Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 08, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | The Chemours Company | ||
Entity Central Index Key | 0001627223 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Trading Symbol | CC | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 165,171,934 | ||
Entity Shell Company | false | ||
Entity File Number | 001-36794 | ||
Entity Tax Identification Number | 46-4845564 | ||
Entity Address, Address Line One | 1007 Market Street | ||
Entity Address, City or Town | Wilmington | ||
Entity Address, State or Province | DE | ||
Entity Address, Postal Zip Code | 19801 | ||
City Area Code | 302 | ||
Local Phone Number | 773-1000 | ||
Title of 12(b) Security | Common Stock ($0.01 par value) | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2.5 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement relating to its 2021 annual meeting of shareholders (the “2021 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2021 Proxy Statement will be filed with the U. S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 4,969 | $ 5,526 | $ 6,638 |
Cost of goods sold | 3,902 | 4,463 | 4,667 |
Gross profit | 1,067 | 1,063 | 1,971 |
Selling, general, and administrative expense | 527 | 548 | 657 |
Research and development expense | 93 | 80 | 82 |
Restructuring, asset-related, and other charges | 80 | 87 | 49 |
Total other operating expenses | 700 | 715 | 788 |
Equity in earnings of affiliates | 23 | 29 | 43 |
Interest expense, net | (210) | (208) | (195) |
Loss on extinguishment of debt | (22) | 0 | (38) |
Other income (expense), net | 21 | (293) | 162 |
Income (loss) before income taxes | 179 | (124) | 1,155 |
(Benefit from) provision for income taxes | (40) | (72) | 159 |
Net income (loss) | 219 | (52) | 996 |
Less: Net income attributable to non-controlling interests | 0 | 0 | 1 |
Net income (loss) attributable to Chemours | $ 219 | $ (52) | $ 995 |
Per share data | |||
Basic earnings (loss) per share of common stock | $ 1.33 | $ (0.32) | $ 5.62 |
Diluted earnings (loss) per share of common stock | $ 1.32 | $ (0.32) | $ 5.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 179 | $ (124) | $ 1,155 |
Net (loss) income, tax | 40 | 72 | (159) |
Net income (loss) | 219 | (52) | 996 |
Hedging activities: | |||
Unrealized (loss) gain on net investment hedge, pre-tax | (88) | 20 | 32 |
Unrealized (loss) gain on net investment hedge, tax | 22 | (5) | (8) |
Unrealized (loss) gain on net investment hedge, after tax | (66) | 15 | 24 |
Unrealized (loss) gain on cash flow hedge, pre-tax | (8) | 6 | 10 |
Unrealized gain on cash flow hedge, tax | 1 | (1) | (1) |
Unrealized gain on cash flow hedge, after-tax | (7) | 5 | 9 |
Reclassifications to net income - cash flow hedge, pre-tax | (3) | (10) | (4) |
Reclassifications to net income - cash flow hedge, tax | 0 | 1 | 1 |
Reclassifications to net income - cash flow hedge, after-tax | (3) | (9) | (3) |
Hedging activities, net, pre-tax | (99) | 16 | 38 |
Hedging activities, net, tax | 23 | (5) | (8) |
Hedging activities, net, after-tax | (76) | 11 | 30 |
Cumulative translation adjustment, pre-tax | 111 | 2 | (75) |
Cumulative translation adjustment, tax | 0 | 0 | 0 |
Cumulative translation adjustment, after-tax | 111 | 2 | (75) |
Defined benefit plans: | |||
Net gain (loss), pre-tax | 4 | (144) | (115) |
Net gain (loss), tax | (1) | 31 | 29 |
Net gain (loss), after-tax | 3 | (113) | (86) |
Prior service (cost) benefit, pre-tax | (1) | 5 | 0 |
Prior service (cost) benefit, tax | 0 | (1) | 0 |
Prior service (cost) benefit, after-tax | (1) | 4 | 0 |
Curtailment gain, pre-tax | 4 | 0 | 0 |
Curtailment gain, tax | (1) | 0 | 0 |
Curtailment gain, after-tax | 3 | 0 | 0 |
Effect of foreign exchange rates, pre-tax | (9) | 7 | 8 |
Effect of foreign exchange rates, tax | 0 | 0 | 0 |
Effect of foreign exchange rates, after-tax | (9) | 7 | 8 |
Amortization of actuarial loss, pre-tax | 9 | 18 | 16 |
Amortization of actuarial loss, tax | (2) | (4) | (4) |
Amortization of actuarial loss, after-tax | 7 | 14 | 12 |
Amortization of prior service gain, pre- tax | (3) | (2) | (2) |
Amortization of prior service gain, tax | 0 | 0 | 0 |
Amortization of prior service gain, after-tax | (3) | (2) | (2) |
Settlement loss, pre-tax | 5 | 383 | 0 |
Settlement loss, tax | (1) | (91) | 0 |
Settlement loss, after-tax | 4 | 292 | 0 |
Defined benefit plans, net, pre-tax | 9 | 267 | (93) |
Defined benefit plans, net, tax | (5) | (65) | 25 |
Defined benefit plans, net, after-tax | 4 | 202 | (68) |
Other comprehensive income (loss), after-tax | 39 | 215 | (113) |
Comprehensive income, after-tax | 258 | 163 | 874 |
Less: Comprehensive income attributable to non-controlling interests, after-tax | 0 | 0 | 1 |
Comprehensive income attributable to Chemours, after-tax | 258 | 163 | 873 |
Accounting Standards Update 2018-02 [Member] | |||
Defined benefit plans: | |||
Cumulative effect of adopting ASU No. 2018-02, after-tax | $ 0 | $ 0 | $ (9) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,105 | $ 943 |
Accounts and notes receivable, net | 511 | 674 |
Inventories | 939 | 1,079 |
Prepaid expenses and other | 78 | 81 |
Total current assets | 2,633 | 2,777 |
Property, plant, and equipment | 9,582 | 9,413 |
Less: Accumulated depreciation | (6,108) | (5,854) |
Property, plant, and equipment, net | 3,474 | 3,559 |
Operating lease right-of-use assets | 236 | 294 |
Goodwill, net | 153 | 153 |
Other intangible assets, net | 14 | 21 |
Investments in affiliates | 167 | 162 |
Other assets | 405 | 292 |
Total assets | 7,082 | 7,258 |
Current liabilities: | ||
Accounts payable | 844 | 923 |
Short-term and current maturities of long-term debt | 21 | 134 |
Other accrued liabilities | 577 | 484 |
Total current liabilities | 1,442 | 1,541 |
Long-term debt, net | 4,005 | 4,026 |
Operating lease liabilities | 194 | 245 |
Deferred income taxes | 36 | 118 |
Other liabilities | 590 | 633 |
Total liabilities | 6,267 | 6,563 |
Commitments and contingent liabilities | ||
Equity | ||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 190,239,883 shares issued and 164,920,648 shares outstanding at December 31, 2020; 188,893,478 shares issued and 163,574,243 shares outstanding at December 31, 2019) | 2 | 2 |
Treasury stock, at cost (25,319,235 shares at December 31, 2020 and 2019) | (1,072) | (1,072) |
Additional paid-in capital | 890 | 859 |
Retained earnings | 1,303 | 1,249 |
Accumulated other comprehensive loss | (310) | (349) |
Total Chemours stockholders’ equity | 813 | 689 |
Non-controlling interests | 2 | 6 |
Total equity | 815 | 695 |
Total liabilities and equity | $ 7,082 | $ 7,258 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock , par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 810,000,000 | 810,000,000 |
Common stock, shares Issued (in shares) | 190,239,883 | 188,893,478 |
Common stock, shares outstanding (in shares) | 164,920,648 | 163,574,243 |
Treasury stock (in shares) | 25,319,235 | 25,319,235 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Non-controlling Interests [Member] |
Total stockholders' equity, beginning balance at Dec. 31, 2017 | $ 865 | $ 2 | $ (116) | $ 837 | $ 579 | $ (442) | $ 5 | ||
Total stockholders' equity, beginning balance (Accounting Standards Update 2018-02 [Member]) at Dec. 31, 2017 | $ 9 | $ (9) | |||||||
Shares, beginning balance at Dec. 31, 2017 | 185,343,034 | 2,386,406 | |||||||
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) | |||||||
Net income (loss) | 996 | 995 | 1 | ||||||
Dividends | (117) | (117) | |||||||
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 | |||||||
Common stock issued - compensation plans | 1 | (1) | |||||||
Common stock issued - compensation plans (in shares) | 1,098,542 | ||||||||
Exercise of stock options, net | 9 | 9 | |||||||
Exercise of stock options, net (in shares) | 590,369 | ||||||||
Purchases of treasury stock, at cost | (322) | $ (322) | |||||||
Purchases of treasury stock at cost (in shares) | 8,895,142 | ||||||||
Stock-based compensation expense | 19 | 19 | |||||||
Cancellation of unissued stock awards withheld to cover taxes | (30) | (30) | |||||||
Net income (loss) | (52) | (52) | |||||||
Dividends | (164) | (164) | |||||||
Other comprehensive income (loss) | 215 | 215 | |||||||
Total stockholders' equity, ending balance at Dec. 31, 2019 | 695 | $ 2 | $ (1,072) | 859 | 1,249 | (349) | 6 | ||
Shares, ending balance at Dec. 31, 2019 | 188,893,478 | 25,319,235 | |||||||
Common stock issued - compensation plans | 1 | (1) | |||||||
Common stock issued - compensation plans (in shares) | 222,665 | ||||||||
Exercise of stock options, net | 16 | 16 | |||||||
Exercise of stock options, net (in shares) | 1,123,740 | ||||||||
Stock-based compensation expense | 16 | 16 | |||||||
Cancellation of unissued stock awards withheld to cover taxes | (2) | (2) | |||||||
Net income (loss) | 219 | 219 | |||||||
Dividends | (164) | (164) | |||||||
Dividends to non-controlling interests | (4) | (4) | |||||||
Other comprehensive income (loss) | 39 | 39 | |||||||
Total stockholders' equity, ending balance at Dec. 31, 2020 | $ 815 | $ 2 | $ (1,072) | $ 890 | $ 1,303 | $ (310) | $ 2 | ||
Shares, ending balance at Dec. 31, 2020 | 190,239,883 | 25,319,235 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends per share declared during period | $ 1 | $ 1 | $ 0.67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ 219 | $ (52) | $ 996 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | |||
Depreciation and amortization | 320 | 311 | 284 |
Gain on sales of assets and businesses | (8) | (10) | (45) |
Equity in earnings of affiliates, net | 0 | (3) | 18 |
Loss on extinguishment of debt | 22 | 0 | 38 |
Amortization of debt issuance costs and issue discounts | 9 | 9 | 11 |
Deferred tax (benefit) provision | (120) | (165) | 23 |
Asset-related charges | 22 | 43 | 4 |
Stock-based compensation expense | 16 | 19 | 24 |
Net periodic pension cost (income) | 14 | 381 | (18) |
Defined benefit plan contributions | (21) | (19) | (15) |
Other operating charges and credits, net | (22) | (2) | (7) |
Decrease (increase) in operating assets: | |||
Accounts and notes receivable, net | 175 | 191 | 47 |
Inventories and other operating assets | 126 | 116 | (284) |
(Decrease) increase in operating liabilities: | |||
Accounts payable and other operating liabilities | 55 | (169) | 64 |
Cash provided by operating activities | 807 | 650 | 1,140 |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment | (267) | (481) | (498) |
Acquisition of business, net | 0 | (10) | (37) |
Proceeds from sales of assets and businesses, net | 5 | 9 | 46 |
Proceeds from life insurance policies | 1 | 1 | 0 |
Foreign exchange contract settlements, net | 27 | (2) | 2 |
Cash used for investing activities | (234) | (483) | (487) |
Cash flows from financing activities | |||
Proceeds from issuance of debt | 800 | 0 | 520 |
Proceeds from accounts receivable securitization facility | 12 | 128 | 0 |
Repayments on accounts receivable securitization facility | (122) | (18) | 0 |
Proceeds from revolving loan | 300 | 150 | 0 |
Repayments on revolving loan | (300) | (150) | 0 |
Debt repayments | (943) | (19) | (679) |
Payments related to extinguishment of debt | (16) | 0 | (29) |
Payments of debt issuance costs | (10) | 0 | (12) |
Payments on finance leases | (6) | (3) | 0 |
Deferred acquisition-related consideration | (10) | 0 | 0 |
Purchases of treasury stock, at cost | 0 | (322) | (644) |
Proceeds from exercised stock options, net | 16 | 9 | 16 |
Payments related to tax withholdings on vested stock awards | (2) | (30) | (17) |
Payments of dividends to the Company's common shareholders | (164) | (164) | (148) |
Distributions to non-controlling interest shareholders | (4) | 0 | 0 |
Cash used for financing activities | (449) | (419) | (993) |
Effect of exchange rate changes on cash and cash equivalents | 38 | (6) | (15) |
Increase (decrease) in cash and cash equivalents | 162 | (258) | (355) |
Cash and cash equivalents at January 1, | 943 | 1,201 | 1,556 |
Cash and cash equivalents at December 31, | 1,105 | 943 | 1,201 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 208 | 204 | 206 |
Income taxes, net of refunds | 78 | 85 | 75 |
Non-cash investing and financing activities: | |||
Changes in property, plant, and equipment included in accounts payable | 31 | 85 | 37 |
Obligations incurred under build-to-suit lease arrangement | 0 | 40 | 47 |
Non-cash financing arrangements | 16 | 11 | 0 |
Deferred payments related to acquisition of business | $ 0 | $ 15 | $ 0 |
Background and Description of t
Background and Description of the Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Description of the Business | Note 1. Background and Description of the Business The Chemours Company (“Chemours”, or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, mining, and oil and gas. The Company’s principal products include titanium dioxide (“TiO 2 2 Chemours has manufacturing facilities, sales centers, administrative offices, and warehouses located throughout the world. Chemours’ operations are primarily located in the U.S., Canada, Mexico, Brazil, the Netherlands, Belgium, China, Taiwan, Japan, Switzerland, Singapore, Hong Kong, India, and France. At December 31, 2020, the Company operated 30 major production facilities globally, of which eight were dedicated to Titanium Technologies, eight were dedicated to Thermal & Specialized Solutions, 10 were dedicated to Advanced Performance Materials, one was dedicated to Chemical Solutions, and three supported multiple segments. Chemours began operating as an independent company on July 1, 2015 (the “Separation Date”) after separating from E.I. DuPont de Nemours and Company (“EID”) (the “Separation”). The Separation was completed pursuant to a separation agreement and other agreements with EID, including an employee matters agreement, a tax matters agreement, a transition services agreement, and an intellectual property cross-license agreement. These agreements govern the relationship between Chemours and EID following the Separation and provided for the allocation of various assets, liabilities, rights, and obligations at the Separation Date. On August 31, 2017, EID completed a merger with The Dow Chemical Company (“Dow”). Following their merger, EID and Dow engaged in a series of reorganization steps and, in 2019, separated into three publicly-traded companies named Dow Inc., DuPont de Nemours, Inc. (“DuPont”), and Corteva, Inc. (“Corteva”). Unless the context otherwise requires, references herein to “The Chemours Company”, “Chemours”, “the Company”, “our Company”, “we”, “us”, and “our” refer to The Chemours Company and its consolidated subsidiaries. References herein to “EID” refer to E. I. du Pont de Nemours and Company, which is our former parent company and is now a subsidiary of Corteva. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
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 conformity 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. Specific to the Company’s acquisition of Southern Ionics Minerals, LLC (“SIM”) in the third quarter of 2019, a previously deferred acquisition-related installment payment of $10 was made in the third quarter of 2020 and classified as cash used for investing activities on the Company’s consolidated statements of cash flows for the nine months ended September 30, 2020. The Company’s classification of this payment was adjusted in the consolidated statements of cash flows for the year ended December 31, 2020 to be reflected as cash used for financing activities, the effect of which was not material to the Company’s previously filed Quarterly Report on Form 10-Q for the period ended September 30, 2020. Change in Segment Reporting During the fourth quarter of 2020, the Company changed the level of detail at which its Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) (together, the Chief Operating Decision Maker, or “CODM”) regularly review and manage certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). The Company now manages and reports its operating results through four reportable segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure. Considerations related to the current novel coronavirus disease (“COVID-19”) In December 2019, an outbreak of illness caused by COVID-19 was identified in Wuhan, China, and the virus has since continued to spread globally. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. Since the initial stages of the pandemic, certain economies in regions throughout the world have started to reopen; however, certain of these regions have also seen further spread and even resurgences in the number of positively identified infections. Particularly in the Americas and Europe, infections have continued to spread, leading to health-related concerns in regions where the Company has several key manufacturing facilities. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions have been imposed throughout the U.S. and abroad, including travel bans, quarantines, restrictions on public gatherings, shelter-in-place orders, and/or safer-at-home orders. These restrictions, while necessary and important for public health, have negative business-related implications for the Company and the U.S. and global economies. In consideration of the Company’s global customer base, the rates at which economies across the globe recover or worsen may drive varying levels of end-market demand for the various performance chemicals provided by the Company’s four segments. In turn, the magnitude and duration of the COVID-19 pandemic create significant uncertainties for the Company’s customer demand and financial results and, during the year ended December 31, 2020, have caused adverse impacts on the Company’s results of operations. In response to the macroeconomic uncertainties driven by COVID-19, management decided to take certain precautionary measures. On April 8, 2020, the Company drew $300 from its revolving credit facility, which was subsequently repaid during the third quarter of 2020 based on the Company’s liquidity position. Management also elected to accept tax relief provided by various taxing jurisdictions, resulting in the deferral of approximately $80 in tax payments, of which approximately $35 was paid in the fourth quarter of 2020 In the preparation of these financial statements and related disclosures, management has assessed the impact of COVID-19 on its results, estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As the COVID-19 situation is unprecedented and ever evolving, future events and effects related to the illness cannot be determined with precision, and actual results could significantly differ from estimates or forecasts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions in the provision for (benefit from) income taxes in the consolidated statements of operations. The Company also recognizes income tax-related penalties in the provision for (benefit from) income taxes. Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with maturities of three months or less at the time of acquisition. Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined by assessing expected credit losses on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written off when management determines that they are uncollectible. Inventories Chemours’ 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. Leases The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the Company’s consolidated balance sheets. The Company’s incremental borrowing rate, which is based on information available at the adoption date of January 1, 2019 for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The Company combines lease components with non-lease components for all classes of assets, except for certain manufacturing facilities. The Company does not recognize leases with an initial term of 12 months or less on its consolidated balance sheets and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Leases with the options to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, 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 periodically 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 litigation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. When a material loss contingency is reasonably possible, but not probable, we do not record a liability, but instead disclose the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and the Company’s planned remedial responses, which are derived from environmental studies, sampling, testing, and analyses Environmental liabilities and expenditures include claims for matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. These accrued liabilities are undiscounted and do not include claims against third parties, 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 that the associated liability is accrued and are reflected as a component of the cost of goods sold for on-site remediation costs or as a component of selling, general, and administrative expense for off-site remediation costs in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Pursuant to the binding Memorandum of Understanding (“MOU”) entered into between Chemours, DuPont, Corteva, and EID, as further discussed in “Note 22 – Commitments and Contingent Liabilities”, costs specific to potential future legacy PFAS liabilities are subject to a cost-sharing arrangement between the parties. Any recoveries of Qualified Spend (as further described in “Note 22 – Commitments and Contingent Liabilities” and as defined in the MOU) from DuPont and/or Corteva under the cost-sharing arrangement will be recognized as an offset to the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when realizable. Any Qualified Spend incurred by DuPont and/or Corteva under the cost-sharing arrangement will be recognized in the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when the amounts of such costs are probable and estimable. 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. Financial Instruments In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency and interest rate risks. The Company has established a financial risk management program, which currently includes four distinct risk management instruments: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from remeasuring its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; (iii) interest rate swaps, which are used to mitigate the volatility in the Company’s cash payments for interest due to fluctuations in LIBOR, as is applicable to the portion of the Company’s senior secured term loan facility denominated in U.S. dollars; and, (iv) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity caused by changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of its international subsidiaries that use the euro as their functional currency. The Company’s financial risk management program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The program operates within Chemours’ financial risk management policies and guidelines, and the Company does not enter into derivative financial instruments for trading or speculative purposes. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, a ll gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occur, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, a ll gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur , and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur . For the Company’s interest rate swaps that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur , and are reclassified to interest expense, net in the consolidated statements of operations during the period in which the underlying transaction affects earnings . For the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, changes due to remeasurement are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Financial instruments are reported on a gross basis on the consolidated balance sheets. Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. Defined Benefit Plans 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 Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FAS |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 4. Acquisitions and Divestitures Divestiture of Methylamines and Methylamides In December 2019, the Company entered into an asset purchase agreement with Belle Chemical Company (“Belle”), a subsidiary of Cornerstone Chemical Company, whereby Belle agreed to acquire the Methylamines and Methylamides business of Chemours’ Chemical Solutions segment for a negligible purchase price, subject to customary working capital and other adjustments, but not to exceed a loss on sale of $2. The Company completed the sale and, in December 2019, subsequent to working capital adjustments, received cash proceeds of $2. Prior to the completion of the sale, in the second half of 2019, the Company recorded accelerated depreciation of $34, which was recorded 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 $2, net of a benefit from working capital adjustments, in other income (expense), net in the consolidated statements of operations. Acquisition of Southern Ionics Minerals, LLC In August 2019, the Company, through its wholly-owned subsidiary, The Chemours Company FC, LLC, entered into a Membership Interest Purchase Agreement to acquire all of the outstanding stock of Southern Ionics Minerals, LLC (“SIM”) for an estimated total consideration of approximately $25, which included customary working capital and other adjustments made within a specified time period. SIM was . The aggregate purchase price of $25 included an upfront payment of $10, an additional installment payment of $10, and contingent considerations with an estimated fair value of $5. The additional installment payment of $10 was made during the third quarter of 2020. The Company accounted for the acquisition of SIM as a business combination, and as such, all assets acquired and liabilities assumed were recorded at their estimated fair values. The purchase consideration was primarily assigned to the property, plant, and equipment of the acquired business, and there was no goodwill associated with the transaction. These amounts were subject to further adjustment during the applicable measurement period as additional information was obtained, including the finalization of a third-party appraisal. The Company completed its assessment during the fourth quarter of 2019, and no subsequent adjustments were made to these amounts. The Company’s consolidated financial statements include SIM’s results of operations from August 1, 2019, the date of acquisition. Net sales and net income (loss) attributable to Chemours contributed by SIM during this period were not material to the Company’s or its Titanium Technologies segment’s results of operations. Acquisition-related expenses amounted to less than $1 for the year ended December 31, 2019 and are included as a component of selling, general, and administrative expense in the consolidated statements of operations. 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 Thermal & Specialized Solutions 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 Thermal & Specialized Solutions 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. Net sales and net income (loss) attributable to Chemours contributed by ICOR during this period were not material to the Company’s or its Thermal & Specialized Solutions 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 an EID manufacturing site located in Linden, New Jersey. The land was assigned to Chemours in connection with its Separation from EID, 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. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | Note 5. Net Sales Disaggregation of Net Sales The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Net sales by geographic region (1) North America: Titanium Technologies $ 776 $ 727 $ 894 Thermal & Specialized Solutions 520 592 619 Advanced Performance Materials 407 512 524 Chemical Solutions 211 313 341 Total North America 1,914 2,144 2,378 Asia Pacific: Titanium Technologies 778 809 964 Thermal & Specialized Solutions 134 166 160 Advanced Performance Materials 450 507 515 Chemical Solutions 22 61 81 Total Asia Pacific 1,384 1,543 1,720 Europe, the Middle East, and Africa: Titanium Technologies 528 474 842 Thermal & Specialized Solutions 331 408 555 Advanced Performance Materials 202 258 270 Chemical Solutions 25 23 18 Total Europe, the Middle East, and Africa 1,086 1,163 1,685 Latin America (2): Titanium Technologies 320 335 474 Thermal & Specialized Solutions 120 152 163 Advanced Performance Materials 45 53 56 Chemical Solutions 100 136 162 Total Latin America 585 676 855 Total net sales $ 4,969 $ 5,526 $ 6,638 Net sales by segment and product group Titanium Technologies: Titanium dioxide and other minerals $ 2,402 $ 2,345 $ 3,174 Thermal & Specialized Solutions: Refrigerants 889 1,086 1,238 Foam, propellants, and other 216 232 259 Advanced Performance Materials: Fluoropolymers and advanced materials 1,104 1,330 1,365 Chemical Solutions: Mining solutions 203 268 289 Performance chemicals and intermediates 155 265 313 Total net sales $ 4,969 $ 5,526 $ 6,638 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time. The Company’s net sales from trademark licensing royalties were not significant for the years ended December 31, 2020, 2019, and 2018. Contract Balances The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price. The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2020 and 2019. December 31, 2020 2019 Accounts receivable - trade, net (1) $ 449 $ 602 Deferred revenue 12 15 Customer rebates 69 72 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and is net of allowances for doubtful accounts of $7 and $5 at December 31, 2020 and 2019, respectively. Such allowances are equal to the estimated uncollectible amounts. Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the years ended December 31, 2020 and 2019 were not significant. For the years ended December 31, 2020 and 2019, the amount of net sales recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not significant. Contract Remaining Performance Obligations Certain of the Company’s MSAs 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, 2020, Chemours had $71 of remaining performance obligations. The Company expects to recognize approximately 20% of its remaining performance obligations as revenue in 2021, an approximate additional 16% in 2022, and the balance thereafter. The Company applies the allowable practical expedient and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by December 31, 2020 are also excluded. |
Research and Development Expens
Research and Development Expense | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Titanium Technologies $ 31 $ 29 $ 28 Thermal & Specialized Solutions 18 17 19 Advanced Performance Materials 41 31 31 Chemical Solutions 2 2 2 Corporate and Other 1 1 2 Total research and development expense $ 93 $ 80 $ 82 |
Restructuring, Asset-Related, a
Restructuring, Asset-Related, and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring, Asset-Related, and Other Charges | Note 7. Restructuring, Asset-related, and Other Charges The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Restructuring and other charges: Employee separation charges $ 17 $ 21 $ 14 Decommissioning and other charges 41 23 31 Total restructuring and other charges 58 44 45 Asset-related charges (1) 22 43 4 Total restructuring, asset-related, and other charges $ 80 $ 87 $ 49 (1) Asset-related charges for the years ended December 31, 2020 and 2019 are discussed in further detail below. 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. The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Restructuring charges: Plant and product line closures: Chemical Solutions $ 4 $ 2 $ 4 Corporate and Other 1 18 9 Total plant and product line closures 5 20 13 2017 Restructuring Program: Titanium Technologies — 1 1 Thermal & Specialized Solutions — 1 4 Advanced Performance Materials — 1 5 Chemical Solutions — — 2 Corporate and Other (1 ) — 15 Total 2017 Restructuring Program (1 ) 3 27 2018 Restructuring Program: Corporate and Other — (1 ) 5 Total 2018 Restructuring Program — (1 ) 5 2019 Restructuring Program: Titanium Technologies — 5 — Thermal & Specialized Solutions 1 3 — Advanced Performance Materials 2 4 — Chemical Solutions — 1 — Corporate and Other — 9 — Total 2019 Restructuring Program 3 22 — 2020 Restructuring Program: Titanium Technologies 3 — — Thermal & Specialized Solutions 1 — — Advanced Performance Materials 3 — — Chemical Solutions 1 — — Corporate and Other 5 — — Total 2020 Restructuring Program 13 — — Total restructuring charges 20 44 45 Asset-related charges: Titanium Technologies — 9 — Advanced Performance Materials 10 — — Chemical Solutions 8 34 4 Corporate and Other 4 — — Total asset-related charges 22 43 4 Other charges: Titanium Technologies 1 — — Chemical Solutions 37 — — Total other charges 38 — — Total restructuring, asset-related, and other charges $ 80 $ 87 $ 49 Plant and Product Line Closures and Asset-related Charges Titanium Technologies In December 2019, in an effort to improve the profitability of the Company’s Titanium Technologies segment, management approved the discontinuation of the titanium tetrachloride production line at the Company’s New Johnsonville, Tennessee site. For the year ended December 31, 2019, the Company recorded accelerated depreciation of $9. The Company does not expect to incur material decommissioning and dismantling-related charges related to the discontinuation of this production line. Advanced Performance Materials In the year ended December 31, 2020, in connection with various property, plant, and equipment and other asset impairments, the Company recorded asset-related charges of $10. Chemical Solutions In the fourth quarter of 2015, the Company announced its completion of the strategic review of its Reactive Metals Solutions business and the decision to stop production at its Niagara Falls, New York manufacturing plant. The Company recorded additional decommissioning and dismantling-related charges of $2, $2, and $4 for the years ended December 31, 2020, 2019, and 2018, respectively. The Company expects to incur and spend approximately $3 related to additional restructuring charges for similar activities through 2021, all of which relate to Chemical Solutions. As of December 31, 2020, the Company incurred, in the aggregate, $40 in restructuring charges related to these activities, excluding asset-related charges. In the third quarter of 2019, in an effort to improve the profitability of the Company’s Chemical Solutions segment, the Company announced plans to exit its Methylamines and Methylamides business at its Belle, West Virginia manufacturing plant, which culminated in the completed exit and sale of the business in the fourth quarter of 2019. As a result, for the year ended December 31, 2019, the Company recorded accelerated depreciation of $34. The Company does not expect to incur additional charges related to the exit of the Methylamines and Methylamides business. Refer to “Note 4 – Acquisitions and Divestitures” for further details. In the second quarter of 2020, Corporate and Other In the first quarter of 2018, the Company began a project to demolish and remove several dormant, unused buildings at its Chambers Works site in Deepwater, New Jersey, which were assigned to Chemours in connection with its Separation from EID and never used in Chemours’ operations. For the years ended December 31, 2020, 2019, and 2018, the Company incurred $1, $18, and $9, respectively, in decommissioning and dismantling-related charges associated with these efforts. As of December 31, 2020, the Company has incurred, in the aggregate, $28 in restructuring charges related to these activities. The Company does not currently expect to incur additional charges related to these activities at its Chambers Works site through the end of 2021, and any remaining future charges and cash outflows associated with these activities are not expected to be material. 2017 Restructuring Program In 2017, the Company announced certain restructuring activities designed to further the cost savings and productivity improvements outlined under management’s transformation plan. These activities include, among other efforts: (i) outsourcing and further centralizing certain business process activities; (ii) consolidating existing, outsourced third-party information technology (“IT”) providers; and, (iii) implementing various upgrades to the Company’s current IT infrastructure. In connection with these corporate function efforts, the Company recorded $3, and $18, in restructuring-related charges for years ended December 31, 2019, and 2018, respectively. In 2017, the Company also announced a voluntary separation program (“VSP”) for certain eligible U.S. employees in an effort to better manage the anticipated future changes to its workforce. Employees who volunteered for and were accepted under the VSP received certain financial incentives above the Company’s customary involuntary termination benefits to end their employment with Chemours after providing a mutually agreed-upon service period. Approximately 300 employees separated from the Company through the end of 2018. An accrual representing the majority of these termination benefits, amounting to $18, was recognized in the fourth quarter of 2017. The remaining $9 of incremental, one-time financial incentives under the VSP were recognized over the period that each participating employee continued to provide service to Chemours. The Company recorded charges for its 2017 Restructuring Program of $3 and $27 for the years ended December 31, 2019 and 2018, respectively. The cumulative amount incurred, in the aggregate, for the Company’s 2017 Restructuring Program amounted to $61 at December 31, 2020. The Company has substantially completed all actions related to this program. 