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Long-term Employee Benefits
 3 Months Ended
Mar. 31, 2024
Retirement Benefits, Description [Abstract]  
Long-term Employee Benefits

Note 21. Long-term Employee Benefits

 

Chemours sponsors defined benefit pension plans for certain of its employees in various jurisdictions outside of the U.S. The Company’s net periodic pension cost is based on estimated values and the use of assumptions about the discount rate, expected return on plan assets, and the rate of future compensation increases received by its employees.

 

The following table sets forth the Company’s net periodic pension cost and amounts recognized in other comprehensive income (loss) for the three months ended March 31, 2024 and 2023.

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Service cost

 

$

(2

)

 

$

(2

)

Interest cost

 

 

(4

)

 

 

(4

)

Expected return on plan assets

 

 

6

 

 

 

5

 

Amortization of actuarial loss

 

 

(2

)

 

 

(2

)

Amortization of prior service gain

 

 

—

 

 

 

1

 

Settlement gain

 

 

1

 

 

 

—

 

Total net periodic pension cost

 

$

(1

)

 

$

(2

)

 

 

 

 

 

 

 

Net gain

 

$

3

 

 

$

—

 

Amortization of actuarial loss

 

 

2

 

 

 

2

 

Amortization of prior service gain

 

 

—

 

 

 

(1

)

Recognition of settlement gain

 

 

(1

)

 

 

—

 

Effect of foreign exchange rates

 

 

1

 

 

 

(1

)

Benefit recognized in other comprehensive income

 

 

5

 

 

 

—

 

Total changes in plan assets and benefit obligations recognized in other comprehensive income

 

$

4

 

 

$

(2

)

 

The Company made cash contributions of $4 and $5 to its defined benefit pension plans during the three months ended March 31, 2024 and 2023, respectively. The Company expects to make additional cash contributions of $6 to its defined benefit pension plans during the remainder of 2024.