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Unaudited Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract] |
Unaudited Quarterly Financial Information | Note 30. Unaudited Quarterly Financial Information As discussed in "Note 2 – Basis of Presentation", during the fourth quarter of 2024 the Company identified certain immaterial errors impacting previously issued financial statements beginning as of January 1, 2022, and subsequent quarterly reporting periods through September 30, 2024. Specifically, the Company identified errors related to: 1) the income statement presentation of byproduct revenue sales, which were historically accounted for as a contra cost of goods sold and 2) the income statement presentation of certain ore sales associated with the Company's Kuan Yin, Taiwan facility. The identified errors impacted the Company's previously issued quarterly financial statements ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024 and September 30, 2024. The Company adjusted the previously reported net sales and cost of goods sold for the years ended December 31, 2023 and 2022, and within each quarter for the years ended December 31, 2024 and 2023, to correct for immaterial errors. The Company intends to correct these financial statements through revisions in subsequently filed quarterly reports on Form 10-Q. The impact of these future revisions are presented in the tables below. The Company evaluated the errors, individually and in the aggregate, and concluded that the related impacts were not material to any previously presented interim financial statements. The following sets forth a summary of the Company's quarterly results of operations for the years ended December 31, 2024, 2023 and 2022.
|  | For the Three Months Ended |  |  |  |
2024 |  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Full Year (1) |
Net sales (2) |  | $ | 1,362 |  |  | $ | 1,554 |  |  | $ | 1,508 |  |  | $ | 1,359 |  |  | $ | 5,782 |
Cost of goods sold (2) |  | $ | 1,076 |  |  | $ | 1,248 |  |  | $ | 1,221 |  |  | $ | 1,086 |  |  | $ | 4,631 |
Income (loss) before income taxes |  | $ | 67 |  |  | $ | 82 |  |  | $ | (30 | ) |  | $ | 9 |  |  | $ | 127 |
Net income (loss) |  | $ | 52 |  |  | $ | 70 |  |  | $ | (27 | ) |  | $ | (8 | ) |  | $ | 86 |
Net income (loss) attributable to Chemours |  | $ | 52 |  |  | $ | 70 |  |  | $ | (27 | ) |  | $ | (8 | ) |  | $ | 86 |
Basic earnings (loss) per share of common stock |  | $ | 0.35 |  |  | $ | 0.47 |  |  | $ | (0.18 | ) |  | $ | (0.05 | ) |  | $ | 0.58 |
Diluted earnings (loss) per share of common stock |  | $ | 0.34 |  |  | $ | 0.46 |  |  | $ | (0.18 | ) |  | $ | (0.05 | ) |  | $ | 0.57 |
|  | For the Three Months Ended |  |  |  |
2023 |  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Full Year (1) |
Net sales (2) |  | $ | 1,549 |  |  | $ | 1,660 |  |  | $ | 1,501 |  |  | $ | 1,368 |  |  | $ | 6,078 |
Cost of goods sold (2) |  | $ | 1,181 |  |  | $ | 1,250 |  |  | $ | 1,228 |  |  | $ | 1,113 |  |  | $ | 4,772 |
Income (loss) before income taxes |  | $ | 173 |  |  | $ | (433 | ) |  | $ | 13 |  |  | $ | (71 | ) |  | $ | (318 | )
Net income (loss) |  | $ | 145 |  |  | $ | (376 | ) |  | $ | 12 |  |  | $ | (18 | ) |  | $ | (237 | )
Net income (loss) attributable to Chemours |  | $ | 145 |  |  | $ | (376 | ) |  | $ | 12 |  |  | $ | (18 | ) |  | $ | (238 | )
Basic earnings (loss) per share of common stock |  | $ | 0.97 |  |  | $ | (2.52 | ) |  | $ | 0.08 |  |  | $ | (0.12 | ) |  | $ | (1.60 | )