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 Company has substantially completed all actions related to this program. 2019 Restructuring Program In the third quarter of 2019, management initiated a severance program of the Company’s corporate functions and businesses, and the majority of employees separated from the Company during the fourth quarter of 2019. For the years ended December 31, 2020 and 2019, the Company recorded charges for its 2019 Restructuring Program of $3 and $22, respectively. As of December 31, 2020, the cumulative amount incurred, in the aggregate, for the Company’s 2019 Restructuring Program amounted to $25. The Company believes that it has completed incurring severance costs for this program. At December 31, 2020 and 2019, $2 and $14 remained as an employee separation-related liability, respectively, and the remaining severance payments are expected to be made by the end of 2021. 2020 Restructuring Program In the first quarter of 2020, management initiated the first phase of a severance program that was largely attributable to further aligning the cost structure of the Company’s businesses and corporate functions with its strategic and financial objectives. A second phase of this program was initiated in the third quarter of 2020. As of December 31, 2020, the cumulative amount incurred, in the aggregate, for the Company’s 2020 Restructuring Program amounted to $13. The Company believes that it has completed incurring severance costs for this program. At December 31, 2020, $3 remained as an employee separation-related liability, and the remaining severance payments are expected to be made by the end of 2021. 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, 2020 and 2019. Chemical Solutions Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program 2019 Restructuring Program 2020 Restructuring Program Total Balance at January 1, 2019 $ — $ 1 $ 10 $ 5 $ — $ — $ 16 (Credits) charges to income — (1 ) — (1 ) 22 — 20 Payments — — (9 ) (4 ) (8 ) — (21 ) Balance at December 31, 2019 — — 1 — 14 — 15 Charges (credits) to income 2 — (1 ) — 3 13 17 Payments — — — — (15 ) (10 ) (25 ) Balance at December 31, 2020 $ 2 $ — $ — $ — $ 2 $ 3 $ 7 At December 31, 2020 and 2019, there were no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges. Other Charges Chemical Solutions The Company is currently in the process of constructing a new Mining Solutions facility in Gomez Palacio, Durango, Mexico. Following the commencement of the construction, several lawsuits were filed, which resulted in suspension of construction and nullification of the Company’s environmental permit at the site. These matters are further discussed in “Note 22 – Commitments and Contingent Liabilities”. In connection with the construction work at the site, the Company had previously entered into an agreement with a third-party services provider. In the fourth quarter of 2020, the Company entered into dispute resolution with the third-party services provider, resulting in a $26 charge related to contract termination fees, as well as immediate recognition of $11 of other related prepaid costs. At December 31, 2020, the Company had $146 of long-lived assets under construction at the facility. The Company ultimately believes that it will be successful in obtaining its permits and will continue with its planned development of the site. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net | Note 8. Other Income (Expense), Net The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Leasing, contract services, and miscellaneous income (1) $ 20 $ 51 $ 79 Royalty income (2) 18 16 10 Gain on sales of assets and businesses (3) 8 10 45 Exchange (losses) gains, net (4) (26 ) (2 ) 1 Non-operating pension and other post-retirement employee benefit income (cost) (5) 1 (368 ) 27 Total other income (expense), net $ 21 $ (293 ) $ 162 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $3, $41, and $67 (2) Royalty income for the years ended December 31, 2020, 2019, and 2018 is primarily from technology licensing. (3) For the year ended December 31, 2020, gain on sale includes a $6 gain associated with the sale of the Company’s Oakley, California site, which was contingent upon the completion of certain environmental remediation activities at the site. For the year ended December 31, 2019, gain on sale includes a non-cash gain of $9 recognized in connection with the Company’s sale of its Repauno, New Jersey site; the gain had been deferred until certain environmental obligations were fulfilled. (4) Exchange (losses) gains, net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. (5) Non-operating pension and other post-retirement employee benefit income (cost) represents the components of net periodic pension income (cost), excluding the service cost component. The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. Refer to “Note 27 – Long-term Employee Benefits” for further details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Current tax expense (benefit): U.S. federal $ 4 $ 13 $ 23 U.S. state and local 1 (1 ) 4 International 75 79 110 Total current tax expense 80 91 137 Deferred tax expense (benefit): U.S. federal (86 ) (77 ) 20 U.S. state and local (12 ) (5 ) 3 International (22 ) (81 ) (1 ) Total deferred tax (benefit) expense (120 ) (163 ) 22 Total (benefit from) provision for income taxes $ (40 ) $ (72 ) $ 159 The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019. December 31, 2020 2019 Deferred tax assets: Environmental and other liabilities $ 103 $ 99 Accrued litigation 21 37 Stock-based compensation and accrued employee benefits 50 29 Other assets and other accrued liabilities 43 19 Tax attribute carryforwards 134 96 Operating lease liability 60 75 Foreign tax credit carryforwards 7 18 Total deferred tax assets 418 373 Less: Valuation allowance (24 ) (10 ) Total deferred tax assets, net 394 363 Deferred tax liabilities: Pension and other liabilities (12 ) (7 ) Property, plant, and equipment (258 ) (320 ) Operating lease asset (56 ) (71 ) Inventories and other assets (8 ) (43 ) Total deferred tax liabilities (334 ) (441 ) Deferred tax assets (liabilities), net $ 60 $ (78 ) The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 $ % $ % $ % Statutory U.S. federal income tax rate $ 38 21.0 % $ (26 ) 21.0 % $ 243 21.0 % State income taxes, net of federal benefit (11 ) (6.1 )% (7 ) 5.6 % 7 0.6 % Lower effective tax rate on international operations, net (34 ) (19.0 )% (28 ) 22.7 % (44 ) (3.8 )% Depletion (6 ) (3.4 )% (5 ) 4.0 % (6 ) (0.5 )% Exchange gains — — % (7 ) 5.6 % (4 ) (0.3 )% Provision to return and other adjustments (37 ) (20.6 )% (4 ) 3.2 % (9 ) (0.8 )% Valuation allowance 13 7.3 % 8 (6.5 )% (15 ) (1.3 )% Net impact of U.S. tax reform — — % — — % (10 ) (0.9 )% Stock-based compensation — — % (14 ) 11.4 % (14 ) (1.2 )% Executive compensation limitation 1 0.6 % 9 (7.3 )% 4 0.3 % R&D credit (7 ) (3.8 )% (6 ) 4.8 % (5 ) (0.4 )% Uncertain tax positions (1 ) (0.5 )% 7 (5.6 )% 2 0.2 % Other, net 4 2.2 % 1 (0.8 )% 10 0.9 % Total effective tax rate $ (40 ) (22.3 )% $ (72 ) 58.1 % $ 159 13.8 % 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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 U.S. operations (including exports) $ (136 ) $ (375 ) $ 114 International operations 315 251 1,041 Total income (loss) before income taxes $ 179 $ (124 ) $ 1,155 Other Matters With respect to U.S. tax reform, while management has completed its analysis within the applicable measurement period, pursuant to Staff Accounting Bulletin No. 118 as issued by the SEC, the Company accounts for the tax impacts of new provisions based on interpretation of existing statutory law, including proposed regulations issued by the U.S. Treasury and the Internal Revenue Service (“IRS”). While there can be no assurances as to the effect of any final regulations on the Company’s provision for (benefit from) income taxes, management will continue to evaluate the impacts as any issued regulations become final and adjust our estimates, as appropriate. Management believes there is sufficient liquidity available in the U.S. As a result, management asserts that it is indefinitely reinvested with respect to all undistributed earnings prior to 2018 and, therefore, has not recorded deferred tax liabilities with respect to those earnings. Beginning in 2018, management determined that the Company’s earnings from certain foreign subsidiaries are not indefinitely reinvested and presumed such earnings will be distributed to the U.S. At December 31, 2020 and 2019, deferred tax liabilities for the 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 earnings are driven by the facts at the time of distribution; however, due to U.S. tax reform and the U.S. Transition Tax, the incremental cost to repatriate earnings is not expected to be material. At December 31, 2020, the amount of unremitted earnings where the Company is indefinitely reinvested was approximately $619. In the United States, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed on March 27, 2020. This legislative relief, as well as other government relief programs, include measures that could impact direct and indirect tax provisions. Management has analyzed the relief in jurisdictions in which the Company operates, and the applicable impacts, which are not material to the Company’s benefit from income taxes for the year ended December 31, 2020. For the year ended December 31, 2020, the Company recorded $12 of valuation allowance on certain foreign subsidiary net deferred tax assets and $2 of valuation allowance on certain foreign tax credits. For the year ended December 31, 2019, the Company recorded $5 of valuation allowance on certain foreign subsidiary net deferred tax assets and $3 of valuation allowance on certain foreign tax credits. 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, 2020, the Company’s U.S federal and state tax losses amounted to $10, which substantially expire between 2036 and 2039. The Company has $31 in R&D tax credits, which expire between 2035 and 2040, foreign net operating losses of $12, which expire between 2026 and 2030, and $7 of certain foreign tax credits, which expire between 2025 and 2030. Each year, Chemours and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and non-U.S. jurisdictions. The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2020 India 2015 through 2020 Mexico 2015 through 2020 Netherlands 2017 through 2020 Singapore 2016 through 2020 Switzerland 2017 through 2020 Taiwan 2015 through 2020 U.S. 2017 through 2020 Positions challenged by the taxing authorities may be settled or appealed by Chemours and/or EID in accordance with the tax matters agreement. As a result, income tax uncertainties are recognized in the Company’s consolidated financial statements in accordance with accounting for income taxes, when applicable. The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 9 $ 2 $ — Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period (2 ) — — Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 1 7 2 Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (1 ) — — Balance at December 31, $ 7 $ 9 $ 2 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 8 $ 9 $ 2 Total amount of interest and penalties recognized in the consolidated statements of operations 1 — — Total amount of interest and penalties recognized in the consolidated balance sheets 1 — — The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 10 $ 2 $ 17 Net charges to income tax expense 14 8 — Release of valuation allowance — — (15 ) Balance at December 31, $ 24 $ 10 $ 2 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | Note 10. Earnings Per Share of Common Stock The following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Numerator: Net income (loss) attributable to Chemours $ 219 $ (52 ) $ 995 Denominator: Weighted-average number of common shares outstanding - basic 164,681,827 164,816,839 176,968,554 Dilutive effect of the Company’s employee compensation plans (1) 1,664,702 — 5,603,467 Weighted-average number of common shares outstanding - diluted (1) 166,346,529 164,816,839 182,572,021 Basic earnings (loss) per share of common stock $ 1.33 $ (0.32 ) $ 5.62 Diluted earnings (loss) per share of common stock (1) 1.32 (0.32 ) 5.45 (1) In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of earnings per share as its inclusion would have an anti-dilutive effect. 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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Average number of stock options 3,839,845 2,206,609 393,016 |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Accounts receivable - trade, net (1,2) $ 449 $ 602 VAT, GST, and other taxes (3) 49 59 Other receivables (4) 13 13 Total accounts and notes receivable, net $ 511 $ 674 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and is net of allowances for doubtful accounts of $7 and $5 at December 31, 2020 and 2019, respectively. Such allowances are equal to the estimated uncollectible amounts. (2) On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (3) Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions. (4) Other receivables consist of derivative instruments, advances, and other deposits. Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to $3 for the year ended December 31, 2020, and less than $1 for the years ended December 31, 2019 and 2018. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Net [Abstract] | |
Inventories | Note 12. Inventories The following table sets forth the components of the Company’s inventories at December 31, 2020 and 2019. December 31, 2020 2019 Finished products $ 579 $ 589 Semi-finished products 180 189 Raw materials, stores, and supplies 433 559 Inventories before LIFO adjustment 1,192 1,337 Less: Adjustment of inventories to LIFO basis (253 ) (258 ) Total inventories $ 939 $ 1,079 Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at substantially all of the Company’s U.S. locations, which comprised $585 and $674 (or |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Equipment $ 7,816 $ 7,600 Buildings 1,198 1,174 Construction-in-progress 421 493 Land 111 110 Mineral rights 36 36 Property, plant, and equipment 9,582 9,413 Less: Accumulated depreciation (6,108 ) (5,854 ) Total property, plant, and equipment, net $ 3,474 $ 3,559 Property, plant, and equipment, net included gross assets under finance leases of $86 and $68 at December 31, 2020 and 2019, respectively. Interest expense capitalized as part of property, plant, and equipment, net amounted to $4, $10, and $17 for the years ended December 31, 2020, 2019, and 2018, respectively. Depreciation expense amounted to $313, $304, and $276 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 14. Leases The Company leases certain office space, lab space, equipment, railcars, tanks, barges, tow boats, and warehouses. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets, and lease expense is recognized over the term of these leases on a straight-line basis. The Company’s leases have remaining terms of up to 19 years. Some leases of equipment contain immaterial amounts of residual value guarantees. The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 236 $ 294 Finance lease assets Property, plant, and equipment, net (Note 13) 69 58 Total lease assets $ 305 $ 352 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 57 $ 66 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 7 5 Total current lease liabilities 64 71 Non-current: Operating lease liabilities Operating lease liabilities 194 245 Finance lease liabilities Long-term debt, net (Note 20) 67 54 Total non-current lease liabilities 261 299 Total lease liabilities $ 325 $ 370 The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Operating lease cost $ 88 $ 99 Short-term lease cost 5 5 Variable lease cost 20 16 Finance lease cost: Amortization of lease assets 8 5 Interest on lease liabilities 4 2 Total lease cost $ 125 $ 127 The following table sets forth the cash flows related to the Company’s leases for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91 $ 101 Operating cash flows from finance leases 4 2 Financing cash flows from finance leases 6 3 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 23 $ 48 Leased assets obtained in exchange for new finance lease liabilities 19 62 The following table sets forth the weighted-average terms and weighted-average discount rates for the Company’s leases at December 31, 2020 and 2019. December 31, 2020 2019 Weighted-average remaining lease term (years): Operating leases 8.6 8.5 Finance leases 7.9 9.2 Weighted-average discount rate: Operating leases 5.00 % 5.10 % Finance leases 5.40 % 5.90 % The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. Operating Leases Finance Leases Total 2021 $ 69 $ 12 $ 81 2022 52 11 63 2023 37 11 48 2024 30 11 41 2025 24 11 35 Thereafter 94 35 129 Total lease payments 306 91 397 Less: Imputed interest 55 17 72 Present value of lease liabilities $ 251 $ 74 $ 325 The Chemours Discovery Hub In October 2017, Chemours executed a build-to-suit lease agreement to construct a new 312,000-square-foot R&D facility on the Science, Technology, and Advanced Research campus of the University of Delaware (“UD”) in Newark, Delaware (“Chemours Discovery Hub”). Chemours was deemed to be the owner for accounting purposes during construction of the facility. Construction was completed in the fourth quarter of 2019, and, upon its completion, Chemours evaluated whether a sale occurred for purposes of sale-leaseback accounting treatment. The Company determined that this transaction did not qualify for sale-leaseback accounting, and, as a result, the leasing arrangement is considered to be a financing transaction. At completion of the construction, the build-to-suit lease liability was reclassified as a financing obligation within long-term debt, net, and the build-to-suit lease asset was capitalized in property, plant and equipment, net. At December 31, 2020 and 2019, a financing obligation of $94 and $95, respectively, and property, plant, and equipment of $92 and $95, respectively, are recorded on the Company’s consolidated balance sheet. The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation . 2021 $ 6 2022 6 2023 7 2024 7 2025 7 Thereafter 154 Total payments $ 187 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Note 15. Goodwill and Other Intangible Assets, Net Goodwill, Net The following table sets forth the changes in the carrying amount of the Company’s goodwill, net by segment for the years ended December 31, 2020 and 2019. December 31, 2020 2019 Titanium Technologies: Balance at January 1, $ 13 $ 13 Balance at December 31, 13 13 Thermal & Specialized Solutions: Balance at January 1, 33 33 Balance at December 31, 33 33 Advanced Performance Materials: Balance at January 1, 56 56 Balance at December 31, 56 56 Chemical Solutions: Balance at January 1, 51 51 Balance at December 31, 51 51 Total goodwill, net $ 153 $ 153 Chemours consists of four operating segments: Titanium Technologies, Thermal & Specialized Solutions , Advanced Performance Materials , and Chemical Solutions. The Company ’s reporting units are consistent with its operating segments, with the exception of the Chemical Solutions segment, which is comprised of the Mining Solutions and Performance Chemicals and Intermediates reporting units . For the years ended December 31, 2020 and 2019, the Company did no t have any adjustments to or transfers of its goodwill balances , which are recorded in U.S. dollars. The Company tested the goodwill balances attributable to each of its reporting units for potential impairment on October 1, 20 20 and 201 9 , the dates of Chemours’ annual goodwill assessment . No goodwill impairments were recorded for the years ended December 31, 20 20 and 201 9 , as the fair values of the Company’s reporting units that carry goodwill exceeded each respective reporting unit’s carrying amount on October 1, 20 20 and 201 9 . The total accumulated impairment losses included in the Company’s goodwill, net balance at December 31, 2020 and 2019 amounted to $4. Other Intangible Assets, Net The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s other intangible assets by major class at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (9 ) $ — $ 9 $ (8 ) $ 1 Customer relationships 22 (12 ) 10 22 (8 ) 14 Patents 19 (19 ) — 19 (19 ) — Purchased trademarks 5 (3 ) 2 5 (3 ) 2 Purchased and licensed technology 3 (3 ) — 3 (3 ) — Other (1) 10 (8 ) 2 10 (6 ) 4 Total other intangible assets $ 68 $ (54 ) $ 14 $ 68 $ (47 ) $ 21 (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 $7, $7, and $6 |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Affiliates | Note 16. Investments in Affiliates The Company holds investments in companies where it, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee. The following table sets forth the jurisdiction, carrying value, and ownership percentages of the Company’s investments in affiliates at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 104 50.0% $ 96 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 32 50.0% 33 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 31 10.0% 33 10.0% $ 167 $ 162 The following table sets forth the changes in the Company’s investments in affiliates for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 162 $ 160 $ 173 Equity in earnings of affiliates 23 29 43 Dividends (25 ) (28 ) (58 ) Currency translation and other 7 1 2 Balance at December 31, $ 167 $ 162 $ 160 The Company engages in transactions with its equity method investees in the ordinary course of business. For the years ended December 31, 2020, 2019, and 2018, net sales to the Company’s equity method investees amounted to $98, $135, and $143, |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 17. Other Assets The following table sets forth the components of the Company’s other assets at December 31, 2020 and 2019. December 31, 2020 2019 Capitalized repair and maintenance costs $ 198 $ 148 Pension assets (1) 79 59 Deferred income taxes 95 40 Miscellaneous 33 45 Total other assets $ 405 $ 292 (1) Pension assets represents the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable | Note 18. Accounts Payable The following table sets forth the components of the Company’s accounts payable at December 31, 2020 and 2019. December 31, 2020 2019 Trade payables $ 820 $ 901 VAT and other payables 24 22 Total accounts payable $ 844 $ 923 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | Note 19. Other Accrued Liabilities The following table sets forth the components of the Company’s other accrued liabilities at December 31, 2020 and 2019. December 31, 2020 2019 Compensation and other employee-related costs $ 107 $ 52 Employee separation costs (1) 7 15 Accrued litigation (2) 37 10 Environmental remediation (2) 95 74 Asset retirement obligations (2) 13 7 Income taxes 64 65 Customer rebates 69 72 Deferred revenue 7 7 Accrued interest 18 21 Operating lease liabilities (3) 57 66 Miscellaneous (4) 103 95 Total other accrued liabilities $ 577 $ 484 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities, which are discussed further in “Note 7 – Restructuring, Asset-related, and Other Charges”. (2) Represents the current portions of accrued litigation, environmental remediation, and asset retirement obligations, which are discussed further in “Note 22 – Commitments and Contingent Liabilities”. (3) Represents the current portion of operating lease liabilities, which are discussed further in “Note 14 – Leases”. (4) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, and other miscellaneous expenses. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 20. Debt The following table sets forth the components of the Company’s debt at December 31, 2020 and 2019. December 31, 2020 2019 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 875 $ 884 Tranche B-2 euro term loan due April 2025 (€340 at December 31, 2020 and €344 at December 31, 2019) 417 383 Senior unsecured notes: 6.625% due May 2023 — 908 7.000% due May 2025 750 750 4.000% due May 2026 (€450 at December 31, 2020 and 2019) 551 501 5.375% due May 2027 500 500 5.750% due November 2028 800 — Securitization Facility — 110 Finance lease liabilities 74 59 Financing obligation (1) 94 95 Other — 6 Total debt principal 4,061 4,196 Less: Unamortized issue discounts (7 ) (8 ) Less: Unamortized debt issuance costs (28 ) (28 ) Less: Short-term and current maturities of long-term debt (21 ) (134 ) Total long-term debt, net $ 4,005 $ 4,026 (1) At December 31, 2020 and 2019, financing obligation includes $94 and $95, respectively, in connection with the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. Senior Secured Credit Facilities The Company’s credit agreement, as amended and restated on April 3, 2018, (“Credit Agreement”) provides for a seven-year five-year The senior secured term loan facility under the Senior Secured Credit Facilities provides for a class of term loans, denominated in U.S. dollars, in an aggregate principal amount of $900 (“Dollar Term Loan”) and a class of term loans, denominated in euros, in an aggregate principal amount of €350 (“Euro Term Loan”) (collectively, the “Term Loans”). The Dollar Term Loan bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75% or adjusted base rate plus 0.75%, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00% or 1.00%, respectively. The Euro Term Loan bears a variable interest rate equal to adjusted EURIBOR plus 2.00%, subject to an adjusted EURIBOR floor of 0.50%. The Term Loans will mature on April 3, 2025, and are subject to acceleration in certain circumstances. The proceeds of any loans made under the Revolving Credit Facility can be used for working capital needs and other general corporate purposes, including permitted acquisitions, as defined in the Credit Agreement. The Revolving Credit Facility bears a variable interest rate range based on the Company’s total net leverage ratio, as defined in the Credit Agreement, between (i) a 0.25% and a 1.00% spread for adjusted base rate loans, and (ii) a 1.25% and a 2.00% spread for LIBOR and EURIBOR loans. In addition, the Company is required to pay a commitment fee on the average daily unused amount of the Revolving Credit Facility within an interest rate range based on its total net leverage ratio, between 0.10% and 0.25%. The Revolving Credit Facility is scheduled to mature on April 3, 2023, and is subject to acceleration in certain circumstances. At December 31, 2020, the effective interest rates on the Dollar Term Loan and the Euro Term Loan were 1.9% and 2.5%, respectively, and commitment fees on the Revolving Credit Facility were assessed at a rate of 0.20% per annum. In connection with the amendment of the Senior Secured Credit Facilities, the Company incurred a loss on debt extinguishment of $3 for the year ended December 31, 2018. On April 8, 2020, as a precautionary measure in light of macroeconomic uncertainties driven by COVID-19, the Company drew $300 from its Revolving Credit Facility; the borrowings were subsequently repaid during the third quarter of 2020. In the second quarter of 2019, the Company drew $150 under its Revolving Credit Facility for general corporate purposes; the borrowings were subsequently repaid during the third quarter of 2019. No Under the Credit Agreement, solely with respect to the Revolving Credit Facility, the Company is required to maintain a senior secured net leverage ratio not to exceed 2.00 to 1.00 in each quarter, through the date of maturity. In addition, the Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict the Company’s and its subsidiaries’ ability, subject to certain exceptions, to incur additional indebtedness or liens, pay dividends, and engage in certain transactions, including mergers, acquisitions, asset sales, or investments, outside of specified carve-outs. The Credit Agreement also contains customary representations and warranties and events of default. The Company was in compliance with its debt covenants at December 31, 2020 and 2019. For the years ended December 31, 2020, 2019, and 2018, the Company made principal payments of $13 on its Term Loans. The Company’s obligations under the Senior Secured Credit Facilities are guaranteed on a senior secured basis by all of its material domestic subsidiaries, which are also guarantors of the Company’s outstanding notes, subject to certain exceptions. The obligations under the Senior Secured Credit Facilities are also, subject to certain exceptions, secured by a first priority lien on substantially all of the Company’s assets and substantially all of the assets of its wholly-owned, material domestic subsidiaries, including 100% of the stock of certain of its domestic subsidiaries and 65% of the stock of certain of its foreign subsidiaries. Senior Unsecured Notes Senior Unsecured Notes Due May 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 May 2023 May 2025 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 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, the 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. The Company may also redeem some or all of the remaining Original Notes (i.e., the 2025 Notes) by means other than a redemption, including tender offer and open market repurchases. Chemours may redeem some or all of the remaining Original Notes (i.e., the 2025 Notes) on or after May 15, 2020 at specified redemption prices. 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, the Company issued a $500 aggregate principal amount of 5.375% senior unsecured notes due May 2027 (the “2027 Notes”). The 2027 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. The Company received proceeds of $489, net of an original issue discount of $5 and underwriting fees and other related expenses of $6, which are deferred and amortized to interest expense using the effective interest method over the term of the 2027 Notes. A portion of the net proceeds from the 2027 Notes was used to pay the $335 accrued for the First MDL Settlement, as discussed in “Note 22 – Commitments and Contingent Liabilities”. The remaining proceeds from the 2027 Notes were available for general corporate purposes. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the 2027 Notes, the Company is obligated to offer to purchase the 2027 Notes at a price of 101% of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. The Company may redeem the 2027 Notes, in whole or in part, at an amount equal to 100% of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase prior to February 15, 2027. The Company may also redeem some or all of the 2027 Notes by means other than a redemption, including tender offer and open market repurchases. Senior Unsecured Notes Due May 2026 On June 6, 2018, the Company issued an aggregate principal amount of €450 4.000% senior unsecured notes due May 2026 a $250 aggregate principal amount of the 2023 Dollar 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 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, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date and (ii) on one or more occasions, up to 35% of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 104% of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after May 15, 2021, the Company may redeem the 2026 Euro Notes at specified redemption prices. The Company may also redeem some of all of the 2026 Euro Notes by means other than a redemption, including tender offer and open market repurchases. 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, 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. Senior Unsecured Notes Due November 2028 On November 27, 2020, the Company issued an $800 aggregate principal amount of 5.750% senior unsecured notes due November 2028 In connection with the purchase and redemption of the remaining 2023 Dollar Notes, the Company incurred a loss on extinguishment of $22 for the year ended December 31, 2020. The 2028 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured unsubordinated basis by each of the Company’s existing and future direct and indirect domestic restricted subsidiaries that (i) incurs or guarantees indebtedness under the Senior Secured Credit Facilities, or (ii) guarantees certain other indebtedness of the Company or any guarantor in an aggregate principal amount in excess of Pursuant to the terms of the indenture governing the 2028 Notes, the Company is obligated to offer to purchase the 2028 Notes at a price of 101% of the principal amount, together with accrued and unpaid interest, if any, up to, but not including, the date of purchase, upon the occurrence of certain change of control events. Prior to November 15, 2023, the Company may redeem the 2028 Notes (i) in whole or in part, at an amount equal to 100% of the aggregate principal amount plus a specified “make-whole” premium and accrued and unpaid interest, if any, to the date of purchase, and (ii) on one or more occasions, up to 35% of the aggregate principal amount of the notes, with the net cash proceeds of one or more equity offerings at a price equal to 105.750% of the principal amounts of such notes, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. On or after November 15, 2023, the Company may redeem the 2028 Notes at specified redemption prices. The Company may also redeem some or all of the 2028 Notes by means other than a redemption, including tender offer and open market repurchases. 2023 Dollar Notes Tender Offer and Redemption On November 12, 2020, the Company commenced an all-cash tender offer to purchase any and all of the outstanding 2023 Dollar Notes for a purchase price of $1,017.94 per $1,000.00 of principal amount through an early tender deadline of November 25, 2020, and $987.94 per $1,000.00 of principal amount thereafter, through December 10, 2020, the tender expiration date, plus any accrued and unpaid interest thereon (the “2023 Dollar Notes Tender Offer”). In connection with the 2023 Dollar Notes Tender Offer, the Company received consents from the holders of a majority of the aggregate principal amount of the 2023 Dollar Notes to amend certain provisions of the indenture governing the 2023 Dollar Notes, thereby allowing the Company to call and redeem the remaining 2023 Dollar Notes outstanding upon two business days’ notice to the noteholders (the “2023 Dollar Notes Redemption”) (collectively, the “2023 Dollar Notes Tender Offer and Redemption”). The Company completed the 2023 Dollar Notes Tender Offer and Redemption on December 1, 2020 for an aggregate purchase price of $926, inclusive of an early participation premium of $16 and accrued interest of $2. The 2023 Dollar Notes Tender Offer and Redemption was funded with the proceeds from the offering of the 2028 Notes and cash on hand. Accounts Receivable Securitization Facility On July 12, 2019, the Company, through a wholly-owned special purpose entity (“SPE”), executed an agreement with a bank for an accounts receivable securitization facility (“Securitization Facility”) for the purpose of enhancing the Company’s liquidity (the “Original Purchase Agreement”). Under the Securitization Facility, certain of the Company’s subsidiaries sell their accounts receivable to the SPE, which is a non-guarantor subsidiary. In turn, the SPE may transfer undivided ownership interests in such receivables to the bank in exchange for cash. The Securitization Facility permitted the SPE to borrow up to a total of $125, with an option to increase to $200. The bank has a first priority security interest in all receivables held by the SPE, and the SPE has not granted a security interest to anyone else . At December 31, 2019, receivables held by the SPE totaled $176 As the SPE previously maintained effective control over the accounts receivable under the Original Purchase Agreement, the transfers of the ownership interests to the bank did not meet the criteria to account for the transfers as true sales. As a result, the Company accounted for the transfers as collateralized borrowings. Cash received from the bank was a short-term obligation of the Company, which was fully-collateralized by all receivables held by the SPE. During the year ended December 31, 2019, the weighted average interest rate on the outstanding borrowings under the Securitization Facility was 2.0%. Borrowings under the Securitization Facility were classified in the consolidated balance sheets as a component of current liabilities due to the short-term nature of the obligation. Borrowings and repayments under the Securitization Facility amounted to $128 and $18, respectively. Net borrowings of $110 remained outstanding as of December 31, 2019 On March 9, 2020, the Company, through its wholly-owned SPE, entered into an amended and restated receivables purchase agreement (the “Amended Purchase Agreement”) under the Securitization Facility. The Amended Purchase Agreement amends and restates, in its entirety, the Original Purchase Agreement. The Amended Purchase Agreement, among other things, extends the term of the Original Purchase Agreement such that the SPE may sell certain receivables and request investments and letters of credit until the earlier of March 5, 2021 or a termination event, and contains customary representations and warranties, as well as affirmative and negative covenants. Pursuant to the Amended Purchase Agreement, the Company no longer maintains effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. As a result, on March 9, 2020, the Company repurchased the then-outstanding receivables under the Securitization Facility through repayment of the secured borrowings under the Original Purchase Agreement, resulting in net repayments of $110 and subsequent sale of $125 of its receivables to the bank during the first quarter of 2020. These sales were transacted at 100% of the face value of the relevant receivables, resulting in derecognition of the receivables from the Company’s consolidated balance sheets. Cash received from collections of sold receivables is used to fund additional purchases of receivables at 100% of face value on a revolving basis, not to exceed $125, which is the aggregate purchase limit. For the year ended December 31, 2020, the Company received $932 of cash collections on receivables sold under the Amended Purchase Agreement, following which it sold and derecognized $932 of incremental accounts receivable. The Company maintains continuing involvement as it acts as the servicer for the sold receivables and guarantees payment to the bank. