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Long-term Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
General Discussion Of Pension And Other Postretirement Benefits [Abstract] |
Schedules of Net Periodic Pension Income | The following table sets forth the Company’s net periodic pension income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017.
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Net periodic pension cost (income): |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 13 |  |  | $ | 14 |  |  | $ | 16 |
Interest cost |  |  | 17 |  |  |  | 16 |  |  |  | 16 |
Expected return on plan assets |  |  | (48 | ) |  |  | (58 | ) |  |  | (75 | )
Amortization of prior service gain |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
Amortization of actuarial loss |  |  | 18 |  |  |  | 12 |  |  |  | 22 |
Settlement loss |  |  | 383 |  |  |  | — |  |  |  | 1 |
Net periodic pension cost (income) |  |  | 381 |  |  |  | (18 | ) |  |  | (22 | )
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  |  | 144 |  |  |  | 115 |  |  |  | (24 | )
Amortization of actuarial loss |  |  | (18 | ) |  |  | (16 | ) |  |  | (24 | )
Prior service gain |  |  | (5 | ) |  |  | — |  |  |  | — |
Amortization of prior service gain |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Settlement loss |  |  | (383 | ) |  |  | — |  |  |  | — |
Effect of foreign exchange rates |  |  | (7 | ) |  |  | (8 | ) |  |  | 38 |
(Benefit) cost recognized in other comprehensive income |  |  | (267 | ) |  |  | 93 |  |  |  | (8 | )
Total net periodic pension income and cost (benefit) recognized in other comprehensive income |  | $ | 114 |  |  | $ | 75 |  |  | $ | (30 | )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2019, 2018, and 2017.
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Net loss |  | $ | 151 |  |  | $ | 419 |  |  | $ | 329 |
Prior service credit |  |  | (14 | ) |  |  | (10 | ) |  |  | (11 | )
Total amount recognized in accumulated other comprehensive loss |  | $ | 137 |  |  | $ | 409 |  |  | $ | 318 |
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, 2019 and 2018.
|  | December 31, |
|  | 2019 |  |  | 2018 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,168 |  |  | $ | 1,177 |
Service cost |  |  | 13 |  |  |  | 14 |
Interest cost |  |  | 17 |  |  |  | 16 |
Plan participants’ contributions |  |  | 2 |  |  |  | 2 |
Actuarial loss |  |  | 313 |  |  |  | 45 |
Benefits paid |  |  | (37 | ) |  |  | (46 | )
Plan amendments |  |  | (5 | ) |  |  | — |
Settlements and transfers |  |  | (945 | ) |  |  | 2 |
Currency translation |  |  | (19 | ) |  |  | (42 | )
Benefit obligation at end of year |  |  | 507 |  |  |  | 1,168 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 1,268 |  |  |  | 1,363 |
Actual return (loss) on plan assets |  |  | 217 |  |  |  | (17 | )
Employer contributions |  |  | 19 |  |  |  | 15 |
Plan participants’ contributions |  |  | 2 |  |  |  | 2 |
Benefits paid |  |  | (37 | ) |  |  | (46 | )
Settlements and transfers |  |  | (945 | ) |  |  | 2 |
Currency translation |  |  | (24 | ) |  |  | (51 | )
Fair value of plan assets at end of year |  |  | 500 |  |  |  | 1,268 |
Total funded status at end of year |  | $ | (7 | ) |  | $ | 100 |
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, 2019 and 2018.
|  | December 31, |
|  | 2019 |  |  | 2018 |
Non-current assets |  | $ | 59 |  |  | $ | 174 |
Current liabilities |  |  | (2 | ) |  |  | (1 | )
Non-current liabilities |  |  | (64 | ) |  |  | (73 | )
Total net amount recognized |  | $ | (7 | ) |  | $ | 100 |
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, 2019 and 2018.
