0000950170-23-035531 | 10-Q | XBRL Viewer

Fayetteville Works, Fayetteville, North Carolina [Member]

$ 621

$ 668

Fayetteville Works, Fayetteville, North Carolina [Member] | On-site Remediation [Member]

^[1]

418

465

Fayetteville Works, Fayetteville, North Carolina [Member] | Off-site Groundwater Remediation [Member]

232

264

Other Income And Expenses [Abstract]

$ 186

$ 201

[1]	For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 17 – Commitments and Contingent Liabilities”.

Earnings Per Share of Common Stock - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,517,177		1,849,679
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,448,363	868,168	1,295,926	1,173,275

Debt - Maturities and Fair Value - Narrative (Details) - Senior Secured Revolving Credit Facility [Member]	Apr. 03, 2018
Debt Instrument [Line Items]
Percentage per annum for quarterly principal payments	1.00%
Additional principal repayment, percentage of excess cash flow, stepdown level one	25.00%
Additional principal repayment, percentage of excess cash flow, stepdown level two	0.00%
Target leverage ratio one	3.50
Target leverage ratio two	1.00
Maximum [Member]
Debt Instrument [Line Items]
Additional principal repayment, percentage of excess cash flows	50.00%

Other Income (Expense), Net - Components of Other Income (Expense) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Leasing, contract services and miscellaneous income

$ 1

$ 11

$ 8

$ 15

Royalty income

Gain on sales of assets and businesses, net

^[1]

Exchange losses, net

(5)

(3)

(12)

(3)

Non-operating pension and other post-retirement employee benefit income

Total other (expense) income, net

$ (2)

$ 38

$ (1)

$ 44

[1]	Refer to “Note 6 – Other Income (Expense), Net” to the Interim Consolidated Financial Statements for further details.

Interim Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Dividends per share declared during period	$ 0.25	$ 0.25	$ 0.50	$ 0.50

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

The following table sets forth certain summary financial information for the Company’s reportable segments for the periods presented.


	Titanium Technologies		Thermal & Specialized Solutions		Advanced Performance Materials		Other Segment			Segment Total
Three Months Ended June 30, 2023
Net sales to external customers	$	707	$	523	$	387	$	26		$	1,643
Adjusted EBITDA		87		214		81		5			387
Depreciation and amortization		34		15		22		2			73

Three Months Ended June 30, 2022
Net sales to external customers	$	968	$	518	$	401	$	28		$	1,915
Adjusted EBITDA		216		213		107		(2	)		534
Depreciation and amortization		30		14		21		2			67

	Titanium Technologies		Thermal & Specialized Solutions		Advanced Performance Materials		Other Segment			Segment Total
Six Months Ended June 30, 2023
Net sales to external customers	$	1,339	$	1,009	$	775	$	56		$	3,179
Adjusted EBITDA		156		399		165		15			735
Depreciation and amortization		68		31		43		4			146

Six Months Ended June 30, 2022
Net sales to external customers	$	1,897	$	943	$	786	$	53		$	3,679
Adjusted EBITDA		422		387		194		(2	)		1,001
Depreciation and amortization		62		27		41		4			134

Total Assets (1)
June 30, 2023	$	2,554	$	1,368	$	1,784	$	104		$	5,810
December 31, 2022		2,384		1,238		1,742		124			5,488

(1)

Total assets of the Company's Other Segment at June 30, 2023 includes assets classified as held for sale related to the sale of the Company's Glycolic Acid business, which is discussed further in "Note 3 - Acquisitions and Divestitures".

Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment Adjusted EBITDA	$	387		$	534		$	735		$	1,001
Corporate and Other expenses (excluding items below)		(63	)		(59	)		(107	)		(123	)
Interest expense, net		(48	)		(40	)		(90	)		(82	)
Depreciation and amortization		(78	)		(72	)		(157	)		(146	)
Non-operating pension and other post-retirement employee benefit income		—			2			—			3
Exchanges losses, net		(5	)		(3	)		(12	)		(3	)
Restructuring, asset-related, and other charges (1)		1			—			(15	)		(16	)
Gain on sales of assets and businesses (2)		—			26			—			27
Qualified spend recovery (3)		18			13			32			27
Legal charges (4)		(644	)		(5	)		(645	)		(7	)
Environmental charges (5)		(1	)		(165	)		(1	)		(171	)
(Loss) income before income taxes	$	(433	)	$	231		$	(260	)	$	510

(1)

In 2023, restructuring, asset-related, and other charges primarily includes charges related to the Company's decision to abandon its implementation of a new ERP software platform. In 2022, includes asset charges and write-offs resulting from the conflict between Russia and Ukraine and the Company’s decision to suspend its business with Russian entities. Refer to "Note 5 – Restructuring, Asset-related, and Other charges" for further details.

(2)

Refer to “Note 6 – Other Income (Expense), Net” to the Interim Consolidated Financial Statements for further details.

(3)

Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 17 – Commitments and Contingent Liabilities".

(4)

Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and related legal fees. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.

(5)

Environmental charges pertains to management’s assessment of estimated liabilities associated with certain non-recurring environmental remediation expenses at various sites. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.

Equity - Narrative (Details) - Common Stock [Member] - USD ($)		3 Months Ended		6 Months Ended		14 Months Ended	46 Months Ended
	Apr. 27, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	May 19, 2022
2018 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 1,000,000,000
Average price paid per share			$ 35.31		$ 32.06		$ 34.96
Total number of shares purchased			2,972,073		7,824,039		28,603,784
Total amount for shares purchased			$ 105,000,000		$ 251,000,000
2022 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Average price paid per share		$ 30.27	$ 35.14	$ 31.09	$ 35.14	$ 29.55
Total number of shares purchased		1,271,741	551,493	1,657,741	551,493	9,892,055
Total amount for shares purchased		$ 39,000,000	$ 19,000,000	$ 52,000,000	$ 19,000,000	$ 292,000,000
Stock repurchase program effective date	Apr. 27, 2022
Stock repurchase program expiration date	Dec. 31, 2025
Remaining available amount of common stock under the share repurchase program		$ 458,000,000		$ 458,000,000		$ 458,000,000
2022 Share Repurchase Program [Member] \| Maximum [Member]
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 750,000,000

Property, Plant, and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property Plant And Equipment [Abstract]

Summary of Property, Plant, and Equipment, Net

The following table sets forth the components of the Company’s property, plant, and equipment, net at June 30, 2023 and December 31, 2022.


	June 30, 2023			December 31, 2022
Equipment	$	7,853		$	7,745
Buildings		1,236			1,180
Construction-in-progress		318			324
Land		105			102
Mineral rights		36			36
Property, plant, and equipment		9,548			9,387
Less: Accumulated depreciation		(6,358	)		(6,216	)
Total property, plant, and equipment, net	$	3,190		$	3,171

Restructuring, Asset-Related, and Other Charges - Restructuring Program Schedule (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	$ 6
(Credits) charges to income	0
Payments	(3)
Restructuring reserve, ending	3
2022 Restructuring Program [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	6
(Credits) charges to income	(1)
Payments	(3)
Restructuring reserve, ending	2
ERP Implementation Abandonment [Member]
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0
(Credits) charges to income	1
Payments	0
Restructuring reserve, ending	$ 1

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Environmental Remediation Liabilities (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Current environmental remediation

$ 148

$ 194

Long-term environmental remediation

473

474

Total environmental remediation

621

668

Fayetteville Works, Fayetteville, North Carolina [Member]

Current environmental remediation

139

Long-term environmental remediation

321

326

Total environmental remediation

^[1]

$ 418

$ 465

[1]	For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 17 – Commitments and Contingent Liabilities”.

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Capitalized repair and maintenance costs	$ 184	$ 240
Pension assets	54	50
Deferred income taxes	231	152
Miscellaneous	84	81
Total other assets	$ 553	$ 523

Acquisitions and Divestitures - Schedule of Carrying Amounts of Major Classes of Assets Classified as Held for Sale (Details) - Glycolic Acid Business [Member] $ in Millions	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	$ 8
Property, plant, and equipment	57
Less: Accumulated depreciation	(37)
Property, plant, and equipment, net	20
Other assets	1
Assets held for sale	$ 29

Debt - Estimated Fair Values of Senior Debt Issues (Parenthetical) (Details) € in Millions, $ in Millions	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	€ 441	$ 483	€ 441	$ 470
Debt instrument interest rate	4.00%	4.00%	4.00%	4.00%
5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt		$ 495		$ 495
Debt instrument interest rate	5.375%	5.375%	5.375%	5.375%
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt		$ 783		$ 783
Debt instrument interest rate	5.75%	5.75%	5.75%	5.75%
4.625% Senior Unsecured Notes Due November 2029 [Member]
Debt Instrument [Line Items]
Long-term debt		$ 620		$ 620
Debt instrument interest rate	4.625%	4.625%	4.625%	4.625%
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt	€ 332	$ 363	€ 333	$ 355

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

24. Segment Information

Chemours operates through its three reportable segments, which were organized based on their similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Company’s Performance Chemicals and Intermediates business is included in Other Segment. Corporate costs and certain legal and environmental expenses, stock-based compensation expenses, and foreign exchange gains and losses arising from the remeasurement of balances in currencies other than the functional currency of the Company’s legal entities are reflected in Corporate and Other.

Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is the primary measure of segment profitability used by the Company’s Chief Operating Decision Maker ("CODM") and is defined as income (loss) before income taxes, excluding the following:

•

interest expense, depreciation, and amortization;

•

non-operating pension and other post-retirement employee benefit costs, which represents the non-service cost component of net periodic pension costs;

•

exchange (gains) losses included in other income (expense), net;

•

restructuring, asset-related, and other charges;

•

(gains) losses on sales of assets and businesses; and,

•

other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently, including certain legal and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company’s cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA.

The following table sets forth certain summary financial information for the Company’s reportable segments for the periods presented.


	Titanium Technologies		Thermal & Specialized Solutions		Advanced Performance Materials		Other Segment			Segment Total
Three Months Ended June 30, 2023
Net sales to external customers	$	707	$	523	$	387	$	26		$	1,643
Adjusted EBITDA		87		214		81		5			387
Depreciation and amortization		34		15		22		2			73

Three Months Ended June 30, 2022
Net sales to external customers	$	968	$	518	$	401	$	28		$	1,915
Adjusted EBITDA		216		213		107		(2	)		534
Depreciation and amortization		30		14		21		2			67

	Titanium Technologies		Thermal & Specialized Solutions		Advanced Performance Materials		Other Segment			Segment Total
Six Months Ended June 30, 2023
Net sales to external customers	$	1,339	$	1,009	$	775	$	56		$	3,179
Adjusted EBITDA		156		399		165		15			735
Depreciation and amortization		68		31		43		4			146

Six Months Ended June 30, 2022
Net sales to external customers	$	1,897	$	943	$	786	$	53		$	3,679
Adjusted EBITDA		422		387		194		(2	)		1,001
Depreciation and amortization		62		27		41		4			134

Total Assets (1)
June 30, 2023	$	2,554	$	1,368	$	1,784	$	104		$	5,810
December 31, 2022		2,384		1,238		1,742		124			5,488

(1)

Corporate and Other depreciation and amortization expense amounted to $5 and $11 for the three and six months ended June 30, 2023, respectively, and $5 and $12 for the three and six months ended June 30, 2022, respectively. Corporate and Other total assets amounted to $1,850 and $2,152 at June 30, 2023 and December 31, 2022, respectively.

The following table sets forth a reconciliation of Segment Adjusted EBITDA to the Company’s consolidated income (loss) before income taxes for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment Adjusted EBITDA	$	387		$	534		$	735		$	1,001
Corporate and Other expenses (excluding items below)		(63	)		(59	)		(107	)		(123	)
Interest expense, net		(48	)		(40	)		(90	)		(82	)
Depreciation and amortization		(78	)		(72	)		(157	)		(146	)
Non-operating pension and other post-retirement employee benefit income		—			2			—			3
Exchanges losses, net		(5	)		(3	)		(12	)		(3	)
Restructuring, asset-related, and other charges (1)		1			—			(15	)		(16	)
Gain on sales of assets and businesses (2)		—			26			—			27
Qualified spend recovery (3)		18			13			32			27
Legal charges (4)		(644	)		(5	)		(645	)		(7	)
Environmental charges (5)		(1	)		(165	)		(1	)		(171	)
(Loss) income before income taxes	$	(433	)	$	231		$	(260	)	$	510

(1)

(2)

Refer to “Note 6 – Other Income (Expense), Net” to the Interim Consolidated Financial Statements for further details.