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which amounted to $33 at December 31, 2020. During the year ended December 31, 2020, the Company incurred $2 of fees associated with the Securitization Facility. Costs associated with the sales of receivables are reflected in the Company’s consolidated statements of operations for the periods in which the sales occur. Other During the third quarter of 2020, the Company entered into a financing arrangement, by which an external financing company funded certain of the Company’s annual insurance premiums for $16. The Company repaid all of the outstanding borrowings under its 2020 financing arrangement during the year ended December 31, 2020. During the third quarter of 2019, the Company entered into a similar financing arrangement for $11, of which $6 remained outstanding at December 31, 2019. The Company has repaid all remaining borrowings under its 2019 financing arrangement. Maturities The Company has required quarterly principal payments related to the Senior Secured Credit Facilities equivalent to 1.00% per annum through December 2024, with the balance due at maturity. Also, following the end of each fiscal year commencing on the year ended December 31, 2019, on an annual basis, the Company is required to make additional principal payments depending on leverage levels, as defined in the Credit Agreement, equivalent to up to 50% of excess cash flows based on certain leverage targets with step-downs to 25% and 0% as actual leverage decreases to below a 3.50 to 1.00 leverage target. The Company was not required to make additional principal payments in 2020. The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. 2021 $ 13 2022 13 2023 13 2024 13 2025 1,990 Thereafter 1,851 Total principal maturities on debt $ 3,893 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. The carrying value of borrowings under the Securitization Facility approximate fair value based on the facility’s short-term nature and maturity. December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 875 $ 862 $ 884 $ 865 Tranche B-2 euro term loan due April 2025 (€340 at December 31, 2020 and €344 at December 31, 2019) 417 413 383 378 Senior unsecured notes: 6.625% due May 2023 — — 908 917 7.000% due May 2025 750 774 750 755 4.000% due May 2026 (€450 at December 31, 2020 and 2019) 551 551 501 455 5.375% due May 2027 500 536 500 450 5.750% due November 2028 800 821 — — Securitization Facility — — 110 110 Total senior debt principal 3,893 $ 3,957 4,036 $ 3,930 Less: Unamortized issue discounts (7 ) (8 ) Less: Unamortized debt issuance costs (28 ) (28 ) Total senior debt, net $ 3,858 $ 4,000 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 21. Other Liabilities The following table sets forth the components of the Company’s other liabilities at December 31, 2020 and 2019. December 31, 2020 2019 Employee-related costs (1) $ 108 $ 113 Accrued litigation (2) 51 50 Environmental remediation (2) 295 332 Asset retirement obligations (2) 63 69 Deferred revenue 5 8 Miscellaneous (3) 68 61 Total other liabilities $ 590 $ 633 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portions of accrued litigation, environmental remediation, and asset retirement obligations, which are discussed further in “Note 22 – Commitments and Contingent Liabilities”. (3) Miscellaneous primarily includes an accrued indemnification liability of $37 and $41 at December 31, 2020 and 2019, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 22. Commitments and Contingent Liabilities Asset Retirement Obligations Chemours has recorded asset retirement obligations, which are 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, 2020 and 2019. Year Ended December 31, 2020 2019 Balance at January 1, $ 76 $ 66 Obligations incurred or acquired 12 5 (Decrease) increase in estimated cash outflows (14 ) 4 Accretion expense 4 4 Settlements and payments (2 ) (3 ) Balance at December 31, $ 76 $ 76 Current portion $ 13 $ 7 Non-current portion 63 69 Litigation Overview In addition to the matters discussed below, the Company and certain of its subsidiaries, from time to time, are subject to various lawsuits, claims, assessments, and proceedings with respect to product liability, intellectual property, personal injury, commercial, contractual, employment, governmental, environmental, anti-trust, and other such matters that arise in the ordinary course of business. In addition, Chemours, by virtue of its status as a subsidiary of EID prior to the Separation, is subject to or required under the Separation-related agreements executed prior to the Separation to indemnify EID against various pending legal proceedings. It is not possible to predict the outcomes of these various lawsuits, claims, assessments, or proceedings. Except as noted below, while management believes it is reasonably possible that Chemours could incur losses in excess of the amounts accrued, if any, for the aforementioned proceedings, it does not believe any such loss would have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. Disputes between Chemours and EID may arise regarding indemnification matters, including disputes based on matters of law or contract interpretation. Should disputes arise, they could materially adversely affect Chemours. In January 2021, Chemours, DuPont, Corteva, and EID, a subsidiary of Corteva, entered into a binding Memorandum of Understanding (the “MOU”), reflecting the parties’ agreement to share potential future legacy liabilities relating to per- and polyfluoroalkyl substances (“PFAS”) arising out of pre-July 1, 2015 conduct (i.e., “Indemnifiable Losses”, as defined in the separation agreement, dated as of June 26, 2015, as amended, between EID and Chemours (the “Separation Agreement”)) until the earlier to occur of: (i) December 31, 2040; (ii) the day on which the aggregate amount of Qualified Spend is equal to $4,000; or, (iii) a termination in accordance with the terms of the MOU (e.g., non-performance of the escrow funding requirements pursuant to the MOU by any party). As defined in the MOU, Qualified Spend includes: • All Indemnifiable Losses (as defined in the Separation Agreement), including punitive damages, to the extent relating to, arising out of, by reason of, or otherwise in connection with PFAS Liabilities as defined in the MOU (including any mutually agreed-upon settlements); • Any costs or amounts to abate, remediate, financially assure, defend, settle, or otherwise pay for all pre-July 1, 2015 PFAS Liabilities or exposure, regardless of when those liabilities are manifested; includes Natural Resources Damages claims associated with PFAS Liabilities; • Fines and/or penalties from governmental agencies for legacy EID PFAS emissions or discharges prior to the spin-off; and, • Site-Related GenX Claims as defined in the MOU. The parties have agreed that, during the term of the cost-sharing arrangement, Chemours will bear half of the cost of such future potential legacy PFAS liabilities, and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities. Any recoveries of Qualified Spend from DuPont and/or Corteva under the cost-sharing arrangement will be recognized as an offset to the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when realizable. Any Qualified Spend incurred by DuPont and/or Corteva under the cost-sharing arrangement will be recognized in the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when the amounts of such costs are probable and estimable. After the term of this arrangement, Chemours’ indemnification obligations under the Separation Agreement would continue unchanged, subject in each case to certain exceptions set out in the MOU. Pursuant to the terms of the MOU, the parties have agreed to release certain claims regarding Chemours’ Delaware lawsuit and pending confidential arbitration (concerning the indemnification of specified liabilities that EID assigned to Chemours in its spin-off), including that Chemours has released any claim set forth in the complaint filed in the Delaware lawsuit, any other similar claims arising out of or resulting from the facts recited by Chemours in the complaint or the process and manner in which EID structured or conducted the spin-off, and any other claims that challenge the spin-off or the assumption of Chemours Liabilities (as defined in the Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set out in the MOU. The parties have further agreed not to bring any future, additional claims regarding the Separation Agreement or the MOU outside of arbitration. In order to support and manage the payments for potential future PFAS liabilities, the parties have also agreed to establish an escrow account. The MOU provides that: (i) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 into an escrow account and DuPont and Corteva shall together deposit $100 in the aggregate into an escrow account, and (ii) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 into an escrow account and DuPont and Corteva shall together deposit $50 in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700, Chemours will make 50% of the deposits and DuPont and Corteva together will make 50% of the deposits necessary to restore the balance of the escrow account to $700. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. Any funds that remain in escrow at termination of the MOU will revert to the party that deposited them. As such, future payments made by the Company into the escrow account will remain an asset of Chemours, and such payments will be reflected as a transfer to restricted cash on its consolidated balance sheets. No withdrawals are permitted from the escrow account before January 2026, except for funding mutually agreed-upon third-party settlements in excess of $125. Starting in January 2026, withdrawals may be made from the escrow account to fund Qualified Spend if the parties’ aggregate Qualified Spend in that particular year is greater than $200. Starting in January 2031, the amounts in the escrow account can be used to fund any Qualified Spend. Future payments from the escrow account for potential future PFAS liabilities will be reflected on the Company’s consolidated statement of cash flows at that point in time. The parties will cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU prior to February 28, 2021. The Company accrues for litigation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. When a material loss contingency is reasonably possible, but not probable, we do not record a liability, but instead disclose the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. The following table sets forth the components of the Company’s accrued litigation at December 31, 2020 and 2019. December 31, 2020 2019 Asbestos $ 34 $ 34 PFOA (1) 50 20 All other matters 4 6 Total accrued litigation $ 88 $ 60 (1) At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Accrued Litigation: Current accrued litigation (1) Other accrued liabilities (Note 19) $ 37 $ 10 Long-term accrued litigation Other liabilities (Note 21) 51 50 Total accrued litigation $ 88 $ 60 (1) At December 31, 2020, current accrued litigation includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. Fayetteville Works, Fayetteville, North Carolina For information regarding the Company’s ongoing litigation and environmental remediation matters at its Fayetteville Works site in Fayetteville, North Carolina (“Fayetteville”), refer to “Fayetteville Works, Fayetteville, North Carolina” under the “Environmental Overview” within this “Note 22 – Commitments and Contingent Liabilities”. Asbestos In the Separation, EID assigned its asbestos docket to Chemours. At December 31, 2020 and 2019, there were approximately 1,100 At December 31, 2020 and 2019, Chemours had an accrual of $34 Benzene In the Separation, EID assigned its benzene docket to Chemours. At December 31, 2020 and 2019, there were 17 and 16 cases pending against EID alleging benzene-related illnesses, respectively. These cases consist of premises matters involving contractors and deceased former employees who claim exposure to benzene while working at EID sites primarily in the 1960s through the 1980s, and product liability claims based on alleged exposure to benzene found in trace amounts in aromatic hydrocarbon solvents used to manufacture EID products such as paints, thinners, and reducers. Management believes that a loss is reasonably possible as to the docket as a whole; however, given the evaluation of each benzene matter is highly fact-driven and impacted by disease, exposure, and other factors, a range of such losses cannot be reasonably estimated at this time. PFOA Chemours does not, and has never, used “PFOA” (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) as a polymer processing aid and/or sold it as a commercial product. Prior to the Separation, the performance chemicals segment of EID made PFOA at Fayetteville and used PFOA as a processing aid in the manufacture of fluoropolymers and fluoroelastomers at certain sites, including: Washington Works, Parkersburg, West Virginia; Chambers Works, Deepwater, New Jersey; Dordrecht Works, Netherlands; Changshu Works, China; and, Shimizu, Japan. These sites are now owned and/or operated by Chemours. At December 31, 2020 and 2019, Chemours maintained accruals of $21 and $20, respectively, related to PFOA matters under the Leach Settlement, EID’s obligations under agreements with the U.S. Environmental Protection Agency (“EPA”), and voluntary commitments to the New Jersey Department of Environmental Protection (“NJ DEP”). These obligations and voluntary commitments include surveying, sampling, and testing drinking water in and around certain Company sites, and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the state or the national health advisory. The Company will continue to work with the EPA and other authorities regarding the extent of work that may be required with respect to these matters. Leach Settlement In 2004, EID settled a class action captioned Leach v. DuPont The C8 Science Panel found probable links, as defined in the settlement agreement, between exposure to PFOA and pregnancy-induced hypertension, including preeclampsia, kidney cancer, testicular cancer, thyroid disease, ulcerative colitis, and diagnosed high cholesterol. Under the terms of the settlement, EID is obligated to fund up to $235 for a medical monitoring program for eligible class members and pay the administrative costs associated with the program, including class counsel fees. The court-appointed Director of Medical Monitoring implemented the program, and testing is ongoing with associated payments to service providers disbursed from an escrow account which the Company replenishes pursuant to the settlement agreement. As of December 31, 2020, approximately $1.7 has been disbursed from escrow related to medical monitoring. While it is reasonably possible that the Company will incur additional costs related to the medical monitoring program, such costs cannot be reasonably estimated due to uncertainties surrounding the level of participation by eligible class members and the scope of testing. In addition, under the Leach settlement agreement, EID must continue to provide water treatment designed to reduce the level of PFOA in water to six area water districts and private well users. At Separation, this obligation was assigned to Chemours, and $21 and $20 was accrued for these matters at December 31, 2020 and 2019, respectively. PFOA Leach Class Personal Injury Further, under the Leach settlement, class members may pursue personal injury claims against EID only for those diseases for which the C8 Science Panel determined a probable link exists. Approximately 3,500 lawsuits were subsequently filed in various federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation (“MDL”) in Ohio federal court. These were resolved in March 2017 when EID entered into an agreement settling all MDL cases and claims, including all filed and unfiled personal injury cases and claims that were part of the plaintiffs’ counsel’s claims inventory, as well as cases tried to a jury verdict (the “First MDL Settlement”) for $670.7 in cash, with half paid by Chemours, and half paid by EID. Concurrently with the First MDL Settlement, EID and Chemours agreed to a limited sharing of potential future PFOA costs (i.e., “Indemnifiable Losses”, as defined in the Separation Agreement between EID and Chemours) for a period of five years. During that five-year period, Chemours would annually pay future PFOA costs up to $25 and, if such amount was exceeded, EID would 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 would expire, and Chemours’ indemnification obligations under the Separation Agreement would continue unchanged. Chemours also agreed that it would not contest its indemnification obligations to EID under the Separation Agreement for PFOA costs on the basis of defenses generally applicable to the indemnification provisions under the Separation Agreement, including defenses relating to punitive damages, fines or penalties, or attorneys’ fees, and waived any such defenses with respect to PFOA costs. Chemours, however, retained other defenses, including as to whether any particular PFOA claim was within the scope of the indemnification provisions of the Separation Agreement. The cost-sharing agreement entered concurrently with the First MDL Settlement has been superseded by the binding MOU addressing certain PFAS matters and costs as detailed in “Note 22 – Commitments and Contingent Liabilities”. While all MDL lawsuits were dismissed or resolved through the First MDL Settlement, the First MDL Settlement did not resolve PFOA personal injury claims of plaintiffs who did not have cases or claims in the MDL or personal injury claims based on diseases diagnosed after February 11, 2017. Approximately 96 plaintiffs filed matters after the First MDL Settlement. In January 2021, EID and Chemours entered into settlement agreements with counsel representing these plaintiffs, providing for a settlement of all but one of the 96 filed and pending cases, as well as additional pre-suit claims, under which those cases and claims of settling plaintiffs will be resolved for approximately $83 (the “Second MDL Settlement”). Chemours will contribute approximately $29, and DuPont and Corteva will each contribute approximately $27 to the Second MDL Settlement. At December 31, 2020, Chemours has accrued approximately $29 associated with this matter, which it will pay once the settlements are finalized. The settlements are expected to be finalized in the first quarter of 2021. The single matter not included in the Second MDL Settlement is a testicular cancer case tried in March 2020 to a verdict of State of Ohio In February 2018, the State of Ohio initiated litigation against EID regarding historical PFOA emissions from the Washington Works site. Chemours is an additional named defendant. Ohio alleges damage to natural resources and fraudulent transfer in the spin-off that created Chemours and seeks damages including remediation and other costs and punitive damages. PFAS EID and Chemours have received governmental and regulatory inquiries and have been named in other litigations, including class actions, brought by individuals, municipalities, businesses, and water districts alleging exposure to and/or contamination from PFAS, including PFOA. Many actions include an allegation of fraudulent transfer in the spin-off that created Chemours. Chemours has declined EID’s requests for indemnity for fraudulent transfer claims. Chemours has responded to letters and inquiries from governmental law enforcement entities regarding PFAS, including, in January 2020, a letter informing it that the U.S. Department of Justice, Consumer Protection Branch, and the United States Attorney’s Office for the Eastern District of Pennsylvania are considering whether to open a criminal investigation under the Federal Food, Drug, and Cosmetic Act and asking that it retain its documents regarding PFAS and food contact applications. In July 2020, Chemours received a grand jury subpoena for documents. We are presently unable to predict the duration, scope, or result of any potential governmental, criminal, or civil proceeding that may result, the imposition of fines and penalties, and/or other remedies. We are also unable to develop a reasonable estimate of a possible loss or range of losses, if any. Aqueous Film Forming Foam Matters Chemours does not, and has never, manufactured aqueous film forming foam (“AFFF”). Numerous defendants, including EID and Chemours, have been named in approximately 900 matters, involving AFFF, which is used to extinguish hydrocarbon-based (i.e., Class B) fires and subject to U.S. military specifications. Most matters have been transferred to or filed directly into a multi-district litigation (“AFFF MDL”) in South Carolina federal court or identified by a party for transfer. The matters pending in the AFFF MDL allege damages as a result of contamination, in most cases due to migration from military installations or airports, or personal injury from exposure to AFFF. Plaintiffs seek to recover damages for investigating, monitoring, remediating, treating, and otherwise responding to the contamination. Others have claims for personal injury, property diminution, and punitive damages. There are AFFF lawsuits pending outside the AFFF MDL that have not been designated by a party for inclusion in the MDL. These matters identifying EID and/or Chemours as a defendant are: Valero Refining (“Valero”) has five pending state court lawsuits filed commencing in June 2019 regarding its Tennessee, Texas, Oklahoma, California, and Louisiana facilities. These lawsuits allege that several defendants that designed, manufactured, marketed, and/or sold AFFF or PFAS incorporated into AFFF have caused Valero to incur damages and costs including remediation, AFFF disposal, and replacement. Valero also alleges fraudulent transfer. In September 2019, a lawsuit alleging personal injury resulting from exposure to AFFF in Long Island drinking water was filed by four individuals in New York state court. State Natural Resource Damages Matters In addition to the State of New Jersey actions (as detailed below) and the State of Ohio action (as detailed above), the states of Vermont, New Hampshire, New York, Michigan, North Carolina, and Mississippi have filed lawsuits against defendants, including EID and Chemours, relating to the alleged contamination of state natural resources with PFAS compounds either from AFFF and/or other sources. These lawsuits seek damages including costs to investigate, clean up, restore, treat, monitor, or otherwise respond to contamination to natural resources. The lawsuits include counts for fraudulent transfer. Other PFAS Matters EID has also been named in approximately 50 lawsuits pending in New York courts, which are not part of the Leach class, brought by individual plaintiffs alleging negligence and other claims in the release of PFAS, including PFOA, into drinking water, and seeking medical monitoring, compensatory, and punitive damages against current and former owners and suppliers of a manufacturing facility in Hoosick Falls, New York. Two other lawsuits in New York have been filed by a business seeking to recover its losses and by nearby property owners and residents in a putative class action seeking medical monitoring, compensatory and punitive damages, and injunctive relief. In May 2017, the Water Works and Sewer Board of the Town of Centre, Alabama filed suit against numerous carpet manufacturers located in Dalton, Georgia and suppliers and former suppliers, including EID, in Alabama state court. The complaint alleges negligence, nuisance, and trespass in the release of PFAS, including PFOA, into a river leading to the town’s water source, and seeks compensatory and punitive damages. In February 2018, the New Jersey-American Water Company, Inc. (“NJAW”) filed suit against EID and Chemours in New Jersey federal court alleging that discharges in violation of the New Jersey Spill Compensation and Control Act (“Spill Act”) were made into groundwater utilized in the NJAW Penns Grove water system. NJAW alleges that damages include costs associated with remediating, operating, and maintaining its system, and attorney fees. In October 2020, this matter was transferred to the AFFF MDL. In October 2018, a putative class action was filed in Ohio federal court against 3M, EID, Chemours, and other defendants seeking class action status for U.S. residents having a detectable level of PFAS in their blood serum. The complaint seeks declaratory and injunctive relief, including the establishment of a “PFAS Science Panel”. In December 2018, the owners of a dairy farm filed a lawsuit in Maine state court against numerous defendants including EID and Chemours alleging that their dairy farm was contaminated by PFAS, including perfluorooctanesulfonic acid (“PFOS”) and PFOA present in treated municipal sewer sludge used in agricultural spreading applications on their farm. The complaint asserts negligence, trespass, and other tort and state statutory claims and seeks damages. In May 2019, a putative class action was filed in Delaware state court against two electroplating companies , 3M and EID , alleging responsibility for PFAS contamination, including PFOA and PFOS, in drinking water and the environment in the nearby community. Although initially named in the lawsuit, Chemours was subsequently dismissed. The putative class of residents alleges negligence, nuisance, trespass, and other claims and seeks medical monitoring, personal injury and property damages, and punitive damages. The matter was removed to federal court. Since August 2019, 11 Long Island water suppliers have filed lawsuits in New York federal court against defendants including EID and Chemours regarding alleged PFAS, PFOA, and PFOS contamination through releases from industrial and manufacturing facilities and business locations where PFAS-contaminated water was used for irrigation and Since November 2019, two lawsuits representing approximately 35 residents have been filed against EID, Chemours, and other defendants alleging that they are responsible for PFAS contamination, including PFOA and PFOS, in groundwater and drinking water. Plaintiffs have claims including medical monitoring, property value diminution, trespass, and punitive damages. The lawsuits are pending in New Jersey federal court. In November 2019, the City of Rome, Georgia filed suit against numerous carpet manufacturers located in Dalton, Georgia, suppliers, EID, and Chemours in Georgia state court alleging negligence, nuisance, and trespass in the release of perfluorinated compounds, including PFOA, into a river leading to the town’s water source. City of Rome alleges damages to property and lost profits, and expenses for abatement and remediation and punitive damages. In December 2019, a putative class action was filed in Georgia state court on behalf of customers of the Rome, Georgia water division and the Floyd County, Georgia water department against numerous carpet manufacturers located in Dalton, Georgia, suppliers, EID, and Chemours in Georgia state court alleging negligence and nuisance and related to the release of perfluorinated compounds, including PFOA, into a river leading to their water sources. The matter was removed to federal court. Damages sought include compensatory damages for increased water surcharges, as well as punitive damages and injunctive relief for abatement and remediation. In May 2020, the Weirton Area Water Board and City of Weirton, West Virginia, filed a lawsuit in West Virginia state court against defendants, including EID and Chemours, alleging PFAS, PFOA, and PFOS contamination through releases from the manufacture, sale, and use of PFAS and from facilities owned by AccelorMittal. Damages sought include declaratory relief, economic damages, indemnification, expenses, remediation, and punitive damages. The matter has been removed to federal court. In January 2021, this matter was transferred to the AFFF MDL. Since July 2020, three lawsuits have been filed in New Jersey federal court by parents of two adult children alleging that exposure to PFAS, including pre-natal exposure, resulted in the children’s cognitive delays, neurological, genetic, and autoimmune conditions. Plaintiffs claim compensatory and punitive damages. In September 2020, the Golden State Water Company filed a lawsuit in California federal court against several defendants, including EID and Chemours, alleging manufacturers of PFOA and PFOS are responsible for contaminating the drinking water supply. The complaint alleged products liability, negligence, nuisance, trespass, and fraudulent transfer. Plaintiff sought injunctive relief, as well as compensatory and punitive damages. In January 2021, the court dismissed the complaint on defendants’ motion regarding jurisdiction grounds. In December 2020, Suez Water New Jersey and Suez Water New York filed lawsuits in New Jersey and New York federal courts against defendants, including EID and Chemours, alleging damages from PFAS releases into the environment, including PFOA and PFOS, that impacted water sources that the utilities use to provide water. The complaints allege products liability, negligence, nuisance, and trespass. Plaintiffs seek monetary damages, including present and future compliance costs for the respective state-adopted PFAS maximum contaminant levels for public water systems. In December 2020, 11 southern California public water systems filed a lawsuit in California federal court against several defendants, including EID and Chemours, alleging manufacturers of PFOA and PFOS are responsible for contaminating the drinking water supply. The complaint alleges products liability, negligence, nuisance, trespass, state law claims, and fraudulent transfer. Plaintiffs seek injunctive relief, as well as compensatory and punitive damages. New Jersey Department of Environmental Protection Directives and Litigation In March 2019, the NJ DEP issued two Directives and filed four lawsuits against Chemours and other defendants. The Directives are: (i) a state-wide PFAS Directive issued to EID, DowDuPont, DuPont Specialty Products USA (“DuPont SP USA”), Solvay S.A., 3M, and Chemours seeking a meeting to discuss future costs for PFAS-related costs incurred by the NJ DEP and establishing a funding source for such costs by the Directive recipients, and information relating to historic and current use of certain PFAS compounds; and, (ii) a Pompton Lakes Natural Resources Damages (“NRD”) Directive to EID and Chemours demanding $0.1 to cover the cost of preparation of a natural resource damage assessment plan and access to related documents. The lawsuits filed in New Jersey state courts by the NJ DEP are: (i) in Salem County, against EID, 3M, and Chemours primarily alleging clean-up and removal costs and damages and natural resource damages under the Spill Act, the Water Pollution Control Act (“WPCA”), the Industrial Site Recovery Act (“ISRA”), and common law regarding past and present operations at Chambers Works, a site assigned to Chemours at Separation ; In August 2020, a Second Amended Complaint was filed in each matter, adding fraudulent transfer and other claims against DuPont SP USA, Corteva, and DuPont. For the Salem County matter, NJ DEP added claims relating to failure to comply with state directives, including the state-wide PFAS Directive. The matters were removed to federal court and consolidated for case management and pretrial purposes. EID requested that Chemours defend and indemnify it in these matters. Chemours has accepted the indemnity and defense of EID while reserving rights and declining EID’s demand as to matters involving other EID entities, as well as ISRA and fraudulent transfer pursuant to the terms of the MOU. PFOA and PFAS Summary With the exception of the trial verdict in the testicular cancer case noted above, management believes that it is reasonably possible that the Company could incur losses related to PFOA (in addition to the Second MDL Settlement) and/or PFAS matters in excess of amounts accrued, but any such losses are not estimable at this time due to various reasons, including, among others, that such matters are in their early stages and have significant factual issues to be resolved. U.S. Smelter and Lead Refinery, Inc. There are six lawsuits, including a putative class action, pending against EID 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 EID environmental liabilities. The lawsuits include allegations for personal injury damages, property diminution, and other damages. At Separation, EID 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 their early stages and have significant factual issues to be resolved. Securities Litigation In October 2019, a putative class action was filed in Delaware federal court against Chemours and certain of its officers. Following appointment of lead plaintiff, the New York State Teachers’ Retirement System, and counsel, the plaintiff filed an amended complaint alleging that the defendants violated the Securities and Exchange Act of 1934 by making materially false and misleading statements and omissions in public disclosures regarding environmental liabilities and litigation matters assigned to Chemours in connection with its spin-off from EID. The amended complaint seeks a class of purchasers of Chemours stock between February 16, 2017 and August 1, 2019 and demands compensatory damages and fees. Commencing in July 2020, follow-on derivative lawsuits were filed by individual shareholders in Dela |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Equity | Note 23. Equity 2017 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 and was announced to the public on December 1, 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. 2018 Share Repurchase Program On August 1, 2018, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $750, plus any associated fees or costs in connection with the Company’s share repurchases activity (the “2018 Share Repurchase Program”). On February 13, 2019, the Company’s board of directors increased the authorization amount of the 2018 Share Repurchase Program from $750 to $1,000. Under the 2018 Share Repurchase Program, shares of Chemours’ common stock can be purchased on the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2018 Share Repurchase Program became effective on August 1, 2018, was announced to the public on August 2, 2018, and was originally scheduled to continue through the earlier of its expiration on December 31, 2020 or the completion of repurchases up to the approved amount. On December 8, 2020, the Company’s board of directors approved the extension of the 2018 Share Repurchase Program through December 31, 2022. The program may be suspended or discontinued at any time. All common shares purchased under the 2018 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method. During 2020, the Company did not purchase any of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program. During 2019, the Company purchased an aggregate 8,895,142 shares of Chemours’ issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to $322 at an average share price of $36.24 per share. 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 the 2018 Share Repurchase Program at December 31, 2020 was $428. