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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Components of Debt | The following table sets forth the components of the Company’s debt at December 31, 2024 and 2023.
|  | December 31, |
|  | 2024 |  |  | 2023 |
Senior secured term loans: |  |  |  |  |  |
Tranche B-3 U.S. dollar term loan due August 2028 |  | $ | 1,056 |  |  | $ | 1,067 |
Tranche B-3 euro term loan due August 2028 (€415 at December 31, 2024 and €415 at December 31, 2023) |  |  | 432 |  |  |  | 457 |
Senior unsecured notes: |  |  |  |  |  |
4.000% due May 2026 (€0 at December 31, 2024 and €441 at December 31, 2023) |  |  | — |  |  |  | 485 |
5.375% due May 2027 |  |  | 495 |  |  |  | 495 |
5.750% due November 2028 |  |  | 783 |  |  |  | 783 |
4.625% due November 2029 |  |  | 620 |  |  |  | 620 |
8.000% due January 2033 |  |  | 600 |  |  |  | — |
Finance lease liabilities |  |  | 46 |  |  |  | 58 |
Financing obligation (1) |  |  | 90 |  |  |  | 92 |
Supplier financing obligation (2) |  |  | 18 |  |  |  | 27 |
Other |  |  | 11 |  |  |  | — |
Total debt principal |  |  | 4,151 |  |  |  | 4,084 |
Less: Unamortized issue discounts |  |  | (19 | ) |  |  | (25 | )
Less: Unamortized debt issuance costs |  |  | (24 | ) |  |  | (21 | )
Less: Short-term and current maturities of long-term debt |  |  | (54 | ) |  |  | (51 | )
Long-term debt, net |  | $ | 4,054 |  |  | $ | 3,987 |
(1) At December 31, 2024 and 2023, financing obligation relates to the financed portion of the Chemours Discovery Hub. Refer to “Note 14 – Leases” for further details. (2) At December 31, 2024 and 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 18 – 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 |  |  | Other |  |  | Total |
2025 |  | $ | 11 |  |  | $ | 16 |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 11 |  |  | $ | 63 |
2026 |  |  | 11 |  |  |  | 11 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 29 |
2027 |  |  | 505 |  |  |  | 9 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 521 |
2028 |  |  | 2,239 |  |  |  | 9 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 2,255 |
2029 |  |  | 620 |  |  |  | 4 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 631 |
Thereafter |  |  | 600 |  |  |  | 3 |  |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | 725 |
Total payments |  |  | 3,986 |  |  |  | 52 |  |  |  | 157 |  |  |  | 18 |  |  |  | 11 |  |  |  | 4,224 |
Less: Imputed interest |  |  | — |  |  |  | (6 | ) |  |  | (67 | ) |  |  | — |  |  |  | — |  |  |  | (73 | )
Total principal maturities on debt |  | $ | 3,986 |  |  | $ | 46 |  |  | $ | 90 |  |  | $ | 18 |  |  | $ | 11 |  |  | $ | 4,151 |
The Company has required quarterly principal payments related to the Dollar Term Loan equivalent to 1.00% per annum through June 2028, with the balance due at maturity. Also, on an annual basis, the Company is required to make additional principal payments depending on leverage levels, as defined in the Credit Agreement, equivalent to up to 50% of excess cash flows based on certain leverage targets with step-downs to 25% and 0% as actual leverage decreases to below a 3.50 to 1.00 leverage target. The Company was not required to make additional principal payments in 2024.
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.
|  | December 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 |  | $ | 1,056 |  |  | $ | 1,065 |  |  | $ | 1,067 |  |  | $ | 1,068 |
Tranche B-3 euro term loan due August 2028 (€415 at December 31, 2024 and €415 at December 31, 2023) |  |  | 432 |  |  |  | 439 |  |  |  | 457 |  |  |  | 451 |
Senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |
4.000% due May 2026 (€0 at December 31, 2024 and €441 at December 31, 2023) |  |  | — |  |  |  | — |  |  |  | 485 |  |  |  | 480 |
5.375% due May 2027 |  |  | 495 |  |  |  | 477 |  |  |  | 495 |  |  |  | 485 |
5.750% due November 2028 |  |  | 783 |  |  |  | 728 |  |  |  | 783 |  |  |  | 745 |
4.625% due November 2029 |  |  | 620 |  |  |  | 538 |  |  |  | 620 |  |  |  | 547 |
8.000% due January 2033 |  |  | 600 |  |  |  | 587 |  |  |  | — |  |  |  | — |
Total senior debt principal |  |  | 3,986 |  |  | $ | 3,834 |  |  |  | 3,907 |  |  | $ | 3,776 |
Less: Unamortized issue discounts |  |  | (19 | ) |  |  |  |  |  | (25 | ) |  |  |
Less: Unamortized debt issuance costs |  |  | (24 | ) |  |  |  |  |  | (21 | ) |  |  |
Total senior debt, net |  | $ | 3,943 |  |  |  |  |  | $ | 3,861 |  |  |  |

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