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Long-term Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Schedules of Net Periodic Pension (Cost) Income

The following table sets forth the Company’s net periodic pension (cost) income and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019, and 2018.

		Year Ended December 31,
		2020				2019				2018
Service cost		$	(15	)		$	(13	)		$	(14	)
Interest cost			(6	)			(17	)			(16	)
Expected return on plan assets			17				48				58
Amortization of actuarial loss			(9	)			(18	)			(12	)
Amortization of prior service gain			3				2				2
Settlement loss			(5	)			(383	)			—
Curtailment gain			1				—				—
Total net periodic pension (cost) income		$	(14	)		$	(381	)		$	18
Net gain (loss)		$	4			$	(144	)		$	(115	)
Prior service (cost) benefit			(1	)			5				—
Amortization of actuarial loss			9				18				16
Amortization of prior service gain			(3	)			(2	)			(2	)
Settlement loss			5				383				—
Curtailment gain			4				—				—
Effect of foreign exchange rates			(9	)			7				8
Benefit (cost) recognized in other comprehensive income			9				267				(93	)
Total changes in plan assets and benefit obligations recognized in other comprehensive income		$	(5	)		$	(114	)		$	(75	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table sets forth the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2020, 2019, and 2018.

		Year Ended December 31,
		2020				2019				2018
Net loss		$	143			$	151			$	419
Prior service credit			(12	)			(14	)			(10	)
Total amount recognized in accumulated other comprehensive loss		$	131			$	137			$	409

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, 2020 and 2019.

		December 31,
		2020				2019
Change in benefit obligation:
Benefit obligation at beginning of year		$	507			$	1,168
Service cost			15				13
Interest cost			6				17
Plan participants’ contributions			2				2
Actuarial loss			33				313
Benefits paid			(2	)			(37	)
Plan amendments			—				(5	)
Settlements and transfers			(24	)			(945	)
Currency translation			47				(19	)
Benefit obligation at end of year			584				507
Change in plan assets:
Fair value of plan assets at beginning of year			500				1,268
Actual return on plan assets			55				217
Employer contributions			20				19
Plan participants’ contributions			2				2
Benefits paid			(2	)			(37	)
Settlements and transfers			(21	)			(945	)
Currency translation			50				(24	)
Fair value of plan assets at end of year			604				500
Total funded status at end of year		$	20			$	(7	)

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, 2020 and 2019.

		December 31,
		2020				2019
Non-current assets		$	79			$	59
Current liabilities			(2	)			(2	)
Non-current liabilities			(57	)			(64	)
Total net amount recognized		$	20			$	(7	)

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, 2020 and 2019.

		December 31,
Pension plans with projected benefit obligation in excess of plan assets		2020				2019
Projected benefit obligation		$	175			$	178
Accumulated benefit obligation			148				150
Fair value of plan assets			116				111

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, 2020 and 2019.

		December 31,
Pension plans with accumulated benefit obligation in excess of plan assets		2020				2019
Projected benefit obligation		$	153			$	178
Accumulated benefit obligation			131				150
Fair value of plan assets			98				111

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, 2020 and 2019.

		December 31,
Weighted-average assumptions used to determine benefit obligations		2020				2019
Discount rate			1.0	%			1.4	%
Rate of compensation increase (1)			2.5	%			2.6	%
Interest crediting rate (2)			1.3	%			1.5	%

(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.

(2) The interest crediting rate, which is applicable only for account balance type plans, represents the single effective annual account balance increase that an average participant would receive during the participant’s entire career at Chemours.

		December 31,
Weighted-average assumptions used to determine net benefit cost		2020				2019
Discount rate			1.4	%			2.0	%
Rate of compensation increase (1)			2.5	%			2.5	%
Expected return on plan assets			3.2	%			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, 2020 and 2019.

		December 31,
		2020				2019
Cash and cash equivalents			7	%			8	%
U.S. and non-U.S. equity securities			37	%			52	%
Fixed income securities			56	%			40	%
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, 2020 and 2019.

		Fair Value Measurements at December 31, 2020
		Total				Level 1				Level 2
Asset category:
Debt - government issued		$	60			$	10			$	50
Debt - corporate issued			158				42				116
U.S. and non-U.S. equities			220				33				187
Derivatives - asset position			93				—				93
Cash and cash equivalents			43				43				—
Other			2				—				2
Total pension assets at fair value			576			$	128			$	448
Pooled mortgage funds (1)			28
Total pension assets		$	604

(1) Pooled mortgage funds consist of funds that invest in residential mortgages. These funds generally allow for monthly redemption with 30 days' notice. Timing for redemption could be delayed based on the priority of our request and the availability of funds. Interests in these funds are valued using the net asset value ("NAV") per share practical expedient and are not classified in the fair value hierarchy.

		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
Mutual funds			135				—				135
Derivatives - asset position			28				—				28
Cash and cash equivalents			41				41				—
Other			2				2				—
Total pension assets at fair value			509			$	200			$	309
Pension trust payables, net (1)			(9	)
Total pension assets		$	500

(1) Pension trust payables are primarily for investments purchased and received but not yet paid.

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.

2021		$	10
2022			10
2023			13
2024			15
2025			15
2026 to 2030			98

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