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 24. Stock-based Compensation The Company’s stock-based compensation expense amounted to $16, $19, and $24 for the years ended December 31, 2020, 2019, and 2018, 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 one-and-a-half shares for every one share The Chemours Compensation and Leadership Development Committee determines the long-term incentive mix, including stock options, RSUs, and PSUs, and may authorize new grants annually. Stock Options During the years ended December 31, 2020, 2019, and 2018, Chemours granted non-qualified stock options to certain of its employees, which will vest over a three-year 10 years The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.94 % 2.53 % 2.65 % Expected term (years) 6.00 6.00 6.00 Volatility 53.18 % 48.05 % 47.56 % Dividend yield 6.93 % 2.81 % 1.42 % Fair value per stock option $ 3.74 $ 13.66 $ 20.47 The Company determined the dividend yield by dividing the expected annual dividend on the Company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the blended volatilities of Chemours and the average of its peer companies, adjusted for Chemours’ debt leverage. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected term of the option granted. The expected term is determined using a simplified approach, calculated as the mid-point between the graded vesting period and the contractual life of the award. The following table sets forth Chemours’ stock option activity for the years ended December 31, 2020, 2019, and 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 Granted 836 36.48 Exercised (590 ) 14.56 Forfeited (110 ) 39.06 Expired (50 ) 22.12 Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Granted 2,778 14.42 Exercised (1,124 ) 14.23 Forfeited (186 ) 23.84 Expired (165 ) 29.99 Outstanding, December 31, 2020 7,359 $ 19.21 6.21 $ 63,894 Exercisable, December 31, 2020 4,050 $ 19.38 4.00 $ 35,958 The aggregate intrinsic values in the preceding table represent the total pre-tax intrinsic value (the difference between the Company's closing stock price on the last trading day at the end of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year-end. The amount changes based on the fair market value of the Company’s stock. The total intrinsic value of all options exercised for the years ended December 31, 2020, 2019, and 2018 amounted to $12, $2, and $37, respectively. For the years ended December 31, 2020, 2019, and 2018, the Company recorded $9, $9, and $8 in stock-based compensation expense specific to its stock options, respectively. At December 31, 2020, there was $7 of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.78 years. Restricted Stock Units Chemours grants RSUs to key management employees that generally vest over a three-year The following table sets forth non-vested RSUs at December 31, 2020, 2019, and 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 Granted 439 26.89 Vested (110 ) 24.98 Forfeited (30 ) 33.90 Non-vested, December 31, 2019 546 $ 29.95 Granted 585 17.01 Vested (161 ) 38.68 Forfeited (60 ) 25.78 Non-vested, December 31, 2020 910 $ 20.51 For the years ended December 31, 2020, 2019, and 2018, the Company recorded $7 in stock-based compensation expense specific to its RSUs. At Performance Share Units Chemours grants PSUs to key senior management employees which, upon vesting, convert one-for-one to Chemours’ common stock if specified performance goals, including certain market-based conditions, are met over the three-year performance period specified in the grant, subject to exceptions through the respective vesting period of three years. Each grantee is granted a target award of PSUs, and may earn between 0% and 250% of the target amount depending on the Company’s performance against stated performance goals. The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2020, 2019, and 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 Granted 240 44.38 Vested (1) (761 ) 5.07 Forfeited (57 ) 43.35 Non-vested, December 31, 2019 529 $ 39.53 Granted 542 17.14 Vested (176 ) 35.84 Forfeited (51 ) 27.79 Non-vested, December 31, 2020 844 $ 29.05 (1) During the year ended December 31, 2019, approximately 1,520,000 PSUs granted in 2016 to the Company’s key senior management employees vested, based on the attainment of certain performance- and market-based conditions. Of the 1,520,000 PSUs that vested during the year ended December 31, 2019, approximately 680,000 non-issued shares were cancelled to cover the employee portion of income taxes related to such awards. 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, 2020 was $17.14. The fair value of each PSU grant is amortized monthly into compensation expense based on its respective vesting conditions over a three-year period. Compensation cost is incurred based on the Company’s estimate of the final expected value of the award, which is adjusted as required for the portion based on the performance-based condition. The Company assumes that forfeitures will be minimal and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. For the years ended December 31, 2020, 2019, and 2018, the Company recorded a reduction of stock-based compensation of less than $1 and stock-based compensation expense of $3 and $9 specific to its PSUs, respectively. At December 31, 2020, based on the Company’s assessment of its performance goals, approximately 1,100,000 additional shares may be awarded under the 2017 Plan. Employee Stock Purchase Plan Since 2017, the Company has provided employees the opportunity to participate in The Chemours Company Employee Stock Purchase Plan (“ESPP”). Under the ESPP, a total of 7,000,000 shares of Chemours’ common stock is reserved and authorized for issuance to participating employees, as defined by the ESPP, which excludes executive officers of the Company. The ESPP provides for consecutive 12-month offering periods, each with two purchase periods in March and September within those offering periods. 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 226,000 shares. During the year ended December 31, 2018, an additional 12,411 shares were issued from the Company’s treasury stock to ESPP participants. The total amount of Chemours’ common stock received by employees in connection with the ESPP amounted to $5 at December 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 25. 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, 2020, 2019, and 2018. Net Investment Hedge Cash Flow Hedge Cumulative Translation Adjustment Defined Benefit Plans Total Balance at January 1, 2018 $ (40 ) $ — $ (158 ) $ (244 ) $ (442 ) Other comprehensive income (loss) 15 6 (75 ) (68 ) (122 ) Balance at December 31, 2018 (25 ) 6 (233 ) (312 ) (564 ) Other comprehensive income (loss) 15 (4 ) 2 202 215 Balance at December 31, 2019 (10 ) 2 (231 ) (110 ) (349 ) Other comprehensive (loss) income (66 ) (10 ) 111 4 39 Balance at December 31, 2020 $ (76 ) $ (8 ) $ (120 ) $ (106 ) $ (310 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 26. Financial Instruments Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts At December 31, 2020, the Company had 25 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $688 and an average maturity of one month. At December 31, 2019, the Company had 16 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $530, and an average maturity of one month. Chemours recognized a net gain of $29, a net loss of $2, and a net gain of $3 for the years ended December 31, 2020, 2019, and 2018, respectively, in other income (expense), net. Cash Flow Hedge – Foreign Currency Forward Contracts At December 31, 2020, the Company had 144 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $101, and an average maturity of four months. At December 31, 2019, the Company had 150 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $124, and an average maturity of five months. Chemours recognized a pre-tax loss of $4 and pre-tax gains of $6 and $10 for the years ended December 31, 2020, 2019, and 2018, respectively, within accumulated other comprehensive loss. For the years ended December 31, 2020, 2019, and 2018, $3, $10, and $4 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. The Company expects to reclassify an approximate $5 of net loss from accumulated other comprehensive loss to the cost of goods sold over the next 12 months, based on current foreign currency exchange rates. Cash Flow Hedge – Interest Rate Swaps Beginning in the second quarter of 2020, the Company elected to expand its cash flow hedge program and enter into interest rate swaps. The objective of entering interest rate swaps is to mitigate the volatility in the Company’s cash payments for interest related to the portion of the Company’s senior secured term loan facility denominated in U.S. dollars, which bears a variable interest rate equal to, at the election of the Company, adjusted LIBOR plus 1.75% or adjusted base rate plus 0.75%, subject to an adjusted LIBOR or an adjusted base rate floor of 0.00% or 1.00%, respectively. At December 31, 2020, the Company had three interest rate swaps outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $400; each of the interest rate swaps mature on March 31, 2023. Chemours recognized a pre-tax loss of $4 for the year ended December 31, 2020 within accumulated other comprehensive loss. For the year ended December 31, 2020, less than $1 of loss was reclassified to interest expense, net from accumulated other comprehensive loss. The Company expects to reclassify an approximate $2 of net loss from accumulated other comprehensive loss to interest expense, net over the next 12 months. Net Investment Hedge – Foreign Currency Borrowings The Company recognized a pre-tax loss of $88 and pre-tax gains of $20 and $32 for the years ended December 31, 2020, 2019, and 2018, respectively, on its net investment hedge within accumulated other comprehensive loss. No amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the years ended December 31, 2020, 2019, and 2018. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative assets and liabilities at December 31, 2020 and 2019. Fair Value Using Level 2 Inputs Balance Sheet Location December 31, 2020 December 31, 2019 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net (Note 11) $ 4 $ 1 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net (Note 11) — 1 Total asset derivatives $ 4 $ 2 Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities (Note 19) $ 1 $ 1 Foreign currency forward contracts designated as a cash flow hedge Other accrued liabilities (Note 19) 4 — Interest rate swaps designated as a cash flow hedge Other accrued liabilities (Note 19) 3 — Total liability derivatives $ 8 $ 1 The Company’s foreign currency forward contracts and interest rate swaps are classified as Level 2 financial instruments within the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data, and are subjected to tolerance and/or quality checks. Summary of Financial Instruments The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the years ended December 31, 2020, 2019, and 2018. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Year Ended December 31, Goods Sold Expense, Net (Expense), Net Loss 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 29 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — (4 ) Interest rate swaps designated as a cash flow hedge — — — (4 ) Euro-denominated debt designated as a net investment hedge — — — (88 ) 2019 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ (2 ) $ — Foreign currency forward contracts designated as a cash flow hedge 10 — — 6 Euro-denominated debt designated as a net investment hedge — — — 20 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 |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Long-term Employee Benefits | Note 27. 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 provided an enhanced 401(k) contribution for employees who previously participated in EID’s pension plan. The enhanced benefits consisted of an additional contribution of 1% to 7% of the employee’s eligible compensation, depending upon the employee’s length of service with EID at the time of the Separation. The enhancement ended in 2019. Plans Covering Employees Outside the U.S. Pension coverage for employees of Chemours’ non-U.S. subsidiaries is provided, to the extent deemed appropriate, through separate plans established after the Separation and comparable to the EID plans in those countries. Obligations under such plans are either funded by depositing funds with trustees, covered by insurance contracts, or unfunded. In the fourth quarter of 2019, the Company, through its wholly-owned subsidiary Chemours Netherlands B.V., completed a settlement transaction related to a significant portion of its Netherlands pension plan. The Company transferred the future risk and administration associated with the $932 of its inactive participants’ vested pension benefits to a third-party asset management company in the Netherlands. The irrevocability of the transaction was contingent upon non-objection by the Dutch National Bank, which was received in October 2019. Following the receipt of non-objection, the responsibility for the associated pension obligation was transferred to the third-party asset management company in December 2019, thereby eliminating the Company’s exposure to the pension liabilities and formally effecting the settlement. At the time of settlement, a remeasurement of plan assets and projected benefit obligations was performed, resulting in a $158 decrease to net pension assets and increase to accumulated other comprehensive loss on the consolidated balance sheet. The cumulative loss associated with the inactive participants’ vested pension benefits was then immediately reclassified from accumulated other comprehensive loss and recognized in earnings, resulting in a charge of $380 recognized in other expense, net in the consolidated statements of operations. At December 31, 2019, the projected benefit obligations associated with the plan’s active employees remained on the Company’s consolidated balance sheet. The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Service cost $ (15 ) $ (13 ) $ (14 ) Interest cost (6 ) (17 ) (16 ) Expected return on plan assets 17 48 58 Amortization of actuarial loss (9 ) (18 ) (12 ) Amortization of prior service gain 3 2 2 Settlement loss (5 ) (383 ) — Curtailment gain 1 — — Total net periodic pension (cost) income $ (14 ) $ (381 ) $ 18 Net gain (loss) $ 4 $ (144 ) $ (115 ) Prior service (cost) benefit (1 ) 5 — Amortization of actuarial loss 9 18 16 Amortization of prior service gain (3 ) (2 ) (2 ) Settlement loss 5 383 — Curtailment gain 4 — — Effect of foreign exchange rates (9 ) 7 8 Benefit (cost) recognized in other comprehensive income 9 267 (93 ) Total changes in plan assets and benefit obligations recognized in other comprehensive income $ (5 ) $ (114 ) $ (75 ) The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Net loss $ 143 $ 151 $ 419 Prior service credit (12 ) (14 ) (10 ) Total amount recognized in accumulated other comprehensive loss $ 131 $ 137 $ 409 The following table sets forth summarized information on the Company’s pension plans at December 31, 2020 and 2019. December 31, 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 507 $ 1,168 Service cost 15 13 Interest cost 6 17 Plan participants’ contributions 2 2 Actuarial loss 33 313 Benefits paid (2 ) (37 ) Plan amendments — (5 ) Settlements and transfers (24 ) (945 ) Currency translation 47 (19 ) Benefit obligation at end of year 584 507 Change in plan assets: Fair value of plan assets at beginning of year 500 1,268 Actual return on plan assets 55 217 Employer contributions 20 19 Plan participants’ contributions 2 2 Benefits paid (2 ) (37 ) Settlements and transfers (21 ) (945 ) Currency translation 50 (24 ) Fair value of plan assets at end of year 604 500 Total funded status at end of year $ 20 $ (7 ) The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2020 and 2019. December 31, 2020 2019 Non-current assets $ 79 $ 59 Current liabilities (2 ) (2 ) Non-current liabilities (57 ) (64 ) Total net amount recognized $ 20 $ (7 ) The accumulated benefit obligation for all pension plans was $513 and $445 as of December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, the liability component of the Company’s global pension plans generated a net actuarial loss of $33, driven by a decrease in discount rates that resulted in a loss of $38 across all plans. This loss was partially offset by a gain of $7 related to a change in the mortality assumption in the Netherlands, as well as a gain of $1 from changes in other demographic assumptions. The Company also recorded an additional loss of $3 from unfavorable actuarial experience and other assumption changes. The asset component of the Company’s global pension plans generated an actual return on plan assets of $55, driven by favorable performance on equities and bonds that resulted in incremental gains of $38 in the plans’ investment portfolios. 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, 2020 and 2019. December 31, Pension plans with projected benefit obligation in excess of plan assets 2020 2019 Projected benefit obligation $ 175 $ 178 Accumulated benefit obligation 148 150 Fair value of plan assets 116 111 December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2020 2019 Projected benefit obligation $ 153 $ 178 Accumulated benefit obligation 131 150 Fair value of plan assets 98 111 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, 2020 and 2019. December 31, Weighted-average assumptions used to determine benefit obligations 2020 2019 Discount rate 1.0 % 1.4 % Rate of compensation increase (1) 2.5 % 2.6 % Interest crediting rate (2) 1.3 % 1.5 % (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. (2) The interest crediting rate, which is applicable only for account balance type plans, represents the single effective annual account balance increase that an average participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2020 2019 Discount rate 1.4 % 2.0 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 3.2 % 4.1 % (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, 2020 and 2019. December 31, 2020 2019 Cash and cash equivalents 7 % 8 % U.S. and non-U.S. equity securities 37 % 52 % Fixed income securities 56 % 40 % 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, 2020 and 2019. Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Asset category: Debt - government issued $ 60 $ 10 $ 50 Debt - corporate issued 158 42 116 U.S. and non-U.S. equities 220 33 187 Derivatives - asset position 93 — 93 Cash and cash equivalents 43 43 — Other 2 — 2 Total pension assets at fair value 576 $ 128 $ 448 Pooled mortgage funds (1) 28 Total pension assets $ 604 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of our request and the availability of funds. Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy. Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Asset category: Debt - government issued $ 150 $ 9 $ 141 Debt - corporate issued 51 47 4 U.S. and non-U.S. equities 102 101 1 Mutual funds 135 — 135 Derivatives - asset position 28 — 28 Cash and cash equivalents 41 41 — Other 2 2 — Total pension assets at fair value 509 $ 200 $ 309 Pension trust payables, net (1) (9 ) Total pension assets $ 500 (1) Pension trust payables are primarily for investments purchased and received but not yet paid. For pension plan assets classified as Level 1 instruments within the fair value hierarchy, total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 instruments within the fair value hierarchy, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established, recognized vendors of market data and subjected to tolerance and/or quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates, and implied volatilities obtained from various market sources. With the exception of pooled mortgage funds, pooled funds are valued at the per-unit NAV as determined by the fund manager based on the value of the underlying traded securities. Cash Flows – Defined Benefit Plans Employer Contributions For the years ended December 31, 2020, 2019, and 2018, Chemours contributed $20, $19, and $15, respectively, to its defined benefit plans. Chemours expects to contribute $16 to its pension plans in 2021. The Company’s future contributions to its defined benefit pension plans are dependent on market-based discount rates, and, as stated in “Note 2 – Basis of Presentation” to these consolidated financial statements, may differ due to the impacts of the COVID-19 pandemic on the macroeconomic environment. Future Benefit Payments The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter. 2021 $ 10 2022 10 2023 13 2024 15 2025 15 2026 to 2030 98 Cash Flows – Defined Contribution Plan Employer Contributions For the years ended December 31, 2020, 2019, and 2018, Chemours contributed $27, $34, and |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | Note 28. Geographic and Segment Information Geographic Information The following table sets forth the geographic locations of the Company’s net sales for the years ended and property, plant, and equipment, net as of December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 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 $ 1,914 $ 2,461 $ 2,144 $ 2,533 $ 2,378 $ 2,279 Asia Pacific 1,384 121 1,543 121 1,720 124 Europe, the Middle East, and Africa 1,086 324 1,163 294 1,685 293 Latin America (2) 585 568 676 611 855 595 Total $ 4,969 $ 3,474 $ 5,526 $ 3,559 $ 6,638 $ 3,291 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. Segment Information Chemours’ operations consist of four reportable segments based on similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. Corporate costs and certain legal and environmental expenses, stock-based compensation expenses, and foreign exchange gains and losses arising from the remeasurement of balances in currencies other than the functional currency of the Company’s legal entities are reflected in Corporate and Other. During the fourth quarter of 2020, the Company changed the level of detail at which its CODM regularly reviews and manages certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure. Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is the primary measure of segment profitability used by the Company’s CODM and is defined as income (loss) before income taxes, excluding the following: • interest expense, depreciation, and amortization; • non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension (income) costs excluding the service cost component; • exchange (gains) losses included in other income (expense), net; • restructuring, asset-related, and other charges; • (gains) losses on sales of assets and businesses; and, • other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently. The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended, December 31, 2020, 2019, and 2018. Year Ended December 31, Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total 2020 Net sales to external customers (1) $ 2,402 $ 1,105 $ 1,104 $ 358 $ 4,969 Adjusted EBITDA 510 354 126 73 1,063 Depreciation and amortization 128 53 88 21 290 Equity in earnings of affiliates — 6 17 — 23 Total assets 2,130 1,041 1,520 531 5,222 Investments in affiliates — 66 101 — 167 Purchases of property, plant, and equipment 89 28 109 25 251 2019 Net sales to external customers (1) $ 2,345 $ 1,318 $ 1,330 $ 533 $ 5,526 Adjusted EBITDA 505 398 180 80 1,163 Depreciation and amortization 121 52 84 22 279 Equity in earnings of affiliates — 11 18 — 29 Total assets 2,291 1,061 1,521 574 5,447 Investments in affiliates — 64 98 — 162 Purchases of property, plant, and equipment 121 32 169 40 362 2018 Net sales to external customers (1) $ 3,174 $ 1,497 $ 1,365 $ 602 $ 6,638 Adjusted EBITDA 1,055 542 241 64 1,902 Depreciation and amortization 119 37 80 20 256 Equity in earnings of affiliates — 17 26 — 43 Total assets 2,354 1,187 1,557 623 5,721 Investments in affiliates — 61 99 — 160 Purchases of property, plant, and equipment 91 156 118 75 440 (1) Segment net sales to external customers are provided by product group in “Note 5 – Net Sales”. The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2020 Depreciation and amortization $ 290 $ 30 $ 320 Total assets 5,222 1,860 7,082 Purchases of property, plant, and equipment 251 16 267 2019 Depreciation and amortization $ 279 $ 32 $ 311 Total assets 5,447 1,811 7,258 Purchases of property, plant, and equipment 362 119 481 2018 Depreciation and amortization $ 256 $ 28 $ 284 Total assets 5,721 1,641 7,362 Purchases of property, plant, and equipment 440 58 498 The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Segment Adjusted EBITDA $ 1,063 $ 1,163 $ 1,902 Corporate and Other expenses (excluding items below) (184 ) (143 ) (162 ) Interest expense, net (210 ) (208 ) (195 ) Depreciation and amortization (320 ) (311 ) (284 ) Non-operating pension and other post-retirement employee benefit income (cost) (1) 1 (368 ) 27 Exchange (losses) gains, net (26 ) (2 ) 1 Restructuring, asset-related, and other charges (2) (80 ) (87 ) (49 ) Loss on extinguishment of debt (22 ) — (38 ) Gain on sales of assets and businesses (3) 8 10 45 Transaction costs (4) (2 ) (3 ) (9 ) Legal and environmental charges (5) (49 ) (175 ) (82 ) Other charges — — (1 ) Income (loss) before income taxes $ 179 $ (124 ) $ 1,155 (1) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. Refer to “Note 27 – Long-term Employee Benefits” for further details. (2) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges”. (3) The year ended December 31, 2020 includes a gain of $6 recognized in connection with the sale of the Company’s Oakley, California site. The year ended December 31, 2019 includes a non-cash gain of $9 recognized in connection with the sale of the Company’s Repauno, New Jersey site. The year ended December 31, 2018 includes gains of $3 and $42 recognized in connection with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. (4) 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. (5) Legal charges pertain to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. The year ended December 31, 2020 includes $29 incurred in connection with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. Environmental charges pertain to management’s assessment of estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The year ended December 31, 2020 includes $5 primarily related to detailed engineering design for on-site remediation projects at Fayetteville, as well as $8 based on the aforementioned assessment associated with certain estimated liabilities at Fayetteville. The year ended December 31, 2019 includes $168 in additional charges related to the approved final Consent Order associated with certain matters at Fayetteville. The year ended December 31, 2018 includes $63 in additional charges for the estimated liability associated with Fayetteville. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Change in Segment Reporting | Change in Segment Reporting During the fourth quarter of 2020, the Company changed the level of detail at which its Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) (together, the Chief Operating Decision Maker, or “CODM”) regularly review and manage certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). The Company now manages and reports its operating results through four reportable segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure. |
Preparation of Financial Statements | Preparation of Financial Statements The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences, facts, and circumstances available at the time and various other assumptions that management believes are reasonable. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Chemours and its subsidiaries, as well as entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests. Investments in companies in which Chemours, directly or indirectly, owns 20% to 50% of the voting stock, or has the ability to exercise significant influence over the operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Chemours’ share of the earnings or losses of such equity affiliates is included in the consolidated statements of operations, and Chemours’ share of such equity affiliates’ equity is included in the consolidated balance sheets. The Company assesses the requirements related to the consolidation of any variable interest entity (“VIE”), including a qualitative assessment of power and economics that considers which entity has the power to direct the activities that most significantly impact the VIE’s economic performance, and has the right to receive any benefits or the obligation to absorb any losses of the VIE. No such VIE was consolidated by the Company for the periods presented. All intercompany accounts and transactions were eliminated in the preparation of the accompanying consolidated financial statements. |
Revenue Recognition | Revenue Recognition Chemours recognizes revenue using a five-step model, resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. A contract with a customer exists when: (i) the Company enters into an enforceable agreement that defines each party’s rights regarding the goods or services to be transferred, and the related payment terms; (ii) the agreement has commercial substance; and, (iii) it is probable that the Company will collect the consideration to which it is entitled in the exchange. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price is the customary amount of consideration that the Company expects to be entitled to in exchange for a transfer of the promised goods or services to a customer, excluding any amounts collected by the Company on behalf of third parties (e.g., sales and use taxes). Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the critical events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The Company’s revenue from contracts with customers is reflected in the consolidated statements of operations as net sales, the vast majority of which represents product sales that consist of a single performance obligation. Product sales to customers are made under a purchase order (“PO”), or in certain cases, in accordance with the terms of a master services agreement (“MSA”) or similar arrangement, which documents the rights and obligations of each party to the contract. When a customer submits a PO for product or requests product under an MSA, a contract for a specific quantity of distinct goods at a specified price is created, and the Company’s performance obligation under the contract is satisfied when control of the product is transferred to the customer, which is indicated by shipment of the product and the transfer of title and the risk of loss to the customer. Revenue is recognized on consignment sales when control transfers to the customer, generally at the point of customer usage of the product. The transaction price for product sales is generally the amount specified in the PO or in the request under an MSA; however, as is common in Chemours’ industry, the Company offers variable consideration in the form of rebates, volume discounts, early payment discounts, pricing based on formulas or indices, price matching, and guarantees to certain customers. Such amounts are included in the Company’s estimated transaction price using either the expected value method or the most-likely amount, depending on the nature of the variable consideration included in the contract. The Company regularly assesses its customers’ creditworthiness, and product sales are made based on established credit limits. Payment terms for the Company’s invoices are typically less than 90 days. The Company also licenses the right to access certain of its trademarks to customers under specified terms and conditions in certain arrangements, which is recognized as a component of net sales in the consolidated statements of operations. Under such arrangements, the Company may receive a royalty payment for a trademark license that is entered into on a stand-alone basis or incorporated into an overall product sales arrangement. Royalty income is generally based on customer sales and recognized under the sales-based exception as the customer sale occurs. When minimum guaranteed royalty amounts are included in the transaction price, the Company recognizes royalty income ratably over the license period for the minimum amount. When there is no consideration specified for the use of the Company’s trademark, the entire transaction price is recognized in connection with the transfer of control of product. Royalty income resulting from the right to use the Company’s technology is considered outside the scope of revenue recognition under GAAP as it is not a part of the Company’s ongoing major or central activities, and is recognized as a component of other income (expense), net in the consolidated statements of operations in accordance with agreed-upon terms at the point or points in time that performance obligations are satisfied. Consistent with the fact that the vast majority of the Company’s payment terms are less than 90 days from the point at which control of the promised goods or services is transferred, no adjustments have been made for the effects of a significant financing component. Additionally, the Company has elected to recognize the incremental costs associated with obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have recognized is one year or less. Amounts billed to customers for shipping and handling fees are considered a fulfillment cost and are included in net sales, and the costs incurred by the Company for the delivery of goods are classified as a component of the cost of goods sold in the consolidated statements of operations. |
Research and Development Expense | Research and Development Expense Research and development (“R&D”) costs are expensed as incurred. R&D expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Provision for (Benefit from) Income Taxes | Provision for (Benefit from) Income Taxes The provision for (benefit from) income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year, plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of Chemours’ assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. The Company’s deferred tax assets and liabilities are presented on a net basis by jurisdictional filing group. Net deferred tax assets are presented as a component of other assets, while net deferred tax liabilities are presented as a component of deferred income taxes on the Company’s consolidated balance sheets. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that a tax benefit will not be realized. Chemours recognizes income tax positions that meet the more-likely-than-not threshold and accrues any interest related to unrecognized income tax positions in the provision for (benefit from) income taxes in the consolidated statements of operations. The Company also recognizes income tax-related penalties in the provision for (benefit from) income taxes. |
Earnings Per Share | Earnings Per Share Chemours presents both basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing the total net income (loss) attributable to Chemours by the weighted-average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if the Company’s outstanding stock-based compensation awards, including any unvested restricted shares, were vested and exercised, thereby resulting in the issuance of common stock as determined under the treasury stock method. In periods where the Company incurs a net loss, stock-based compensation awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents generally include cash, time deposits, or highly liquid investments with maturities of three months or less at the time of acquisition. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts Accounts and notes receivables are recognized net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the best estimate of losses inherent in Chemours’ accounts and notes receivable portfolio, which is determined by assessing expected credit losses on the basis of historical experience, specific allowances for known troubled accounts, and other available evidence. Accounts and notes receivable are written off when management determines that they are uncollectible. |
Inventories | Inventories Chemours’ 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. |
