XML 43 R38.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Guarantor Condensed Consolidating Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Guarantor Condensed Consolidating Financial Information | Note 30. Guarantor Condensed Consolidating Financial Information The following guarantor condensed consolidating financial information is included in accordance with Rule 3-10 of Regulation S-X (“Rule 3-10”) in connection with the subsidiary guarantees of the “Notes” (collectively, the 2023 Dollar Notes, the 2025 Notes, the 2026 Euro Notes, and the 2027 Notes), in each case, issued by The Chemours Company (the “Parent Issuer”). As of the dates indicated, each series of the Notes was fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, subject to certain exceptions, by the same group of subsidiaries of the Parent Issuer (together, the “Guarantor Subsidiaries”). Each of the Guarantor Subsidiaries is 100% owned by the Company. None of the other subsidiaries of the Company, either direct or indirect, guarantee the Notes (together, the “Non-Guarantor Subsidiaries”). Pursuant to the indentures governing the Notes, the Guarantor Subsidiaries will be automatically released from those guarantees upon the occurrence of certain customary release provisions. The following condensed consolidating financial information is presented to comply with the Company’s requirements under Rule 3-10:
| • | the consolidating statements of comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017;
| • | the consolidating balance sheets at December 31, 2019 and 2018; and,
| • | the consolidating statements of cash flows for the years ended December 31, 2019, 2018, and 2017.
The following guarantor condensed financial information is presented using the equity method of accounting for the Company’s investments in its wholly-owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of its subsidiaries’ cumulative results of operations, capital contributions, distributions, and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information included herein may not necessarily be indicative of the financial positions, results of operations, or cash flows of the Company’s subsidiaries had they operated as independent entities, and should be read in conjunction with the consolidated financial statements and the related notes thereto. Condensed Consolidating Statements of Comprehensive Income (Loss)
| Year Ended December 31, 2019 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Net sales | $ | — |  |  | $ | 3,357 |  |  | $ | 3,656 |  |  | $ | (1,487 | ) |  | $ | 5,526 |
Cost of goods sold |  | — |  |  |  | 3,068 |  |  |  | 2,882 |  |  |  | (1,487 | ) |  |  | 4,463 |
Gross profit |  | — |  |  |  | 289 |  |  |  | 774 |  |  |  | — |  |  |  | 1,063 |
Selling, general, and administrative expense |  | 19 |  |  |  | 406 |  |  |  | 141 |  |  |  | (18 | ) |  |  | 548 |
Research and development expense |  | — |  |  |  | 73 |  |  |  | 7 |  |  |  | — |  |  |  | 80 |
Restructuring, asset-related, and other charges |  | — |  |  |  | 74 |  |  |  | 13 |  |  |  | — |  |  |  | 87 |
Total other operating expenses |  | 19 |  |  |  | 553 |  |  |  | 161 |  |  |  | (18 | ) |  |  | 715 |
Equity in earnings of affiliates |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | 29 |
Equity in earnings (loss) of subsidiaries |  | 73 |  |  |  | (3 | ) |  |  | — |  |  |  | (70 | ) |  |  | — |
Interest (expense) income, net |  | (209 | ) |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | (208 | )
