Guarantor Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

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