Diluted earnings (loss) per share of common stock |  | $ | 0.96 |  |  | $ | (2.52 | ) |  | $ | 0.08 |  |  | $ | (0.12 | ) |  | $ | (1.60 | )
(1) Individual quarters may not sum to full year amounts due to rounding. (2) As revised, as noted below. Revised Interim Consolidated Statements of Operations (unaudited)
|  | Three months ended March 31, 2023 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,536 |  | $ |  | 13 |  | $ |  | 1,549 |
Cost of goods sold | $ |  | 1,168 |  | $ |  | 13 |  | $ |  | 1,181 |
Gross profit | $ |  | 368 |  | $ |  | — |  | $ |  | 368 |
|  | Three months ended June 30, 2023 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,643 |  | $ |  | 17 |  | $ |  | 1,660 |
Cost of goods sold | $ |  | 1,233 |  | $ |  | 17 |  | $ |  | 1,250 |
Gross profit | $ |  | 410 |  | $ |  | — |  | $ |  | 410 |
|  | Six months ended June 30, 2023 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 3,179 |  | $ |  | 30 |  | $ |  | 3,209 |
Cost of goods sold | $ |  | 2,401 |  | $ |  | 30 |  | $ |  | 2,431 |
Gross profit | $ |  | 778 |  | $ |  | — |  | $ |  | 778 |
|  | Three months ended September 30, 2023 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,487 |  | $ |  | 14 |  | $ |  | 1,501 |
Cost of goods sold | $ |  | 1,214 |  | $ |  | 14 |  | $ |  | 1,228 |
Gross profit | $ |  | 273 |  | $ |  | — |  | $ |  | 273 |
|  | Nine months ended September 30, 2023 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 4,666 |  | $ |  | 44 |  | $ |  | 4,710 |
Cost of goods sold | $ |  | 3,615 |  | $ |  | 44 |  | $ |  | 3,659 |
Gross profit | $ |  | 1,051 |  | $ |  | — |  | $ |  | 1,051 |
|  | Three months ended March 31, 2024 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,350 |  | $ |  | 12 |  | $ |  | 1,362 |
Cost of goods sold | $ |  | 1,064 |  | $ |  | 12 |  | $ |  | 1,076 |
Gross profit | $ |  | 286 |  | $ |  | — |  | $ |  | 286 |
|  | Three months ended June 30, 2024 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,538 |  | $ |  | 16 |  | $ |  | 1,554 |
Cost of goods sold | $ |  | 1,232 |  | $ |  | 16 |  | $ |  | 1,248 |
Gross profit | $ |  | 306 |  | $ |  | — |  | $ |  | 306 |
|  | Six months ended June 30, 2024 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 2,887 |  | $ |  | 28 |  | $ |  | 2,915 |
Cost of goods sold | $ |  | 2,294 |  | $ |  | 29 |  | $ |  | 2,323 |
Gross profit | $ |  | 593 |  | $ |  | (1 | ) | $ |  | 592 |
Other expense, net | $ |  | (1 | ) | $ |  | 1 |  | $ |  | — |
Income before income taxes | $ |  | 149 |  | $ |  | — |  | $ |  | 149 |
|  | Three months ended September 30, 2024 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 1,501 |  | $ |  | 7 |  | $ |  | 1,508 |
Cost of goods sold | $ |  | 1,215 |  | $ |  | 6 |  | $ |  | 1,221 |
Gross profit | $ |  | 286 |  | $ |  | 1 |  | $ |  | 287 |
Other income, net | $ |  | 7 |  | $ |  | (1 | ) | $ |  | 6 |
Loss before income taxes | $ |  | (30 | ) | $ |  | — |  | $ |  | (30 | )
|  | Nine months ended September 30, 2024 |
|  | As reported |  |  | Revision |  |  | As revised |
Net sales | $ |  | 4,388 |  | $ |  | 35 |  | $ |  | 4,423 |
Cost of goods sold | $ |  | 3,510 |  | $ |  | 35 |  | $ |  | 3,545 |
Gross profit | $ |  | 878 |  | $ |  | — |  | $ |  | 878 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 270 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/270/tableOfContent + Details
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