(3)

(4)

(5)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Net (loss) income attributable to Chemours

Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Numerator:

$ (376)

$ 201

$ (231)

$ 434

Denominator:

Weighted-average number of common shares outstanding - basic

149,095,543

156,224,802

149,046,585

158,051,092

Dilutive effect of the Company’s employee compensation plans

^[1]

3,442,411

3,562,159

Weighted-average number of common shares outstanding - diluted

149,095,543

159,667,213

149,046,585

161,613,251

Basic (loss) earnings per share of common stock

^[2]

$ (2.52)

$ 1.29

$ (1.55)

$ 2.75

Diluted (loss) earnings per share of common stock

^[1],[2]

$ (2.52)

$ 1.26

$ (1.55)

$ 2.69

[1]

In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of EPS, as their inclusion would have an anti-dilutive effect. As such, with respect to the measure of diluted EPS, the impact of 1,517,177 and 1,849,679 potentially dilutive securities is excluded from the calculation for the three and six months ended June 30, 2023, respectively.

[2]

Figures may not recalculate exactly due to rounding. Basic and diluted (loss) earnings per share are calculated based on unrounded numbers.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Restructuring And Related Activities [Abstract]

Restructuring, Asset-Related, and Other Charges (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Restructuring Program

The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Employee separation charges	$	(1	)	$	1	$	—	$	6
Decommissioning and other charges		—			—		4		1
Total restructuring and other charges		(1	)		1		4		7
Asset-related charges (1)		—			—		11		5
Total restructuring, asset-related, and other charges	$	(1	)	$	1	$	15	$	12

(1)

In 2022, asset-related charges include asset charges resulting from the conflict between Russia and Ukraine and the Company's decision to suspend its business with Russian entities.

Schedule of Restructuring Charges

The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the six months ended June 30, 2023.


	2022 Restructuring Programs			ERP Implementation Abandonment		Total
Balance at December 31, 2022	$	6		$	—	$	6
(Credits) charges to income		(1	)		1		—
Payments		(3	)		—		(3	)
Balance at June 30, 2023	$	2		$	1	$	3

Earnings Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Parenthetical) (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Earnings Per Share [Abstract]
Potentially dilutive securities excluded from calculation	1,517,177	1,849,679

Accounts and Notes Receivable, Net

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Accounts and Notes Receivable, Net

Note 8. Accounts and Notes Receivable, Net

The following table sets forth the components of the Company’s accounts and notes receivable, net at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Accounts receivable - trade, net (1)	$	782	$	509
VAT, GST, and other taxes (2)		92		88
Other receivables (3)		16		29
Total accounts and notes receivable, net	$	890	$	626

(1)

Accounts receivable - trade, net includes trade notes receivable of $3 and is net of allowances for doubtful accounts of $2 and $10 at June 30, 2023 and December 31, 2022, respectively. Such allowances are equal to the estimated uncollectible amounts.

(2)

Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions.

(3)

Other receivables consist of derivative instruments, advances, other deposits including receivables under the terms of the MOU. For details of the MOU, see “Note 17 – Commitments and Contingent Liabilities”.

Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense amounted to less than $1 and $1 for the three and six months ended June 30, 2023, respectively and $2 and $8 for the three and six months ended June 30, 2022, respectively.

Recent Accounting Pronouncements - Narrative (Details)	Jun. 30, 2023
ASU 2022-04
Summary Of Significant Accounting Policies [Line Items]
Change In Accounting Principle Accounting Standards Update Adopted	true

Indicates (true false) whether accounting standards update was adopted.

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Corporate and Other expenses (excluding items below)

Segment Information - Reconciliation of Segment Adjusted EBITDA from Segments to Consolidated Net Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Adjusted EBITDA

$ 387

$ 534

$ 735

$ 1,001

(63)

(59)

(107)

(123)

Interest expense, net

(48)

(40)

(90)

(82)

Non-operating pension and other post-retirement employee benefit income

(78)

(72)

(157)

(146)

Exchange losses, net

(5)

(3)

(12)

(3)

Restructuring, asset-related, and other charges

^[1]

(15)

(16)

Gain on sales of assets and businesses, net

^[2]

Qualified spend recovery

^[3]

Legal charges

^[4]

(644)

(5)

(645)

(7)

Environmental charges

^[5]

(1)

(165)

(1)

(171)

(Loss) income before income taxes

$ (433)

$ 231

$ (260)

$ 510

[1]	In 2023, restructuring, asset-related, and other charges primarily includes charges related to the Company's decision to abandon its implementation of a new ERP software platform. In 2022, includes asset charges and write-offs resulting from the conflict between Russia and Ukraine and the Company’s decision to suspend its business with Russian entities. Refer to "Note 5 – Restructuring, Asset-related, and Other charges" for further details.
[2]	Refer to “Note 6 – Other Income (Expense), Net” to the Interim Consolidated Financial Statements for further details.
[3]	Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 17 – Commitments and Contingent Liabilities".
[4]	Legal charges pertains to litigation settlements, PFOA drinking water treatment accruals, and related legal fees. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.
[5]	Environmental charges pertains to management’s assessment of estimated liabilities associated with certain non-recurring environmental remediation expenses at various sites. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.

Other Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Other Accrued Liabilities

Note 14. Other Accrued Liabilities

The following table sets forth the components of the Company’s other accrued liabilities at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Accrued litigation (1)	$	650	$	41
Asset retirement obligations (2)		15		10
Income taxes		23		19
Customer rebates		59		90
Accrued interest		17		17
Operating lease liabilities		53		49
Miscellaneous (3)		113		74
Total other accrued liabilities	$	930	$	300

(1)

At June 30, 2023, accrued litigation includes $592 for the United States Public Water System Class Action Suit Settlement. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.

(2)

Represents the current portion of asset retirement obligations (see “Note 16 – Other Liabilities”).

(3)

Miscellaneous primarily includes accruals related to utility expenses, property taxes, a workers compensation indemnification liability and other miscellaneous expenses.

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Acquisitions and Divestitures

Note 3. Acquisitions and Divestitures

Divestitures

In December 2021, the Company entered into an agreement to sell land related to the Beaumont former operating site for cash consideration of approximately $17 (the “Beaumont Transaction”). The Company completed the land sale on May 24, 2022 and received net cash proceeds of $17. In January 2022, the Company entered into a stock agreement to sell certain of its wholly-owned subsidiaries and the remaining assets at its former Aniline business facilities in Pascagoula, Mississippi (the “Pascagoula Transaction”). The Company completed the sale on June 9, 2022 and received net cash proceeds of $16. Upon completion of the Beaumont Transaction and the Pascagoula Transaction, the Company recorded a net pre-tax gain of $11 and $18, respectively, in other income, net in the consolidated statements of operations during the second quarter of 2022.

Glycolic Acid Business Held for Sale

On June 1, 2023, the Company entered into a definitive agreement with PureTech Scientific Inc. to sell the Company's Glycolic Acid business, included in the Company's Other Segment for cash consideration of approximately $137, subject to customary working capital and other adjustments (the “Glycolic Acid Transaction”). As a result, at June 30, 2023, the related assets associated with the Glycolic Acid business disposal group of $29 were classified as held for sale in the Interim Consolidated Balance Sheet. The Glycolic Acid Transaction is expected to close in the third quarter of 2023, subject to customary closing conditions, including regulatory approvals. The Company expects to recognize a pre-tax gain on this transaction at closing.

The following table sets forth the carrying amounts of major classes of assets classified as held for sale related to the sale of the Glycolic Acid business at June 30, 2023.


	June 30, 2023
Inventories	$	8
Property, plant, and equipment		57
Less: Accumulated depreciation		(37	)
Property, plant, and equipment, net		20
Other assets		1
Assets held for sale	$	29

The sale of the Glycolic Acid business does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the disposal group is not classified as a discontinued operation.

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders Equity Note [Abstract]

Schedule of Share Repurchase Activity

The following table sets forth the Company’s share repurchase activity under the 2018 Share Repurchase Program for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total number of shares purchased		—		2,972,073		—		7,824,039
Total amount for shares purchased	$	—	$	105	$	—	$	251
Average price paid per share	$	—	$	35.31	$	—	$	32.06

The following table sets forth the Company’s share repurchase activity under the 2022 Share Repurchase Program for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total number of shares purchased		1,271,741		551,493		1,657,741		551,493
Total amount for shares purchased	$	39	$	19	$	52	$	19
Average price paid per share	$	30.27	$	35.14	$	31.09	$	35.14

Net Sales - Narrative (Details1) - Topic 606 [Member]	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue	17.00%
Remaining performance obligations original expected period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue	24.00%
Remaining performance obligations original expected period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue	20.00%
Remaining performance obligations original expected period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue	20.00%
Remaining performance obligations original expected period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Percentage of remaining performance obligations as revenue	20.00%
Remaining performance obligations original expected period	1 year

Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Parenthetical) (Details) $ in Millions	Jun. 30, 2023 USD ($)
Payables And Accruals [Abstract]
Accrued litigation	$ 592

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Components of Debt

The following table sets forth the components of the Company’s debt at June 30, 2023 and December 31, 2022.


	June 30, 2023			December 31, 2022
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025	$	762		$	766
Tranche B-2 euro term loan due April 2025 (€332 at June 30, 2023 and €333 at December 31, 2022)		363			355
Senior unsecured notes:
4.000% due May 2026 (€441 at June 30, 2023 and December 31, 2022)		483			470
5.375% due May 2027		495			495
5.750% due November 2028		783			783
4.625% due November 2029		620			620
Finance lease liabilities		56			61
Financing obligation (1)		91			91
Total debt principal		3,653			3,641
Less: Unamortized issue discounts		(4	)		(4	)
Less: Unamortized debt issuance costs		(20	)		(22	)
Less: Short-term and current maturities of long-term debt		(25	)		(25	)
Total long-term debt, net	$	3,604		$	3,590

(1)

At June 30, 2023 and December 31, 2022, financing obligation relates to the financed portion of the Company’s research and development facility located in the Science, Technology, and Advanced Research Campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”).

Schedule of Debt Principal Maturities

The following table sets forth the Company’s debt principal maturities for the next five years and thereafter.


Remainder of 2023	$	6
2024		13
2025		1,106
2026		483
2027		495
Thereafter		1,403
Total principal maturities on debt	$	3,506

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.


	June 30, 2023					December 31, 2022
	Carrying Value			Fair Value		Carrying Value			Fair Value
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025	$	762		$	757	$	766		$	755
Tranche B-2 euro term loan due April 2025 (€332 at June 30, 2023 and €333 at December 31, 2022)		363			363		355			345
Senior unsecured notes:
4.000% due May 2026 (€441 at June 30, 2023 and December 31, 2022)		483			450		470			422
5.375% due May 2027		495			468		495			459
5.750% due November 2028		783			719		783			702
4.625% due November 2029		620			523		620			509
Total senior debt principal		3,506		$	3,280		3,489		$	3,192
Less: Unamortized issue discounts		(4	)				(4	)
Less: Unamortized debt issuance costs		(20	)				(22	)
Total senior debt, net	$	3,482				$	3,463

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Recent Accounting Pronouncements

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Note 2. Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period of time to ease the potential burden associated with accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which extended the expiration date of ASU 2020-04 to December 31, 2024. The Company utilized an optional expedient provided under ASU 2020-04 in the first quarter of 2023 in connection with the amendment to its senior secured credit facilities (see "Note 15 – Debt"). As a result, the amendment did not result in any accounting modifications.

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with Topic 606 as if the acquirer had originated the contracts. The Company will apply the provisions of ASU 2021-08 to future acquisitions, if any.

Disclosure of Supplier Finance Program Obligations

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"), which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose qualitative and quantitative information about their programs, including key terms and activity during the period. The guidance will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted, and should be applied retrospectively to each period in which a balance sheet is presented subject to certain exceptions. The Company adopted the provisions of ASU 2022-04 in the first quarter of 2023, and provided the required disclosure under its transition guidance in "Note 13 – Accounts Payable".

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities At Fair Value

The following table sets forth the fair value of the Company’s derivative assets and liabilities at June 30, 2023 and December 31, 2022.