Intercompany interest income (expense), net |  | 41 |  |  |  | 16 |  |  |  | (57 | ) |  |  | — |  |  |  | — |
Other income (expense), net |  | 21 |  |  |  | 122 |  |  |  | (417 | ) |  |  | (19 | ) |  |  | (293 | )
(Loss) income before income taxes |  | (93 | ) |  |  | (129 | ) |  |  | 169 |  |  |  | (71 | ) |  |  | (124 | )
Benefit from income taxes |  | (41 | ) |  |  | (28 | ) |  |  | (2 | ) |  |  | (1 | ) |  |  | (72 | )
Net (loss) income |  | (52 | ) |  |  | (101 | ) |  |  | 171 |  |  |  | (70 | ) |  |  | (52 | )
Less: Net income attributable to non-controlling interests |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net (loss) income attributable to Chemours | $ | (52 | ) |  | $ | (101 | ) |  | $ | 171 |  |  | $ | (70 | ) |  | $ | (52 | )
Comprehensive income (loss) attributable to Chemours | $ | 163 |  |  | $ | (101 | ) |  | $ | 371 |  |  | $ | (270 | ) |  | $ | 163 |
Condensed Consolidating Statements of Comprehensive Income (Loss)
| Year Ended December 31, 2018 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Net sales | $ | — |  |  | $ | 3,974 |  |  | $ | 4,484 |  |  | $ | (1,820 | ) |  | $ | 6,638 |
Cost of goods sold |  | — |  |  |  | 3,112 |  |  |  | 3,380 |  |  |  | (1,825 | ) |  |  | 4,667 |
Gross profit |  | — |  |  |  | 862 |  |  |  | 1,104 |  |  |  | 5 |  |  |  | 1,971 |
Selling, general, and administrative expense |  | 33 |  |  |  | 485 |  |  |  | 163 |  |  |  | (24 | ) |  |  | 657 |
Research and development expense |  | — |  |  |  | 76 |  |  |  | 6 |  |  |  | — |  |  |  | 82 |
Restructuring, asset-related, and other charges |  | — |  |  |  | 46 |  |  |  | 3 |  |  |  | — |  |  |  | 49 |
Total other operating expenses |  | 33 |  |  |  | 607 |  |  |  | 172 |  |  |  | (24 | ) |  |  | 788 |
Equity in earnings of affiliates |  | — |  |  |  | — |  |  |  | 43 |  |  |  | — |  |  |  | 43 |
Equity in earnings of subsidiaries |  | 1,155 |  |  |  | 2 |  |  |  | — |  |  |  | (1,157 | ) |  |  | — |
Interest (expense) income, net |  | (210 | ) |  |  | 5 |  |  |  | 10 |  |  |  | — |  |  |  | (195 | )
Loss on extinguishment of debt |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (38 | )
Intercompany interest income (expense), net |  | 47 |  |  |  | 10 |  |  |  | (57 | ) |  |  | — |  |  |  | — |
Other income (expense), net |  | 25 |  |  |  | 199 |  |  |  | (40 | ) |  |  | (22 | ) |  |  | 162 |
Income before income taxes |  | 946 |  |  |  | 471 |  |  |  | 888 |  |  |  | (1,150 | ) |  |  | 1,155 |
(Benefit from) provision for income taxes |  | (50 | ) |  |  | 98 |  |  |  | 111 |  |  |  | — |  |  |  | 159 |
Net income |  | 996 |  |  |  | 373 |  |  |  | 777 |  |  |  | (1,150 | ) |  |  | 996 |
Less: Net income attributable to non-controlling interests |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Net income attributable to Chemours | $ | 996 |  |  | $ | 373 |  |  | $ | 776 |  |  | $ | (1,150 | ) |  | $ | 995 |
Comprehensive income attributable to Chemours | $ | 873 |  |  | $ | 375 |  |  | $ | 637 |  |  | $ | (1,012 | ) |  | $ | 873 |
Condensed Consolidating Statements of Comprehensive Income (Loss)
| Year Ended December 31, 2017 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Net sales | $ | — |  |  | $ | 3,887 |  |  | $ | 4,030 |  |  | $ | (1,734 | ) |  | $ | 6,183 |
Cost of goods sold |  | — |  |  |  | 3,084 |  |  |  | 3,045 |  |  |  | (1,691 | ) |  |  | 4,438 |
Gross profit |  | — |  |  |  | 803 |  |  |  | 985 |  |  |  | (43 | ) |  |  | 1,745 |
Selling, general, and administrative expense |  | 36 |  |  |  | 449 |  |  |  | 179 |  |  |  | (38 | ) |  |  | 626 |
