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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2019 and 2018.
|  | December 31, |
|  | 2019 |  |  | 2018 |
Senior secured term loans: |  |  |  |  |  |  |  |
Tranche B-2 U.S. dollar term loan due May 2025 |  | $ | 884 |  |  | $ | 893 |
Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) |  |  | 383 |  |  |  | 396 |
Senior unsecured notes: |  |  |  |  |  |  |  |
6.625% due May 2023 |  |  | 908 |  |  |  | 908 |
7.000% due May 2025 |  |  | 750 |  |  |  | 750 |
4.000% due May 2026 (€450 at December 31, 2019 and 2018) |  |  | 501 |  |  |  | 513 |
5.375% due May 2027 |  |  | 500 |  |  |  | 500 |
Securitization Facility |  |  | 110 |  |  |  | — |
Finance lease liabilities |  |  | 59 |  |  |  | 2 |
Financing obligation (1) |  |  | 95 |  |  |  | 55 |
Other |  |  | 6 |  |  |  | — |
Total debt |  |  | 4,196 |  |  |  | 4,017 |
Less: Unamortized issue discounts |  |  | (8 | ) |  |  | (10 | )
Less: Unamortized debt issuance costs |  |  | (28 | ) |  |  | (35 | )
Less: Short-term and current maturities of long-term debt |  |  | (134 | ) |  |  | (13 | )
Total long-term debt, net |  | $ | 4,026 |  |  | $ | 3,959 |
| (1) | At December 31, 2019, financing obligation includes $95 in connection with the financed portion of the Chemours Discovery Hub, which was considered a build-to-suit lease liability of $55 at December 31, 2018. 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.
|  | Year Ended |
|  | December 31, |
2020 |  | $ | 122 |
2021 |  |  | 13 |
2022 |  |  | 13 |
2023 |  |  | 921 |
2024 |  |  | 13 |
Thereafter (1) |  |  | 2,954 |
Total principal maturities on debt |  | $ | 4,036 |
| (1) | The Senior Secured Credit Facilities are subject to a springing maturity in the event that the senior unsecured notes due in May 2023 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date
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 the Securitization Facility approximates its fair value based on its short-term nature and maturity.
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Senior secured term loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tranche B-2 U.S. dollar term loan due May 2025 |  | $ | 884 |  |  | $ | 865 |  |  | $ | 893 |  |  | $ | 862 |
Tranche B-2 euro term loan due May 2025 (€344 at December 31, 2019 and €347 at December 31, 2018) |  |  | 383 |  |  |  | 378 |  |  |  | 396 |  |  |  | 394 |
Senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
6.625% due May 2023 |  |  | 908 |  |  |  | 917 |  |  |  | 908 |  |  |  | 918 |
7.000% due May 2025 |  |  | 750 |  |  |  | 755 |  |  |  | 750 |  |  |  | 761 |
4.000% due May 2026 (€450 at December 31, 2019 and 2018) |  |  | 501 |  |  |  | 455 |  |  |  | 513 |  |  |  | 487 |
5.375% due May 2027 |  |  | 500 |  |  |  | 450 |  |  |  | 500 |  |  |  | 454 |
Securitization Facility |  |  | 110 |  |  |  | 110 |  |  |  | — |  |  |  | — |
Total senior debt |  |  | 4,036 |  |  | $ | 3,930 |  |  |  | 3,960 |  |  | $ | 3,876 |
Less: Unamortized issue discounts |  |  | (8 | ) |  |  |  |  |  |  | (10 | ) |  |  |  |
Less: Unamortized debt issuance costs |  |  | (28 | ) |  |  |  |  |  |  | (35 | ) |  |  |  |
Total senior debt, net |  | $ | 4,000 |  |  |  |  |  |  | $ | 3,915 |  |  |  |  |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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