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Net Sales
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales

Note 5. Net Sales

 

As described further in "Note 2 – Basis of Presentation", certain prior period amounts reflected in the tables below have been revised to correct for immaterial errors pertaining to income statement presentation of byproduct revenue sales.

 

Disaggregation of Net Sales

 

The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment for the years ended December 31, 2024, 2023 and 2022.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net sales by geographic region (1)

 

 

 

 

 

 

 

 

 

North America:

 

 

 

 

 

 

 

 

 

Thermal & Specialized Solutions

 

$

1,029

 

 

$

1,076

 

 

$

996

 

Titanium Technologies

 

 

1,026

 

 

 

1,054

 

 

 

1,285

 

Advanced Performance Materials

 

 

499

 

 

 

556

 

 

 

632

 

Other Segment

 

 

35

 

 

 

59

 

 

 

71

 

Total North America

 

 

2,589

 

 

 

2,745

 

 

 

2,984

 

Asia Pacific:

 

 

 

 

 

 

 

 

 

Thermal & Specialized Solutions

 

 

200

 

 

 

192

 

 

 

178

 

Titanium Technologies

 

 

657

 

 

 

704

 

 

 

928

 

Advanced Performance Materials

 

 

518

 

 

 

554

 

 

 

657

 

Other Segment

 

 

11

 

 

 

12

 

 

 

24

 

Total Asia Pacific

 

 

1,386

 

 

 

1,462

 

 

 

1,787

 

Europe, the Middle East, and Africa:

 

 

 

 

 

 

 

 

 

Thermal & Specialized Solutions

 

 

362

 

 

 

369

 

 

 

320

 

Titanium Technologies

 

 

511

 

 

 

519

 

 

 

695

 

Advanced Performance Materials

 

 

258

 

 

 

297

 

 

 

283

 

Other Segment

 

 

7

 

 

 

12

 

 

 

17

 

Total Europe, the Middle East, and Africa

 

 

1,138

 

 

 

1,197

 

 

 

1,315

 

Latin America (2):

 

 

 

 

 

 

 

 

 

Thermal & Specialized Solutions

 

 

239

 

 

 

214

 

 

 

208

 

Titanium Technologies

 

 

378

 

 

 

403

 

 

 

472

 

Advanced Performance Materials

 

 

51

 

 

 

55

 

 

 

61

 

Other Segment

 

 

1

 

 

 

2

 

 

 

4

 

Total Latin America

 

 

669

 

 

 

674

 

 

 

745

 

Total net sales

 

$

5,782

 

 

$

6,078

 

 

$

6,831

 
(1)
Net sales are attributed to countries based on customer location.
(2)
Latin America includes Mexico.

 

The following table sets forth a disaggregation of the Company’s net sales by product group and segment for the years ended December 31, 2024, 2023 and 2022. Certain prior period amounts have been recast in order to conform with current presentation of Thermal & Specialized Solutions net sales disaggregation.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net sales by product group and segment

 

 

 

 

 

 

 

 

 

OpteonTM refrigerants

 

$

810

 

 

$

710

 

 

$

597

 

FreonTM refrigerants

 

 

614

 

 

 

722

 

 

 

750

 

Foam, propellants, and other

 

 

406

 

 

 

419

 

 

 

355

 

Total Thermal & Specialized Solutions

 

 

1,830

 

 

 

1,851

 

 

 

1,702

 

Titanium dioxide and other minerals

 

 

2,572

 

 

 

2,680

 

 

 

3,380

 

Total Titanium Technologies

 

 

2,572

 

 

 

2,680

 

 

 

3,380

 

Advanced materials

 

 

808

 

 

 

916

 

 

 

1,140

 

Performance solutions

 

 

518

 

 

 

546

 

 

 

493

 

Total Advanced Performance Materials

 

 

1,326

 

 

 

1,462

 

 

 

1,633

 

Performance chemicals and intermediates

 

 

54

 

 

 

85

 

 

 

116

 

Total Other Segment

 

 

54

 

 

 

85

 

 

 

116

 

Total net sales

 

$

5,782

 

 

$

6,078

 

 

$

6,831

 

 

Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time. The Company’s net sales from trademark licensing royalties were not significant for the years ended December 31, 2024, 2023 and 2022.

 

Contract Balances

 

The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price.

 

The following table sets forth the Company’s contract balances from contracts with customers at December 31, 2024 and 2023.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Contract assets:

 

 

 

 

 

 

Accounts receivable - trade, net (Note 11)

 

$

619

 

 

$

509

 

Contract liabilities:

 

 

 

 

 

 

Deferred revenue

 

$

11

 

 

$

16

 

Customer rebates (Note 19)

 

 

70

 

 

 

78

 

 

Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the year ended December 31, 2024 were not significant. Changes in the Company’s deferred revenue balances during the year ended December 31, 2023 were due to prepaid ore sales. For the years ended December 31, 2024 and 2023, the amount of net sales recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) was not significant.

 

There were no material contract asset balances or capitalized costs associated with obtaining or fulfilling customer contracts as of December 31, 2024 and 2023.

Remaining Performance Obligations

 

Certain of the Company’s master services agreements or other arrangements contain take-or-pay clauses, whereby customers are required to purchase a fixed minimum quantity of product during a specified period, or pay the Company for such orders, even if not requested by the customer. The Company considers these take-or-pay clauses to be an enforceable contract, and as such, the legally-enforceable minimum amounts under such an arrangement are considered to be outstanding performance obligations on contracts with an original expected duration greater than one year. At December 31, 2024, Chemours had $272 of remaining performance obligations. The Company expects to recognize approximately 41% of its remaining performance obligations as revenue in 2025, approximately 30% as revenue in 2026, and approximately 29% in revenue for 2027. The Company applies the allowable practical expedient and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by December 31, 2024 are also excluded.