Research and development expense |  | — |  |  |  | 74 |  |  |  | 7 |  |  |  | — |  |  |  | 81 |
Restructuring, asset-related, and other charges |  | — |  |  |  | 56 |  |  |  | 1 |  |  |  | — |  |  |  | 57 |
Total other operating expenses |  | 36 |  |  |  | 579 |  |  |  | 187 |  |  |  | (38 | ) |  |  | 764 |
Equity in earnings of affiliates |  | — |  |  |  | — |  |  |  | 33 |  |  |  | — |  |  |  | 33 |
Equity in earnings of subsidiaries |  | 849 |  |  |  | — |  |  |  | — |  |  |  | (849 | ) |  |  | — |
Interest (expense) income, net |  | (220 | ) |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | (214 | )
Loss on extinguishment of debt |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Intercompany interest income (expense), net |  | 64 |  |  |  | — |  |  |  | (64 | ) |  |  | — |  |  |  | — |
Other income (expense), net |  | 29 |  |  |  | 139 |  |  |  | (21 | ) |  |  | (34 | ) |  |  | 113 |
Income before income taxes |  | 685 |  |  |  | 366 |  |  |  | 749 |  |  |  | (888 | ) |  |  | 912 |
(Benefit from) provision for income taxes |  | (62 | ) |  |  | 117 |  |  |  | 114 |  |  |  | (4 | ) |  |  | 165 |
Net income |  | 747 |  |  |  | 249 |  |  |  | 635 |  |  |  | (884 | ) |  |  | 747 |
Less: Net income attributable to non-controlling interests |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Net income attributable to Chemours | $ | 747 |  |  | $ | 249 |  |  | $ | 634 |  |  | $ | (884 | ) |  | $ | 746 |
Comprehensive income attributable to Chemours | $ | 881 |  |  | $ | 253 |  |  | $ | 828 |  |  | $ | (1,081 | ) |  | $ | 881 |
Condensed Consolidating Balance Sheets
| Year Ended December 31, 2019 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 104 |  |  | $ | 839 |  |  | $ | — |  |  | $ | 943 |
Accounts and notes receivable, net |  | — |  |  |  | 53 |  |  |  | 621 |  |  |  | — |  |  |  | 674 |
Intercompany receivable |  | 2 |  |  |  | 1,023 |  |  |  | 180 |  |  |  | (1,205 | ) |  |  | — |
Inventories |  | — |  |  |  | 552 |  |  |  | 612 |  |  |  | (85 | ) |  |  | 1,079 |
Prepaid expenses and other |  | — |  |  |  | 60 |  |  |  | 15 |  |  |  | 6 |  |  |  | 81 |
Total current assets |  | 2 |  |  |  | 1,792 |  |  |  | 2,267 |  |  |  | (1,284 | ) |  |  | 2,777 |
Property, plant, and equipment |  | — |  |  |  | 7,207 |  |  |  | 2,206 |  |  |  | — |  |  |  | 9,413 |
Less: Accumulated depreciation |  | — |  |  |  | (4,697 | ) |  |  | (1,157 | ) |  |  | — |  |  |  | (5,854 | )
Property, plant, and equipment, net |  | — |  |  |  | 2,510 |  |  |  | 1,049 |  |  |  | — |  |  |  | 3,559 |
Operating lease right-of-use assets |  | — |  |  |  | 273 |  |  |  | 21 |  |  |  | — |  |  |  | 294 |
Goodwill and other intangible assets, net |  | — |  |  |  | 160 |  |  |  | 14 |  |  |  | — |  |  |  | 174 |
Investments in affiliates |  | — |  |  |  | — |  |  |  | 162 |  |  |  | — |  |  |  | 162 |
Investments in subsidiaries |  | 4,077 |  |  |  | 148 |  |  |  | — |  |  |  | (4,225 | ) |  |  | — |
Intercompany notes receivable |  | 1,250 |  |  |  | — |  |  |  | — |  |  |  | (1,250 | ) |  |  | — |
Other assets |  | 7 |  |  |  | 140 |  |  |  | 145 |  |  |  | — |  |  |  | 292 |
Total assets | $ | 5,336 |  |  | $ | 5,023 |  |  | $ | 3,658 |  |  | $ | (6,759 | ) |  | $ | 7,258 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 528 |  |  | $ | 395 |  |  | $ | — |  |  | $ | 923 |
Short-term and current maturities of long-term debt |  | 13 |  |  |  | 11 |  |  |  | 110 |  |  |  | — |  |  |  | 134 |
Intercompany payable |  | 720 |  |  |  | 138 |  |  |  | 345 |  |  |  | (1,203 | ) |  |  | — |