Leases | Leases The Company’s lease assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. Operating leases are included in operating lease right-of-use assets, other accrued liabilities, and operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant, and equipment, net, short-term and current maturities of long-term debt, and long-term debt, net, on the Company’s consolidated balance sheets. The Company’s incremental borrowing rate, which is based on information available at the adoption date of January 1, 2019 for existing leases and the commencement date for leases commencing after the adoption date, is used to determine the present value of lease payments. The Company combines lease components with non-lease components for all classes of assets, except for certain manufacturing facilities. The Company does not recognize leases with an initial term of 12 months or less on its consolidated balance sheets and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Certain leases contain variable payments which are based on usage or operating costs, such as utilities and maintenance. These payments are not included in the measurement of the right-of-use asset or lease liability due to the uncertainty of the payment amount and are recorded as lease expense in the period incurred. Leases with the options to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The excess of the purchase price over the estimated fair value of the net assets acquired in a business combination, including any identified intangible assets, is recorded as goodwill. Chemours tests its goodwill for impairment at least annually on October 1; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Goodwill is evaluated for impairment at the reporting unit level, which is defined as an operating segment, or one level below an operating segment. A reporting unit is the level at which discrete financial information is available and reviewed by business management on a regular basis. An impairment exists when the carrying value of a reporting unit exceeds its fair value. The amount of impairment loss recognized in the consolidated statements of operations is equal to the excess of a reporting unit’s carrying value over its fair value, which is limited to the total amount of goodwill allocated to the reporting unit. Chemours has the option to first qualitatively assess whether it is more-likely-than-not that an impairment exists for a reporting unit. Such qualitative factors include, among other things, prevailing macroeconomic conditions, industry and market conditions, changes in costs associated with raw materials, labor, or other inputs, the Company’s overall financial performance, and certain other entity-specific events that impact Chemours’ reporting units. When performing a quantitative test, the Company weights the results of an income-based valuation technique, the discounted cash flows method, and a market-based valuation technique, the guideline public companies method, to determine its reporting units’ fair values. Definite-lived intangible assets, such as purchased and licensed technology, patents, trademarks, 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 periodically 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 litigation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. When a material loss contingency is reasonably possible, but not probable, we do not record a liability, but instead disclose the nature of the matter and an estimate of the loss or range of loss, to the extent such estimate can be made. Litigation-related liabilities and expenditures included in the consolidated financial statements include legal matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period that services are rendered. |
Environmental Liabilities and Expenditures | Environmental Liabilities and Expenditures Chemours accrues for environmental remediation matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Where the available information is only sufficient to establish a range of probable liability, and no point within the range is more likely than any other, the lower end of the range has been used. Estimated liabilities are determined based on existing remediation laws and technologies and the Company’s planned remedial responses, which are derived from environmental studies, sampling, testing, and analyses Environmental liabilities and expenditures include claims for matters that are liabilities of EID and its subsidiaries, which Chemours may be required to indemnify pursuant to the Separation-related agreements executed prior to the Separation. These accrued liabilities are undiscounted and do not include claims against third parties, 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 that the associated liability is accrued and are reflected as a component of the cost of goods sold for on-site remediation costs or as a component of selling, general, and administrative expense for off-site remediation costs in the consolidated statements of operations. Other environmental costs are also charged to expense in the period incurred, unless they extend the useful life of the property, increase the property’s capacity, and/or reduce or prevent contamination from future operations, in which case they are capitalized and amortized. Pursuant to the binding Memorandum of Understanding (“MOU”) entered into between Chemours, DuPont, Corteva, and EID, as further discussed in “Note 22 – Commitments and Contingent Liabilities”, costs specific to potential future legacy PFAS liabilities are subject to a cost-sharing arrangement between the parties. Any recoveries of Qualified Spend (as further described in “Note 22 – Commitments and Contingent Liabilities” and as defined in the MOU) from DuPont and/or Corteva under the cost-sharing arrangement will be recognized as an offset to the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when realizable. Any Qualified Spend incurred by DuPont and/or Corteva under the cost-sharing arrangement will be recognized in the Company’s cost of goods sold or selling, general, and administrative expense, as applicable, when the amounts of such costs are probable and estimable. |
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. |
Financial Instruments | Financial Instruments In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency and interest rate risks. The Company has established a financial risk management program, which currently includes four distinct risk management instruments: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from remeasuring its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; (iii) interest rate swaps, which are used to mitigate the volatility in the Company’s cash payments for interest due to fluctuations in LIBOR, as is applicable to the portion of the Company’s senior secured term loan facility denominated in U.S. dollars; and, (iv) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity caused by changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of its international subsidiaries that use the euro as their functional currency. The Company’s financial risk management program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The program operates within Chemours’ financial risk management policies and guidelines, and the Company does not enter into derivative financial instruments for trading or speculative purposes. The Company’s foreign currency forward contracts that are used as a net monetary assets and liabilities hedge are not part of a cash flow hedge program or a fair value hedge program, and have not been designated as a hedge. For these instruments, a ll gains and losses resulting from the revaluation of derivative assets and liabilities are recognized in other income (expense), net in the consolidated statements of operations during the period in which they occur, and any such gains or losses are intended to be offset by any gains or losses on the underlying asset or liability. For the Company’s foreign currency forward contracts that have been designated under a cash flow hedge program, a ll gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur , and are reclassified to the cost of goods sold in the consolidated statements of operations during the period in which the underlying transactions affect earnings, or when it becomes probable that the forecasted transactions will not occur . For the Company’s interest rate swaps that have been designated under a cash flow hedge program, all gains and losses resulting from the revaluation of the derivative instruments are recognized as a component of accumulated other comprehensive loss on the consolidated balance sheets during the period in which they occur , and are reclassified to interest expense, net in the consolidated statements of operations during the period in which the underlying transaction affects earnings . For the Company’s euro-denominated debt instruments, which are designated as a net investment hedge, changes due to remeasurement are included in accumulated other comprehensive loss on the consolidated balance sheets. Chemours’ uses the spot method to evaluate the effectiveness of its net investment hedge. Financial instruments are reported on a gross basis on the consolidated balance sheets. |
Foreign Currency Translation | Foreign Currency Translation Chemours identifies its separate and distinct foreign entities and groups them into two categories: (i) extensions of the parent (U.S. dollar functional currency); and, (ii) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated, and a judgment is made to determine the functional currency. Chemours changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances clearly indicate that the functional currency has changed. During the periods covered by the consolidated financial statements, part of Chemours’ business operated within foreign entities. For foreign entities where the U.S. dollar is the functional currency, all foreign currency-denominated asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates, with the exception of inventories, prepaid expenses, property, plant, and equipment, goodwill, and other intangible assets. These aforementioned assets are remeasured at historical exchange rates. Foreign currency-denominated revenue and expense amounts are measured at exchange rates in effect during the period, with the exception of expenses related to any balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into U.S. dollars at end-of-period exchange rates, and the resulting translation adjustments are reported as a component of accumulated other comprehensive loss on the consolidated balance sheets. Assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting exchange gains or losses are included in other income (expense), net in the consolidated statements of operations in the period in which they occurred. Revenues and expenses are translated into U.S. dollars at average exchange rates in effect during the period. |
Defined Benefit Plans | Defined Benefit Plans 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 Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Recently Adopted Accounting Guidance Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [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, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group | The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Net sales by geographic region (1) North America: Titanium Technologies $ 776 $ 727 $ 894 Thermal & Specialized Solutions 520 592 619 Advanced Performance Materials 407 512 524 Chemical Solutions 211 313 341 Total North America 1,914 2,144 2,378 Asia Pacific: Titanium Technologies 778 809 964 Thermal & Specialized Solutions 134 166 160 Advanced Performance Materials 450 507 515 Chemical Solutions 22 61 81 Total Asia Pacific 1,384 1,543 1,720 Europe, the Middle East, and Africa: Titanium Technologies 528 474 842 Thermal & Specialized Solutions 331 408 555 Advanced Performance Materials 202 258 270 Chemical Solutions 25 23 18 Total Europe, the Middle East, and Africa 1,086 1,163 1,685 Latin America (2): Titanium Technologies 320 335 474 Thermal & Specialized Solutions 120 152 163 Advanced Performance Materials 45 53 56 Chemical Solutions 100 136 162 Total Latin America 585 676 855 Total net sales $ 4,969 $ 5,526 $ 6,638 Net sales by segment and product group Titanium Technologies: Titanium dioxide and other minerals $ 2,402 $ 2,345 $ 3,174 Thermal & Specialized Solutions: Refrigerants 889 1,086 1,238 Foam, propellants, and other 216 232 259 Advanced Performance Materials: Fluoropolymers and advanced materials 1,104 1,330 1,365 Chemical Solutions: Mining solutions 203 268 289 Performance chemicals and intermediates 155 265 313 Total net sales $ 4,969 $ 5,526 $ 6,638 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Summary of Contract Balances from Contracts with Customers | The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2020 and 2019. December 31, 2020 2019 Accounts receivable - trade, net (1) $ 449 $ 602 Deferred revenue 12 15 Customer rebates 69 72 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and is net of allowances for doubtful accounts of $7 and $5 at December 31, 2020 and 2019, respectively. Such allowances are equal to the estimated uncollectible amounts. |
Research and Development Expe_2
Research and Development Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Titanium Technologies $ 31 $ 29 $ 28 Thermal & Specialized Solutions 18 17 19 Advanced Performance Materials 41 31 31 Chemical Solutions 2 2 2 Corporate and Other 1 1 2 Total research and development expense $ 93 $ 80 $ 82 |
Restructuring, Asset-Related,_2
Restructuring, Asset-Related, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program | The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Restructuring and other charges: Employee separation charges $ 17 $ 21 $ 14 Decommissioning and other charges 41 23 31 Total restructuring and other charges 58 44 45 Asset-related charges (1) 22 43 4 Total restructuring, asset-related, and other charges $ 80 $ 87 $ 49 (1) Asset-related charges for the years ended December 31, 2020 and 2019 are discussed in further detail below. 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. The following table sets forth the impacts of the Company’s restructuring programs to segment earnings for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Restructuring charges: Plant and product line closures: Chemical Solutions $ 4 $ 2 $ 4 Corporate and Other 1 18 9 Total plant and product line closures 5 20 13 2017 Restructuring Program: Titanium Technologies — 1 1 Thermal & Specialized Solutions — 1 4 Advanced Performance Materials — 1 5 Chemical Solutions — — 2 Corporate and Other (1 ) — 15 Total 2017 Restructuring Program (1 ) 3 27 2018 Restructuring Program: Corporate and Other — (1 ) 5 Total 2018 Restructuring Program — (1 ) 5 2019 Restructuring Program: Titanium Technologies — 5 — Thermal & Specialized Solutions 1 3 — Advanced Performance Materials 2 4 — Chemical Solutions — 1 — Corporate and Other — 9 — Total 2019 Restructuring Program 3 22 — 2020 Restructuring Program: Titanium Technologies 3 — — Thermal & Specialized Solutions 1 — — Advanced Performance Materials 3 — — Chemical Solutions 1 — — Corporate and Other 5 — — Total 2020 Restructuring Program 13 — — Total restructuring charges 20 44 45 Asset-related charges: Titanium Technologies — 9 — Advanced Performance Materials 10 — — Chemical Solutions 8 34 4 Corporate and Other 4 — — Total asset-related charges 22 43 4 Other charges: Titanium Technologies 1 — — Chemical Solutions 37 — — Total other charges 38 — — Total restructuring, asset-related, and other charges $ 80 $ 87 $ 49 |
Schedule of Restructuring Charges | The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the years ended December 31, 2020 and 2019. Chemical Solutions Site Closures 2015 Global Restructuring Program 2017 Restructuring Program 2018 Restructuring Program 2019 Restructuring Program 2020 Restructuring Program Total Balance at January 1, 2019 $ — $ 1 $ 10 $ 5 $ — $ — $ 16 (Credits) charges to income — (1 ) — (1 ) 22 — 20 Payments — — (9 ) (4 ) (8 ) — (21 ) Balance at December 31, 2019 — — 1 — 14 — 15 Charges (credits) to income 2 — (1 ) — 3 13 17 Payments — — — — (15 ) (10 ) (25 ) Balance at December 31, 2020 $ 2 $ — $ — $ — $ 2 $ 3 $ 7 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Components of Other Income (Expense) | The following table sets forth the components of the Company’s other income (expense), net for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Leasing, contract services, and miscellaneous income (1) $ 20 $ 51 $ 79 Royalty income (2) 18 16 10 Gain on sales of assets and businesses (3) 8 10 45 Exchange (losses) gains, net (4) (26 ) (2 ) 1 Non-operating pension and other post-retirement employee benefit income (cost) (5) 1 (368 ) 27 Total other income (expense), net $ 21 $ (293 ) $ 162 (1) Leasing, contract services, and miscellaneous income includes European Union fluorinated greenhouse gas quota authorization sales of $3, $41, and $67 (2) Royalty income for the years ended December 31, 2020, 2019, and 2018 is primarily from technology licensing. (3) For the year ended December 31, 2020, gain on sale includes a $6 gain associated with the sale of the Company’s Oakley, California site, which was contingent upon the completion of certain environmental remediation activities at the site. For the year ended December 31, 2019, gain on sale includes a non-cash gain of $9 recognized in connection with the Company’s sale of its Repauno, New Jersey site; the gain had been deferred until certain environmental obligations were fulfilled. (4) Exchange (losses) gains, net includes gains and losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge. (5) Non-operating pension and other post-retirement employee benefit income (cost) represents the components of net periodic pension income (cost), excluding the service cost component. The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. Refer to “Note 27 – Long-term Employee Benefits” for further details. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Current tax expense (benefit): U.S. federal $ 4 $ 13 $ 23 U.S. state and local 1 (1 ) 4 International 75 79 110 Total current tax expense 80 91 137 Deferred tax expense (benefit): U.S. federal (86 ) (77 ) 20 U.S. state and local (12 ) (5 ) 3 International (22 ) (81 ) (1 ) Total deferred tax (benefit) expense (120 ) (163 ) 22 Total (benefit from) provision for income taxes $ (40 ) $ (72 ) $ 159 |
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, 2020 and 2019. December 31, 2020 2019 Deferred tax assets: Environmental and other liabilities $ 103 $ 99 Accrued litigation 21 37 Stock-based compensation and accrued employee benefits 50 29 Other assets and other accrued liabilities 43 19 Tax attribute carryforwards 134 96 Operating lease liability 60 75 Foreign tax credit carryforwards 7 18 Total deferred tax assets 418 373 Less: Valuation allowance (24 ) (10 ) Total deferred tax assets, net 394 363 Deferred tax liabilities: Pension and other liabilities (12 ) (7 ) Property, plant, and equipment (258 ) (320 ) Operating lease asset (56 ) (71 ) Inventories and other assets (8 ) (43 ) Total deferred tax liabilities (334 ) (441 ) Deferred tax assets (liabilities), net $ 60 $ (78 ) |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 $ % $ % $ % Statutory U.S. federal income tax rate $ 38 21.0 % $ (26 ) 21.0 % $ 243 21.0 % State income taxes, net of federal benefit (11 ) (6.1 )% (7 ) 5.6 % 7 0.6 % Lower effective tax rate on international operations, net (34 ) (19.0 )% (28 ) 22.7 % (44 ) (3.8 )% Depletion (6 ) (3.4 )% (5 ) 4.0 % (6 ) (0.5 )% Exchange gains — — % (7 ) 5.6 % (4 ) (0.3 )% Provision to return and other adjustments (37 ) (20.6 )% (4 ) 3.2 % (9 ) (0.8 )% Valuation allowance 13 7.3 % 8 (6.5 )% (15 ) (1.3 )% Net impact of U.S. tax reform — — % — — % (10 ) (0.9 )% Stock-based compensation — — % (14 ) 11.4 % (14 ) (1.2 )% Executive compensation limitation 1 0.6 % 9 (7.3 )% 4 0.3 % R&D credit (7 ) (3.8 )% (6 ) 4.8 % (5 ) (0.4 )% Uncertain tax positions (1 ) (0.5 )% 7 (5.6 )% 2 0.2 % Other, net 4 2.2 % 1 (0.8 )% 10 0.9 % Total effective tax rate $ (40 ) (22.3 )% $ (72 ) 58.1 % $ 159 13.8 % |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 U.S. operations (including exports) $ (136 ) $ (375 ) $ 114 International operations 315 251 1,041 Total income (loss) before income taxes $ 179 $ (124 ) $ 1,155 |
Schedule of open tax years by significant jurisdiction | The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed. Jurisdiction Open Years China 2015 through 2020 India 2015 through 2020 Mexico 2015 through 2020 Netherlands 2017 through 2020 Singapore 2016 through 2020 Switzerland 2017 through 2020 Taiwan 2015 through 2020 U.S. 2017 through 2020 |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 9 $ 2 $ — Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period (2 ) — — Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 1 7 2 Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (1 ) — — Balance at December 31, $ 7 $ 9 $ 2 Total unrecognized tax benefits, if recognized, that would impact the effective tax rate $ 8 $ 9 $ 2 Total amount of interest and penalties recognized in the consolidated statements of operations 1 — — Total amount of interest and penalties recognized in the consolidated balance sheets 1 — — |
Summary of Deferred Tax Asset Valuation Allowance | The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 10 $ 2 $ 17 Net charges to income tax expense 14 8 — Release of valuation allowance — — (15 ) Balance at December 31, $ 24 $ 10 $ 2 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliations of the numerators and denominators for the Company’s basic and diluted earnings per share calculations for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Numerator: Net income (loss) attributable to Chemours $ 219 $ (52 ) $ 995 Denominator: Weighted-average number of common shares outstanding - basic 164,681,827 164,816,839 176,968,554 Dilutive effect of the Company’s employee compensation plans (1) 1,664,702 — 5,603,467 Weighted-average number of common shares outstanding - diluted (1) 166,346,529 164,816,839 182,572,021 Basic earnings (loss) per share of common stock $ 1.33 $ (0.32 ) $ 5.62 Diluted earnings (loss) per share of common stock (1) 1.32 (0.32 ) 5.45 (1) In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of earnings per share as its inclusion would have an anti-dilutive effect. |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Average number of stock options 3,839,845 2,206,609 393,016 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Accounts receivable - trade, net (1,2) $ 449 $ 602 VAT, GST, and other taxes (3) 49 59 Other receivables (4) 13 13 Total accounts and notes receivable, net $ 511 $ 674 (1) Accounts receivable - trade, net includes trade notes receivable of less than $1 and is net of allowances for doubtful accounts of $7 and $5 at December 31, 2020 and 2019, respectively. Such allowances are equal to the estimated uncollectible amounts. (2) On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (3) Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions. (4) Other receivables consist of derivative instruments, advances, and other deposits. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Net [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventories at December 31, 2020 and 2019. December 31, 2020 2019 Finished products $ 579 $ 589 Semi-finished products 180 189 Raw materials, stores, and supplies 433 559 Inventories before LIFO adjustment 1,192 1,337 Less: Adjustment of inventories to LIFO basis (253 ) (258 ) Total inventories $ 939 $ 1,079 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Equipment $ 7,816 $ 7,600 Buildings 1,198 1,174 Construction-in-progress 421 493 Land 111 110 Mineral rights 36 36 Property, plant, and equipment 9,582 9,413 Less: Accumulated depreciation (6,108 ) (5,854 ) Total property, plant, and equipment, net $ 3,474 $ 3,559 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Locations | The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Lease assets: Operating lease right-of-use assets Operating lease right-of-use assets $ 236 $ 294 Finance lease assets Property, plant, and equipment, net (Note 13) 69 58 Total lease assets $ 305 $ 352 Lease liabilities: Current: Operating lease liabilities Other accrued liabilities (Note 19) $ 57 $ 66 Finance lease liabilities Short-term and current maturities of long-term debt (Note 20) 7 5 Total current lease liabilities 64 71 Non-current: Operating lease liabilities Operating lease liabilities 194 245 Finance lease liabilities Long-term debt, net (Note 20) 67 54 Total non-current lease liabilities 261 299 Total lease liabilities $ 325 $ 370 |
Schedule of Components of Company's Lease Cost | The following table sets forth the components of the Company’s lease cost for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Operating lease cost $ 88 $ 99 Short-term lease cost 5 5 Variable lease cost 20 16 Finance lease cost: Amortization of lease assets 8 5 Interest on lease liabilities 4 2 Total lease cost $ 125 $ 127 |
Schedule of Cash Flows Related to Company's Leases | The following table sets forth the cash flows related to the Company’s leases for the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 91 $ 101 Operating cash flows from finance leases 4 2 Financing cash flows from finance leases 6 3 Non-cash lease liabilities activity: Leased assets obtained in exchange for new operating lease liabilities $ 23 $ 48 Leased assets obtained in exchange for new finance lease liabilities 19 62 |
Schedule of Weighted-Average Terms and Weighted-Average Discount Rates For Company's Leases | The following table sets forth the weighted-average terms and weighted-average discount rates for the Company’s leases at December 31, 2020 and 2019. December 31, 2020 2019 Weighted-average remaining lease term (years): Operating leases 8.6 8.5 Finance leases 7.9 9.2 Weighted-average discount rate: Operating leases 5.00 % 5.10 % Finance leases 5.40 % 5.90 % |
Schedule of Company's Lease Liabilities' Maturities for Next Five Years and Thereafter | The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter. Operating Leases Finance Leases Total 2021 $ 69 $ 12 $ 81 2022 52 11 63 2023 37 11 48 2024 30 11 41 2025 24 11 35 Thereafter 94 35 129 Total lease payments 306 91 397 Less: Imputed interest 55 17 72 Present value of lease liabilities $ 251 $ 74 $ 325 |
Summary of Future Minimum Lease Payments Related to Chemours Discovery Hub Financing Obligation | The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation . 2021 $ 6 2022 6 2023 7 2024 7 2025 7 Thereafter 154 Total payments $ 187 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, net by segment for the years ended December 31, 2020 and 2019. December 31, 2020 2019 Titanium Technologies: Balance at January 1, $ 13 $ 13 Balance at December 31, 13 13 Thermal & Specialized Solutions: Balance at January 1, 33 33 Balance at December 31, 33 33 Advanced Performance Materials: Balance at January 1, 56 56 Balance at December 31, 56 56 Chemical Solutions: Balance at January 1, 51 51 Balance at December 31, 51 51 Total goodwill, net $ 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, 2020 and 2019. December 31, 2020 December 31, 2019 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Customer lists $ 9 $ (9 ) $ — $ 9 $ (8 ) $ 1 Customer relationships 22 (12 ) 10 22 (8 ) 14 Patents 19 (19 ) — 19 (19 ) — Purchased trademarks 5 (3 ) 2 5 (3 ) 2 Purchased and licensed technology 3 (3 ) — 3 (3 ) — Other (1) 10 (8 ) 2 10 (6 ) 4 Total other intangible assets $ 68 $ (54 ) $ 14 $ 68 $ (47 ) $ 21 (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, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in Affiliates | The following table sets forth the jurisdiction, carrying value, and ownership percentages of the Company’s investments in affiliates at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Investee Jurisdiction Carrying Value Ownership Carrying Value Ownership Chemours-Mitsui Fluorochemicals Company, Ltd. Japan $ 104 50.0% $ 96 50.0% The Chemours Chenguang Fluoromaterials Company Limited China 32 50.0% 33 50.0% Changshu 3F Zhonghao New Chemical Materials Co., Ltd. China 31 10.0% 33 10.0% $ 167 $ 162 |
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, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Balance at January 1, $ 162 $ 160 $ 173 Equity in earnings of affiliates 23 29 43 Dividends (25 ) (28 ) (58 ) Currency translation and other 7 1 2 Balance at December 31, $ 167 $ 162 $ 160 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Capitalized repair and maintenance costs $ 198 $ 148 Pension assets (1) 79 59 Deferred income taxes 95 40 Miscellaneous 33 45 Total other assets $ 405 $ 292 (1) Pension assets represents the funded status of certain of the Company’s long-term employee benefit plans. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable | The following table sets forth the components of the Company’s accounts payable at December 31, 2020 and 2019. December 31, 2020 2019 Trade payables $ 820 $ 901 VAT and other payables 24 22 Total accounts payable $ 844 $ 923 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. December 31, 2020 2019 Compensation and other employee-related costs $ 107 $ 52 Employee separation costs (1) 7 15 Accrued litigation (2) 37 10 Environmental remediation (2) 95 74 Asset retirement obligations (2) 13 7 Income taxes 64 65 Customer rebates 69 72 Deferred revenue 7 7 Accrued interest 18 21 Operating lease liabilities (3) 57 66 Miscellaneous (4) 103 95 Total other accrued liabilities $ 577 $ 484 (1) Represents the current portion of accrued employee separation costs related to the Company’s restructuring activities, which are discussed further in “Note 7 – Restructuring, Asset-related, and Other Charges”. (2) Represents the current portions of accrued litigation, environmental remediation, and asset retirement obligations, which are discussed further in “Note 22 – Commitments and Contingent Liabilities”. (3) Represents the current portion of operating lease liabilities, which are discussed further in “Note 14 – Leases”. (4) Miscellaneous primarily includes accrued utility expenses, property taxes, an accrued indemnification liability, and other miscellaneous expenses. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2020 and 2019. December 31, 2020 2019 Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 875 $ 884 Tranche B-2 euro term loan due April 2025 (€340 at December 31, 2020 and €344 at December 31, 2019) 417 383 Senior unsecured notes: 6.625% due May 2023 — 908 7.000% due May 2025 750 750 4.000% due May 2026 (€450 at December 31, 2020 and 2019) 551 501 5.375% due May 2027 500 500 5.750% due November 2028 800 — Securitization Facility — 110 Finance lease liabilities 74 59 Financing obligation (1) 94 95 Other — 6 Total debt principal 4,061 4,196 Less: Unamortized issue discounts (7 ) (8 ) Less: Unamortized debt issuance costs (28 ) (28 ) Less: Short-term and current maturities of long-term debt (21 ) (134 ) Total long-term debt, net $ 4,005 $ 4,026 (1) At December 31, 2020 and 2019, financing obligation includes $94 and $95, respectively, in connection with the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. |
Schedule of Debt Principal Maturities | The following table sets forth the Company’s debt principal maturities for the next five years and thereafter. 2021 $ 13 2022 13 2023 13 2024 13 2025 1,990 Thereafter 1,851 Total principal maturities on debt $ 3,893 |
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. The carrying value of borrowings under the Securitization Facility approximate fair value based on the facility’s short-term nature and maturity. December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Senior secured term loans: Tranche B-2 U.S. dollar term loan due April 2025 $ 875 $ 862 $ 884 $ 865 Tranche B-2 euro term loan due April 2025 (€340 at December 31, 2020 and €344 at December 31, 2019) 417 413 383 378 Senior unsecured notes: 6.625% due May 2023 — — 908 917 7.000% due May 2025 750 774 750 755 4.000% due May 2026 (€450 at December 31, 2020 and 2019) 551 551 501 455 5.375% due May 2027 500 536 500 450 5.750% due November 2028 800 821 — — Securitization Facility — — 110 110 Total senior debt principal 3,893 $ 3,957 4,036 $ 3,930 Less: Unamortized issue discounts (7 ) (8 ) Less: Unamortized debt issuance costs (28 ) (28 ) Total senior debt, net $ 3,858 $ 4,000 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The following table sets forth the components of the Company’s other liabilities at December 31, 2020 and 2019. December 31, 2020 2019 Employee-related costs (1) $ 108 $ 113 Accrued litigation (2) 51 50 Environmental remediation (2) 295 332 Asset retirement obligations (2) 63 69 Deferred revenue 5 8 Miscellaneous (3) 68 61 Total other liabilities $ 590 $ 633 (1) Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans. (2) Represents the long-term portions of accrued litigation, environmental remediation, and asset retirement obligations, which are discussed further in “Note 22 – Commitments and Contingent Liabilities”. (3) Miscellaneous primarily includes an accrued indemnification liability of $37 and $41 at December 31, 2020 and 2019, respectively. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. Year Ended December 31, 2020 2019 Balance at January 1, $ 76 $ 66 Obligations incurred or acquired 12 5 (Decrease) increase in estimated cash outflows (14 ) 4 Accretion expense 4 4 Settlements and payments (2 ) (3 ) Balance at December 31, $ 76 $ 76 Current portion $ 13 $ 7 Non-current portion 63 69 |
Schedule of Components of Accrued Litigation | The following table sets forth the components of the Company’s accrued litigation at December 31, 2020 and 2019. December 31, 2020 2019 Asbestos $ 34 $ 34 PFOA (1) 50 20 All other matters 4 6 Total accrued litigation $ 88 $ 60 (1) At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s accrued litigation and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Accrued Litigation: Current accrued litigation (1) Other accrued liabilities (Note 19) $ 37 $ 10 Long-term accrued litigation Other liabilities (Note 21) 51 50 Total accrued litigation $ 88 $ 60 (1) At December 31, 2020, current accrued litigation includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Schedule of Components of Environmental Remediation Liabilities | The following table sets forth the components of the Company’s environmental remediation liabilities at December 31, 2020 and 2019 for the five sites that are deemed the most significant by management, including Fayetteville as further discussed below. December 31, 2020 2019 Chambers Works, Deepwater, New Jersey $ 20 $ 20 East Chicago, Indiana 11 17 Fayetteville Works, Fayetteville, North Carolina 194 201 Pompton Lakes, New Jersey 42 43 USS Lead, East Chicago, Indiana 12 13 All other sites 111 112 Total environmental remediation $ 390 $ 406 |
Schedule of Current and Long-term Components of Environmental Remediation Accrual and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s environmental remediation liabilities and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Environmental Remediation: Current environmental remediation Other accrued liabilities (Note 19) $ 95 $ 74 Long-term environmental remediation Other liabilities (Note 21) 295 332 Total environmental remediation $ 390 $ 406 |
Schedule of On-Site and Off-Site Components of Accrued Environmental Remediation Liabilities Related to PFAS | The following table sets forth the on-site and off-site components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville at December 31, 2020 and 2019. December 31, 2020 2019 On-site remediation $ 140 $ 155 Off-site groundwater remediation 54 46 Total accrued liabilities $ 194 $ 201 |
Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet Locations | The following table sets forth the current and long-term components of the Company’s accrued environmental remediation liabilities related to PFAS at Fayetteville and their balance sheet locations at December 31, 2020 and 2019. December 31, Balance Sheet Location 2020 2019 Current accrued liabilities Other accrued liabilities (Note 19) $ 39 $ 20 Long-term accrued liabilities Other liabilities (Note 21) 155 181 Total accrued liabilities $ 194 $ 201 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions of Stock Options | The following table sets forth the weighted-average assumptions used at the respective grant dates to determine the fair values of the Company’s stock option awards granted during the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.94 % 2.53 % 2.65 % Expected term (years) 6.00 6.00 6.00 Volatility 53.18 % 48.05 % 47.56 % Dividend yield 6.93 % 2.81 % 1.42 % Fair value per stock option $ 3.74 $ 13.66 $ 20.47 |
Schedule of Stock Options Activity | The following table sets forth Chemours’ stock option activity for the years ended December 31, 2020, 2019, and 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 Granted 836 36.48 Exercised (590 ) 14.56 Forfeited (110 ) 39.06 Expired (50 ) 22.12 Outstanding, December 31, 2019 6,056 $ 20.92 4.71 $ 19,087 Granted 2,778 14.42 Exercised (1,124 ) 14.23 Forfeited (186 ) 23.84 Expired (165 ) 29.99 Outstanding, December 31, 2020 7,359 $ 19.21 6.21 $ 63,894 Exercisable, December 31, 2020 4,050 $ 19.38 4.00 $ 35,958 |
Schedule of Restricted Stock Units Activity | The following table sets forth non-vested RSUs at December 31, 2020, 2019, and 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 Granted 439 26.89 Vested (110 ) 24.98 Forfeited (30 ) 33.90 Non-vested, December 31, 2019 546 $ 29.95 Granted 585 17.01 Vested (161 ) 38.68 Forfeited (60 ) 25.78 Non-vested, December 31, 2020 910 $ 20.51 |
