Unaudited Quarterly Financial Information

12 Months Ended

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