Other accrued liabilities |  | 21 |  |  |  | 294 |  |  |  | 171 |  |  |  | (2 | ) |  |  | 484 |
Total current liabilities |  | 754 |  |  |  | 971 |  |  |  | 1,021 |  |  |  | (1,205 | ) |  |  | 1,541 |
Long-term debt, net |  | 3,876 |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 4,026 |
Operating lease liabilities |  | — |  |  |  | 233 |  |  |  | 12 |  |  |  | — |  |  |  | 245 |
Intercompany notes payable |  | — |  |  |  | — |  |  |  | 1,250 |  |  |  | (1,250 | ) |  |  | — |
Deferred income taxes |  | 17 |  |  |  | 45 |  |  |  | 56 |  |  |  | — |  |  |  | 118 |
Other liabilities |  | — |  |  |  | 551 |  |  |  | 82 |  |  |  | — |  |  |  | 633 |
Total liabilities |  | 4,647 |  |  |  | 1,950 |  |  |  | 2,421 |  |  |  | (2,455 | ) |  |  | 6,563 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Chemours stockholders’ equity |  | 689 |  |  |  | 3,073 |  |  |  | 1,231 |  |  |  | (4,304 | ) |  |  | 689 |
Non-controlling interests |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
Total equity |  | 689 |  |  |  | 3,073 |  |  |  | 1,237 |  |  |  | (4,304 | ) |  |  | 695 |
Total liabilities and equity | $ | 5,336 |  |  | $ | 5,023 |  |  | $ | 3,658 |  |  | $ | (6,759 | ) |  | $ | 7,258 |
Condensed Consolidating Balance Sheets
| Year Ended December 31, 2018 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 239 |  |  | $ | 962 |  |  | $ | — |  |  | $ | 1,201 |
Accounts and notes receivable, net |  | — |  |  |  | 297 |  |  |  | 564 |  |  |  | — |  |  |  | 861 |
Intercompany receivable |  | 2 |  |  |  | 1,057 |  |  |  | 91 |  |  |  | (1,150 | ) |  |  | — |
Inventories |  | — |  |  |  | 483 |  |  |  | 749 |  |  |  | (85 | ) |  |  | 1,147 |
Prepaid expenses and other |  | — |  |  |  | 58 |  |  |  | 26 |  |  |  | — |  |  |  | 84 |
Total current assets |  | 2 |  |  |  | 2,134 |  |  |  | 2,392 |  |  |  | (1,235 | ) |  |  | 3,293 |
Property, plant, and equipment |  | — |  |  |  | 6,870 |  |  |  | 2,122 |  |  |  | — |  |  |  | 8,992 |
Less: Accumulated depreciation |  | — |  |  |  | (4,591 | ) |  |  | (1,110 | ) |  |  | — |  |  |  | (5,701 | )
Property, plant, and equipment, net |  | — |  |  |  | 2,279 |  |  |  | 1,012 |  |  |  | — |  |  |  | 3,291 |
Goodwill and other intangible assets, net |  | — |  |  |  | 167 |  |  |  | 14 |  |  |  | — |  |  |  | 181 |
Investments in affiliates |  | — |  |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | 160 |
Investments in subsidiaries |  | 4,487 |  |  |  | 11 |  |  |  | — |  |  |  | (4,498 | ) |  |  | — |
Intercompany notes receivable |  | 1,150 |  |  |  | — |  |  |  | — |  |  |  | (1,150 | ) |  |  | — |
Other assets |  | 17 |  |  |  | 154 |  |  |  | 274 |  |  |  | (8 | ) |  |  | 437 |
Total assets | $ | 5,656 |  |  | $ | 4,745 |  |  | $ | 3,852 |  |  | $ | (6,891 | ) |  | $ | 7,362 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 637 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 1,137 |
Current maturities of long-term debt |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13 |
Intercompany payable |  | 698 |  |  |  | 92 |  |  |  | 360 |  |  |  | (1,150 | ) |  |  | — |
Other accrued liabilities |  | 21 |  |  |  | 341 |  |  |  | 198 |  |  |  | (1 | ) |  |  | 559 |
Total current liabilities |  | 732 |  |  |  | 1,070 |  |  |  | 1,058 |  |  |  | (1,151 | ) |  |  | 1,709 |
Long-term debt, net |  | 3,902 |  |  |  | 57 |  |  |  | — |  |  |  | — |  |  |  | 3,959 |
Intercompany notes payable |  | — |  |  |  | — |  |  |  | 1,150 |  |  |  | (1,150 | ) |  |  | — |
Deferred income taxes |  | 8 |  |  |  | 143 |  |  |  | 82 |  |  |  | (16 | ) |  |  | 217 |
