115 | ||
Total assets | 4,745 | 4,702 | ||
Current liabilities: | ||||
Accounts payable | 637 | 606 | ||
Intercompany payable | 92 | 581 | ||
Other accrued liabilities | 341 | 343 | ||
Total current liabilities | 1,070 | 1,530 | ||
Long-term debt, net | 57 | 10 | ||
Deferred income taxes | 143 | 127 | ||
Other liabilities | 372 | 388 | ||
Total liabilities | 1,642 | 2,055 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 3,103 | 2,647 | ||
Total equity | 3,103 | 2,647 | ||
Total liabilities and equity | 4,745 | 4,702 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 962 | 795 | $ 678 | $ 271 |
Accounts and notes receivable, net | 564 | 611 | ||
Intercompany receivable | 91 | 581 | ||
Inventories | 749 | 631 | ||
Prepaid expenses and other | 26 | 15 | ||
Total current assets | 2,392 | 2,633 | ||
Property, plant, and equipment | 2,122 | 2,062 | ||
Less: Accumulated depreciation | (1,110) | (1,065) | ||
Property, plant, and equipment, net | 1,012 | 997 | ||
Goodwill and other intangible assets, net | 14 | 14 | ||
Investments in affiliates | 160 | 173 | ||
Other assets | 274 | 328 | ||
Total assets | 3,852 | 4,145 | ||
Current liabilities: | ||||
Accounts payable | 500 | 438 | ||
Intercompany payable | 360 | 365 | ||
Other accrued liabilities | 198 | 181 | ||
Total current liabilities | 1,058 | 984 | ||
Intercompany notes payable | 1,150 | 1,150 | ||
Deferred income taxes | 82 | 105 | ||
Other liabilities | 85 | 87 | ||
Total liabilities | 2,375 | 2,326 | ||
Commitments and contingent liabilities | ||||
Equity | ||||
Total Chemours stockholders’ equity | 1,471 | 1,814 | ||
Non-controlling interests | 6 | 5 | ||
Total equity | 1,477 | 1,819 | ||
Total liabilities and equity | $ 3,852 | $ 4,145 |
Guarantor Condensed Consolida_5
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||||
Cash (used for) provided by operating activities | $ 1,140 | $ 640 | $ 594 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (498) | (411) | (338) | |
Acquisition of business, net | (37) | 0 | 0 | |
Proceeds from sales of assets and businesses, net | $ 39 | 46 | 39 | 708 |
Intercompany investing activities | 0 | 0 | 0 | |
Investments in affiliates | 0 | 0 | (1) | |
Foreign exchange contract settlements, net | 2 | 2 | (12) | |
Cash (used for) provided by investing activities | (487) | (370) | 357 | |
Cash flows from financing activities | ||||
Intercompany short-term borrowings, net | 0 | 0 | ||
Proceeds from issuance of debt, net | 520 | 495 | 0 | |
Debt repayments | (679) | (27) | (381) | |
Payments related to extinguishment of debt | (29) | (1) | 0 | |
Payments of debt issuance costs | (12) | (6) | (4) | |
Purchases of treasury stock, at cost | (644) | (106) | 0 | |
Intercompany financing activities | 0 | |||
Proceeds from exercised stock options, net | 16 | 31 | 11 | |
Payments related to tax withholdings on vested restricted stock units | (17) | (12) | 0 | |
Payments of dividends | (148) | (22) | (22) | |
Cash (used for) provided by financing activities | (993) | 352 | (396) | |
Effect of exchange rate changes on cash and cash equivalents | (15) | 32 | (19) | |
(Decrease) increase in cash and cash equivalents | (355) | 654 | 536 | |
Cash and cash equivalents at January 1, | 1,556 | 902 | 366 | |
Cash and cash equivalents at December 31, | 1,201 | 1,556 | 902 | |
Eliminations and Adjustments [Member] | ||||
Cash flows from operating activities | ||||
Cash (used for) provided by operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | 0 | 0 | 0 | |
Acquisition of business, net | 0 | |||
Proceeds from sales of assets and businesses, net | 0 | 0 | 0 | |
Intercompany investing activities | 1,152 | (220) | 560 | |
Investments in affiliates | 0 | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash (used for) provided by investing activities | 1,152 | (220) | 560 | |
Cash flows from financing activities | ||||
Intercompany short-term borrowings, net | 220 | (560) | ||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | 0 | 0 | 0 | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | 0 | |
Purchases of treasury stock, at cost | 0 | 0 | ||
Intercompany financing activities | (1,152) | |||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested restricted stock units | 0 | 0 | ||