Schedule of Performance Share Units Activity | The following table sets forth non-vested PSUs at 100% of target amounts at December 31, 2020, 2019, and 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 Granted 240 44.38 Vested (1) (761 ) 5.07 Forfeited (57 ) 43.35 Non-vested, December 31, 2019 529 $ 39.53 Granted 542 17.14 Vested (176 ) 35.84 Forfeited (51 ) 27.79 Non-vested, December 31, 2020 844 $ 29.05 (1) During the year ended December 31, 2019, approximately 1,520,000 PSUs granted in 2016 to the Company’s key senior management employees vested, based on the attainment of certain performance- and market-based conditions. Of the 1,520,000 PSUs that vested during the year ended December 31, 2019, approximately 680,000 non-issued shares were cancelled to cover the employee portion of income taxes related to such awards. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018. Net Investment Hedge Cash Flow Hedge Cumulative Translation Adjustment Defined Benefit Plans Total Balance at January 1, 2018 $ (40 ) $ — $ (158 ) $ (244 ) $ (442 ) Other comprehensive income (loss) 15 6 (75 ) (68 ) (122 ) Balance at December 31, 2018 (25 ) 6 (233 ) (312 ) (564 ) Other comprehensive income (loss) 15 (4 ) 2 202 215 Balance at December 31, 2019 (10 ) 2 (231 ) (110 ) (349 ) Other comprehensive (loss) income (66 ) (10 ) 111 4 39 Balance at December 31, 2020 $ (76 ) $ (8 ) $ (120 ) $ (106 ) $ (310 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities At Fair Value | The following table sets forth the fair value of the Company’s derivative assets and liabilities at December 31, 2020 and 2019. Fair Value Using Level 2 Inputs Balance Sheet Location December 31, 2020 December 31, 2019 Asset derivatives: Foreign currency forward contracts not designated as a hedging instrument Accounts and notes receivable, net (Note 11) $ 4 $ 1 Foreign currency forward contracts designated as a cash flow hedge Accounts and notes receivable, net (Note 11) — 1 Total asset derivatives $ 4 $ 2 Liability derivatives: Foreign currency forward contracts not designated as a hedging instrument Other accrued liabilities (Note 19) $ 1 $ 1 Foreign currency forward contracts designated as a cash flow hedge Other accrued liabilities (Note 19) 4 — Interest rate swaps designated as a cash flow hedge Other accrued liabilities (Note 19) 3 — Total liability derivatives $ 8 $ 1 |
Schedule of Pre-tax Charge Fair Value of Financial Instruments | The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the years ended December 31, 2020, 2019, and 2018. Gain (Loss) Recognized In Accumulated Other Cost of Interest Other Income Comprehensive Year Ended December 31, Goods Sold Expense, Net (Expense), Net Loss 2020 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ 29 $ — Foreign currency forward contracts designated as a cash flow hedge 3 — — (4 ) Interest rate swaps designated as a cash flow hedge — — — (4 ) Euro-denominated debt designated as a net investment hedge — — — (88 ) 2019 Foreign currency forward contracts not designated as a hedging instrument $ — $ — $ (2 ) $ — Foreign currency forward contracts designated as a cash flow hedge 10 — — 6 Euro-denominated debt designated as a net investment hedge — — — 20 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 |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedules of Net Periodic Pension (Cost) Income | The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Service cost $ (15 ) $ (13 ) $ (14 ) Interest cost (6 ) (17 ) (16 ) Expected return on plan assets 17 48 58 Amortization of actuarial loss (9 ) (18 ) (12 ) Amortization of prior service gain 3 2 2 Settlement loss (5 ) (383 ) — Curtailment gain 1 — — Total net periodic pension (cost) income $ (14 ) $ (381 ) $ 18 Net gain (loss) $ 4 $ (144 ) $ (115 ) Prior service (cost) benefit (1 ) 5 — Amortization of actuarial loss 9 18 16 Amortization of prior service gain (3 ) (2 ) (2 ) Settlement loss 5 383 — Curtailment gain 4 — — Effect of foreign exchange rates (9 ) 7 8 Benefit (cost) recognized in other comprehensive income 9 267 (93 ) Total changes in plan assets and benefit obligations recognized in other comprehensive income $ (5 ) $ (114 ) $ (75 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Net loss $ 143 $ 151 $ 419 Prior service credit (12 ) (14 ) (10 ) Total amount recognized in accumulated other comprehensive loss $ 131 $ 137 $ 409 |
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, 2020 and 2019. December 31, 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 507 $ 1,168 Service cost 15 13 Interest cost 6 17 Plan participants’ contributions 2 2 Actuarial loss 33 313 Benefits paid (2 ) (37 ) Plan amendments — (5 ) Settlements and transfers (24 ) (945 ) Currency translation 47 (19 ) Benefit obligation at end of year 584 507 Change in plan assets: Fair value of plan assets at beginning of year 500 1,268 Actual return on plan assets 55 217 Employer contributions 20 19 Plan participants’ contributions 2 2 Benefits paid (2 ) (37 ) Settlements and transfers (21 ) (945 ) Currency translation 50 (24 ) Fair value of plan assets at end of year 604 500 Total funded status at end of year $ 20 $ (7 ) |
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, 2020 and 2019. December 31, 2020 2019 Non-current assets $ 79 $ 59 Current liabilities (2 ) (2 ) Non-current liabilities (57 ) (64 ) Total net amount recognized $ 20 $ (7 ) |
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, 2020 and 2019. December 31, Pension plans with projected benefit obligation in excess of plan assets 2020 2019 Projected benefit obligation $ 175 $ 178 Accumulated benefit obligation 148 150 Fair value of plan assets 116 111 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2020 and 2019. December 31, Pension plans with accumulated benefit obligation in excess of plan assets 2020 2019 Projected benefit obligation $ 153 $ 178 Accumulated benefit obligation 131 150 Fair value of plan assets 98 111 |
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, 2020 and 2019. December 31, Weighted-average assumptions used to determine benefit obligations 2020 2019 Discount rate 1.0 % 1.4 % Rate of compensation increase (1) 2.5 % 2.6 % Interest crediting rate (2) 1.3 % 1.5 % (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. (2) The interest crediting rate, which is applicable only for account balance type plans, represents the single effective annual account balance increase that an average participant would receive during the participant’s entire career at Chemours. December 31, Weighted-average assumptions used to determine net benefit cost 2020 2019 Discount rate 1.4 % 2.0 % Rate of compensation increase (1) 2.5 % 2.5 % Expected return on plan assets 3.2 % 4.1 % (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, 2020 and 2019. December 31, 2020 2019 Cash and cash equivalents 7 % 8 % U.S. and non-U.S. equity securities 37 % 52 % Fixed income securities 56 % 40 % 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, 2020 and 2019. Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Asset category: Debt - government issued $ 60 $ 10 $ 50 Debt - corporate issued 158 42 116 U.S. and non-U.S. equities 220 33 187 Derivatives - asset position 93 — 93 Cash and cash equivalents 43 43 — Other 2 — 2 Total pension assets at fair value 576 $ 128 $ 448 Pooled mortgage funds (1) 28 Total pension assets $ 604 (1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of our request and the availability of funds. Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy. Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Asset category: Debt - government issued $ 150 $ 9 $ 141 Debt - corporate issued 51 47 4 U.S. and non-U.S. equities 102 101 1 Mutual funds 135 — 135 Derivatives - asset position 28 — 28 Cash and cash equivalents 41 41 — Other 2 2 — Total pension assets at fair value 509 $ 200 $ 309 Pension trust payables, net (1) (9 ) Total pension assets $ 500 (1) Pension trust payables are primarily for investments purchased and received but not yet paid. |
Schedule of Expected Benefit Payments | The following table sets forth the benefit payments that are expected to be paid by the plans over the next five years and the five years thereafter. 2021 $ 10 2022 10 2023 13 2024 15 2025 15 2026 to 2030 98 |
Geographic and Segment Inform_2
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area | The following table sets forth the geographic locations of the Company’s net sales for the years ended and property, plant, and equipment, net as of December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 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 $ 1,914 $ 2,461 $ 2,144 $ 2,533 $ 2,378 $ 2,279 Asia Pacific 1,384 121 1,543 121 1,720 124 Europe, the Middle East, and Africa 1,086 324 1,163 294 1,685 293 Latin America (2) 585 568 676 611 855 595 Total $ 4,969 $ 3,474 $ 5,526 $ 3,559 $ 6,638 $ 3,291 (1) Net sales are attributed to countries based on customer location. (2) Latin America includes Mexico. |
Schedule of Segment Information | The following table sets forth certain summary financial information for the Company’s reportable segments as of, and for the years ended, December 31, 2020, 2019, and 2018. Year Ended December 31, Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Chemical Solutions Segment Total 2020 Net sales to external customers (1) $ 2,402 $ 1,105 $ 1,104 $ 358 $ 4,969 Adjusted EBITDA 510 354 126 73 1,063 Depreciation and amortization 128 53 88 21 290 Equity in earnings of affiliates — 6 17 — 23 Total assets 2,130 1,041 1,520 531 5,222 Investments in affiliates — 66 101 — 167 Purchases of property, plant, and equipment 89 28 109 25 251 2019 Net sales to external customers (1) $ 2,345 $ 1,318 $ 1,330 $ 533 $ 5,526 Adjusted EBITDA 505 398 180 80 1,163 Depreciation and amortization 121 52 84 22 279 Equity in earnings of affiliates — 11 18 — 29 Total assets 2,291 1,061 1,521 574 5,447 Investments in affiliates — 64 98 — 162 Purchases of property, plant, and equipment 121 32 169 40 362 2018 Net sales to external customers (1) $ 3,174 $ 1,497 $ 1,365 $ 602 $ 6,638 Adjusted EBITDA 1,055 542 241 64 1,902 Depreciation and amortization 119 37 80 20 256 Equity in earnings of affiliates — 17 26 — 43 Total assets 2,354 1,187 1,557 623 5,721 Investments in affiliates — 61 99 — 160 Purchases of property, plant, and equipment 91 156 118 75 440 (1) Segment net sales to external customers are provided by product group in “Note 5 – Net Sales”. |
Summary of Reconciliation for Summary Financial Information for Reportable Segments | The following table sets forth a reconciliation for instances in which the above summary financial information for the Company’s reportable segments does not sum to consolidated amounts. Year Ended December 31, Segment Total Corporate and Other Total Consolidated 2020 Depreciation and amortization $ 290 $ 30 $ 320 Total assets 5,222 1,860 7,082 Purchases of property, plant, and equipment 251 16 267 2019 Depreciation and amortization $ 279 $ 32 $ 311 Total assets 5,447 1,811 7,258 Purchases of property, plant, and equipment 362 119 481 2018 Depreciation and amortization $ 256 $ 28 $ 284 Total assets 5,721 1,641 7,362 Purchases of property, plant, and equipment 440 58 498 |
Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes | The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Segment Adjusted EBITDA $ 1,063 $ 1,163 $ 1,902 Corporate and Other expenses (excluding items below) (184 ) (143 ) (162 ) Interest expense, net (210 ) (208 ) (195 ) Depreciation and amortization (320 ) (311 ) (284 ) Non-operating pension and other post-retirement employee benefit income (cost) (1) 1 (368 ) 27 Exchange (losses) gains, net (26 ) (2 ) 1 Restructuring, asset-related, and other charges (2) (80 ) (87 ) (49 ) Loss on extinguishment of debt (22 ) — (38 ) Gain on sales of assets and businesses (3) 8 10 45 Transaction costs (4) (2 ) (3 ) (9 ) Legal and environmental charges (5) (49 ) (175 ) (82 ) Other charges — — (1 ) Income (loss) before income taxes $ 179 $ (124 ) $ 1,155 (1) The year ended December 31, 2019 includes a $380 settlement loss related to a significant portion of the Company’s Netherlands pension plan, specific to the vested pension benefits of the inactive participants. Refer to “Note 27 – Long-term Employee Benefits” for further details. (2) Includes restructuring, asset-related, and other charges, which are discussed in further detail in “Note 7 – Restructuring, Asset-related, and Other Charges”. (3) The year ended December 31, 2020 includes a gain of $6 recognized in connection with the sale of the Company’s Oakley, California site. The year ended December 31, 2019 includes a non-cash gain of $9 recognized in connection with the sale of the Company’s Repauno, New Jersey site. The year ended December 31, 2018 includes gains of $3 and $42 recognized in connection with the sales of the Company’s East Chicago, Indiana and Linden, New Jersey sites, respectively. (4) 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. (5) Legal charges pertain to litigation settlements, PFOA drinking water treatment accruals, and other legal charges. The year ended December 31, 2020 includes $29 incurred in connection with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. Environmental charges pertain to management’s assessment of estimated liabilities associated with on-site remediation, off-site groundwater remediation, and toxicity studies related to Fayetteville. The year ended December 31, 2020 includes $5 primarily related to detailed engineering design for on-site remediation projects at Fayetteville, as well as $8 based on the aforementioned assessment associated with certain estimated liabilities at Fayetteville. The year ended December 31, 2019 includes $168 in additional charges related to the approved final Consent Order associated with certain matters at Fayetteville. The year ended December 31, 2018 includes $63 in additional charges for the estimated liability associated with Fayetteville. Refer to “Note 22 – Commitments and Contingent Liabilities” for further details. |
Background and Description of_2
Background and Description of the Business - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020segmentfacility | Dec. 31, 2020segmentfacility | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 4 | 4 |
Number of facilities | 30 | 30 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of facilities | 3 | 3 |
Titanium Technologies [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of facilities | 8 | 8 |
Thermal & Specialized Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of facilities | 8 | 8 |
Advanced Performance Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of facilities | 10 | 10 |
Chemical Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of facilities | 1 | 1 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) $ in Millions | Apr. 08, 2020USD ($) | Dec. 31, 2020USD ($)segment | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Segment Reporting Information [Line Items] | |||||||
Deferred acquisition-related installment payment classified as cash used for investing activities | $ 0 | $ 10 | $ 37 | ||||
Deferred acquisition-related installment payment adjusted to financing activities | $ 10 | 0 | 0 | ||||
Number of reportable segments | segment | 4 | 4 | |||||
Revolving credit facility borrowed amount | $ 150 | $ 300 | 150 | $ 0 | |||
Deferred tax payments | $ 78 | ||||||
Senior Secured Revolving Credit Facility [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revolving credit facility borrowed amount | $ 300 | ||||||
COVID 19 [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Deferred tax payments | $ 80 | 80 | |||||
Payment of tax | $ 35 | ||||||
COVID 19 [Member] | Senior Secured Revolving Credit Facility [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revolving credit facility borrowed amount | $ 300 | ||||||
Southern Ionics Minerals, LLC [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Deferred acquisition-related installment payment classified as cash used for investing activities | $ 10 | ||||||
Deferred acquisition-related installment payment adjusted to financing activities | $ 10 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change In Accounting Principle Accounting Standards Update Adopted | true |
Change In Accounting Principle Accounting Standards Update Adoption Date | Jan. 1, 2020 |
Change In Accounting Principle Accounting Standards Update Immaterial Effect | true |
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201613Member |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets, useful life | 20 years |
Long-lived asset estimated remaining useful life | 25 years |
Maximum [Member] | Equipment and Buildings [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 25 years |
Maximum [Member] | Software Development [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 7 years |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Intangible assets, useful life | 5 years |
Long-lived asset estimated remaining useful life | 2 years |
Minimum [Member] | Equipment and Buildings [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 15 years |
Minimum [Member] | Software Development [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful Life | 5 years |
Consolidated Subsidiaries [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Voting stock ownership percentage | 50.00% |
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% |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2016a | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 02, 2018USD ($) | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 153,000,000 | $ 153,000,000 | |||||||
Recognized gain on sale of land | $ 42,000,000 | 8,000,000 | 10,000,000 | $ 45,000,000 | |||||
Net cash proceeds of transaction | 39,000,000 | 5,000,000 | 9,000,000 | 46,000,000 | |||||
Environmental remediation activities amount | $ 3,000,000 | $ 71,000,000 | 200,000,000 | 101,000,000 | |||||
Linden, New Jersey [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of acre of land for sale | a | 210 | ||||||||
Southern Ionics Minerals, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated total consideration | $ 25,000,000 | ||||||||
Upfront payment | 10,000,000 | ||||||||
Installment payment | 10,000,000 | $ 10,000,000 | |||||||
Contingent considerations with estimated fair value | 5,000,000 | ||||||||
Goodwill | $ 0 | ||||||||
Southern Ionics Minerals, LLC [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition-related expenses | 1,000,000 | ||||||||
ICOR International, Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | 4,000,000 | $ 6,000,000 | |||||||
Total consideration in all cash acquisition | $ 37,000,000 | ||||||||
ICOR International, Inc. [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition-related expenses | $ 1,000,000 | ||||||||
Methylamines and Methylamides Business [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Maximum agreed loss on sale of business under asset purchase agreement | 2,000,000 | ||||||||
Cash proceeds received | 2,000,000 | ||||||||
Accelerated depreciation | 34,000,000 | ||||||||
Additional pre-tax loss on sale | $ 2,000,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisition (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 02, 2018 | |
Fair Value, Liabilities assumed: | ||||
Goodwill, net | $ 153 | $ 153 | ||
ICOR International, Inc. [Member] | ||||
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 | ||
Goodwill, net | 4 | 6 | ||
Fair Value, Net assets acquired | $ 37 | $ 37 | ||
Weighted-average Useful Life (Years), Customer relationships | 5 years | |||
ICOR International, Inc. [Member] | 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 | |||
Goodwill, net | $ (2) |
Net Sales - Summary of Disaggre
Net Sales - Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | $ 4,969 | $ 5,526 | $ 6,638 |
North America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,914 | 2,144 | 2,378 |
Asia Pacific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,384 | 1,543 | 1,720 |
Europe, the Middle East, and Africa [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,086 | 1,163 | 1,685 |
Latin America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 585 | 676 | 855 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 4,969 | 5,526 | 6,638 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,914 | 2,144 | 2,378 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 776 | 727 | 894 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 520 | 592 | 619 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 407 | 512 | 524 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | North America [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 211 | 313 | 341 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,384 | 1,543 | 1,720 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 778 | 809 | 964 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 134 | 166 | 160 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 450 | 507 | 515 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Asia Pacific [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 22 | 61 | 81 |
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 | 1,086 | 1,163 | 1,685 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 528 | 474 | 842 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 331 | 408 | 555 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 202 | 258 | 270 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Europe, the Middle East, and Africa [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 25 | 23 | 18 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 585 | 676 | 855 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 320 | 335 | 474 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 120 | 152 | 163 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 45 | 53 | 56 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Latin America [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 100 | 136 | 162 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Titanium Dioxide and Other Minerals [Member] | Titanium Technologies [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 2,402 | 2,345 | 3,174 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Refrigerants [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 889 | 1,086 | 1,238 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Foam, Propellants, and Other [Member] | Thermal & Specialized Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 216 | 232 | 259 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Fluoropolymers and Advanced Materials [Member] | Advanced Performance Materials [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 1,104 | 1,330 | 1,365 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Mining Solutions [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | 203 | 268 | 289 |
Topic 606 [Member] | Transferred at a Point in Time [Member] | Performance Chemicals and Intermediates [Member] | Chemical Solutions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of Net Sales | $ 155 | $ 265 | $ 313 |
Net Sales - Summary of Contract
Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable - trade, net | $ 449 | $ 602 |
Deferred revenue | 12 | 15 |
Customer rebates | $ 69 | $ 72 |
Net Sales - Summary of Contra_2
Net Sales - Summary of Contract Balances from Contracts with Customers (Parenthetical) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 449,000,000 | $ 602,000,000 |
Allowance for doubtful accounts receivable | 7,000,000 | 5,000,000 |
Trade Notes Receivable [Member] | Maximum [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Accounts receivable - trade, net | $ 1,000,000 | $ 1,000,000 |
Net Sales - Narrative (Details)
Net Sales - Narrative (Details) - Topic 606 [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligations | $ 71 |
Revenue, practical expedient, financing component | true |
Net Sales - Narrative (Details1
Net Sales - Narrative (Details1) - Topic 606 [Member] | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 20.00% |
Remaining performance obligations original expected period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Percentage of remaining performance obligations as revenue | 16.00% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Research and Development [Line Items] | |||
Total research and development expense | $ 93 | $ 80 | $ 82 |
Thermal & Specialized Solutions [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 18 | 17 | 19 |
Chemical Solutions [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 2 | 2 | 2 |
Titanium Technologies [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 31 | 29 | 28 |
Advanced Performance Materials [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | 41 | 31 | 31 |
Corporate and Other [Member] | |||
Research and Development [Line Items] | |||
Total research and development expense | $ 1 | $ 1 | $ 2 |
Restructuring, Asset-Related,_3
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |||
Employee separation charges | $ 17 | $ 21 | $ 14 |
Decommissioning and other charges | 41 | 23 | 31 |
Total restructuring and other charges | 58 | 44 | 45 |
Asset-related charges | 22 | 43 | 4 |
Total restructuring, asset-related, and other charges | $ 80 | $ 87 | $ 49 |
Restructuring, Asset-Related,_4
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | $ 22 | $ 43 | $ 4 |
Operating Segments [Member] | Chemical Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | $ 8 | $ 34 | $ 4 |
Restructuring, Asset-Related,_5
Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Programs to Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 20 | $ 44 | $ 45 |
Asset-related charges | 22 | 43 | 4 |
Total restructuring, asset-related, and other charges | 80 | 87 | 49 |
Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 5 | 20 | 13 |
2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (1) | 3 | 27 |
2018 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | (1) | 5 |
2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | 22 | 0 |
2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 13 | 0 | 0 |
Operating Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Other charges | 38 | 0 | 0 |
Operating Segments [Member] | Chemical Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 8 | 34 | 4 |
Other charges | 37 | 0 | 0 |
Operating Segments [Member] | Chemical Solutions [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4 | 2 | 4 |
Operating Segments [Member] | Chemical Solutions [Member] | 2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0 | 2 |
Operating Segments [Member] | Chemical Solutions [Member] | 2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 1 | 0 |
Operating Segments [Member] | Chemical Solutions [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 0 | 0 |
Operating Segments [Member] | Titanium Technologies [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 0 | 9 | 0 |
Other charges | 1 | 0 | 0 |
Operating Segments [Member] | Titanium Technologies [Member] | 2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 1 | 1 |
Operating Segments [Member] | Titanium Technologies [Member] | 2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 5 | 0 |
Operating Segments [Member] | Titanium Technologies [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | 0 | 0 |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 1 | 4 |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 3 | 0 |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 0 | 0 |
Operating Segments [Member] | Advanced Performance Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 10 | 0 | 0 |
Operating Segments [Member] | Advanced Performance Materials [Member] | 2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 1 | 5 |
Operating Segments [Member] | Advanced Performance Materials [Member] | 2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2 | 4 | 0 |
Operating Segments [Member] | Advanced Performance Materials [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | 0 | 0 |
Corporate and Other [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset-related charges | 4 | 0 | 0 |
Corporate and Other [Member] | Plant and Product Line Closures [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1 | 18 | 9 |
Corporate and Other [Member] | 2017 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (1) | 0 | 15 |
Corporate and Other [Member] | 2018 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | (1) | 5 |
Corporate and Other [Member] | 2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 9 | 0 |
Corporate and Other [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5 | $ 0 | $ 0 |
Restructuring, Asset-Related,_6
Restructuring, Asset-Related, and Other Charges - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($)Employee | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017Employee | Dec. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Asset-related charges | $ 22 | $ 43 | $ 4 | |||||||
Restructuring charges | 20 | 44 | 45 | |||||||
Environmental remediation liabilities | $ 3 | 71 | 200 | 101 | ||||||
Employee separation related liabilities | $ 7 | $ 16 | 7 | 15 | 16 | |||||
Severance costs | 17 | 21 | 14 | |||||||
2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | (1) | 3 | 27 | |||||||
Restructuring charges incurred to date | 61 | 61 | ||||||||
Employee separation related liabilities | 0 | 10 | 0 | 1 | 10 | |||||
2018 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | (1) | 5 | |||||||
Employee separation related liabilities | 0 | 5 | 0 | 0 | 5 | |||||
Severance costs | 5 | |||||||||
2019 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 3 | 22 | 0 | |||||||
Restructuring charges incurred to date | 25 | 25 | ||||||||
Employee separation related liabilities | 2 | 0 | 2 | 14 | 0 | |||||
2020 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 13 | 0 | 0 | |||||||
Employee separation related liabilities | 3 | $ 0 | 3 | 0 | 0 | |||||
Plant and Product Line Closures [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 5 | 20 | 13 | |||||||
Corporate Function Efforts [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 3 | 18 | ||||||||
Voluntary Separation Program [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Number of employees eliminated as a result of restructuring activities | Employee | 300 | |||||||||
Accrual of termination benefits recognized | $ 18 | |||||||||
Voluntary Separation Program One-Time Financial Incentives [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
One time financial incentives recognized over the period for participating employee to provide service | $ 9 | |||||||||
Methylamines and Methylamides Business [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Accelerated depreciation | 34 | |||||||||
Operating Segments [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other charges | 38 | 0 | 0 | |||||||
Operating Segments [Member] | Methylamines and Methylamides Business [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Accelerated depreciation | 34 | |||||||||
Corporate and Other [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Asset-related charges | 4 | 0 | 0 | |||||||
Corporate and Other [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | (1) | 0 | 15 | |||||||
Corporate and Other [Member] | 2018 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | (1) | 5 | |||||||
Corporate and Other [Member] | 2019 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 9 | 0 | |||||||
Corporate and Other [Member] | 2020 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 5 | 0 | 0 | |||||||
Corporate and Other [Member] | Plant and Product Line Closures [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 1 | 18 | 9 | |||||||
Corporate and Other [Member] | Deepwater, New Jersey [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges incurred to date | 28 | 28 | ||||||||
Corporate and Other [Member] | Deepwater, New Jersey [Member] | Decommissioning Costs [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 1 | 18 | 9 | |||||||
Titanium Technologies [Member] | Operating Segments [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Accelerated depreciation | 9 | |||||||||
Asset-related charges | 0 | 9 | 0 | |||||||
Other charges | 1 | 0 | 0 | |||||||
Titanium Technologies [Member] | Operating Segments [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 1 | 1 | |||||||
Titanium Technologies [Member] | Operating Segments [Member] | 2019 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 5 | 0 | |||||||
Titanium Technologies [Member] | Operating Segments [Member] | 2020 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 3 | 0 | 0 | |||||||
Advanced Performance Materials [Member] | Operating Segments [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Asset-related charges | 10 | 0 | 0 | |||||||
Advanced Performance Materials [Member] | Operating Segments [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 1 | 5 | |||||||
Advanced Performance Materials [Member] | Operating Segments [Member] | 2019 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 2 | 4 | 0 | |||||||
Advanced Performance Materials [Member] | Operating Segments [Member] | 2020 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 3 | 0 | 0 | |||||||
Chemical Solutions [Member] | Mining Solutions [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Long-lived assets | 146 | 146 | ||||||||
Chemical Solutions [Member] | Contract Termination Fees [Member] | Mining Solutions [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other charges | 26 | |||||||||
Chemical Solutions [Member] | Other Related Prepaid Costs [Member] | Mining Solutions [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Other charges | 11 | |||||||||
Chemical Solutions [Member] | Operating Segments [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Asset-related charges | 8 | 34 | 4 | |||||||
Other charges | 37 | 0 | 0 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | 2017 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 0 | 2 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | 2019 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 0 | 1 | 0 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | 2020 Restructuring Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 1 | 0 | 0 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | Plant and Product Line Closures [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 4 | 2 | 4 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges incurred to date | 40 | 40 | ||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Decommissioning Costs [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 2 | $ 2 | $ 4 | |||||||
Chemical Solutions [Member] | Operating Segments [Member] | Niagara Falls, NY [Member] | Additional Restructuring Charges [Member] | Forecast [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Additional restructuring charges expected to be incurred | $ 3 | |||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Plant and Product Line Closures [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Asset-related charges | 10 | |||||||||
Property, plant, and equipment and other asset impairments | 6 | |||||||||
Environmental remediation liabilities | $ 4 | |||||||||
Environmental remediation liabilities paid over a period | 16 years | |||||||||
Employee separation related liabilities | $ 2 | $ 2 | ||||||||
Number of employees eliminated as a result of restructuring activities | Employee | 75 | |||||||||
Chemical Solutions [Member] | Operating Segments [Member] | Pascagoula, Mississippi [Member] | Decommissioning Dismantling And Other Costs | Forecast [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Additional restructuring charges expected to be incurred | $ 12 |
Restructuring, Asset-Related,_7
Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | $ 15 | $ 16 |
(Credits) charges to income | 17 | 20 |
Payments | (25) | (21) |
Restructuring reserve, ending | 7 | 15 |
Chemical Solutions Site Closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 0 |
(Credits) charges to income | 2 | 0 |
Payments | 0 | 0 |
Restructuring reserve, ending | 2 | 0 |
2015 Global Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 1 |
(Credits) charges to income | 0 | (1) |
Payments | 0 | 0 |
Restructuring reserve, ending | 0 | 0 |
2017 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 1 | 10 |
(Credits) charges to income | (1) | 0 |
Payments | 0 | (9) |
Restructuring reserve, ending | 0 | 1 |
2018 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 5 |
(Credits) charges to income | 0 | (1) |
Payments | 0 | (4) |
Restructuring reserve, ending | 0 | 0 |
2019 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 14 | 0 |
(Credits) charges to income | 3 | 22 |
Payments | (15) | (8) |
Restructuring reserve, ending | 2 | 14 |
2020 Restructuring Program [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning | 0 | 0 |
(Credits) charges to income | 13 | 0 |
Payments | (10) | 0 |
Restructuring reserve, ending | $ 3 | $ 0 |
Other Income (Expense), Net - C
Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |||
Leasing, contract services and miscellaneous income | $ 20 | $ 51 | $ 79 |
Royalty income | 18 | 16 | 10 |
Gain on sales of assets and businesses | 8 | 10 | 45 |
Exchange (losses) gains, net | (26) | (2) | 1 |
Non-operating pension and other post-retirement employee benefit income (cost) | 1 | (368) | 27 |
Total other income (expense), net | $ 21 | $ (293) | $ 162 |
Other Income (Expense), Net -_2
Other Income (Expense), Net - Components of Other Income (Expense) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Component of Other Income [Line Items] | ||||
Leasing, contract services and miscellaneous income | $ 20 | $ 51 | $ 79 | |
Settlement loss | $ 380 | 14 | 381 | (18) |
Netherlands Pension Plan [Member] | ||||
Component of Other Income [Line Items] | ||||
Settlement loss | 380 | |||
European Union [Member] | Fluorinated Greenhouse Gas [Member] | ||||
Component of Other Income [Line Items] | ||||
Leasing, contract services and miscellaneous income | 3 | 41 | 67 | |
Oakley California Site [Member] | ||||
Component of Other Income [Line Items] | ||||
Gain on sale of asset | $ 6 | |||
Repauno, New Jersey Sites [Member] | ||||
Component of Other Income [Line Items] | ||||
Gain on sale of asset | $ 9 | |||
East Chicago, Indiana [Member] | ||||
Component of Other Income [Line Items] | ||||
Gain on sale of asset | 3 | |||
