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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Components of Debt

The following table sets forth the components of the Company’s debt at March 31, 2024 and December 31, 2023.

		March 31, 2024				December 31, 2023
Senior secured term loans:
Tranche B-3 U.S. dollar term loan due August 2028		$	1,065			$	1,067
Tranche B-3 euro term loan due August 2028 (€415 at March 31, 2024 and December 31, 2023)			450				457
Senior unsecured notes:
4.000% due May 2026 (€441 at March 31, 2024 and December 31, 2023)			478				485
5.375% due May 2027			495				495
5.750% due November 2028			783				783
4.625% due November 2029			620				620
Finance lease liabilities			52				58
Financing obligation (1)			91				92
Supplier financing obligation (2)			17				27
Total debt principal			4,051				4,084
Less: Unamortized issue discounts			(23	)			(25	)
Less: Unamortized debt issuance costs			(19	)			(21	)
Less: Short-term and current maturities of long-term debt			(41	)			(51	)
Total long-term debt, net		$	3,968			$	3,987

(1)At March 31, 2024 and December 31, 2023, financing obligation relates to the financed portion of the Company’s research and development facility located in the Science, Technology, and Advanced Research Campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”).

(2)At March 31, 2024 and December 31, 2023, supplier financing obligation relates to a supplier financing program whose obligations, based on their characteristics, are classified within short-term debt and current maturities of long-term debt. Refer to "Note 12 – Accounts Payable" for further details.

Schedule of Debt Principal Maturities

The following table sets forth the Company’s debt principal maturities for the next five years and thereafter.

		Senior Debt				Finance Lease Liabilities				Financing Obligation				Supplier Financing Obligation				Total
Remainder of 2024		$	8			$	11			$	5			$	17			$	41
2025			11				14				7				—				32
2026			489				11				7				—				507
2027			506				9				7				—				522
2028			2,257				9				7				—				2,273
Thereafter			620				8				129				—				757
Total payments			3,891				62				162				17				4,132
Less: Imputed interest			—				(10	)			(71	)			—				(81	)
Total principal maturities on debt		$	3,891			$	52			$	91			$	17			$	4,051

Estimated Fair Values of Senior Debt Issues

The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy.

		March 31, 2024								December 31, 2023
		Carrying Value				Fair Value				Carrying Value				Fair Value
Senior secured term loans:
Tranche B-3 U.S. dollar term loan due August 2028		$	1,065			$	1,063			$	1,067			$	1,068
Tranche B-3 euro term loan due August 2028 (€415 at March 31, 2024 and December 31, 2023)			450				446				457				451
Senior unsecured notes:
4.000% due May 2026 (€441 at March 31, 2024 and December 31, 2023)			478				459				485				480
5.375% due May 2027			495				474				495				485
5.750% due November 2028			783				724				783				745
4.625% due November 2029			620				536				620				547
Total senior debt principal			3,891			$	3,702				3,907			$	3,776
Less: Unamortized issue discounts			(23	)							(25	)
Less: Unamortized debt issuance costs			(19	)							(21	)
Total senior debt, net		$	3,849							$	3,861

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