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | (1,152) | 220 | (560) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 | |
Cash and cash equivalents at December 31, | 0 | 0 | 0 | |
Parent Issuer [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash (used for) provided by operating activities | (159) | (132) | (176) | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | 0 | 0 | 0 | |
Acquisition of business, net | 0 | |||
Proceeds from sales of assets and businesses, net | 0 | 0 | 0 | |
Intercompany investing activities | 0 | 0 | 0 | |
Investments in affiliates | 0 | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash (used for) provided by investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | ||||
Intercompany short-term borrowings, net | (220) | 560 | ||
Proceeds from issuance of debt, net | 520 | 495 | ||
Debt repayments | (679) | (27) | (369) | |
Payments related to extinguishment of debt | (29) | (1) | ||
Payments of debt issuance costs | (12) | (6) | (4) | |
Purchases of treasury stock, at cost | (644) | (106) | ||
Intercompany financing activities | 1,152 | |||
Proceeds from exercised stock options, net | 16 | 31 | 11 | |
Payments related to tax withholdings on vested restricted stock units | (17) | (12) | ||
Payments of dividends | (148) | (22) | (22) | |
Cash (used for) provided by financing activities | 159 | 132 | 176 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at January 1, | 0 | 0 | 0 | |
Cash and cash equivalents at December 31, | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash (used for) provided by operating activities | 10 | 603 | 355 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (390) | (327) | (233) | |
Acquisition of business, net | (37) | |||
Proceeds from sales of assets and businesses, net | 46 | 39 | 591 | |
Intercompany investing activities | (153) | 220 | (560) | |
Investments in affiliates | 0 | |||
Foreign exchange contract settlements, net | 2 | 2 | (12) | |
Cash (used for) provided by investing activities | (532) | (66) | (214) | |
Cash flows from financing activities | ||||
Intercompany short-term borrowings, net | 0 | 0 | ||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | 0 | 0 | (12) | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | 0 | |
Purchases of treasury stock, at cost | 0 | 0 | ||
Intercompany financing activities | 0 | |||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested restricted stock units | 0 | 0 | ||
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | 0 | 0 | (12) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
(Decrease) increase in cash and cash equivalents | (522) | 537 | 129 | |
Cash and cash equivalents at January 1, | 761 | 224 | 95 | |
Cash and cash equivalents at December 31, | 239 | 761 | 224 | |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash flows from operating activities | ||||
Cash (used for) provided by operating activities | 1,289 | 169 | 415 | |
Cash flows from investing activities | ||||
Purchases of property, plant, and equipment | (108) | (84) | (105) | |
Acquisition of business, net | 0 | |||
Proceeds from sales of assets and businesses, net | 0 | 0 | 117 | |
Intercompany investing activities | (999) | 0 | 0 | |
Investments in affiliates | (1) | |||
Foreign exchange contract settlements, net | 0 | 0 | 0 | |
Cash (used for) provided by investing activities | (1,107) | (84) | 11 | |
Cash flows from financing activities | ||||
Intercompany short-term borrowings, net | 0 | 0 | ||
Proceeds from issuance of debt, net | 0 | 0 | ||
Debt repayments | 0 | 0 | 0 | |
Payments related to extinguishment of debt | 0 | 0 | ||
Payments of debt issuance costs | 0 | 0 | 0 | |
Purchases of treasury stock, at cost | 0 | 0 | ||
Intercompany financing activities | 0 | |||
Proceeds from exercised stock options, net | 0 | 0 | 0 | |
Payments related to tax withholdings on vested restricted stock units | 0 | 0 | ||
Payments of dividends | 0 | 0 | 0 | |
Cash (used for) provided by financing activities | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | (15) | 32 | (19) | |
(Decrease) increase in cash and cash equivalents | 167 | 117 | 407 | |
Cash and cash equivalents at January 1, | 795 | 678 | 271 | |
Cash and cash equivalents at December 31, | $ 962 | $ 795 | $ 678 |