Linden, New Jersey Sites [Member] | ||||
Component of Other Income [Line Items] | ||||
Gain on sale of asset | $ 42 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense (benefit): | |||
U.S. federal | $ 4 | $ 13 | $ 23 |
U.S. state and local | 1 | (1) | 4 |
International | 75 | 79 | 110 |
Total current tax expense | 80 | 91 | 137 |
Deferred tax expense (benefit): | |||
U.S. federal | (86) | (77) | 20 |
U.S. state and local | (12) | (5) | 3 |
International | (22) | (81) | (1) |
Total deferred tax (benefit) expense | (120) | (163) | 22 |
Total (benefit from) provision for income taxes | $ (40) | $ (72) | $ 159 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Environmental and other liabilities | $ 103 | $ 99 |
Accrued litigation | 21 | 37 |
Stock-based compensation and accrued employee benefits | 50 | 29 |
Other assets and other accrued liabilities | 43 | 19 |
Tax attribute carryforwards | 134 | 96 |
Operating lease liability | 60 | 75 |
Foreign tax credit carryforwards | 7 | 18 |
Total deferred tax assets | 418 | 373 |
Less: Valuation allowance | (24) | (10) |
Total deferred tax assets, net | 394 | 363 |
Deferred tax liabilities: | ||
Pension and other liabilities | (12) | (7) |
Property, plant, and equipment | (258) | (320) |
Operating lease asset | (56) | (71) |
Inventories and other assets | (8) | (43) |
Total deferred tax liabilities | (334) | (441) |
Deferred tax liabilities net | $ (78) | |
Deferred tax assets net | $ 60 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax rate | $ 38 | $ (26) | $ 243 |
State income taxes, net of federal benefit | (11) | (7) | 7 |
Lower effective tax rate on international operations, net | (34) | (28) | (44) |
Depletion | (6) | (5) | (6) |
Exchange gains | (7) | (4) | |
Provision to return and other adjustments | (37) | (4) | (9) |
Valuation allowance | 13 | 8 | (15) |
Net impact of U.S. tax reform | (10) | ||
Stock-based compensation | (14) | (14) | |
Executive compensation limitation | 1 | 9 | 4 |
R&D credit | (7) | (6) | (5) |
Uncertain tax positions | (1) | 7 | 2 |
Other, net | 4 | 1 | 10 |
Total (benefit from) provision for income taxes | $ (40) | $ (72) | $ 159 |
Income Taxes - Effective Inco_2
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | (6.10%) | 5.60% | 0.60% |
Lower effective tax rate on international operations, net | (19.00%) | 22.70% | (3.80%) |
Depletion | (3.40%) | 4.00% | (0.50%) |
Exchange gains | 0.00% | 5.60% | (0.30%) |
Provision to return and other adjustments | (20.60%) | 3.20% | (0.80%) |
Valuation allowance | 7.30% | (6.50%) | (1.30%) |
Net impact of U.S. tax reform | 0.00% | 0.00% | (0.90%) |
Stock-based compensation | 0.00% | 11.40% | (1.20%) |
Executive compensation limitation | 0.60% | (7.30%) | 0.30% |
R&D credit | (3.80%) | 4.80% | (0.40%) |
Uncertain tax positions | (0.50%) | (5.60%) | 0.20% |
Other, net | 2.20% | (0.80%) | 0.90% |
Total effective tax rate | (22.30%) | 58.10% | 13.80% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations (including exports) | $ (136) | $ (375) | $ 114 |
International operations | 315 | 251 | 1,041 |
Income (loss) before income taxes | $ 179 | $ (124) | $ 1,155 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | |||
Earnings and Profits (E&P) of foreign subsidiaries | $ 619 | ||
Change in valuation allowance | 13 | $ 8 | $ (15) |
R&D tax credits | 7 | 6 | $ 5 |
Expiration Between Years 2035 To 2040 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
R&D tax credits | 31 | ||
U.S Federal and State [Member] | Expiration Between Years 2036 To 2039 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 10 | ||
Foreign [Member] | Expiration Between Years 2026 to 2030 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax loss carryforwards | 12 | ||
Foreign [Member] | Expiration Between Years 2025 to 2030 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 7 | ||
Foreign Subsidiary [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Change in valuation allowance | 12 | 5 | |
Foreign Tax Credits [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Change in valuation allowance | $ 2 | $ 3 |
Income Taxes - Summary of open
Income Taxes - Summary of open tax years by significant jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2017 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2015 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2016 |
Non-U.S Jurisdiction [Member] | Earliest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2017 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | China [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | India [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Netherlands [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Taiwan [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Singapore [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Non-U.S Jurisdiction [Member] | Latest Tax Year [Member] | Switzerland [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
U.S Federal [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2017 |
U.S Federal [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax years open to examination | 2020 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, | $ 9 | $ 2 | $ 0 |
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period | (2) | 0 | 0 |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 1 | 7 | 2 |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (1) | 0 | 0 |
Balance at December 31, | 7 | 9 | 2 |
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate | 8 | 9 | 2 |
Total amount of interest and penalties recognized in the consolidated statements of operations | 1 | 0 | 0 |
Total amount of interest and penalties recognized in the consolidated balance sheets | $ 1 | $ 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at January 1, | $ 10 | $ 2 | $ 17 |
Net charges to income tax expense | 14 | 8 | 0 |
Release of valuation allowance | 0 | 0 | (15) |
Balance at December 31, | $ 24 | $ 10 | $ 2 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net income (loss) attributable to Chemours | $ 219 | $ (52) | $ 995 |
Denominator: | |||
Weighted-average number of common shares outstanding - basic | 164,681,827 | 164,816,839 | 176,968,554 |
Dilutive effect of the Company’s employee compensation plans | 1,664,702 | 5,603,467 | |
Weighted-average number of common shares outstanding - diluted | 166,346,529 | 164,816,839 | 182,572,021 |
Basic earnings (loss) per share of common stock | $ 1.33 | $ (0.32) | $ 5.62 |
Diluted earnings (loss) per share of common stock | $ 1.32 | $ (0.32) | $ 5.45 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Average number of stock options | 3,839,845 | 2,206,609 | 393,016 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Accounts receivable - trade, net | $ 449 | $ 602 |
VAT, GST and other taxes | 49 | 59 |
Other receivables | 13 | 13 |
Total accounts and notes receivable, net | $ 511 | $ 674 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 449,000,000 | $ 602,000,000 |
Allowance for doubtful accounts receivable | 7,000,000 | 5,000,000 |
Trade Notes Receivable [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable - trade, net | $ 1,000,000 | $ 1,000,000 |
Accounts and Notes Receivable_5
Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 3,000,000 | ||
Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Bad debt expense | $ 1,000,000 | $ 1,000,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Net [Abstract] | ||
Finished products | $ 579 | $ 589 |
Semi-finished products | 180 | 189 |
Raw materials, stores, and supplies | 433 | 559 |
Inventories before LIFO adjustment | 1,192 | 1,337 |
Less: Adjustment of inventories to LIFO basis | (253) | (258) |
Total inventories | $ 939 | $ 1,079 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Net [Abstract] | ||
LIFO inventory amount | $ 585 | $ 674 |
Percentage of LIFO inventory | 49.00% | 50.00% |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | $ 9,582 | $ 9,413 | |
Less: Accumulated depreciation | (6,108) | (5,854) | |
Property, plant, and equipment, net | 3,474 | 3,559 | $ 3,291 |
Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 7,816 | 7,600 | |
Building [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 1,198 | 1,174 | |
Construction-in-progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 421 | 493 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | 111 | 110 | |
Mineral rights [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant, and equipment | $ 36 | $ 36 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Finance leased assets, gross | $ 86 | $ 68 | |
Interest capitalized | 4 | 10 | $ 17 |
Depreciation expense | $ 313 | $ 304 | $ 276 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |
Lease agreements initial terms | 12 months |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term of contract | 19 years |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities and their Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lease assets: | ||
Operating lease right-of-use assets | $ 236 | $ 294 |
Finance lease assets | $ 69 | $ 58 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet |
Total lease assets | $ 305 | $ 352 |
Current: | ||
Operating lease liabilities | $ 57 | $ 66 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Finance lease liabilities | $ 7 | $ 5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | us-gaap:DebtCurrent |
Total current lease liabilities | $ 64 | $ 71 |
Non-current: | ||
Operating lease liabilities | 194 | 245 |
Finance lease liabilities | $ 67 | $ 54 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | us-gaap:LongTermDebtNoncurrent |
Total non-current lease liabilities | $ 261 | $ 299 |
Total lease liabilities | $ 325 | $ 370 |
Leases - Schedule of Components
Leases - Schedule of Components of Company's Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 88 | $ 99 |
Short-term lease cost | 5 | 5 |
Variable lease cost | 20 | 16 |
Amortization of lease assets | 8 | 5 |
Interest on lease liabilities | 4 | 2 |
Total lease cost | $ 125 | $ 127 |
Leases - Schedule of Cash Flows
Leases - Schedule of Cash Flows Related to Company's Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 91 | $ 101 | |
Operating cash flows from finance leases | 4 | 2 | |
Financing cash flows from finance leases | 6 | 3 | $ 0 |
Non-cash lease liabilities activity: | |||
Leased assets obtained in exchange for new operating lease liabilities | 23 | 48 | |
Leased assets obtained in exchange for new finance lease liabilities | $ 19 | $ 62 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Terms and Weighted-Average Discount Rates For Company's Leases (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted-average remaining lease term (years): | ||
Operating leases | 8 years 7 months 6 days | 8 years 6 months |
Finance leases | 7 years 10 months 24 days | 9 years 2 months 12 days |
Weighted-average discount rate: | ||
Operating leases | 5.00% | 5.10% |
Finance leases | 5.40% | 5.90% |
Leases - Schedule of Company's
Leases - Schedule of Company's Lease Liabilities' Maturities For Next Five Years and Thereafter (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 69 | |
2022 | 52 | |
2023 | 37 | |
2024 | 30 | |
2025 | 24 | |
Thereafter | 94 | |
Total lease payments | 306 | |
Less: Imputed interest | 55 | |
Present value of lease liabilities | 251 | |
Finance Leases | ||
2021 | 12 | |
2022 | 11 | |
2023 | 11 | |
2024 | 11 | |
2025 | 11 | |
Thereafter | 35 | |
Total lease payments | 91 | |
Less: Imputed interest | 17 | |
Present value of lease liabilities | 74 | $ 59 |
Operating and Finance Leases, Total | ||
2021 | 81 | |
2022 | 63 | |
2023 | 48 | |
2024 | 41 | |
2025 | 35 | |
Thereafter | 129 | |
Total lease payments | 397 | |
Less: Imputed interest | 72 | |
Present value of lease liabilities | $ 325 |
Leases - Build-to-suit Lease Ob
Leases - Build-to-suit Lease Obligation - Narrative (Details) - Discovery Hub [Member] $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 31, 2017ft² |
Lessee Lease Description [Line Items] | |||
Build to suit lease area of land | ft² | 312,000 | ||
Build to suit lease liability reclassified as financing obligation | $ 94 | $ 95 | |
Build to suit lease asset capitalized in property, plant and equipment | $ 92 | $ 95 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Related to Chemours Discovery Hub Financing Obligation (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Lessee Lease Description [Line Items] | |
2021 | $ 12 |
2022 | 11 |
2023 | 11 |
2024 | 11 |
2025 | 11 |
Thereafter | 35 |
Total lease payments | 91 |
Discovery Hub [Member] | |
Lessee Lease Description [Line Items] | |
2021 | 6 |
2022 | 6 |
2023 | 7 |
2024 | 7 |
2025 | 7 |
Thereafter | 154 |
Total lease payments | $ 187 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Roll Forward] | |||
Goodwill | $ 153 | $ 153 | |
Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Total goodwill, net | 153 | 153 | |
Titanium Technologies [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 13 | 13 | $ 13 |
Thermal & Specialized Solutions [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 33 | 33 | 33 |
Advanced Performance Materials [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 56 | 56 | 56 |
Chemical Solutions [Member] | Operating Segments [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 51 | $ 51 | $ 51 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill and Other Intangible Assets | |||
Number of operating segments | segment | 4 | ||
Goodwill adjustments | $ 0 | $ 0 | |
Goodwill transfers | 0 | 0 | |
Goodwill impairments | 0 | 0 | |
Accumulated impairment losses included in goodwill | 4,000,000 | 4,000,000 | |
Amortization expense, 2021 | 7,000,000 | ||
Amortization expense, 2022 | 5,000,000 | ||
Amortization expense, 2023 | 1,000,000 | ||
Maximum [Member] | |||
Goodwill and Other Intangible Assets | |||
Amortization expense, 2024 | 1,000,000 | ||
Amortization expense, 2025 | $ 1,000,000 | ||
Useful life | 20 years | ||
Minimum [Member] | |||
Goodwill and Other Intangible Assets | |||
Useful life | 5 years | ||
Continuing Operations [Member] | |||
Goodwill and Other Intangible Assets | |||
Aggregate pre-tax amortization expense | $ 7,000,000 | $ 7,000,000 | $ 6,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | $ 68 | $ 68 | |
Accumulated Amortization | (54) | (47) | |
Net | 14 | 21 | |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 9 | 9 | |
Accumulated Amortization | (9) | (8) | |
Net | 0 | 1 | |
Customer Relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 22 | 22 | |
Accumulated Amortization | (12) | (8) | |
Net | 10 | 14 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 19 | 19 | |
Accumulated Amortization | (19) | (19) | |
Net | 0 | 0 | |
Purchased Trademarks [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 5 | 5 | |
Accumulated Amortization | (3) | (3) | |
Net | 2 | 2 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | 3 | 3 | |
Accumulated Amortization | (3) | (3) | |
Net | 0 | 0 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Cost | [1] | 10 | 10 |
Accumulated Amortization | [1] | (8) | (6) |
Net | [1] | $ 2 | $ 4 |
[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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investee [Member] | |||
Investments in Affiliates | |||
Net sales | $ 98 | $ 135 | $ 143 |
Purchases | $ 133 | $ 249 | $ 125 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in Affiliates | ||||
Investments in affiliates | $ 167 | $ 162 | $ 160 | $ 173 |
Chemours-Mitsui Fluorochemicals Company, Ltd. [Member] | Japan [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 104 | $ 96 | ||
Ownership | 50.00% | 50.00% | ||
The Chemours Chenguang Fluoromaterials Company Limited [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 32 | $ 33 | ||
Ownership | 50.00% | 50.00% | ||
Changshu 3F Zhonghao New Chemical Materials Co., Ltd. [Member] | China [Member] | ||||
Investments in Affiliates | ||||
Investments in affiliates | $ 31 | $ 33 | ||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Beginning Balance | $ 162 | $ 160 | $ 173 |
Equity in earnings of affiliates | 23 | 29 | 43 |
Dividends | (25) | (28) | (58) |
Currency translation and other | 7 | 1 | 2 |
Ending Balance | $ 167 | $ 162 | $ 160 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Capitalized repair and maintenance costs | $ 198 | $ 148 |
Pension assets | 79 | 59 |
Deferred income taxes | 95 | 40 |
Miscellaneous | 33 | 45 |
Total other assets | $ 405 | $ 292 |
Accounts Payable - Schedule of
Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 820 | $ 901 |
VAT and other payables | 24 | 22 |
Total accounts payable | $ 844 | $ 923 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and other employee-related costs | $ 107 | $ 52 |
Employee separation costs | 7 | 15 |
Accrued litigation | 37 | 10 |
Environmental remediation | 95 | 74 |
Asset retirement obligations | 13 | 7 |
Income taxes | 64 | 65 |
Customer rebates | 69 | 72 |
Deferred revenue | 7 | 7 |
Accrued interest | 18 | 21 |
Operating lease liabilities | 57 | 66 |
Miscellaneous | 103 | 95 |
Total other accrued liabilities | $ 577 | $ 484 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||
Finance lease liabilities | $ 74 | $ 59 | ||
Financing obligation | 94 | 95 | ||
Other | 6 | |||
Total debt principal | 4,061 | 4,196 | ||
Less: Unamortized issue discounts | (7) | (8) | ||
Less: Unamortized debt issuance costs | (28) | (28) | ||
Less: Short-term and current maturities of long-term debt | (21) | (134) | ||
Total long-term debt, net | 4,005 | 4,026 | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 875 | 884 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 417 | € 340 | 383 | € 344 |
Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | 110 | |||
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 908 | |||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 551 | € 450 | 501 | € 450 |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 500 | $ 500 | ||
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 800 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||
Financing obligation | $ 94 | $ 95 | ||
Discovery Hub [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing obligation | 94 | 95 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 417 | € 340 | 383 | € 344 |
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 908 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 551 | € 450 | $ 501 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 800 | |||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facilities - Narrative (Details) | Apr. 08, 2020USD ($) | Apr. 03, 2018USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 03, 2023 | Apr. 03, 2018EUR (€) |
Line of Credit Facility [Line Items] | |||||||||
Loss on extinguishment of debt | $ (22,000,000) | $ 0 | $ (38,000,000) | ||||||
Revolving credit facility borrowed amount | $ 150,000,000 | 300,000,000 | 150,000,000 | 0 | |||||
Repayment of outstanding borrowings | $ 300,000,000 | 150,000,000 | 0 | ||||||
Senior Secured Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument term | 5 years | ||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 | ||||||||
Line of credit facility, maturity date | Apr. 3, 2023 | ||||||||
Maximum net leverage ratio | 0.25% | ||||||||
Commitment fee percentage | 0.20% | ||||||||
Loss on extinguishment of debt | 3,000,000 | ||||||||
Revolving credit facility borrowed amount | $ 300,000,000 | ||||||||
Repayment of outstanding borrowings | $ 150,000,000 | ||||||||
Long-term debt | $ 0 | 0 | |||||||
Letters of credit outstanding | $ 102,000,000 | 103,000,000 | |||||||
Senior Secured Revolving Credit Facility [Member] | Domestic Subsidiary [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Collateral as percentage of common stock | 100.00% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Foreign Subsidiary [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Collateral as percentage of common stock | 65.00% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.25% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.10% | ||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.25% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.00% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Euro Interbank Offered Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 2.00% | ||||||||
Dollar Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | ||||||||
Line of credit facility, maturity date | Apr. 3, 2025 | ||||||||
Effective interest rates on senior secured term loan | 1.90% | ||||||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.75% | ||||||||
Dollar Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.00% | ||||||||
Dollar Term Loan [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 1.00% | ||||||||
Dollar Term Loan [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.75% | ||||||||
Euro Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | € | € 350,000,000 | ||||||||
Line of credit facility, maturity date | Apr. 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% | ||||||||
Euro Term Loan [Member] | Euro Interbank Offered Rate [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate | 0.50% | ||||||||
Revolving Credit Facility [Member] | Forecast [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum net leverage ratio | 2.00% | ||||||||
Senior Secured Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principal payment on term loans | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | ||||||
Senior Secured Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument term | 7 years |
Debt - Senior Unsecured Notes -
Debt - Senior Unsecured Notes - Narrative (Details) | Nov. 27, 2020USD ($) | Nov. 12, 2020$ / shares | Jun. 06, 2018EUR (€) | May 21, 2018USD ($)Tender$ / shares | May 23, 2017USD ($) | May 12, 2015USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | Dec. 01, 2020USD ($) | Dec. 31, 2019EUR (€) | Jun. 08, 2018EUR (€) | Jun. 06, 2018USD ($) | Jun. 06, 2018EUR (€) | May 12, 2015EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument net issue discount | $ 7,000,000 | $ 8,000,000 | ||||||||||||||
Loss on extinguishment of debt | $ (22,000,000) | 0 | $ (38,000,000) | |||||||||||||
First MDL Settlement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Settlement payments | $ 335,000,000 | |||||||||||||||
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 908,000,000 | |||||||||||||||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% | ||||||||||||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 551,000,000 | $ 501,000,000 | € 450,000,000 | € 450,000,000 | ||||||||||||
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 800,000,000 | |||||||||||||||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||
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 November 15 of each year. | |||||||||||||||
Net proceeds from issuance of long term debt | 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 on extinguishment of debt | 35,000,000 | |||||||||||||||
Senior unsecured notes [Member] | Dollar Tender Offer [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer aggregate purchase price | $ 926,000,000 | $ 264,000,000 | ||||||||||||||
Tender offer early participation premium | 16,000,000 | 13,000,000 | ||||||||||||||
Tender offer accrued interest | $ 2,000,000 | $ 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] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net proceeds from offering | $ 790,000,000 | |||||||||||||||
Senior unsecured notes [Member] | Redemption of 2023 Dollar Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on extinguishment of debt | $ 22,000,000 | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, face amount | $ 1,350,000,000 | |||||||||||||||
Debt instrument interest rate | 6.625% | 6.625% | ||||||||||||||
Debt instrument maturity date | May 31, 2023 | |||||||||||||||
Debt instrument outstanding amount | $ 250,000,000 | $ 908,000,000 | $ 250,000,000 | |||||||||||||
Number of tender offers | Tender | 2 | |||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 1,017.94 | $ 1,052.50 | ||||||||||||||
Tender offer principal amount price per share | 1,000.00 | 1,000.00 | ||||||||||||||
Tender offer expiration date | Nov. 25, 2020 | Jun. 4, 2018 | ||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | Dollar Tender Offer [Member] | Tender Offer Purchase Price Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender offer purchase price per share | $ / shares | $ 987.94 | $ 1,022.50 | ||||||||||||||
Tender offer principal amount price per share | 1,000.00 | 1,000.00 | ||||||||||||||
Tender offer expiration date | Dec. 10, 2020 | Jun. 18, 2018 | ||||||||||||||
Senior unsecured notes [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument outstanding amount | $ 908,000,000 | |||||||||||||||
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] | ||||||||||||||||
Debt Instrument, face amount | € | € 360,000,000 | |||||||||||||||
Debt instrument interest rate | 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 | 1,000.00 | |||||||||||||||
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 | 1,000.00 | |||||||||||||||
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 Unsecured 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 Unsecured Notes Due May 2026 [Member] | Minimum [Member] | 2026 Euro Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Obligation threshold for debt to become guaranteed | $ 100,000,000 | |||||||||||||||
Senior unsecured notes [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, face amount | $ 800,000,000 | |||||||||||||||
Debt instrument interest rate | 5.75% | |||||||||||||||
Debt instrument maturity date | Nov. 30, 2028 | |||||||||||||||
Senior unsecured notes, payment terms | The 2028 Notes require payment of principal at maturity and interest semi-annually in cash and in arrears on May 15 and November 15 of each year. | |||||||||||||||
Underwriting fees and other related expenses | $ 10,000,000 | |||||||||||||||
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% | |||||||||||||||
Debt instrument redemption price percentage of principal amount with net cash proceeds | 35.00% | |||||||||||||||
Debt instrument redemption price percentage of principal amount excluding redemption date | 105.75% | |||||||||||||||
Senior unsecured notes [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | Minimum [Member] | 2028 Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Obligation threshold for debt to become guaranteed | $ 100,000,000 |
Debt - Accounts Receivable Secu
Debt - Accounts Receivable Securitization Facility - Narrative (Details) - USD ($) | Mar. 09, 2020 | Jul. 12, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||||
Net repayments of securitization | $ 122,000,000 | $ 18,000,000 | $ 0 | ||
Proceeds from accounts receivable securitization facility | 12,000,000 | 128,000,000 | $ 0 | ||
Securitization Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Short-term debt | 110,000,000 | ||||
Securitization Facility [Member] | Special Purpose Entity [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | |||
Increase in borrowing capacity | 200,000,000 | ||||
Receivable from securitization facility | 125,000,000 | 33,000,000 | $ 176,000,000 | ||
Weighted average interest rate on outstanding borrowings | 2.00% | ||||
Proceeds from short-term debt | $ 128,000,000 | ||||
Repayments of short-term debt | 18,000,000 | ||||
Short-term debt | $ 110,000,000 | ||||
Net repayments of securitization | $ 110,000,000 | ||||
Percentage of fair value of sales receivables | 100.00% | ||||
Percentage of fair value on additional purchases of receivables | 100.00% | ||||
Line of credit facility, maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | |||
Proceeds from accounts receivable securitization facility | 932,000,000 | ||||
Accounts receivable from securitization, amount derecognized | 932,000,000 | ||||
Fees associated with securitization facility | $ 2,000,000 |
Debt - Other - Narrative (Detai
Debt - Other - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||||
Remaining other short-term borrowings payable | $ 6 | |||
Financing Arrangement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Funds borrowed for insurance premiums | $ 16 | $ 11 | ||
Repayments to financing company | $ 16 | |||
Remaining other short-term borrowings payable | $ 6 |
Debt - Maturities and Fair Valu
Debt - Maturities and Fair Value - Narrative (Details) - Senior Secured Revolving Credit Facility [Member] | Apr. 03, 2018 |
Debt Instrument [Line Items] | |
Percentage per annum for quarterly principal payments | 1.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level one | 25.00% |
Additional principal repayment, percentage of excess cash flow, stepdown level two | 0.00% |
Target leverage ratio | 3.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Additional principal repayment, percentage of excess cash flows | 50.00% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Maturities (Details) - Senior Debt [Member] $ in Millions | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 13 |
2022 | 13 |
2023 | 13 |
2024 | 13 |
2025 | 1,990 |
Thereafter | 1,851 |
Total principal maturities on debt | $ 3,893 |
Debt - Estimated Fair Values of
Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||
Less: Unamortized issue discounts | $ (7) | $ (8) | ||
Less: Unamortized debt issuance costs | (28) | (28) | ||
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 875 | 884 | ||
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 417 | € 340 | 383 | € 344 |
Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt, Carrying Value | 110 | |||
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 908 | |||
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 551 | € 450 | 501 | € 450 |
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 800 | |||
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total senior debt principal, Carrying Value | 3,893 | 4,036 | ||
Total senior debt principal, Fair Value | 3,957 | 3,930 | ||
Less: Unamortized issue discounts | (7) | (8) | ||
Less: Unamortized debt issuance costs | (28) | (28) | ||
Total senior debt, net | 3,858 | 4,000 | ||
Level 2 [Member] | Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 875 | 884 | ||
Long-term debt, Fair Value | 862 | 865 | ||
Level 2 [Member] | Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 417 | 383 | ||
Long-term debt, Fair Value | 413 | 378 | ||
Level 2 [Member] | Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term debt, Carrying Value | 110 | |||
Short-term debt, Fair Value | 110 | |||
Level 2 [Member] | 6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 908 | |||
Long-term debt, Fair Value | 917 | |||
Level 2 [Member] | 7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 750 | 750 | ||
Long-term debt, Fair Value | 774 | 755 | ||
Level 2 [Member] | 4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 551 | 501 | ||
Long-term debt, Fair Value | 551 | 455 | ||
Level 2 [Member] | 5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 800 | |||
Long-term debt, Fair Value | 821 | |||
Level 2 [Member] | 5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Carrying Value | 500 | 500 | ||
Long-term debt, Fair Value | $ 536 | $ 450 |
Debt - Estimated Fair Values _2
Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
6.625% Senior Unsecured Notes Due May 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 908 | |||
Debt instrument interest rate | 6.625% | 6.625% | 6.625% | 6.625% |
7.000% Senior Unsecured Notes Due May 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 750 | $ 750 | ||
Debt instrument interest rate | 7.00% | 7.00% | 7.00% | 7.00% |
4.000% Senior Unsecured Notes Due May 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 551 | € 450 | $ 501 | € 450 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% | 4.00% |
5.750% Senior Unsecured Notes Due November 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 800 | |||
Debt instrument interest rate | 5.75% | 5.75% | 5.75% | 5.75% |
5.375% Senior Unsecured Notes Due May 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 500 | $ 500 | ||
Debt instrument interest rate | 5.375% | 5.375% | 5.375% | 5.375% |
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 417 | € 340 | $ 383 | € 344 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Noncurrent [Abstract] | ||
Employee-related costs | $ 108 | $ 113 |
Accrued litigation | 51 | 50 |
Environmental remediation | 295 | 332 |
Asset retirement obligations | 63 | 69 |
Deferred revenue | 5 | 8 |
Miscellaneous | 68 | 61 |
Total other liabilities | $ 590 | $ 633 |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued indemnification liability | $ 37 | $ 41 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1, | $ 76 | $ 66 |
Obligations incurred or acquired | 12 | 5 |
(Decrease) increase in estimated cash outflows | (14) | 4 |
Accretion expense | 4 | 4 |
Settlements and payments | (2) | (3) |
Balance at December 31, | 76 | 76 |
Current portion | 13 | 7 |
Non-current portion | $ 63 | $ 69 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Litigation - Narrative (Details) | May 23, 2017USD ($) | Jan. 31, 2021USD ($)plaintiff | Dec. 31, 2020USD ($)lawsuitWaterSystem | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)lawsuit | Mar. 31, 2017USD ($)lawsuit | Dec. 31, 2020USD ($)lawsuit | Dec. 31, 2020USD ($)lawsuitwater_district | Dec. 31, 2004resident | Dec. 31, 2020USD ($)lawsuitSupplier | Sep. 30, 2020lawsuit | Dec. 31, 2019USD ($)lawsuit |
Loss Contingencies [Line Items] | ||||||||||||
Accrual balance | $ 88,000,000 | $ 88,000,000 | $ 88,000,000 | $ 88,000,000 | $ 60,000,000 | |||||||
Number of long island water suppliers filed lawsuits | Supplier | 11 | |||||||||||
Chemical Solutions [Member] | Mining Solutions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Long-lived assets | 146,000,000 | 146,000,000 | 146,000,000 | $ 146,000,000 | ||||||||
Chemical Solutions [Member] | Contract Termination Fees [Member] | Mining Solutions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Other charges | 26,000,000 | |||||||||||
Chemical Solutions [Member] | Other Related Prepaid Costs [Member] | Mining Solutions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Other charges | 11,000,000 | |||||||||||
Maximum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, potential additional loss | 580,000,000 | 580,000,000 | 580,000,000 | 580,000,000 | ||||||||
Funding for medical monitoring program [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit disbursements | $ 1,700,000 | |||||||||||
First MDL Settlement [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Date of agreement month and year | 2017-03 | |||||||||||
Total settlement amount | $ 670,700,000 | |||||||||||
Settlement payments | $ 335,000,000 | |||||||||||
P F O A Second M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual balance | $ 29,000,000 | $ 29,000,000 | $ 29,000,000 | $ 29,000,000 | ||||||||
Asbestos Issue [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Lawsuits alleging personal injury - Filed | lawsuit | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | |||||||
Accrual balance | $ 34,000,000 | $ 34,000,000 | $ 34,000,000 | $ 34,000,000 | $ 34,000,000 | |||||||
Benzene Related Illness [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Lawsuits alleging illness | lawsuit | 17 | 17 | 17 | 17 | 16 | |||||||
PFOA Matters [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual balance | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 20,000,000 | |||||||
Number of lawsuits filed | lawsuit | 3 | |||||||||||
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] | ||||||||||||
Accrual balance | 21,000,000 | 21,000,000 | $ 21,000,000 | 21,000,000 | $ 20,000,000 | |||||||
Binding settlement agreement, class size | resident | 80,000 | |||||||||||
Number of water districts Company must provide treatment | water_district | 6 | |||||||||||
PFOA Matters: Drinking Water Actions [Member] | Funding for medical monitoring program [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, potential additional loss | $ 235,000,000 | $ 235,000,000 | $ 235,000,000 | $ 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 | 50 | 50 | 50 | 50 | ||||||||
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 | 2 | 2 | 2 | ||||||||
Compensatory and Emotional Distress Damages [Member] | P F O A M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency damages awarded value | $ 40,000,000 | |||||||||||
Consortium Damages [Member] | P F O A M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency damages awarded value | $ 10,000,000 | |||||||||||
Compensatory and Punitive Damages [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits filed | lawsuit | 3 | 3 | 3 | 3 | ||||||||
Injunctive Relief and Compensatory and Punitive Damages [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of southern California public water systems filed lawsuit | WaterSystem | 11 | |||||||||||
NJ DEP [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of lawsuits filed | lawsuit | 4 | |||||||||||
Cost of preparation of natural resource damage assessment plan and access to related documents | $ 100,000 | |||||||||||
Subsequent Event [Member] | PFOA After First MDL Settlement [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of individual plaintiffs | plaintiff | 96 | |||||||||||
Subsequent Event [Member] | P F O A Second M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency expected settlement amount | $ 83,000,000 | |||||||||||
