XML 78 R61.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt (Tables)
 12 Months Ended
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