Other liabilities |  | — |  |  |  | 372 |  |  |  | 85 |  |  |  | — |  |  |  | 457 |
Total liabilities |  | 4,642 |  |  |  | 1,642 |  |  |  | 2,375 |  |  |  | (2,317 | ) |  |  | 6,342 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Chemours stockholders’ equity |  | 1,014 |  |  |  | 3,103 |  |  |  | 1,471 |  |  |  | (4,574 | ) |  |  | 1,014 |
Non-controlling interests |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
Total equity |  | 1,014 |  |  |  | 3,103 |  |  |  | 1,477 |  |  |  | (4,574 | ) |  |  | 1,020 |
Total liabilities and equity | $ | 5,656 |  |  | $ | 4,745 |  |  | $ | 3,852 |  |  | $ | (6,891 | ) |  | $ | 7,362 |
Condensed Consolidating Statements of Cash Flows
| Year Ended December 31, 2019 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash provided by (used for) operating activities | $ | 140 |  |  | $ | (892 | ) |  | $ | 1,684 |  |  | $ | (282 | ) |  | $ | 650 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment |  | — |  |  |  | (403 | ) |  |  | (78 | ) |  |  | — |  |  |  | (481 | )
Intercompany investing activities |  | — |  |  |  | 26 |  |  |  | (398 | ) |  |  | 372 |  |  |  | — |
Acquisition of business, net |  | — |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | (10 | )
Proceeds from sales of assets and businesses, net |  | — |  |  |  | 7 |  |  |  | 2 |  |  |  | — |  |  |  | 9 |
Proceeds from life insurance policies |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Foreign exchange contract settlements, net |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (2 | )
Cash used for investing activities |  | — |  |  |  | (381 | ) |  |  | (474 | ) |  |  | 372 |  |  |  | (483 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving loan |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
Repayments on revolving loan |  | (150 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (150 | )
Proceeds from accounts receivable securitization facility |  | — |  |  |  | — |  |  |  | 128 |  |  |  | — |  |  |  | 128 |
Debt repayments |  | (13 | ) |  |  | (5 | ) |  |  | (19 | ) |  |  | — |  |  |  | (37 | )
Payments on finance leases |  | — |  |  |  | (1 | ) |  |  | (2 | ) |  |  | — |  |  |  | (3 | )
Purchases of treasury stock, at cost |  | (322 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (322 | )
Intercompany financing activities (1) |  | 380 |  |  |  | 1,144 |  |  |  | (1,434 | ) |  |  | (90 | ) |  |  | — |
Proceeds from exercised stock options, net |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |
Payments related to tax withholdings on vested stock awards |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30 | )
Payments of dividends |  | (164 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (164 | )
Cash (used for) provided by financing activities |  | (140 | ) |  |  | 1,138 |  |  |  | (1,327 | ) |  |  | (90 | ) |  |  | (419 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Decrease in cash and cash equivalents |  | — |  |  |  | (135 | ) |  |  | (123 | ) |  |  | — |  |  |  | (258 | )
Cash and cash equivalents at January 1, |  | — |  |  |  | 239 |  |  |  | 962 |  |  |  | — |  |  |  | 1,201 |
Cash and cash equivalents at December 31, | $ | — |  |  | $ | 104 |  |  | $ | 839 |  |  | $ | — |  |  | $ | 943 |
| (1) | During the year ended December 31, 2019, the Company received $1,034 in collections on its accounts receivable sold into the SPE under the Securitization Facility, which, inclusive of net borrowings, led to a total of $1,144 received by the SPE and distributed to the Guarantor Subsidiaries during the period.