|  | December 31, |
Pension plans with projected benefit obligation in excess of plan assets |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 178 |  |  | $ | 177 |
Accumulated benefit obligation |  |  | 150 |  |  |  | 149 |
Fair value of plan assets |  |  | 111 |  |  |  | 103 |
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, 2019 and 2018.
|  | December 31, |
Pension plans with accumulated benefit obligation in excess of plan assets |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 178 |  |  | $ | 177 |
Accumulated benefit obligation |  |  | 150 |  |  |  | 149 |
Fair value of plan assets |  |  | 111 |  |  |  | 103 |
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, 2019 and 2018.
|  | December 31, |
Weighted-average assumptions used to determine benefit obligations |  | 2019 |  |  | 2018 |
Discount rate |  |  | 1.4 | % |  |  | 2.0 | %
Rate of compensation increase (1) |  |  | 2.6 | % |  |  | 2.5 | %
| (1) | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant’s entire career at Chemours.
|  | December 31, |
Weighted-average assumptions used to determine net benefit cost |  | 2019 |  |  | 2018 |
Discount rate |  |  | 2.0 | % |  |  | 1.9 | %
Rate of compensation increase (1) |  |  | 2.5 | % |  |  | 2.5 | %
Expected return on plan assets |  |  | 4.1 | % |  |  | 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, 2019 and 2018.
|  | December 31, |
|  | 2019 |  |  | 2018 |
Cash and cash equivalents |  |  | 8 | % |  |  | 5 | %
U.S. and non-U.S. equity securities |  |  | 52 | % |  |  | 45 | %
Fixed income securities |  |  | 40 | % |  |  | 50 | %
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, 2019 and 2018.
|  | 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 |
Mututal funds |  |  | 135 |  |  |  | — |  |  |  | 135 |
Derivatives - asset position |  |  | 28 |  |  |  | — |  |  |  | 28 |
Derivatives - liability position |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  | 41 |  |  |  | 41 |  |  |  | — |
Other |  |  | 2 |  |  |  | 2 |  |  |  | — |
Total pension assets before pension receivables |  |  | 509 |  |  | $ | 200 |  |  | $ | 309 |
Pension trust payables, net (1) |  |  | (9 | ) |  |  |  |  |  |  |  |
Total pension assets |  | $ | 500 |  |  |  |  |  |  |  |  |
| (1) | Payables are primarily for investments purchased and received but not yet paid.
|  | Fair Value Measurements at December 31, 2018 |
|  | Total |  |  | Level 1 |  |  | Level 2 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |
Debt - government issued |  | $ | 487 |  |  | $ | 3 |  |  | $ | 484 |
Debt - corporate issued |  |  | 130 |  |  |  | 33 |  |  |  | 97 |
U.S. and non-U.S. equities |  |  | 264 |  |  |  | 263 |  |  |  | 1 |
Mututal funds |  |  | 296 |  |  |  | — |  |  |  | 296 |
Derivatives - asset position |  |  | 9 |  |  |  | — |  |  |  | 9 |
Derivatives - liability position |  |  | (5 | ) |  |  | — |  |  |  | (5 | )
Cash and cash equivalents |  |  | 67 |  |  |  | 67 |  |  |  | — |
Other |  |  | 12 |  |  |  | 8 |  |  |  | 4 |
Total pension assets before pension receivables |  |  | 1,260 |  |  | $ | 374 |  |  | $ | 886 |
Pension trust receivables, net (1) |  |  | 8 |  |  |  |  |  |  |  |  |
Total pension assets |  | $ | 1,268 |  |  |  |  |  |  |  |  |
| (1) | Receivables are primarily for investment income earned but not yet received.
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 as of December 31, 2019.
|  | Year Ended |
|  | December 31, |
2020 |  | $ | 13 |
2021 |  |  | 9 |
2022 |  |  | 10 |
2023 |  |  | 13 |
2024 |  |  | 15 |
2025 to 2029 |  |  | 87 |

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