		Fair Value Using Level 2 Inputs
	Balance Sheet Location	June 30, 2023		December 31, 2022
Asset derivatives:
Foreign currency forward contracts designated as a cash flow hedge	Accounts and notes receivable, net (Note 8)		—		2
Total asset derivatives		$	—	$	2

Liability derivatives:
Foreign currency forward contracts not designated as a hedging instrument	Other accrued liabilities (Note 14)	$	—	$	1
Foreign currency forward contracts designated as a cash flow hedge	Other accrued liabilities (Note 14)		3		4
Total liability derivatives		$	3	$	5

Schedule of Pre-tax Charge Fair Value of Financial Instruments

The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three and six months ended June 30, 2023 and 2022.


	Gain (Loss) Recognized In
								Accumulated
								Other
	Cost of		Interest		Other Income			Comprehensive
Three Months Ended June 30,	Goods Sold		Expense, Net		(Expense), Net			Loss
2023
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(1	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		1		—		—			(1	)
Euro-denominated debt designated as a net investment hedge		—		—		—			(10	)

2022
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	5		$	—
Foreign currency forward contracts designated as a cash flow hedge		3		—		—			6
Interest rate swaps designated as a cash flow hedge		—		1		—			3
Euro-denominated debt designated as a net investment hedge		—		—		—			32




	Gain (Loss) Recognized In
								Accumulated
								Other
	Cost of		Interest		Other Income			Comprehensive
Six Months Ended June 30,	Goods Sold		Expense, Net		(Expense), Net			Loss
2023
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(7	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		7		—		—			(3	)
Interest rate swaps designated as a cash flow hedge		—		4		—			—
Euro-denominated debt designated as a net investment hedge		—		—		—			(23	)

2022
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(1	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		6		—		—			11
Interest rate swaps designated as a cash flow hedge		—		—		—			7
Euro-denominated debt designated as a net investment hedge		—		—		—			58

Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 21. Financial Instruments

Objectives and Strategies for Holding Financial Instruments

In the ordinary course of business, Chemours enters into contractual arrangements to reduce its exposure to foreign currency risks. The Company has established a financial risk management program, which includes distinct risk management instruments: (i) foreign currency forward contracts, which are used to minimize the volatility in the Company’s earnings related to foreign exchange gains and losses resulting from remeasuring its monetary assets and liabilities that are denominated in non-functional currencies; (ii) foreign currency forward contracts, which are used to mitigate the risks associated with fluctuations in the euro against the U.S. dollar for forecasted U.S. dollar-denominated inventory purchases in certain of the Company’s international subsidiaries that use the euro as their functional currency; (iii) interest rate swaps, which are used to mitigate the volatility in the Company’s cash payments for interest due to fluctuations in variable interest rates, as is applicable to the portion of the Company’s senior secured term loan facility denominated in U.S. dollars; and, (iv) euro-denominated debt, which is used to reduce the volatility in stockholders’ equity caused by changes in foreign currency exchange rates of the euro with respect to the U.S. dollar for certain of its international subsidiaries that use the euro as their functional currency. The Company’s financial risk management program reflects varying levels of exposure coverage and time horizons based on an assessment of risk. The program operates within Chemours’ financial risk management policies and guidelines, and the Company does not enter into derivative financial instruments for trading or speculative purposes.

Net Monetary Assets and Liabilities Hedge – Foreign Currency Forward Contracts

At June 30, 2023, the Company had 12 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $264, and an average maturity of one month. At December 31, 2022, the Company had 9 foreign currency forward contracts outstanding with an aggregate gross notional U.S. dollar equivalent of $180, and an average maturity of one month. Chemours recognized net losses of $1 and 7 for the three and six months ended June 30, 2023, respectively, and net gain of $5 and a net loss of $1 for the three and six months ended June 30, 2022, respectively, in other income (expense), net.

Cash Flow Hedge – Foreign Currency Forward Contracts

At June 30, 2023, the Company had 133 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $181, and an average maturity of four months. At December 31, 2022, the Company had 153 foreign currency forward contracts outstanding under its cash flow hedge program with an aggregate notional U.S. dollar equivalent of $180, and an average maturity of four months. Chemours recognized pre-tax losses of $1 and $3 for the three and six months ended June 30, 2023, respectively, and pre-tax gains of $6 and $11 for the three and six months ended June 30, 2022, respectively, within accumulated other comprehensive loss. For the three and six months ended June 30, 2023, $1 and $7 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively. For the three and six months ended June 30, 2022, $3 and $6 of gain was reclassified to the cost of goods sold from accumulated other comprehensive loss, respectively.

The Company expects to reclassify approximately $5 of net pre-tax loss, based on current foreign currency exchange rates, from accumulated other comprehensive loss to the cost of goods sold over the next 12 months.

Cash Flow Hedge – Interest Rate Swaps

In September 2022, the Company terminated all of its outstanding interest rate swaps, which resulted in a cash settlement of $8. Chemours recognized a pre-tax gains of $3 and $7 for the three and six months ended June 30, 2022, respectively, within accumulated other comprehensive loss. For the three and six months ended June 30, 2023, $0 and $4 of gain were reclassified to interest expense, net from accumulated other comprehensive loss, respectively. For the three and six months ended June 30, 2022, $1 of gain and less than $1 of loss were reclassified to interest expense, net from accumulated other comprehensive loss, respectively.

Net Investment Hedge – Foreign Currency Borrowings

The Company recognized pre-tax losses of $10 and $23 for the three and six months ended June 30, 2023, respectively, and pre-tax gains of $32 and $58 for the three and six months ended June 30, 2022, respectively, on its net investment hedge within accumulated other comprehensive loss. No amounts were reclassified from accumulated other comprehensive loss for the Company’s net investment hedges during the three and six months ended June 30, 2023 and 2022.

Fair Value of Derivative Instruments

The following table sets forth the fair value of the Company’s derivative assets and liabilities at June 30, 2023 and December 31, 2022.


		Fair Value Using Level 2 Inputs
	Balance Sheet Location	June 30, 2023		December 31, 2022
Asset derivatives:
Foreign currency forward contracts designated as a cash flow hedge	Accounts and notes receivable, net (Note 8)		—		2
Total asset derivatives		$	—	$	2

Liability derivatives:
Foreign currency forward contracts not designated as a hedging instrument	Other accrued liabilities (Note 14)	$	—	$	1
Foreign currency forward contracts designated as a cash flow hedge	Other accrued liabilities (Note 14)		3		4
Total liability derivatives		$	3	$	5

The Company’s foreign currency forward contracts are classified as Level 2 financial instruments within the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data, and are subjected to tolerance and/or quality checks.

Summary of Financial Instruments

The following table sets forth the pre-tax changes in fair value of the Company’s financial instruments for the three and six months ended June 30, 2023 and 2022.


	Gain (Loss) Recognized In
								Accumulated
								Other
	Cost of		Interest		Other Income			Comprehensive
Three Months Ended June 30,	Goods Sold		Expense, Net		(Expense), Net			Loss
2023
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(1	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		1		—		—			(1	)
Euro-denominated debt designated as a net investment hedge		—		—		—			(10	)

2022
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	5		$	—
Foreign currency forward contracts designated as a cash flow hedge		3		—		—			6
Interest rate swaps designated as a cash flow hedge		—		1		—			3
Euro-denominated debt designated as a net investment hedge		—		—		—			32




	Gain (Loss) Recognized In
								Accumulated
								Other
	Cost of		Interest		Other Income			Comprehensive
Six Months Ended June 30,	Goods Sold		Expense, Net		(Expense), Net			Loss
2023
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(7	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		7		—		—			(3	)
Interest rate swaps designated as a cash flow hedge		—		4		—			—
Euro-denominated debt designated as a net investment hedge		—		—		—			(23	)

2022
Foreign currency forward contracts not designated as a hedging instrument	$	—	$	—	$	(1	)	$	—
Foreign currency forward contracts designated as a cash flow hedge		6		—		—			11
Interest rate swaps designated as a cash flow hedge		—		—		—			7
Euro-denominated debt designated as a net investment hedge		—		—		—			58

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			3
Depreciation and amortization	$ 78	$ 72	$ 157	$ 146
Total assets	7,660		7,660		$ 7,640
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	5	$ 5	11	$ 12
Total assets	$ 1,850		$ 1,850		$ 2,152

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Supplemental Cash Flow Elements [Abstract]

Equity - Schedule of Share Repurchase Activity (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		14 Months Ended	46 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	May 19, 2022
2018 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Total number of shares purchased		2,972,073		7,824,039		28,603,784
Total amount for shares purchased		$ 105		$ 251
Average price paid per share		$ 35.31		$ 32.06		$ 34.96
2022 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Total number of shares purchased	1,271,741	551,493	1,657,741	551,493	9,892,055
Total amount for shares purchased	$ 39	$ 19	$ 52	$ 19	$ 292
Average price paid per share	$ 30.27	$ 35.14	$ 31.09	$ 35.14	$ 29.55

Net Sales - Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	$ 1,643	$ 1,915	$ 3,179	$ 3,679
Topic 606 [Member] \| Transferred at a Point in Time [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	1,643	1,915	3,179	3,679
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	707	968	1,339	1,897
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	523	518	1,009	943
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	387	401	775	786
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	26	28	56	53
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| North America [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	748	849	1,469	1,581
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| North America [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	277	366	539	680
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| North America [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	309	315	594	575
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| North America [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	145	152	297	297
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| North America [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	17	16	39	29
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Europe, the Middle East, and Africa [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	340	369	654	738
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Europe, the Middle East, and Africa [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	147	201	280	413
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Europe, the Middle East, and Africa [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	106	91	206	171
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Europe, the Middle East, and Africa [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	83	72	159	145
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Europe, the Middle East, and Africa [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	4	5	9	9
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Latin America [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	170	187	324	376
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Latin America [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	103	117	193	240
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Latin America [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	52	53	101	103
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Latin America [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	14	16	29	30
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Latin America [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	1	1	1	3
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	385	510	732	984
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Asia Pacific [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	180	284	327	564
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Asia Pacific [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	56	59	108	94
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Asia Pacific [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	145	161	290	314
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Asia Pacific [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	4	6	7	12
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Titanium Dioxide and Other Minerals [Member] \| Titanium Technologies [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	707	968	1,339	1,897
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Refrigerants [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	429	424	814	768
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Foam, Propellants, and Other [Member] \| Thermal & Specialized Solutions [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	94	94	195	175
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Advanced Materials [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	247	281	491	546
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Performance Solutions [Member] \| Advanced Performance Materials [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	140	120	284	240
Topic 606 [Member] \| Transferred at a Point in Time [Member] \| Performance Chemicals and Intermediates [Member] \| Other Segment [Member]
Disaggregation Of Revenue [Line Items]
Disaggregation of Net Sales	$ 26	$ 28	$ 56	$ 53

Supplemental Cash Flow information - Reconciliation of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Cash and cash equivalents

$ 738

$ 1,102

Restricted cash and restricted cash equivalents

^[1]

207

202

Cash, cash equivalents, restricted cash and restricted cash equivalents

$ 945

$ 1,304

$ 1,348

$ 1,551

[1]	Restricted cash and restricted cash equivalents balance includes cash and cash equivalents deposited in an escrow account as per the terms of the MOU (see “Note 17 – Commitments and Contingent Liabilities”).

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Noncurrent [Abstract]
Employee-related costs	$ 81	$ 82
Accrued litigation	59	55
Asset retirement obligations	73	73
Miscellaneous	116	109
Total other liabilities	$ 329	$ 319

Other Liabilities - Schedule of Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Liabilities Noncurrent [Abstract]
Asset retirement obligations	$ 88		$ 88		$ 83
Accrued workers compensation indemnification liability	32		32		$ 33
Accretion expense	$ 3	$ 1	$ 5	$ 4

Debt - Senior Secured Credit Facilities - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
	Oct. 07, 2021	Apr. 03, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity month and year					2025-04
4.000% Senior Unsecured Notes Due May 2026 [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity month and year					2026-05
Senior Secured Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument term		7 years
Term loan repayments			$ 3,000,000	$ 3,000,000	$ 6,000,000	$ 6,000,000
Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument term		5 years
Line of credit facility, maximum borrowing capacity	$ 900,000,000	$ 800,000,000
Debt instrument, springing maturity, description					The Credit Agreement is subject to a springing maturity in the event that the senior secured term loans due April 2025 and the senior unsecured notes due in May 2026 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date.
Debt instrument maturity date	Oct. 07, 2026
Long-term debt			0		$ 0		$ 0
Letters of credit outstanding			$ 99,000,000		$ 99,000,000		$ 108,000,000
Commitment fee percentage					0.15%
Euro Term Loan [Member]
Line of Credit Facility [Line Items]
Effective interest rates on senior secured term loan			5.40%		5.40%
Dollar Term Loan [Member]
Line of Credit Facility [Line Items]
Effective interest rates on senior secured term loan			7.00%		7.00%

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net (loss) income	$ (231)	$ 434
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	157	146
Gain on sales of assets and businesses, net	0	(27)
Equity in earnings of affiliates, net	(21)	(23)
Amortization of debt issuance costs and issue discounts	4	4
Deferred tax benefit	(71)	(9)
Asset-related charges	11	5
Stock-based compensation expense	7	17
Net periodic pension cost	4	4
Defined benefit plan contributions	(7)	(7)
Other operating charges and credits, net	(5)	(8)
Decrease (increase) in operating assets:
Accounts and notes receivable	(261)	(339)
Inventories and other operating assets	26	(86)
(Decrease) increase in operating liabilities:
Accounts payable and other operating liabilities	329	182
Cash (used for) provided by operating activities	(58)	293
Cash flows from investing activities
Purchases of property, plant, and equipment	(149)	(168)
Proceeds from sales of assets and businesses	0	33
Foreign exchange contract settlements, net	(8)	(1)
Other investing activities		(9)
Cash used for investing activities	(157)	(145)
Cash flows from financing activities
Debt repayments	(6)	(7)
Payments on finance leases	(6)	(6)
Payments of debt issuance cost	0	(1)
Purchases of treasury stock, at cost	(51)	(272)
Proceeds from exercised stock options, net	9	48
Payments related to tax withholdings on vested stock awards	(18)	(4)
Payments of dividends to the Company's common shareholders	(75)	(78)
Cash received from non-controlling interest shareholder	1
Cash used for financing activities	(146)	(320)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	2	(31)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(359)	(203)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1,	1,304	1,551
Cash, cash equivalents, restricted cash and restricted cash equivalents at June 30,	945	1,348
Non-cash investing and financing activities:
Purchases of property, plant, and equipment included in accounts payable	53	41
Treasury Stock repurchased, not settled	$ 1	$ 2

Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-controlling Interests [Member]
Total stockholders' equity, beginning balance at Dec. 31, 2021	$ 1,082	$ 2	$ (1,247)	$ 944	$ 1,746	$ (364)	$ 1
Shares, beginning balance at Dec. 31, 2021		191,860,159	30,813,427
Common stock issued - compensation plans (in shares)		295,736
Exercise of stock options	48			48
Exercise of stock options (in shares)		2,605,733
Purchases of treasury stock, at cost	(270)		$ (270)
Purchases of treasury stock at cost (in shares)			8,375,532
Stock-based compensation expense	17			17
Cancellation of unissued stock awards withheld to cover taxes	(4)			(4)
Net (loss) income	434				434
Dividends	(78)				(78)
Other comprehensive (loss) income	(14)					(14)
Total stockholders' equity, ending balance at Jun. 30, 2022	1,215	$ 2	$ (1,517)	1,005	2,102	(378)	1
Shares, ending balance at Jun. 30, 2022		194,761,628	39,188,959
Total stockholders' equity, beginning balance at Mar. 31, 2022	1,167	$ 2	$ (1,393)	956	1,940	(339)	1
Shares, beginning balance at Mar. 31, 2022		192,509,285	35,665,393
Common stock issued - compensation plans (in shares)		3,717
Exercise of stock options	42			42
Exercise of stock options (in shares)		2,248,626
Purchases of treasury stock, at cost	(124)		$ (124)
Purchases of treasury stock at cost (in shares)			3,523,566
Stock-based compensation expense	7			7
Net (loss) income	201				201
Dividends	(39)				(39)
Other comprehensive (loss) income	(39)					(39)
Total stockholders' equity, ending balance at Jun. 30, 2022	1,215	$ 2	$ (1,517)	1,005	2,102	(378)	1
Shares, ending balance at Jun. 30, 2022		194,761,628	39,188,959
Total stockholders' equity, beginning balance at Dec. 31, 2022	1,107	$ 2	$ (1,738)	1,016	2,170	(343)
Shares, beginning balance at Dec. 31, 2022		195,375,810	46,871,780
Common stock issued - compensation plans (in shares)		852,607
Exercise of stock options	9			9
Exercise of stock options (in shares)		530,794
Purchases of treasury stock, at cost	(52)		$ (52)
Purchases of treasury stock at cost (in shares)			1,657,741
Stock-based compensation expense	7			7
Cancellation of unissued stock awards withheld to cover taxes	(18)			(18)
Net (loss) income	(230)				(231)		1
Dividends	(75)				(75)
Contributions by non-controlling interests	1						1
Other comprehensive (loss) income	61					61
Total stockholders' equity, ending balance at Jun. 30, 2023	810	$ 2	$ (1,790)	1,014	1,864	(282)	2
Shares, ending balance at Jun. 30, 2023		196,759,211	48,529,521
Total stockholders' equity, beginning balance at Mar. 31, 2023	1,228	$ 2	$ (1,751)	1,004	2,278	(306)	1
Shares, beginning balance at Mar. 31, 2023		196,365,544	47,257,780
Common stock issued - compensation plans (in shares)		3,443
Exercise of stock options	7			7
Exercise of stock options (in shares)		390,224
Purchases of treasury stock, at cost	(39)		$ (39)
Purchases of treasury stock at cost (in shares)			1,271,741
Stock-based compensation expense	3			3
Net (loss) income	(376)				(376)
Dividends	(38)				(38)
Contributions by non-controlling interests	1						1
Other comprehensive (loss) income	24					24
Total stockholders' equity, ending balance at Jun. 30, 2023	$ 810	$ 2	$ (1,790)	$ 1,014	$ 1,864	$ (282)	$ 2
Shares, ending balance at Jun. 30, 2023		196,759,211	48,529,521

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table sets forth the changes and after-tax balances of the Company’s accumulated other comprehensive loss for the six months ended June 30, 2023 and 2022.


	Net Investment Hedge			Cash Flow Hedge			Cumulative Translation Adjustment			Defined Benefit Plans			Total
Balance at January 1, 2023	$	19		$	6		$	(268	)	$	(100	)	$	(343	)
Other comprehensive (loss) income		(17	)		(12	)		90			—			61
Balance at June 30, 2023	$	2		$	(6	)	$	(178	)	$	(100	)	$	(282	)

Balance at January 1, 2022	$	(21	)	$	5		$	(236	)	$	(112	)	$	(364	)
Other comprehensive income (loss)		44			10			(77	)		9			(14	)
Balance at June 30, 2022	$	23		$	15		$	(313	)	$	(103	)	$	(378	)

Property, Plant, and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property Plant And Equipment [Abstract]

Property, Plant, and Equipment, Net

Note 10. Property, Plant, and Equipment, Net

The following table sets forth the components of the Company’s property, plant, and equipment, net at June 30, 2023 and December 31, 2022.


	June 30, 2023			December 31, 2022
Equipment	$	7,853		$	7,745
Buildings		1,236			1,180
Construction-in-progress		318			324
Land		105			102
Mineral rights		36			36
Property, plant, and equipment		9,548			9,387
Less: Accumulated depreciation		(6,358	)		(6,216	)
Total property, plant, and equipment, net	$	3,190		$	3,171

Property, plant, and equipment, net included gross assets under finance leases of $91 at June 30, 2023 and December 31, 2022, respectively.

Depreciation expense amounted to $76 and $151 for the three and six months ended June 30, 2023, respectively, and $71 and $144 for the three and six months ended June 30, 2022, respectively.

Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued litigation	$ 650	$ 41
Asset retirement obligations	15	10
Income taxes	23	19
Customer rebates	59	90
Accrued interest	17	17
Operating lease liabilities	53	49
Miscellaneous	113	74
Total other accrued liabilities	$ 930	$ 300

Financial Instruments - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Financial Instruments - Narrative (Details)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Contract	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Contract	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Contract
Designated as Hedging Instrument [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Recognized gain (loss) on derivative, pre-tax		$ (10,000,000)	$ 32,000,000	$ (23,000,000)	$ 58,000,000
Reclassification on derivative, pre-tax		$ 0	0	$ 0	0
Foreign currency forward contracts [Member]
Derivative [Line Items]
Number of forward exchange currency contracts \| Contract		12		12		9
Derivative notional value		$ 264,000,000		$ 264,000,000		$ 180,000,000
Average maturity period of derivative contract				1 month		1 month
Foreign currency forward contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivative [Line Items]
Number of forward exchange currency contracts \| Contract		133		133		153
Derivative notional value		$ 181,000,000		$ 181,000,000		$ 180,000,000
Average maturity period of derivative contract				4 months		4 months
Recognized gains (losses) on derivative cash flow hedge, pre-tax		(1,000,000)	6,000,000	$ (3,000,000)	11,000,000
Derivative cash flow hedge net pre-tax loss from accumulated other comprehensive loss to cost of goods sold to be reclassified with in twelve months				(5,000,000)
Foreign currency forward contracts [Member] \| Designated as Hedging Instrument [Member] \| Net Investment Hedge [Member]
Derivative [Line Items]
Derivative gains (losses)		$ (1,000,000)	$ 5,000,000	$ (7,000,000)	$ (1,000,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Income (Expense), Net	Other Income (Expense), Net	Other Income (Expense), Net	Other Income (Expense), Net
Foreign currency forward contracts [Member] \| Designated as Hedging Instrument [Member] \| Cost of Goods Sold [Member] \| Cash Flow Hedge [Member]
Derivative [Line Items]
Gain (loss) reclassification on derivative cash flow hedge		$ 1,000,000	$ 3,000,000	$ 7,000,000	$ 6,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivative [Line Items]
Recognized gains (losses) on derivative cash flow hedge, pre-tax			3,000,000		7,000,000
Cash settlement of derivative instrument	$ 8,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Interest Expense, Net [Member] \| Cash Flow Hedge [Member]
Derivative [Line Items]
Gain (loss) reclassification on derivative cash flow hedge		$ 0	$ 1,000,000	$ 4,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Interest Expense, Net [Member] \| Cash Flow Hedge [Member] \| Maximum [Member]
Derivative [Line Items]
Gain (loss) reclassification on derivative cash flow hedge					$ (1,000,000)

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property Plant And Equipment [Abstract]
Finance leased assets, gross	$ 91		$ 91		$ 91
Depreciation expense	$ 76	$ 71	$ 151	$ 144

Long-term Employee Benefits (Schedule of Net Periodic Pension Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Total net periodic pension cost			$ (4)	$ (4)
Amortization of actuarial loss	$ 2	$ 2	4	4
Amortization of prior service gain	(1)		(1)	(1)
Effect of foreign exchange rates	(1)	4	(2)	7
Benefit recognized in other comprehensive income		6	1	10
Pension Plan [Member] \| Foreign [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	(2)	(3)	(4)	(7)
Interest cost	(4)	(1)	(7)	(3)
Expected return on plan assets	5	5	10	9
Amortization of actuarial loss	(2)	(2)	(4)	(4)
Amortization of prior service gain	1		1	1
Total net periodic pension cost	(2)	(1)	(4)	(4)
Amortization of actuarial loss	2	2	4	4
Amortization of prior service gain	(1)		(1)	(1)
Effect of foreign exchange rates	(1)	4	(2)	7
Benefit recognized in other comprehensive income		6	1	10
Total changes in plan assets and benefit obligations recognized in other comprehensive income	$ (2)	$ 5	$ (3)	$ 6

Accounts Payable - Schedule of Accounts Payable (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Trade payables	$ 979	$ 1,228
VAT and other payables	30	23
Total accounts payable	$ 1,009	$ 1,251

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Reconciliation of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents


	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	738	$	1,102
Restricted cash and restricted cash equivalents (1)		207		202
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	945	$	1,304

(1)

Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable - trade, net	$ 782	$ 509
Allowance for doubtful accounts receivable	2	10
Trade Notes Receivable [Member]
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable - trade, net	$ 3	$ 3

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jun. 09, 2022	May 24, 2022	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 01, 2023	Dec. 31, 2021
Beaumont Land Sale [Member]
Acquisitions And Divestitures [Line Items]
Sale of business, purchase price consideration in cash							$ 17
Cash proceeds received		$ 17
Pre-tax gain (loss) on sale			$ 11	$ 11
Pascagoula Transaction [Member]
Acquisitions And Divestitures [Line Items]
Pre-tax gain (loss) on sale			$ 18	$ 18
Aniline Business [Member]
Acquisitions And Divestitures [Line Items]
Cash proceeds received	$ 16
Glycolic Acid Business [Member]
Acquisitions And Divestitures [Line Items]
Sale of business, purchase price consideration in cash						$ 137
Disposal group not classified as held for sale					$ 29

Accounts and Notes Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table sets forth the components of the Company’s accounts and notes receivable, net at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Accounts receivable - trade, net (1)	$	782	$	509
VAT, GST, and other taxes (2)		92		88
Other receivables (3)		16		29
Total accounts and notes receivable, net	$	890	$	626

(1)

(2)

Value added tax (“VAT”) and goods and services tax (“GST”) for various jurisdictions.