Subsequent Event [Member] | DuPont [Member] | P F O A Second M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency expected settlement amount | 27,000,000 | |||||||||||
Subsequent Event [Member] | Chemours [Member] | P F O A Second M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency expected settlement amount | 29,000,000 | |||||||||||
Subsequent Event [Member] | Corteva [Member] | P F O A Second M D L Settlement | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency expected settlement amount | 27,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Aggregate amount of qualified spend | $ 4,000,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | Chemours [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of escrow deposits contribution to restore escrow balance to 700 | 50.00% | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | DuPont and Corteva [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of escrow deposits contribution to restore escrow balance to 700 | 50.00% | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | No Later Than Each of September 30, 2021 and September 30, 2022 [Member] | Chemours [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit | $ 100,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | No Later Than Each of September 30, 2021 and September 30, 2022 [Member] | DuPont and Corteva [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit | 100,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | No Later Than September 30 of Each Subsequent Year Through and Including 2028 [Member] | Chemours [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit | 50,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | No Later Than September 30 of Each Subsequent Year Through and Including 2028 [Member] | DuPont and Corteva [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit | 50,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | Minimum Balance on December 31, 2028 [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Escrow deposit | 700,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | Before January 2026 [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Minimum settlement amount required to allow withdrawals from escrow account | 125,000,000 | |||||||||||
Memorandum of Understanding [Member] | Subsequent Event [Member] | Starting in January 2026 [Member] | PFAS Liabilities [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Minimum amount of qualified spend required to allow withdrawals from escrow account | $ 200,000,000 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | |||
Accrued litigation | $ 88 | $ 60 | |
Asbestos [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | 34 | 34 | |
PFOA [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | [1] | 50 | 20 |
All Other Matters [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued litigation | $ 4 | $ 6 | |
[1] | At December 31, 2020, PFOA includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 88 | $ 60 |
PFOA Multi District Litigation in Ohio [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 29 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued Litigation: | |||
Current accrued litigation | $ 37 | $ 10 | |
Long-term accrued litigation | 51 | 50 | |
Total accrued litigation | 88 | 60 | |
Other Accrued Liabilities [Member] | |||
Accrued Litigation: | |||
Current accrued litigation | [1] | 37 | 10 |
Other Liabilities [Member] | |||
Accrued Litigation: | |||
Long-term accrued litigation | $ 51 | $ 50 | |
[1] | At December 31, 2020, current accrued litigation includes $29 associated with the Company’s portion of the costs to settle PFOA multi-district litigation in Ohio. |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 37 | $ 10 |
PFOA Multi District Litigation in Ohio [Member] | ||
Loss Contingencies [Line Items] | ||
Accrued litigation | $ 29 |
Commitments and Contingent Li_9
Commitments and Contingent Liabilities - Schedule of Components of Environmental Remediation Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | $ 390 | $ 406 |
Chambers Works, Deepwater, New Jersey [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 20 | 20 |
East Chicago, Indiana [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 11 | 17 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 194 | 201 |
Pompton Lakes, New Jersey [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 42 | 43 |
USS Lead, East Chicago, Indiana [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | 12 | 13 |
All other sites [Member] | ||
Environmental Remediation [Line Items] | ||
Accrued environmental remediation | $ 111 | $ 112 |
Commitments and Contingent L_10
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Environmental Remediation Liabilites and Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Environmental Remediation [Line Items] | ||
Current environmental remediation | $ 95 | $ 74 |
Long-term environmental remediation | 295 | 332 |
Total environmental remediation | 390 | 406 |
Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current environmental remediation | 95 | 74 |
Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term environmental remediation | $ 295 | $ 332 |
Commitments and Contingent L_11
Commitments and Contingent Liabilities - Environmental - Narrative (Details) $ in Millions | Sep. 09, 2019USD ($) | Jun. 29, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($)lawsuit | Dec. 31, 2020USD ($)lawsuit | Dec. 31, 2019USD ($)Owner | Dec. 31, 2018USD ($) | Sep. 30, 2020lawsuit |
Environmental Remediation [Line Items] | |||||||||
Environmental remediation activities amount | $ 3 | $ 71 | $ 200 | $ 101 | |||||
Sale of asset to third party | $ 39 | 5 | 9 | $ 46 | |||||
Accrual for environmental remediation activities | $ 390 | 390 | 406 | ||||||
Off-site Groundwater Remediation [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Estimated disbursements amount | $ 54 | ||||||||
Off-site Replacement Drinking Water Supplies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrued for operation, maintenance, and monitoring period | 20 years | ||||||||
Accrual for environmental remediation activities | $ 31 | 18 | |||||||
Accrual for environmental loss contingencies, changes in estimates | $ 7 | ||||||||
Off-site Groundwater Remediation for Operation, Maintenance, and Monitoring [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Disbursements period | 20 years | ||||||||
Toxicity Studies [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Disbursements period | 3 years | ||||||||
On-site Surface Water and Groundwater Remediation [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrual for environmental remediation activities | 5 | ||||||||
Estimated cost of remediation | 140 | $ 140 | |||||||
OM&M projected paid period | 20 years | ||||||||
East Chicago, Indiana [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Sale of asset to third party | $ 1 | ||||||||
Environmental remediation cost assumed by seller | 21 | ||||||||
Accrual for environmental remediation activities | 21 | 11 | $ 11 | 17 | |||||
Gain on sale of asset | 3 | ||||||||
Purchase price of asset sold | 1 | ||||||||
Environmental remediation liability assumed by the buyer | $ 2 | ||||||||
Oakley Site [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Sale of asset to third party | $ 7 | ||||||||
Gain on sale of asset | 6 | ||||||||
Sale of asset to third party received amount | 4 | 3 | |||||||
Proceeds contingent upon the completion of certain environmental remediation activities | 3 | ||||||||
Environmental remediation liability | $ 10 | 4 | 4 | 7 | |||||
Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrual for environmental remediation activities | 194 | 194 | 201 | ||||||
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Accrual for environmental remediation activities | $ 54 | $ 54 | $ 46 | ||||||
PFAS [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Civil penalty and investigative costs | $ 13 | ||||||||
Percentage of efficiency to control PFAS | 99.999% | ||||||||
Air quality test maximum period to conduct | 90 days | ||||||||
PFAS [Member] | Fayetteville Works, Fayetteville, North Carolina [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Percentage of efficiency to control PFAS | 99.99% | ||||||||
Reduction of PFAS maximum period | 2 years | ||||||||
Percentage of baseline | 75.00% | ||||||||
Compensatory and Punitive Damages [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Number of private well owners seeking for damages | Owner | 800 | ||||||||
Number of lawsuits filed | lawsuit | 3 | 3 | |||||||
PFOA [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Number of lawsuits filed | lawsuit | 3 | ||||||||
Minimum [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Average time frame of disbursements of environmental site remediation | 15 years | ||||||||
Maximum [Member] | |||||||||
Environmental Remediation [Line Items] | |||||||||
Average time frame of disbursements of environmental site remediation | 20 years | ||||||||
Loss contingency, potential additional loss | $ 580 | $ 580 |
Commitments and Contingent - Sc
Commitments and Contingent - Schedule of Components of Accrued Environmental Remediation Liabilities Related to PFAS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Environmental Remediation [Line Items] | ||
Total accrued liabilities | $ 390 | $ 406 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | 194 | 201 |
Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | 140 | 155 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member] | ||
Environmental Remediation [Line Items] | ||
Total accrued liabilities | $ 54 | $ 46 |
Commitments and Contingent L_12
Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities and Balance Sheet Locations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Environmental Remediation [Line Items] | ||
Current accrued liabilities | $ 95 | $ 74 |
Long-term accrued liabilities | 295 | 332 |
Total environmental remediation | 390 | 406 |
Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current accrued liabilities | 95 | 74 |
Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term accrued liabilities | 295 | 332 |
Fayetteville Works, Fayetteville, North Carolina [Member] | ||
Environmental Remediation [Line Items] | ||
Total environmental remediation | 194 | 201 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Accrued Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Current accrued liabilities | 39 | 20 |
Fayetteville Works, Fayetteville, North Carolina [Member] | Other Liabilities [Member] | ||
Environmental Remediation [Line Items] | ||
Long-term accrued liabilities | $ 155 | $ 181 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | May 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 13, 2019 | Aug. 01, 2018 | Nov. 30, 2017 |
Equity Class Of Treasury Stock [Line Items] | |||||||
Purchase of common stock value under the share repurchase program | $ 1,072,000,000 | $ 1,072,000,000 | |||||
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 | ||||||
Stock repurchases program date of announced to public | Dec. 1, 2017 | ||||||
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, authorized amount | $ 0 | $ 1,000,000,000 | $ 750,000,000 | ||||
Stock repurchase program effective date | Aug. 1, 2018 | ||||||
Average share price | $ 36.24 | $ 39.31 | |||||
Stock repurchases program date of announced to public | Aug. 2, 2018 | ||||||
Purchase of common stock under the share repurchase program | 8,895,142 | 6,350,857 | |||||
Stock repurchase program expiration date | Dec. 31, 2020 | ||||||
Stock repurchase program extended expiration date | Dec. 31, 2022 | ||||||
Purchase of common stock value under the share repurchase program | $ 322,000,000 | $ 250,000,000 | |||||
Remaining available amount of common stock under the share repurchase program | $ 428,000,000 | ||||||
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 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Apr. 26, 2017shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 16 | $ 19 | $ 24 | ||
Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 9 | $ 9 | $ 8 | ||
Expiration period | 10 years | 10 years | 10 years | ||
Stock-based compensation award vesting period | 3 years | 3 years | 3 years | ||
Total intrinsic value of options exercised | $ | $ 12 | $ 2 | $ 37 | ||
Unrecognized stock-based compensation expense related to stock options | $ | $ 7 | ||||
Unrecognized stock-based compensation expense period for recognition | 1 year 9 months 10 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 7 | $ 7 | $ 7 | ||
Stock-based compensation award vesting period | 3 years | ||||
Unrecognized stock-based compensation expense period for recognition | 1 year 2 months 23 days | ||||
Shares issued upon conversion of equity award | 1 | ||||
Unrecognized compensation cost related to equity awards other than options | $ | $ 12 | ||||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 17.01 | $ 26.89 | $ 48.35 | ||
Performance Share Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 1 | $ 3 | $ 9 | ||
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% | 100.00% | 100.00% | ||
Weighted-average fair value at grant date (in dollars per share) | $ / shares | $ 17.14 | $ 44.38 | $ 52.34 | ||
Number of additional shares to be awarded | 1,100,000 | ||||
Number of common stock shares reserved for issuance | 7,000,000 | ||||
Consecutive offering periods | 12 months | ||||
Number of purchase periods in offer period | Period | 2 | ||||
Employee stock purchase plan initial offering period | Oct. 2, 2017 | ||||
Percentage of common stock discount rate equal to the fair value | 95.00% | ||||
Stock purchased under employee stock purchase plan, Shares | 226,000 | ||||
Additional stock purchased under employee stock purchase plan, Shares | 12,411 | ||||
Stock purchased under employee stock purchase plan, Value | $ | $ 5 | ||||
Performance Share Units [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of target award available for grant | 0.00% | ||||
Performance Share Units [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of target award available for grant | 250.00% | ||||
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) | 10,200,000 | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 0.94% | 2.53% | 2.65% |
Expected term (years) | 6 years | 6 years | 6 years |
Volatility | 53.18% | 48.05% | 47.56% |
Dividend yield | 6.93% | 2.81% | 1.42% |
Fair value per stock option | $ 3.74 | $ 13.66 | $ 20.47 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, beginning balance, shares | 6,056 | 5,970 | 6,597 | |
Granted, shares | 2,778 | 836 | 495 | |
Exercised, shares | (1,124) | (590) | (1,073) | |
Forfeited, shares | (186) | (110) | (46) | |
Expired, shares | (165) | (50) | (3) | |
Outstanding, ending balance, shares | 7,359 | 6,056 | 5,970 | 6,597 |
Exercisable, shares | 4,050 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 20.92 | $ 18.45 | $ 15.72 | |
Granted, weighted average exercise price (in dollars per share) | 14.42 | 36.48 | 48.41 | |
Exercised, weighted average exercise price (in dollars per share) | 14.23 | 14.56 | 14.69 | |
Forfeited, weighted average exercise price (in dollars per share) | 23.84 | 39.06 | 37.77 | |
Expired, weighted average exercise price (in dollars per share) | 29.99 | 22.12 | 18.80 | |
Outstanding, weighted average exercise price, ending balance (in dollars per share) | 19.21 | $ 20.92 | $ 18.45 | $ 15.72 |
Exercisable, weighted average exercise price (in dollars per share) | $ 19.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options outstanding, weighted average remaining contractual term | 6 years 2 months 15 days | 4 years 8 months 15 days | 4 years 9 months 18 days | 5 years 1 month 9 days |
Options exercisable, weighted average remaining contractual term | 4 years | |||
Options outstanding, aggregate intrinsic value | $ 63,894 | $ 19,087 | $ 72,108 | $ 226,524 |
Options exercisable, aggregate intrinsic value | $ 35,958 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 546 | 247 | 1,165 |
Granted, shares | 585 | 439 | 135 |
Vested, shares | (161) | (110) | (1,034) |
Forfeited, shares | (60) | (30) | (19) |
Non-vested, ending balance, shares | 910 | 546 | 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) | $ 29.95 | $ 34.22 | $ 15.34 |
Granted, weighted average grant date fair value (in dollars per share) | 17.01 | 26.89 | 48.35 |
Vested, weighted average grant date fair value (in dollars per share) | 38.68 | 24.98 | 14.86 |
Forfeited, weighted average grant date fair value (in dollars per share) | 25.78 | 33.90 | 30.94 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 20.51 | $ 29.95 | $ 34.22 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Share Units Activity (Details) - Performance Share Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 529 | 1,107 | 987 |
Granted, shares | 542 | 240 | 139 |
Vested, shares | (176) | (761) | (19) |
Forfeited, shares | (51) | (57) | |
Non-vested, ending balance, shares | 844 | 529 | 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) | $ 39.53 | $ 17.71 | $ 12.94 |
Granted, weighted average grant date fair value (in dollars per share) | 17.14 | 44.38 | 52.34 |
Vested, weighted average grant date fair value (in dollars per share) | 35.84 | 5.07 | 24.16 |
Forfeited, weighted average grant date fair value (in dollars per share) | 27.79 | 43.35 | |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ 29.05 | $ 39.53 | $ 17.71 |
Stock-based Compensation - Pe_2
Stock-based Compensation - Performance Share Units Activity (Parenthetical) (Details) - Performance Share Units [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares vested | 176,000 | 761,000 | 19,000 |
Number of non-issued shares cancelled | 51,000 | 57,000 | |
Chemours Company Equity and Incentive Plan (the "Prior Plan") [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares vested | 1,520,000 | ||
Number of non-issued shares cancelled | 680,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | $ 689 | ||
Other comprehensive (loss) income | (76) | $ 11 | $ 30 |
Ending Balance | 813 | 689 | |
Net Investment Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (10) | (25) | (40) |
Other comprehensive (loss) income | (66) | 15 | 15 |
Ending Balance | (76) | (10) | (25) |
Cash Flow Hedge [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | 2 | 6 | 0 |
Other comprehensive (loss) income | (10) | (4) | 6 |
Ending Balance | (8) | 2 | 6 |
Currency Translation Adjustment [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (231) | (233) | (158) |
Other comprehensive (loss) income | 111 | 2 | (75) |
Ending Balance | (120) | (231) | (233) |
Defined Benefit Plans [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (110) | (312) | (244) |
Other comprehensive (loss) income | 4 | 202 | (68) |
Ending Balance | (106) | (110) | (312) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance | (349) | (564) | (442) |
Other comprehensive (loss) income | 39 | 215 | (122) |
Ending Balance | $ (310) | $ (349) | $ (564) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)contractInterestRateSwap | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Recognized gains (losses) on derivative cash flow hedge, pre-tax | $ (8,000,000) | $ 6,000,000 | $ 10,000,000 |
Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivative [Line Items] | |||
Recognized gain (loss) on derivative, pre-tax | (88,000,000) | 20,000,000 | 32,000,000 |
Reclassification on derivative, pre-tax | $ 0 | $ 0 | 0 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 25 | 16 | |
Derivative notional value | $ 688,000,000 | $ 530,000,000 | |
Average maturity period of derivative contract | 1 month | 1 month | |
Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | |||
Derivative [Line Items] | |||
Derivative gains (losses) | $ 29,000,000 | $ (2,000,000) | 3,000,000 |
Gain (loss) reclassification to cost of goods sold on derivative cash flow hedge | $ 29,000,000 | $ (2,000,000) | 3,000,000 |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Number of forward exchange currency contracts | contract | 144 | 150 | |
Derivative notional value | $ 101,000,000 | $ 124,000,000 | |
Average maturity period of derivative contract | 4 months | 5 months | |
Recognized gains (losses) on derivative cash flow hedge, pre-tax | $ (4,000,000) | $ 6,000,000 | 10,000,000 |
Derivative cash flow hedge loss from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months | 5,000,000 | ||
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cost of Goods Sold [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Gain (loss) reclassification to cost of goods sold on derivative cash flow hedge | 3,000,000 | $ 10,000,000 | $ 4,000,000 |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative notional value | $ 400,000,000 | ||
Number of interest rate swaps | InterestRateSwap | 3 | ||
Interest rate swaps maturity date | Mar. 31, 2023 | ||
Recognized gain (loss) on derivative, pre-tax | $ (4,000,000) | ||
Amount expects to reclassify of net loss from accumulated other comprehensive loss to interest expense, net | $ 2,000,000 | ||
Period expects to reclassify of net loss from accumulated other comprehensive loss to interest expense, net | 12 months | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 1.75% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 0.00% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Base Rate [Member] | Maximum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 0.75% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | Base Rate [Member] | Minimum [Member] | Senior Secured Term Loan Facility [Member] | |||
Derivative [Line Items] | |||
Variable interest | 1.00% | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Interest Expense, Net [Member] | Cash Flow Hedge [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Reclassification on derivative, pre-tax | $ (1,000,000) |
Financial Instruments - Schedul
Financial Instruments - Schedule of Derivative Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 8 | $ 1 |
Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 4 | 2 |
Not Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 4 | 1 |
Not Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 1 | 1 |
Designated as Hedging Instrument [Member] | Accounts and notes receivable - trade, net [Member] | Foreign currency forward contracts [Member] | Cash Flow Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 1 | |
Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Foreign currency forward contracts [Member] | Cash Flow Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 4 | |
Designated as Hedging Instrument [Member] | Other accrued liabilities [Member] | Interest Rate Swaps [Member] | Cash Flow Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 3 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Pre-tax Charge Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) | $ (88) | $ 20 | $ 32 |
Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) | (4) | 6 | 10 |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) | (4) | ||
Euro Denominated Debt [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Accumulated Other Comprehensive Income (Loss) | (88) | 20 | 32 |
Cost of Goods Sold [Member] | Foreign currency forward contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedge [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | 3 | 10 | 4 |
Other Income (Expense), Net [Member] | Foreign currency forward contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized In Derivative Instruments | $ 29 | $ (2) | $ 3 |
Long-term Employee Benefits (Na
Long-term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Decrease to net pension assets | $ 158 | ||||
Settlement loss | 380 | $ 14 | $ 381 | $ (18) | |
Employer contributions during period | 27 | 34 | $ 51 | ||
Netherlands Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension benefits | $ 932 | $ 932 | |||
Defined benefit plan loss partially offset by gain related to change in mortality assumption | 7 | ||||
Defined benefit plan gain from change in other demographic assumptions | 1 | ||||
Additional loss from unfavorable actuarial experience and other assumption changes | (3) | ||||
Global Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan net actuarial loss | (33) | ||||
Defined benefit plan decrease in discount rates resulted in loss | (38) | ||||
Actual return on plan assets | 55 | ||||
Defined benefit plan, incremental gains | $ 38 | ||||
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% | ||||
Chemours [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 (Cost) Income and Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total net periodic pension (cost) income | $ (380) | $ (14) | $ (381) | $ 18 |
Net gain (loss) | 4 | (144) | (115) | |
Prior service (cost) benefit, pre-tax | (1) | 5 | 0 | |
Amortization of actuarial loss, pre-tax | 9 | 18 | 16 | |
Amortization of prior service gain | (3) | (2) | (2) | |
Curtailment gain | 4 | 0 | 0 | |
Effect of foreign exchange rates | (9) | 7 | 8 | |
Benefit (cost) recognized in other comprehensive income | 9 | 267 | (93) | |
Pension Plan [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | (15) | (13) | (14) | |
Interest cost | (6) | (17) | (16) | |
Expected return on plan assets | 17 | 48 | 58 | |
Amortization of actuarial loss | (9) | (18) | (12) | |
Amortization of prior service gain | 3 | 2 | 2 | |
Settlement loss | (5) | (383) | ||
Curtailment gain | 1 | |||
Total net periodic pension (cost) income | (14) | (381) | 18 | |
Net gain (loss) | 4 | (144) | (115) | |
Prior service (cost) benefit, pre-tax | (1) | 5 | ||
Amortization of actuarial loss, pre-tax | 9 | 18 | 16 | |
Amortization of prior service gain | (3) | (2) | (2) | |
Settlement loss | 5 | 383 | ||
Curtailment gain | 4 | |||
Effect of foreign exchange rates | (9) | 7 | 8 | |
Benefit (cost) recognized in other comprehensive income | 9 | 267 | (93) | |
Total changes in plan assets and benefit obligations recognized in other comprehensive income | $ (5) | $ (114) | $ (75) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss | $ 143 | $ 151 | $ 419 |
Prior service credit | (12) | (14) | (10) |
Total amount recognized in accumulated other comprehensive loss | $ 131 | $ 137 | $ 409 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 20 | $ 19 | $ 15 |
Foreign [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 507 | 1,168 | |
Service cost | 15 | 13 | 14 |
Interest cost | 6 | 17 | 16 |
Plan participants’ contributions | 2 | 2 | |
Actuarial loss | 33 | 313 | |
Benefits paid | (2) | (37) | |
Plan amendments | (5) | ||
Settlements and transfers | (24) | (945) | |
Currency translation | 47 | (19) | |
Benefit obligation at end of year | 584 | 507 | 1,168 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 500 | 1,268 | |
Actual return on plan assets | 55 | 217 | |
Employer contributions | 20 | 19 | |
Plan participants’ contributions | 2 | 2 | |
Benefits paid | (2) | (37) | |
Settlements and transfers | (21) | (945) | |
Currency translation | 50 | (24) | |
Fair value of plan assets at end of year | 604 | 500 | $ 1,268 |
Total funded status at end of year | $ 20 | $ (7) |
Long-term Employee Benefits (_2
Long-term Employee Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 79 | $ 59 |
The accumulated benefit obligation for all pension plans | 513 | 445 |
Pension Plan [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | 79 | 59 |
Current liabilities | (2) | (2) |
Non-current liabilities | (57) | (64) |
Total net amount recognized | $ 20 | $ (7) |
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, 2020 | Dec. 31, 2019 |
Pension plans with projected benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 175 | $ 178 |
Accumulated benefit obligation | 148 | 150 |
Fair value of plan assets | 116 | 111 |
Pension plans with accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 153 | 178 |
Accumulated benefit obligation | 131 | 150 |
Fair value of plan assets | $ 98 | $ 111 |
Long-term Employee Benefits (As
Long-term Employee Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 1.00% | 1.40% |
Rate of compensation increase | 2.50% | 2.60% |
Interest crediting rate | 1.30% | 1.50% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 1.40% | 2.00% |
Rate of compensation increase | 2.50% | 2.50% |
Expected return on plan assets | 3.20% | 4.10% |
Long-term Employee Benefits (Pl
Long-term Employee Benefits (Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 604 | $ 500 | $ 1,268 |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 7.00% | 8.00% | |
Total pension assets at fair value | $ 43 | $ 41 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 43 | 41 | |
Pension Plan [Member] | Foreign [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 0 | $ 0 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 37.00% | 52.00% | |
Total pension assets at fair value | $ 220 | $ 102 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 33 | 101 | |
Pension Plan [Member] | Foreign [Member] | Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 187 | $ 1 | |
Pension Plan [Member] | Foreign [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total weighted-average allocation | 56.00% | 40.00% | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ 576 | $ 509 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 128 | 200 | |
Pension Plan [Member] | Foreign [Member] | Total Pension Assets at Fair Value [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 448 | 309 | |
Pension Plan [Member] | Foreign [Member] | Pooled Mortgage Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | 28 | ||
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 60 | 150 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 10 | 9 | |
Pension Plan [Member] | Foreign [Member] | Government Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 50 | 141 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 158 | 51 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 42 | 47 | |
Pension Plan [Member] | Foreign [Member] | Corporate Issued [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 116 | 4 | |
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 135 | ||
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 0 | ||
Pension Plan [Member] | Foreign [Member] | Mututal Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 135 | ||
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 93 | 28 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 0 | 0 | |
Pension Plan [Member] | Foreign [Member] | Derivative Financial Instruments, Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 93 | 28 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 2 | 2 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | 0 | 2 | |
Pension Plan [Member] | Foreign [Member] | Other Plan Assets | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets at fair value | $ 2 | 0 | |
Pension Plan [Member] | Foreign [Member] | Pension Trust Payables, Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total pension assets | $ (9) |
Long-term Employee Benefits (Ca
Long-term Employee Benefits (Cash Flows Defined Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2021 | $ 10 | ||
2022 | 10 | ||
2023 | 13 | ||
2024 | 15 | ||
2025 | 15 | ||
2026 to 2030 | 98 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions by employer | 20 | $ 19 | $ 15 |
Estimated future employer contributions in next fiscal year | $ 16 |
Geographic and Segment Inform_3
Geographic and Segment Information - Schedule of Net Sales and Property, Plant and Equipment, Net by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net Sales | $ 4,969 | $ 5,526 | $ 6,638 |
Property, Plant, and Equipment, Net | 3,474 | 3,559 | 3,291 |
North America [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net Sales | 1,914 | 2,144 | 2,378 |
Property, Plant, and Equipment, Net | 2,461 | 2,533 | 2,279 |
Asia Pacific [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net Sales | 1,384 | 1,543 | 1,720 |
Property, Plant, and Equipment, Net | 121 | 121 | 124 |
Europe, the Middle East, and Africa [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net Sales | 1,086 | 1,163 | 1,685 |
Property, Plant, and Equipment, Net | 324 | 294 | 293 |
Latin America [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net Sales | 585 | 676 | 855 |
Property, Plant, and Equipment, Net | $ 568 | $ 611 | $ 595 |
Geographic and Segment Inform_4
Geographic and Segment Information - Narrative (Details) - segment | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Segments Geographical Areas [Abstract] | ||
Number of reportable segments | 4 | 4 |
Geographic and Segment Inform_5
Geographic and Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 4,969 | $ 5,526 | $ 6,638 | |
Adjusted EBITDA | 1,063 | 1,163 | 1,902 | |
Depreciation and amortization | 320 | 311 | 284 | |
Equity in earnings of affiliates | 23 | 29 | 43 | |
Total assets | 7,082 | 7,258 | 7,362 | |
Investments in affiliates | 167 | 162 | 160 | $ 173 |
Purchases of property, plant, and equipment | 267 | 481 | 498 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,969 | 5,526 | 6,638 | |
Adjusted EBITDA | 1,063 | 1,163 | 1,902 | |
Depreciation and amortization | 290 | 279 | 256 | |
Equity in earnings of affiliates | 23 | 29 | 43 | |
Total assets | 5,222 | 5,447 | 5,721 | |
Investments in affiliates | 167 | 162 | 160 | |
Purchases of property, plant, and equipment | 251 | 362 | 440 | |
Operating Segments [Member] | Titanium Technologies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,402 | 2,345 | 3,174 | |
Adjusted EBITDA | 510 | 505 | 1,055 | |
Depreciation and amortization | 128 | 121 | 119 | |
Total assets | 2,130 | 2,291 | 2,354 | |
Purchases of property, plant, and equipment | 89 | 121 | 91 | |
Operating Segments [Member] | Thermal & Specialized Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,105 | 1,318 | 1,497 | |
Adjusted EBITDA | 354 | 398 | 542 | |
Depreciation and amortization | 53 | 52 | 37 | |
Equity in earnings of affiliates | 6 | 11 | 17 | |
Total assets | 1,041 | 1,061 | 1,187 | |
Investments in affiliates | 66 | 64 | 61 | |
Purchases of property, plant, and equipment | 28 | 32 | 156 | |
Operating Segments [Member] | Advanced Performance Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,104 | 1,330 | 1,365 | |
Adjusted EBITDA | 126 | 180 | 241 | |
Depreciation and amortization | 88 | 84 | 80 | |
Equity in earnings of affiliates | 17 | 18 | 26 | |
Total assets | 1,520 | 1,521 | 1,557 | |
Investments in affiliates | 101 | 98 | 99 | |
Purchases of property, plant, and equipment | 109 | 169 | 118 | |
Operating Segments [Member] | Chemical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 358 | 533 | 602 | |
Adjusted EBITDA | 73 | 80 | 64 | |
Depreciation and amortization | 21 | 22 | 20 | |
Total assets | 531 | 574 | 623 | |
Purchases of property, plant, and equipment | $ 25 | $ 40 | $ 75 |
Geographic and Segment Inform_6
Geographic and Segment Information - Summary of Reconciliation for Summary Financial Information for Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 320 | $ 311 | $ 284 |
Total assets | 7,082 | 7,258 | 7,362 |
Purchases of property, plant, and equipment | 267 | 481 | 498 |
Segment Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 290 | 279 | 256 |
Total assets | 5,222 | 5,447 | 5,721 |
Purchases of property, plant, and equipment | 251 | 362 | 440 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 30 | 32 | 28 |
Total assets | 1,860 | 1,811 | 1,641 |
Purchases of property, plant, and equipment | $ 16 | $ 119 | $ 58 |
Geographic and Segment Inform_7
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Segment Adjusted EBITDA | $ 1,063 | $ 1,163 | $ 1,902 |
Corporate and Other expenses (excluding items below) | (184) | (143) | (162) |
Interest expense, net | (210) | (208) | (195) |
Depreciation and amortization | (320) | (311) | (284) |
Non-operating pension and other post-retirement employee benefit income (cost) | 1 | (368) | 27 |
Exchange (losses) gains, net | (26) | (2) | 1 |
Restructuring, asset-related, and other charges | (80) | (87) | (49) |
Loss on extinguishment of debt | (22) | 0 | (38) |
Gain on sales of assets and businesses | 8 | 10 | 45 |
Transaction costs | (2) | (3) | (9) |
Legal and environmental charges | (49) | (175) | (82) |
Other charges | (1) | ||
Income (loss) before income taxes | $ 179 | $ (124) | $ 1,155 |
Geographic and Segment Inform_8
Geographic and Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Income (Loss) Before Income Taxes (Details) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Legal charges | $ 49 | $ 175 | $ 82 |
PFOA Multi District Litigation in Ohio [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | 29 | ||
GenX and Other Perfluorinated and Polyfluorinated Compounds [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | 8 | 168 | 63 |
On-site Remediation [Member] | |||
Segment Reporting Information [Line Items] | |||
Legal charges | 5 | ||
Oakley California Site [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 6 | ||
East Chicago, Indiana [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 3 | ||
Linden, New Jersey Sites [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | $ 42 | ||
Repauno, New Jersey Sites [Member] | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of asset | 9 | ||
Netherlands Pension Plan [Member] | |||
Segment Reporting Information [Line Items] | |||
Settlement loss | $ 380 |