Condensed Consolidating Statements of Cash Flows
| Year Ended December 31, 2018 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash (used for) provided by operating activities | $ | (159 | ) |  | $ | 10 |  |  | $ | 1,289 |  |  | $ | — |  |  | $ | 1,140 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment |  | — |  |  |  | (390 | ) |  |  | (108 | ) |  |  | — |  |  |  | (498 | )
Acquisition of business, net |  | — |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | (37 | )
Proceeds from sales of assets and businesses, net |  | — |  |  |  | 46 |  |  |  | — |  |  |  | — |  |  |  | 46 |
Intercompany investing activities |  | — |  |  |  | (153 | ) |  |  | (999 | ) |  |  | 1,152 |  |  |  | — |
Foreign exchange contract settlements, net |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Cash used for investing activities |  | — |  |  |  | (532 | ) |  |  | (1,107 | ) |  |  | 1,152 |  |  |  | (487 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of debt, net |  | 520 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 520 |
Debt repayments |  | (679 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (679 | )
Payments related to extinguishment of debt |  | (29 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29 | )
Payments of debt issuance costs |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
Purchases of treasury stock, at cost |  | (644 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (644 | )
Intercompany financing activities |  | 1,152 |  |  |  | — |  |  |  | — |  |  |  | (1,152 | ) |  |  | — |
Proceeds from exercised stock options, net |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16 |
Payments related to tax withholdings on vested restricted stock units |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17 | )
Payments of dividends |  | (148 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (148 | )
Cash provided by (used for) financing activities |  | 159 |  |  |  | — |  |  |  | — |  |  |  | (1,152 | ) |  |  | (993 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | — |  |  |  | (15 | )
(Decrease) increase in cash and cash equivalents |  | — |  |  |  | (522 | ) |  |  | 167 |  |  |  | — |  |  |  | (355 | )
Cash and cash equivalents at January 1, |  | — |  |  |  | 761 |  |  |  | 795 |  |  |  | — |  |  |  | 1,556 |
Cash and cash equivalents at December 31, | $ | — |  |  | $ | 239 |  |  | $ | 962 |  |  | $ | — |  |  | $ | 1,201 |
Condensed Consolidating Statements of Cash Flows
| Year Ended December 31, 2017 |
| Parent Issuer |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations and Adjustments |  |  | Consolidated |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash (used for) provided by operating activities | $ | (132 | ) |  | $ | 603 |  |  | $ | 169 |  |  | $ | — |  |  | $ | 640 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment |  | — |  |  |  | (327 | ) |  |  | (84 | ) |  |  | — |  |  |  | (411 | )
Proceeds from sales of assets and businesses, net |  | — |  |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | 39 |
Intercompany investing activities |  | — |  |  |  | 220 |  |  |  | — |  |  |  | (220 | ) |  |  | — |
Foreign exchange contract settlements, net |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Cash used for investing activities |  | — |  |  |  | (66 | ) |  |  | (84 | ) |  |  | (220 | ) |  |  | (370 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intercompany short-term borrowings, net |  | (220 | ) |  |  | — |  |  |  | — |  |  |  | 220 |  |  |  | — |
Proceeds from issuance of debt, net |  | 495 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 495 |
Debt repayments |  | (27 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27 | )
Payments related to extinguishment of debt |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Payments of debt issuance costs |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | )
Purchases of treasury stock, at cost |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (106 | )
Proceeds from exercised stock options, net |  | 31 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31 |
Payments related to tax withholdings on vested restricted stock units |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
Payments of dividends |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (22 | )
Cash provided by financing activities |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 220 |  |  |  | 352 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  |  | — |  |  |  | 32 |  |  |  | — |  |  |  | 32 |
Increase in cash and cash equivalents |  | — |  |  |  | 537 |  |  |  | 117 |  |  |  | — |  |  |  | 654 |
Cash and cash equivalents at January 1, |  | — |  |  |  | 224 |  |  |  | 678 |  |  |  | — |  |  |  | 902 |
Cash and cash equivalents at December 31, | $ | — |  |  | $ | 761 |  |  | $ | 795 |  |  | $ | — |  |  | $ | 1,556 |

X
- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
Name: | srt_CondensedFinancialStatementsTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration