On July 1, 2015, Chemours established a defined contribution plan, which covered all eligible U.S. employees. The purpose of the plan is to encourage employees to save for their future retirement needs. The plan is a tax-qualified contributory profit-sharing plan, with cash or deferred arrangement, and any eligible employee of Chemours may participate. Chemours matches 100% of the first 6% of the employee’s contribution election, and the plan’s matching contributions vest immediately upon contribution. Chemours may also provide an additional discretionary retirement savings contribution to eligible employees’ compensation. The amount of this contribution, if any, is at the sole discretion of the Company, and the discretionary contribution vests for employees with at least three years of service. From time to time, Chemours provides additional discretionary retirement savings contributions to eligible employees’ compensation.

In lieu of a defined benefit plan, Chemours provides an enhanced 401(k) contribution for employees who previously participated in DuPont’s pension plan. The enhanced benefits consist of an additional contribution of 1% to 7% of the employee’s eligible compensation, depending upon the employee’s length of service with DuPont at the time of the Separation. The enhancement ended in 2019.

Pension coverage for employees of Chemours’ non-U.S. subsidiaries is provided, to the extent deemed appropriate, through separate plans established after the Separation and comparable to the DuPont plans in those countries. Obligations under such plans are either funded by depositing funds with trustees, covered by insurance contracts, or unfunded.

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 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	)

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

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

The following table sets forth the net amounts recognized in the Company’s consolidated balance sheets at December 31, 2019 and 2018.

The accumulated benefit obligation for all pension plans was $445 and $1,106 as of December 31, 2019 and 2018, respectively.

The following tables set forth information related to the Company’s pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2019 and 2018.

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, 2019 and 2018.

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, 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	%

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, 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

	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

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.

For the years ended December 31, 2019, 2018, and 2017, Chemours contributed $19, $15, and $38, respectively, to its defined benefit plans.

Of the contributions made in 2017, $10 relates to the settlement of the U.S. Pension Restoration Plan (“U.S. PRP”), which was a supplemental pension plan for certain U.S. employees. The liability associated with the U.S. PRP was transferred to Chemours from DuPont at the Separation Date, at which point the plan ceased accepting new participants. In October 2017, the Company made a cash payment of $10 to settle the remaining liability attributable to the remaining participants in the U.S. PRP.

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.

For the years ended December 31, 2019, 2018, and 2017, Chemours contributed $34, $51, and $45, respectively, to its defined contribution plan.