(3)

Commitments and Contingent Liabilities - Schedule of Components of Accrued Litigation (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

$ 709

$ 96

Asbestos [Member]

PFOA [Member]

^[1]

PFAS [Member]

All Other Matters [Member]

^[2]

622

$ 6

$ 14

[1]	PFOA includes matters under the "PFOA" section within this "Note 17 - Commitments and Contingent Liabilities".
[2]	PFAS includes matters under the "PFAS" section within this "Note 17 - Commitments and Contingent Liabilities".

Other Assets - Schedule of Other Assets (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure [Line Items]
Deferred income taxes	$ 231	$ 152
United States Public Water System Class Action Suit Settlement [Member]
Deferred Costs, Capitalized, Prepaid, And Other Assets Disclosure [Line Items]
Deferred income taxes	$ 55

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 15. Debt

The following table sets forth the components of the Company’s debt at June 30, 2023 and December 31, 2022.


	June 30, 2023			December 31, 2022
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025	$	762		$	766
Tranche B-2 euro term loan due April 2025 (€332 at June 30, 2023 and €333 at December 31, 2022)		363			355
Senior unsecured notes:
4.000% due May 2026 (€441 at June 30, 2023 and December 31, 2022)		483			470
5.375% due May 2027		495			495
5.750% due November 2028		783			783
4.625% due November 2029		620			620
Finance lease liabilities		56			61
Financing obligation (1)		91			91
Total debt principal		3,653			3,641
Less: Unamortized issue discounts		(4	)		(4	)
Less: Unamortized debt issuance costs		(20	)		(22	)
Less: Short-term and current maturities of long-term debt		(25	)		(25	)
Total long-term debt, net	$	3,604		$	3,590

(1)

Senior Secured Credit Facilities

The Company’s credit agreement, as amended and restated on April 3, 2018 (“Credit Agreement”), provides for a seven-year, senior secured term loan facility and a five-year, $800 senior secured revolving credit facility (“Revolving Credit Facility”) (collectively, the “Senior Secured Credit Facilities”). On October 7, 2021, the Company entered into an amendment to the Credit Agreement (“Credit Agreement Amendment”) to, among other things, increase the aggregate commitment amount under the Revolving Credit Facility to $900 and extend the stated maturity date to October 7, 2026 (from April 3, 2023). On March 10, 2023, the Company entered into a second amendment to the Credit Agreement (the "Second Credit Agreement Amendment") to replace the interest rate benchmark from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The Credit Agreement is subject to a springing maturity in the event that the senior secured term loans due April 2025 and the senior unsecured notes due in May 2026 are not redeemed, repaid, modified, and/or refinanced within the 91-day period prior to their maturity date.

No borrowings were outstanding under the Revolving Credit Facility at June 30, 2023 and December 31, 2022. The Company made term loan repayments of $3 and $6 during the three and six months, respectively, in each of the periods ended June 30, 2023 and 2022. Chemours also had $99 and $108 in letters of credit issued and outstanding under the Revolving Credit Facility at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023, the effective interest rates on the Dollar Term Loan and the Euro Term Loan were 7.0% and 5.4%, respectively. Also, at June 30, 2023, commitment fees on the Revolving Credit Facility were assessed at a rate of 0.15% per annum.

Accounts Receivable Securitization Facility

The Company, through a wholly-owned special purpose entity (“SPE”), maintains an amended and restated receivables purchase agreement dated March 9, 2020, which was amended on March 5, 2021 and further amended on November 24, 2021 (the “Amended Purchase Agreement”). Pursuant to the Amended Purchase Agreement, the Company does not maintain effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables.

On March 23, 2023, the Company, through the SPE, entered into an amendment (the "Third Amendment") to its Amended Purchase Agreement to, among other things, increase the facility limit under the arrangement from $150 to $175, replace the interest rate benchmark from LIBOR to SOFR, add a conduit purchaser, and extend the term of the Amended Purchase Agreement, such that the SPE may sell certain receivables and request investments and letter of credit until the earlier of March 31, 2025 or another event that constitutes a "Termination Date" under the Amended Purchase Agreement.

Cash received from collections of sold receivables is used to fund additional purchases of receivables at 100% of face value on a revolving basis, not to exceed the facility limit, which is the aggregate purchase limit. During the three and six months ended June 30, 2023, the Company received $387 and $682, respectively, of cash collections on receivables sold under the Amended Purchase Agreement, following which it sold and derecognized $387 and $707, respectively, of incremental accounts receivable. During the three and six months ended June 30, 2022, the Company received $339 and $677, respectively, of cash collections on receivables sold under the Amended Purchase Agreement, following which it sold and derecognized $339 and $677, respectively, of incremental accounts receivable. The Company maintains continuing involvement as it acts as the servicer for the sold receivables and guarantees payment to the bank. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which amounted to $124 and $46 at June 30, 2023 and December 31, 2022, respectively. The Company incurred $1 of fees associated with the Securitization Facility during the three and six months ended June 30, 2023, respectively, and $1 and $2 during the three and six months ended June 30, 2022, respectively. Costs associated with the sales of receivables are reflected in the Company’s consolidated statements of operations for the periods in which the sales occur.

Maturities

The Company has required quarterly principal payments related to the Senior Secured Credit Facilities equivalent to 1.00% per annum through December 2024, 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 2023.

The following table sets forth the Company’s debt principal maturities for the next five years and thereafter.


Remainder of 2023	$	6
2024		13
2025		1,106
2026		483
2027		495
Thereafter		1,403
Total principal maturities on debt	$	3,506

Debt Fair Value


	June 30, 2023					December 31, 2022
	Carrying Value			Fair Value		Carrying Value			Fair Value
Senior secured term loans:
Tranche B-2 U.S. dollar term loan due April 2025	$	762		$	757	$	766		$	755
Tranche B-2 euro term loan due April 2025 (€332 at June 30, 2023 and €333 at December 31, 2022)		363			363		355			345
Senior unsecured notes:
4.000% due May 2026 (€441 at June 30, 2023 and December 31, 2022)		483			450		470			422
5.375% due May 2027		495			468		495			459
5.750% due November 2028		783			719		783			702
4.625% due November 2029		620			523		620			509
Total senior debt principal		3,506		$	3,280		3,489		$	3,192
Less: Unamortized issue discounts		(4	)				(4	)
Less: Unamortized debt issuance costs		(20	)				(22	)
Total senior debt, net	$	3,482				$	3,463

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Revenue From Contract With Customer [Abstract]

Debt - Components of Debt (Details) € in Millions, $ in Millions	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Finance lease liabilities		$ 56		$ 61
Financing obligation		91		91
Total debt principal		3,653		3,641
Less: Unamortized issue discounts		(4)		(4)
Less: Unamortized debt issuance costs		(20)		(22)
Less: Short-term and current maturities of long-term debt		(25)		(25)
Total long-term debt, net		3,604		3,590
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt		762		766
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt	€ 332	363	€ 333	355
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	€ 441	483	€ 441	470
5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt		495		495
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt		783		783
4.625% Senior Unsecured Notes Due November 2029 [Member]
Debt Instrument [Line Items]
Long-term debt		$ 620		$ 620

Net Sales

6 Months Ended

Jun. 30, 2023

Net Sales

Note 4. Net 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 three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales by geographic region (1)
North America:
Titanium Technologies	$	277	$	366	$	539	$	680
Thermal & Specialized Solutions		309		315		594		575
Advanced Performance Materials		145		152		297		297
Other Segment		17		16		39		29
Total North America		748		849		1,469		1,581
Asia Pacific:
Titanium Technologies		180		284		327		564
Thermal & Specialized Solutions		56		59		108		94
Advanced Performance Materials		145		161		290		314
Other Segment		4		6		7		12
Total Asia Pacific		385		510		732		984
Europe, the Middle East, and Africa:
Titanium Technologies		147		201		280		413
Thermal & Specialized Solutions		106		91		206		171
Advanced Performance Materials		83		72		159		145
Other Segment		4		5		9		9
Total Europe, the Middle East, and Africa		340		369		654		738
Latin America (2):
Titanium Technologies		103		117		193		240
Thermal & Specialized Solutions		52		53		101		103
Advanced Performance Materials		14		16		29		30
Other Segment		1		1		1		3
Total Latin America		170		187		324		376
Total net sales	$	1,643	$	1,915	$	3,179	$	3,679

(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 three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales by product group and segment
Titanium dioxide and other minerals	$	707	$	968	$	1,339	$	1,897
Total Titanium Technologies		707		968		1,339		1,897
Refrigerants		429		424		814		768
Foam, propellants, and other		94		94		195		175
Total Thermal & Specialized Solutions		523		518		1,009		943
Advanced materials		247		281		491		546
Performance solutions		140		120		284		240
Total Advanced Performance Materials		387		401		775		786
Performance chemicals and intermediates		26		28		56		53
Total Other Segment		26		28		56		53
Total net sales	$	1,643	$	1,915	$	3,179	$	3,679

Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time.

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 June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Contract assets:
Accounts receivable - trade, net (Note 8)	$	782	$	509
Contract liabilities:
Deferred revenue	$	6	$	5
Customer rebates (Note 14)		59		90

Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the three and six months ended June 30, 2023 were not significant. For the three and six months ended June 30, 2023, the amount of net sales recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) were not significant.

There were no material contract asset balances or capitalized costs associated with obtaining or fulfilling customer contracts as of June 30, 2023 and December 31, 2022.

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 June 30, 2023, Chemours had $403 of remaining performance obligations. The Company expects to recognize approximately 17% of its remaining performance obligations as revenue in 2023, approximately 24% as revenue in 2024, and approximately 20% as revenue for each of the years 2025 to 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 June 30, 2023 are also excluded.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

$ 1,643

$ 1,915

$ 3,179

$ 3,679

387

534

735

1,001

157

146

Operating Segments [Member]

7,660

$ 7,640

1,643

1,915

3,179

3,679

387

534

735

1,001

146

134

Operating Segments [Member] | Titanium Technologies [Member]

^[1]

5,810

5,488

707

968

1,339

1,897

216

156

422

Operating Segments [Member] | Thermal & Specialized Solutions [Member]

^[1]

2,554

2,384

523

518

1,009

943

214

213

399

387

Operating Segments [Member] | Advanced Performance Materials [Member]

^[1]

1,368

1,238

387

401

775

786

107

165

194

Operating Segments [Member] | Other Segment [Member]

^[1]

1,784

1,742

(2)

$ 2

$ 4

Other Liabilities Disclosure [Abstract]

^[1]

$ 104

$ 124

[1]	Total assets of the Company's Other Segment at June 30, 2023 includes assets classified as held for sale related to the sale of the Company's Glycolic Acid business, which is discussed further in "Note 3 - Acquisitions and Divestitures".

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 738	$ 1,102
Restricted cash and restricted cash equivalents	207
Accounts and notes receivable, net	890	626
Inventories	1,446	1,404
Prepaid expenses and other	64	82
Assets held for sale	29
Total current assets	3,374	3,214
Property, plant, and equipment	9,548	9,387
Less: Accumulated depreciation	(6,358)	(6,216)
Property, plant, and equipment, net	3,190	3,171
Operating lease right-of-use assets	244	240
Goodwill	102	102
Other intangible assets, net	8	13
Investments in affiliates	189	175
Restricted cash and restricted cash equivalents		202
Other assets	553	523
Total assets	7,660	7,640
Current liabilities:
Accounts payable	1,009	1,251
Compensation and other employee-related cost	78	121
Short-term and current maturities of long-term debt	25	25
Current environmental remediation	148	194
Other accrued liabilities	930	300
Total current liabilities	2,190	1,891
Long-term debt, net	3,604	3,590
Operating lease liabilities	196	198
Long-term environmental remediation	473	474
Deferred income taxes	58	61
Other liabilities	329	319
Total liabilities	6,850	6,533
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 196,759,211 shares issued and 148,229,690 shares outstanding at June 30, 2023; 195,375,810 shares issued and 148,504,030 shares outstanding at December 31, 2022)	2	2
Treasury stock, at cost (48,529,521 shares at June 30, 2023; 46,871,780 shares at December 31, 2022)	(1,790)	(1,738)
Additional paid-in capital	1,014	1,016
Retained earnings	1,864	2,170
Accumulated other comprehensive loss	(282)	(343)
Total Chemours stockholders’ equity	808	1,107
Non-controlling interests	2
Total equity	810	1,107
Total liabilities and equity	$ 7,660	$ 7,640

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Net [Abstract]

Schedule of Inventories

The following table sets forth the components of the Company’s inventories at June 30, 2023 and December 31, 2022.


	June 30, 2023			December 31, 2022
Finished products	$	945		$	910
Semi-finished products		232			218
Raw materials, stores, and supplies		643			654
Inventories before LIFO adjustment		1,820			1,782
Less: Adjustment of inventories to LIFO basis		(374	)		(378	)
Total inventories	$	1,446		$	1,404

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant, and equipment	$ 9,548	$ 9,387
Less: Accumulated depreciation	(6,358)	(6,216)
Property, plant, and equipment, net	3,190	3,171
Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment	7,853	7,745
Building [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment	1,236	1,180
Construction-in-progress [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment	318	324
Land [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment	105	102
Mineral rights [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment	$ 36	$ 36

Other Liabilities

6 Months Ended

Jun. 30, 2023

Other Liabilities

Note 16. Other Liabilities

The following table sets forth the components of the Company’s other liabilities at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Employee-related costs (1)	$	81	$	82
Accrued litigation (2)		59		55
Asset retirement obligations (3)		73		73
Miscellaneous (4)		116		109
Total other liabilities	$	329	$	319

(1)

Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans.

(2)

Represents the long-term portion of accrued litigation (see “Note 17 – Commitments and Contingent Liabilities”).

(3)

Represents the long-term portion of asset retirement obligations, which totaled $88 and $83 when combined with the current portion at June 30, 2023 and December 31, 2022, respectively (see “Note 14 – Other Accrued Liabilities”). For the six months ended June 30, 2023, liabilities incurred during the period, reduction in estimated cash outflows, liabilities settled in the current period were not material. Accretion expense amounted to $3 and $5 for the three and six months ended June 30, 2023, respectively, and $1 and $4 for the three and six months ended June 30, 2022, respectively.

(4)

Miscellaneous includes long-term income tax liabilities from uncertain tax positions. Miscellaneous also includes an accrued workers compensation indemnification liability of $32 and $33 at June 30, 2023 and December 31, 2022, respectively.

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

The following table sets forth the components of the Company’s other liabilities at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Employee-related costs (1)	$	81	$	82
Accrued litigation (2)		59		55
Asset retirement obligations (3)		73		73
Miscellaneous (4)		116		109
Total other liabilities	$	329	$	319

(1)

Employee-related costs primarily represents liabilities associated with the Company’s long-term employee benefit plans.

(2)

Represents the long-term portion of accrued litigation (see “Note 17 – Commitments and Contingent Liabilities”).

(3)

(4)

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2023

Other Income And Expenses [Abstract]

Components of Other Income (Expense)

The following table sets forth the components of the Company’s other income (expense), net for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Leasing, contract services, and miscellaneous income	$	1		$	11		$	8		$	15
Royalty income (1)		2			2			3			2
Gain on sales of assets and businesses, net (2)		—			26			—			27
Exchange losses, net (3)		(5	)		(3	)		(12	)		(3	)
Non-operating pension and other post-retirement employee benefit income (4)		—			2			—			3
Total other (expense) income, net	$	(2	)	$	38		$	(1	)	$	44

(1)

Royalty income is primarily from technology licensing.

(2)

(3)

Exchange losses, net includes losses on the Company’s foreign currency forward contracts that have not been designated as a cash flow hedge.

(4)

Non-operating pension and other post-retirement employee benefit income represents the non-service component of net periodic pension income.

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 1,107
Other comprehensive (loss) income	$ 24	$ (39)	61	$ (14)
Ending Balance	808		808
Net Investment Hedge [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			19	(21)
Other comprehensive (loss) income			(17)	44
Ending Balance	2	23	2	23
Cash Flow Hedge [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			6	5
Other comprehensive (loss) income			(12)	10
Ending Balance	(6)	15	(6)	15
Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(268)	(236)
Other comprehensive (loss) income			90	(77)
Ending Balance	(178)	(313)	(178)	(313)
Defined Benefit Plans [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(100)	(112)
Other comprehensive (loss) income				9
Ending Balance	(100)	(103)	(100)	(103)
Accumulated Other Comprehensive (Loss) Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(343)	(364)
Other comprehensive (loss) income	24	(39)	61	(14)
Ending Balance	$ (282)	$ (378)	$ (282)	$ (378)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Schedule of Earnings Per Share, Basic and Diluted

Earnings Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

The following table sets forth the reconciliations of the numerators and denominators of the Company’s basic and diluted earnings per share (“EPS”) calculations for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Numerator:
Net (loss) income attributable to Chemours	$	(376	)	$	201	$	(231	)	$	434
Denominator:
Weighted-average number of common shares outstanding - basic		149,095,543			156,224,802		149,046,585			158,051,092
Dilutive effect of the Company’s employee compensation plans (1)		—			3,442,411		—			3,562,159
Weighted-average number of common shares outstanding - diluted		149,095,543			159,667,213		149,046,585			161,613,251

Basic (loss) earnings per share of common stock (2)	$	(2.52	)	$	1.29	$	(1.55	)	$	2.75
Diluted (loss) earnings per share of common stock (1) (2)		(2.52	)		1.26		(1.55	)		2.69

(1)

(2)

Figures may not recalculate exactly due to rounding. Basic and diluted (loss) earnings per share are calculated based on unrounded numbers.

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the average number of stock options that were out of the money and, therefore, were not included in the determination of potentially dilutive securities used in the Company’s diluted EPS calculations for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Average number of stock options		1,448,363		868,168		1,295,926		1,173,275

Long-term Employee Benefits

6 Months Ended

Jun. 30, 2023

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Long-term Employee Benefits

Note 22. Long-term Employee Benefits

Chemours sponsors defined benefit pension plans for certain of its employees in various jurisdictions outside of the U.S. The Company’s net periodic pension (cost) income is based on estimated values and the use of assumptions about the discount rate, expected return on plan assets, and the rate of future compensation increases received by its employees.

The following table sets forth the Company’s net periodic pension cost and amounts recognized in other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Service cost	$	(2	)	$	(3	)	$	(4	)	$	(7	)
Interest cost		(4	)		(1	)		(7	)		(3	)
Expected return on plan assets		5			5			10			9
Amortization of actuarial loss		(2	)		(2	)		(4	)		(4	)
Amortization of prior service gain		1			—			1			1
Total net periodic pension cost	$	(2	)	$	(1	)	$	(4	)	$	(4	)

Amortization of actuarial loss		2			2			4			4
Amortization of prior service gain		(1	)		—			(1	)		(1	)
Effect of foreign exchange rates		(1	)		4			(2	)		7
Benefit recognized in other comprehensive income		—			6			1			10
Total changes in plan assets and benefit obligations recognized in other comprehensive income	$	(2	)	$	5		$	(3	)	$	6

The Company made cash contributions of $2 and $7 to its defined benefit pension plans during the three and six months, respectively, in each of the periods ended June 30, 2023 and 2022. The Company expects to make additional cash contributions of $4 to its defined benefit pension plans during the remainder of 2023.

The entire disclosure for retirement benefits.

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Commitments and Contingent Liabilities - Environmental - Narrative (Details)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Oct. 31, 2021

USD ($)

CivilPenalty

Mar. 31, 2019

USD ($)

Lawsuit

Jun. 30, 2023

USD ($)

Lawsuit

Sep. 30, 2022

USD ($)

Jun. 30, 2022

USD ($)

Jun. 30, 2023

USD ($)

Lawsuit

Owner

Jun. 30, 2022

USD ($)

Dec. 31, 2022

USD ($)

Oct. 31, 2020

Lawsuit

Environmental remediation expense

$ 16,000

$ 182,000

$ 30,000

$ 211,000

Selling, general, and administrative expense

779,000

254,000

903,000

395,000

Number of civil penalty assessments for violation to reduce facility-wide annual emissions of GenX compounds | CivilPenalty

621,000

$ 668,000

Amount of civil penalty assessed for violation to reduce facility-wide annual emissions of GenX compounds

$ 300

Environmental liabilities indemnification maximum amount

78,000

Obligation related to indemnification

$ 0

Indemnification expiration period

2026-12

Off-site Replacement Drinking Water Supplies [Member]

Accrued for operation, maintenance, and monitoring period

20 years

Off-Site Replacement Drinking Water Supplies and Toxicity Studies [Member]

154,000

$ 154,000

163,000

Disbursements period

20 years

Selling, general, and administrative expense

$ 108,000

Assessment And Sampling Drinking Water Supplies [Member]

On-site Surface Water and Groundwater Remediation [Member]

32,000

$ 32,000

38,000

Estimated cost of remediation

$ 232,000

264,000

OM&M projected paid period

20 years

Addendum specified penalties

$ 150

Addendum specified additional penalties per week

$ 20

Groundwater Extraction And Treatment System [Member] | On-site Surface Water and Groundwater Remediation [Member]

Accrued for operation, maintenance, and monitoring period

20 years

Estimated operation starting year

2023

PFAS Matters [Member]

Civil penalty and investigative costs

$ 13,000

Percentage of efficiency to control PFAS

99.999%

Number of lawsuits filed | Lawsuit

PFOA [Member]

Number of lawsuits filed | Lawsuit

Compensatory and Punitive Damages [Member]

Number of private well owners seeking for damages | Owner

2,200

Number of lawsuits filed | Lawsuit

Fayetteville Works, Fayetteville, North Carolina [Member]

Environmental remediation expense

$ 5,000

$ 174,000

$ 14,000

$ 193,000

Fayetteville Works, Fayetteville, North Carolina [Member] | PFAS Matters [Member]

^[1]

418,000

$ 418,000

$ 465,000

Percentage of efficiency to control PFAS

99.99%

Reduction of PFAS maximum period

2 years

Percentage of baseline

75.00%

Minimum [Member]

Average time frame of disbursements of environmental site remediation

15 years

Maximum [Member]

Average time frame of disbursements of environmental site remediation

20 years

Loss contingency, potential additional loss

$ 730,000

[1]	For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 17 – Commitments and Contingent Liabilities”.

Net Sales - Narrative (Details) - Topic 606 [Member] $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Disaggregation Of Revenue [Line Items]
Remaining performance obligations	$ 403
Revenue, practical expedient, financing component	true

Stock-based Compensation

6 Months Ended

Jun. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

19. Stock-based Compensation

The Company’s total stock-based compensation expense amounted to $3 and $7 for the three and six months ended June 30, 2023, respectively, and $7 and $17 for the three and six months ended June 30, 2022, respectively.

Stock Options

During the six months ended June 30, 2023, Chemours granted approximately 560,000 non-qualified stock options to certain of its employees. These awards will vest over a three-year period and expire 10 years from the date of grant. The fair value of the Company’s stock options is based on the Black-Scholes valuation model.

The following table sets forth the assumptions used at the grant date to determine the fair value of the Company’s stock option awards granted during the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
Risk-free interest rate		4.18	%
Expected term (years)		6.00
Volatility		55.63	%
Dividend yield		2.87	%
Fair value per stock option	$	15.36

The Company recorded $2 and $4 in stock-based compensation expense specific to its stock options for the three and six months, respectively, in each of the periods ended June 30, 2023 and 2022. At June 30, 2023, approximately 4,421,000 stock options remained outstanding.

Restricted Stock Units

During the six months ended June 30, 2023, Chemours granted approximately 317,000 restricted stock units (“RSUs”) to certain management and employees. These awards generally vest over a three-year period and, upon vesting, convert one-for-one to Chemours’ common stock. The fair value of all stock-settled RSUs is based on the market price of the underlying common stock at the grant date.

The Company recorded $1 and $3 in stock-based compensation expense specific to its RSUs for the three and six months ended June 30, 2023, respectively, and $3 and $6 for the three and six months ended June 30, 2022, respectively. At June 30, 2023, approximately 1,096,000 RSUs remained non-vested.

Performance Share Units

On March 1, 2023, Chemours granted approximately 103,000 performance share units (“PSUs”) to key senior management employees. Upon vesting, these awards convert one-for-one to Chemours’ common stock if specified performance goals, including certain market-based conditions, are met over the three-year performance period specified in the grant, subject to exceptions through the vesting period of three years. Each grantee is granted a target award of PSUs, and may earn between 0% and 200% of the target amount depending on the Company’s performance against stated performance goals.

A portion of the fair value of PSUs was estimated at the grant date based on the probability of satisfying the market-based conditions associated with the PSUs using a Monte Carlo valuation method, which assesses probabilities of various outcomes of market conditions. The other portion of the fair value of the PSUs is based on the fair market value of the Company’s stock at the grant date, regardless of whether the market-based conditions are satisfied.

The Company recorded a net reversal of stock-based compensation expense of less than $1 specific to its PSUs for both the three and six months ended June 30, 2023, respectively, and $2 and $7 for the three and six months ended June 30, 2022, respectively, based on its assessment of Company performance relative to award-based financial objectives. At June 30, 2023, approximately 394,000 PSUs at 100% of the target amount remained non-vested.

Performance Stock Options

On March 1, 2023, the Company granted approximately 240,000 performance stock options (“PSOs”) to certain of its key senior management employees. These awards have a strike price that is 10% above the closing stock value on the grant date and become exercisable when vested and this market condition is satisfied. These awards will vest over a three-year period and expire 10 years from the date of grant. The fair value of the Company's PSOs was estimated using a Monte Carlo valuation method.

The following table sets forth the assumptions used at the grant date to determine the fair value of the Company’s performance stock option awards granted during the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
Risk-free interest rate		4.13	%
Expected term (years)		7.00
Volatility		56.32	%
Dividend yield		2.87	%
Fair value per performance stock option (1)	$	14.97

(1)

Represents the weighted-average fair value at each point of projected exercise under the Monte Carlo valuation method.

The Company recorded less than $1 in stock-based compensation expense specific to its PSOs for the three and six months ended June 30, 2023, respectively. At June 30, 2023, approximately 175,000 PSOs remained non-vested.

Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

Disclosure of Supplier Finance Program Obligations

Accounts and Notes Receivable, Net - (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Notes And Loans Receivable [Line Items]
Bad debt expense		$ 2	$ 1	$ 8
Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Bad debt expense	$ 1

Interim Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Selling, general, and administrative expense

$ 1,643

$ 1,915

$ 3,179

$ 3,679

Cost of goods sold

1,233

1,418

2,401

2,697

Gross profit

410

497

778

982

779

254

903

395

Research and development expense

Restructuring, asset-related, and other charges

(1)

Total other operating expenses

806

280

972

462

Equity in earnings of affiliates

Interest expense, net

(48)

(40)

(90)

(82)

Other (expense) income, net

(2)

(1)

(Loss) income before income taxes

(433)

231

(260)

510

(Benefit from) provision for income taxes

(57)

(30)

Net (loss) income

(376)

201

(230)

434

Less: Net income attributable to non-controlling interests

Net (loss) income attributable to Chemours

$ (376)

$ 201

$ (231)

$ 434

Per share data

Basic (loss) earnings per share of common stock

^[1]

$ (2.52)

$ 1.29

$ (1.55)

$ 2.75

Diluted (loss) earnings per share of common stock

^[1],[2]

$ (2.52)

$ 1.26

$ (1.55)

$ 2.69

[1]

Figures may not recalculate exactly due to rounding. Basic and diluted (loss) earnings per share are calculated based on unrounded numbers.

[2]

Restructuring, Asset-Related, and Other Charges

6 Months Ended

Jun. 30, 2023

Restructuring And Related Activities [Abstract]

Restructuring, Asset-Related, and Other Charges

Note 5. Restructuring, Asset-related, and Other Charges

The following table sets forth the components of the Company’s restructuring, asset-related, and other charges for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023		2022
Employee separation charges	$	(1	)	$	1	$	—	$	6
Decommissioning and other charges		—			—		4		1
Total restructuring and other charges		(1	)		1		4		7
Asset-related charges (1)		—			—		11		5
Total restructuring, asset-related, and other charges	$	(1	)	$	1	$	15	$	12

(1)

In 2022, asset-related charges include asset charges resulting from the conflict between Russia and Ukraine and the Company's decision to suspend its business with Russian entities.

Enterprise Resource Planning ("ERP") Implementation Abandonment Charges

During the first quarter of 2023, the Company decided to abandon its implementation of a new ERP software platform and recorded the following charges: $11 write-off of previously deferred software development costs determined to have no alternative use, $4 related to contract termination charges, and $1 of employee separation charges. Employee severance payments related to this charge are expected to be substantially complete by the end of 2023.

2022 Restructuring Programs

In 2022, management initiated severance programs that were largely attributable to further aligning the cost structure of the Company’s businesses and corporate functions with its financial objectives. The Company recorded employee separation charges of $1 and $6 for its 2022 restructuring programs for the three and six months ended June 30, 2022 respectively. As of June 30, 2023, the cumulative amount incurred, in the aggregate, for the Company's 2022 restructuring programs amounted to $8. The severance costs were recognized as follows: $1 in Titanium Technologies, $1 in Thermal & Specialized Solutions, $3 in Advanced Performance Materials and $3 in Corporate and Other. The program and related severance payments are expected to be substantially completed by the first quarter of 2024.

The following table sets forth the change in the Company’s employee separation-related liabilities associated with its restructuring programs for the six months ended June 30, 2023.


	2022 Restructuring Programs			ERP Implementation Abandonment		Total
Balance at December 31, 2022	$	6		$	—	$	6
(Credits) charges to income		(1	)		1		—
Payments		(3	)		—		(3	)
Balance at June 30, 2023	$	2		$	1	$	3

At June 30, 2023, there were no significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges.

Financial Instruments - Schedule of Derivative Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 0	$ 2
Liability derivatives	3	5
Not Designated as Hedging Instrument [Member] \| Other accrued liabilities [Member] \| Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives	0	1
Designated as Hedging Instrument [Member] \| Accounts and notes receivable - trade, net [Member] \| Foreign currency forward contracts [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	0	2
Designated as Hedging Instrument [Member] \| Other accrued liabilities [Member] \| Foreign currency forward contracts [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives	$ 3	$ 4

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Assumptions of Stock Options

The following table sets forth the assumptions used at the grant date to determine the fair value of the Company’s stock option awards granted during the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
Risk-free interest rate		4.18	%
Expected term (years)		6.00
Volatility		55.63	%
Dividend yield		2.87	%
Fair value per stock option	$	15.36

The following table sets forth the assumptions used at the grant date to determine the fair value of the Company’s performance stock option awards granted during the six months ended June 30, 2023.


	Six Months Ended June 30, 2023
Risk-free interest rate		4.13	%
Expected term (years)		7.00
Volatility		56.32	%
Dividend yield		2.87	%
Fair value per performance stock option (1)	$	14.97

(1)

Represents the weighted-average fair value at each point of projected exercise under the Monte Carlo valuation method.

Background, Description of the Business, and Basis of Presentation - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segments	3

Restructuring, Asset-Related, and Other Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		18 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Restructuring Cost And Reserve [Line Items]
Severance costs	$ (1)		$ 1	$ 0	$ 6
2022 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring Charges			$ 1		$ 6	$ 8
2022 Restructuring Program [Member] \| Titanium Technologies [Member]
Restructuring Cost And Reserve [Line Items]
Severance costs						1
2022 Restructuring Program [Member] \| Thermal & Specialized Solutions [Member]
Restructuring Cost And Reserve [Line Items]
Severance costs						1
2022 Restructuring Program [Member] \| Advanced Performance Materials [Member]
Restructuring Cost And Reserve [Line Items]
Severance costs						3
ERP Implementation Abandonment [Member]
Restructuring Cost And Reserve [Line Items]
Write-Off of Deferred Software Development Costs		$ 11
Contract Termination Charges		4
Severance costs		$ 1
Corporate and Other [Member] \| 2022 Restructuring Program [Member]
Restructuring Cost And Reserve [Line Items]
Severance costs						$ 3

Commitments and Contingent Liabilities - Schedule of Environmental Remediation Liabilities (Details) - USD ($)
$ in Millions

Jun. 30, 2023

Dec. 31, 2022

Chambers Works, Deepwater, New Jersey [Member]

$ 621

$ 668

Fayetteville Works, Fayetteville, North Carolina [Member]

Pompton Lakes, New Jersey [Member]

^[1]

418

465

USS Lead, East Chicago, Indiana [Member]

Washington Works, West Virginia [Member]

All other sites [Member]

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

$ 95

$ 98

[1]	For more information on this matter refer to “Fayetteville Works, Fayetteville, North Carolina” within this “Note 17 – Commitments and Contingent Liabilities”.

Subsequent Events - Narrative (Details) - Subsequent Event [Member] - Titanium Technologies [Member] $ in Millions	Jul. 27, 2023 USD ($)
Subsequent Event [Line Items]
Announcement date of plant closing	Jul. 27, 2023
Approved date of plant closing	Jul. 26, 2023
Effective date of plant closing	Aug. 01, 2023
Expected non-cash charges related property plant and equipment inventory and other asset	$ 130
Maximum [Member]
Subsequent Event [Line Items]
Expected pretax asset impairment restructuring and other charges	160
Expected cash charges related to severance contract termination and other charges	30
Expected additional charges for decommissioning, dismantling and removal costs	45
Minimum [Member]
Subsequent Event [Line Items]
Expected pretax asset impairment restructuring and other charges	150
Expected cash charges related to severance contract termination and other charges	20
Expected additional charges for decommissioning, dismantling and removal costs	$ 25

Other Assets

6 Months Ended

Jun. 30, 2023

Other Assets

Note 12. Other Assets

The following table sets forth the components of the Company’s other assets at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Capitalized repair and maintenance costs	$	184	$	240
Pension assets (1)		54		50
Deferred income taxes (2)		231		152
Miscellaneous (3)		84		81
Total other assets	$	553	$	523

(1)

Pension assets represents the funded status of certain of the Company's long-term employee benefit plans.

(2)

At June 30, 2023 deferred income taxes includes $55 for the net deferred tax asset associated with the United States Public Water System Class Action Suit Settlement. Refer to “Note 17 – Commitments and Contingent Liabilities” for further details.

(3)

Miscellaneous includes corresponding income tax benefits related to uncertain tax positions on transfer pricing.

Net Sales - Summary of Contract Balances from Contracts with Customers (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Contract assets:
Accounts receivable - trade, net	$ 782	$ 509
Contract liabilities:
Deferred revenue	6	5
Customer rebates	$ 59	$ 90

Other Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Other Accrued Liabilities

The following table sets forth the components of the Company’s other accrued liabilities at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Accrued litigation (1)	$	650	$	41
Asset retirement obligations (2)		15		10
Income taxes		23		19
Customer rebates		59		90
Accrued interest		17		17
Operating lease liabilities		53		49
Miscellaneous (3)		113		74
Total other accrued liabilities	$	930	$	300

(1)

(2)

Represents the current portion of asset retirement obligations (see “Note 16 – Other Liabilities”).

(3)

Miscellaneous primarily includes accruals related to utility expenses, property taxes, a workers compensation indemnification liability and other miscellaneous expenses.

Inventories - Narrative (Details) - US [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
LIFO inventory amount	$ 866	$ 835
Percentage of LIFO inventory	48.00%	47.00%

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note 20. Accumulated Other Comprehensive Loss

The following table sets forth the changes and after-tax balances of the Company’s accumulated other comprehensive loss for the six months ended June 30, 2023 and 2022.


	Net Investment Hedge			Cash Flow Hedge			Cumulative Translation Adjustment			Defined Benefit Plans			Total
Balance at January 1, 2023	$	19		$	6		$	(268	)	$	(100	)	$	(343	)
Other comprehensive (loss) income		(17	)		(12	)		90			—			61
Balance at June 30, 2023	$	2		$	(6	)	$	(178	)	$	(100	)	$	(282	)

Balance at January 1, 2022	$	(21	)	$	5		$	(236	)	$	(112	)	$	(364	)
Other comprehensive income (loss)		44			10			(77	)		9			(14	)
Balance at June 30, 2022	$	23		$	15		$	(313	)	$	(103	)	$	(378	)

Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following table sets forth the components of the Company’s other assets at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Capitalized repair and maintenance costs	$	184	$	240
Pension assets (1)		54		50
Deferred income taxes (2)		231		152
Miscellaneous (3)		84		81
Total other assets	$	553	$	523

(1)

Pension assets represents the funded status of certain of the Company's long-term employee benefit plans.

(2)

(3)

Miscellaneous includes corresponding income tax benefits related to uncertain tax positions on transfer pricing.

Long-term Employee Benefits (Narrative) (Details) - Defined Benefit Pension Plan [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Employer contributions during period	$ 2	$ 2	$ 7	$ 7
Estimated future employer contributions in current fiscal year	$ 4		$ 4

Earnings Per Share of Common Stock

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Earnings Per Share of Common Stock

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Note 7. Earnings Per Share of Common Stock


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Numerator:
Net (loss) income attributable to Chemours	$	(376	)	$	201	$	(231	)	$	434
Denominator:
Weighted-average number of common shares outstanding - basic		149,095,543			156,224,802		149,046,585			158,051,092
Dilutive effect of the Company’s employee compensation plans (1)		—			3,442,411		—			3,562,159
Weighted-average number of common shares outstanding - diluted		149,095,543			159,667,213		149,046,585			161,613,251

Basic (loss) earnings per share of common stock (2)	$	(2.52	)	$	1.29	$	(1.55	)	$	2.75
Diluted (loss) earnings per share of common stock (1) (2)		(2.52	)		1.26		(1.55	)		2.69

(1)

(2)

Figures may not recalculate exactly due to rounding. Basic and diluted (loss) earnings per share are calculated based on unrounded numbers.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Average number of stock options		1,448,363		868,168		1,295,926		1,173,275

Accounts Payable (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Accounts Payable

The following table sets forth the components of the Company’s accounts payable at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Trade payables	$	979	$	1,228
VAT and other payables		30		23
Total accounts payable	$	1,009	$	1,251

Commitments and Contingent Liabilities - Schedule of Current and Long-term Components of Accrued Litigation and Balance Sheet Locations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accrued Litigation:
Current accrued litigation	$ 650	$ 41
Long-term accrued litigation	59	55
Total accrued litigation	709	96
Other Accrued Liabilities [Member]
Accrued Litigation:
Current accrued litigation	650	41
Other Liabilities [Member]
Accrued Litigation:
Long-term accrued litigation	$ 59	$ 55

Net Sales (Tables)

6 Months Ended

Jun. 30, 2023

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Net Sales by Geographical Region and Segment and Product Group

The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales by geographic region (1)
North America:
Titanium Technologies	$	277	$	366	$	539	$	680
Thermal & Specialized Solutions		309		315		594		575
Advanced Performance Materials		145		152		297		297
Other Segment		17		16		39		29
Total North America		748		849		1,469		1,581
Asia Pacific:
Titanium Technologies		180		284		327		564
Thermal & Specialized Solutions		56		59		108		94
Advanced Performance Materials		145		161		290		314
Other Segment		4		6		7		12
Total Asia Pacific		385		510		732		984
Europe, the Middle East, and Africa:
Titanium Technologies		147		201		280		413
Thermal & Specialized Solutions		106		91		206		171
Advanced Performance Materials		83		72		159		145
Other Segment		4		5		9		9
Total Europe, the Middle East, and Africa		340		369		654		738
Latin America (2):
Titanium Technologies		103		117		193		240
Thermal & Specialized Solutions		52		53		101		103
Advanced Performance Materials		14		16		29		30
Other Segment		1		1		1		3
Total Latin America		170		187		324		376
Total net sales	$	1,643	$	1,915	$	3,179	$	3,679

(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 three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales by product group and segment
Titanium dioxide and other minerals	$	707	$	968	$	1,339	$	1,897
Total Titanium Technologies		707		968		1,339		1,897
Refrigerants		429		424		814		768
Foam, propellants, and other		94		94		195		175
Total Thermal & Specialized Solutions		523		518		1,009		943
Advanced materials		247		281		491		546
Performance solutions		140		120		284		240
Total Advanced Performance Materials		387		401		775		786
Performance chemicals and intermediates		26		28		56		53
Total Other Segment		26		28		56		53
Total net sales	$	1,643	$	1,915	$	3,179	$	3,679

Summary of Contract Balances from Contracts with Customers

The following table sets forth the Company’s contract balances from contracts with customers at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Contract assets:
Accounts receivable - trade, net (Note 8)	$	782	$	509
Contract liabilities:
Deferred revenue	$	6	$	5
Customer rebates (Note 14)		59		90

Background, Description of the Business, and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Background, Description of the Business, and Basis of Presentation

1. Background, Description of the Business, and Basis of Presentation

The Chemours Company (“Chemours”, or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. The Company’s principal products include titanium dioxide (“TiO2”) pigment, refrigerants, industrial fluoropolymer resins, and performance chemicals and intermediates. Chemours manages and reports its operating results through its three reportable segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment is a leading, global provider of TiO2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, durability, efficiency and protection across a variety of applications. The Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. The Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. The Performance Chemicals and Intermediates business is included in Other Segment.

Unless the context otherwise requires, references herein to “The Chemours Company”, “Chemours”, “the Company”, “our Company”, “we”, “us”, and “our” refer to The Chemours Company and its consolidated subsidiaries. References herein to “EID” refer to EIDP, Inc., formerly known as E. I. du Pont de Nemours and Company, which is Chemours’ former parent company and is now a subsidiary of Corteva, Inc. (“Corteva”). Reference herein to “DuPont” refer to DuPont de Nemours, Inc.

The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair statement of the Company’s results for interim periods have been included. The notes that follow are an integral part of the Company’s interim consolidated financial statements. The Company’s results for interim periods should not be considered indicative of its results for a full year, and the year-end consolidated balance sheet does not include all of the disclosures required by GAAP. As such, these interim consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material to the Company’s interim consolidated financial statements.

Accounts Payable

6 Months Ended

Jun. 30, 2023

Schedule of Carrying Amounts of Major Classes of Assets Classified as Held for Sale

Accounts Payable

Note 13. Accounts Payable

The following table sets forth the components of the Company’s accounts payable at June 30, 2023 and December 31, 2022.


	June 30, 2023		December 31, 2022
Trade payables	$	979	$	1,228
VAT and other payables		30		23
Total accounts payable	$	1,009	$	1,251

Supplier Financing

The Company maintains supply chain finance programs with several financial institutions. The programs allow its suppliers to sell their receivables to one of the participating financial institutions at the discretion of both parties on terms that are negotiated between the supplier and the respective financial institution. Pursuant to their agreement with a financial institution, certain suppliers may elect to be paid early at their discretion. The key terms of the supplier invoice, including the amounts due and scheduled payment dates, are not impacted by its suppliers’ decisions to sell their receivables under the programs. As such, the Company agrees to pay the financial institution on those sold invoices on the original invoice due date. There are no assets pledged or other forms of guarantees associated with these programs. The Company or the financial institution may terminate the program upon at least 30 days' notice.

The outstanding payment obligations at June 30, 2023 and December 31, 2022 were $181 and $158, respectively, and are included in Accounts Payable in the Interim Consolidated Balance Sheets.

Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

The following table sets forth the carrying amounts of major classes of assets classified as held for sale related to the sale of the Glycolic Acid business at June 30, 2023.


	June 30, 2023
Inventories	$	8
Property, plant, and equipment		57
Less: Accumulated depreciation		(37	)
Property, plant, and equipment, net		20
Other assets		1
Assets held for sale	$	29

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Equity Method Investments And Joint Ventures [Abstract]

Restructuring, Asset-Related, and Other Charges - Schedule of Restructuring Program (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring And Related Activities [Abstract]
Employee separation charges	$ (1)	$ 1	$ 0	$ 6
Decommissioning and other charges	0	0	4	1
Total restructuring and other charges	(1)	1	4	7
Asset-related charges	0	0	11	5
Total restructuring, asset-related, and other charges	$ (1)	$ 1	$ 15	$ 12

Debt - Estimated Fair Values of Senior Debt Issues (Details) € in Millions, $ in Millions	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Less: Unamortized issue discounts		$ (4)		$ (4)
Less: Unamortized debt issuance costs		(20)		(22)
Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		762		766
Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value	€ 332	363	€ 333	355
4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value	€ 441	483	€ 441	470
5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		495		495
5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		783		783
4.625% Senior Unsecured Notes Due November 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		620		620
Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		3,506		3,489
Long-term debt, Fair Value		3,280		3,192
Total senior debt, Carrying Value		3,506		3,489
Less: Unamortized issue discounts		(4)		(4)
Less: Unamortized debt issuance costs		(20)		(22)
Total senior debt, net		3,482		3,463
Total senior debt, Fair Value		3,280		3,192
Level 2 [Member] \| Senior Secured Tranche B-2 U.S Dollar Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		762		766
Long-term debt, Fair Value		757		755
Level 2 [Member] \| Senior Secured Tranche B-2 Euro Term Loan Due April 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		363		355
Long-term debt, Fair Value		363		345
Level 2 [Member] \| 4.000% Senior Unsecured Notes Due May 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		483		470
Long-term debt, Fair Value		450		422
Level 2 [Member] \| 5.375% Senior Unsecured Notes Due May 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		495		495
Long-term debt, Fair Value		468		459
Level 2 [Member] \| 5.750% Senior Unsecured Notes Due November 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		783		783
Long-term debt, Fair Value		719		702
Level 2 [Member] \| 4.625% Senior Unsecured Notes Due November 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, Carrying Value		620		620
Long-term debt, Fair Value		$ 523		$ 509

Financial Instruments - Schedule of Pre-tax Charge Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss	$ (10)	$ 32	$ (23)	$ 58
Foreign currency forward contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss	(1)	6	(3)	11
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss		3		7
Euro Denominated Debt [Member] \| Designated as Hedging Instrument [Member] \| Net Investment Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Accumulated Other Comprehensive Loss	(10)	32	(23)	58
Cost of Goods Sold [Member] \| Foreign currency forward contracts [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Derivative Instruments	1	3	7	6
Interest Expense, Net [Member] \| Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Derivative Instruments	0	1	4
Other Income (Expense), Net [Member] \| Foreign currency forward contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized In Derivative Instruments	$ (1)	$ 5	$ (7)	$ (1)

Investments in Affiliates

6 Months Ended

Jun. 30, 2023

Investments in Affiliates

Note 11. Investments in Affiliates

The Company engages in transactions with its equity method investees in the ordinary course of business. Net sales to the Company’s equity method investees amounted to $38 and $84 for the three and six months ended June 30, 2023, respectively, and $55 and $99 for the three and six months ended June 30, 2022, respectively. Purchases from the Company’s equity method investees amounted to $54 and $117 for the three and six months ended June 30, 2023, respectively, and $60 and $109 for the three and six months ended June 30, 2022, respectively. Dividends received from the equity method investees amounted to $0 and $3 for the three and six months ended June 30, 2023, respectively, and $0 and $2 for the three and six months ended June 30, 2022, respectively.

Equity

6 Months Ended

Jun. 30, 2023

Stockholders Equity Note [Abstract]

Equity

Note 18. Equity

2018 Share Repurchase Program

The following table sets forth the Company’s share repurchase activity under the 2018 Share Repurchase Program for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total number of shares purchased		—		2,972,073		—		7,824,039
Total amount for shares purchased	$	—	$	105	$	—	$	251
Average price paid per share	$	—	$	35.31	$	—	$	32.06

On May 19, 2022, the Company completed the aggregate $1,000 in authorized purchases of Chemours' issued and outstanding common stock under the 2018 Share Repurchase Program, which amounted to a cumulative 28,603,784 shares purchased at an average share price of $34.96 per share.

2022 Share Repurchase Program

On April 27, 2022, the Company’s board of directors approved a share repurchase program authorizing the purchase of shares of Chemours’ issued and outstanding common stock in an aggregate amount not to exceed $750, plus any associated fees or costs in connection with the Company’s share repurchase activity (the “2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, shares of Chemours’ common stock can be purchased in the open market from time to time, subject to management’s discretion, as well as general business and market conditions. The Company’s 2022 Share Repurchase Program became effective on April 27, 2022 and is scheduled to continue through the earlier of its expiration on December 31, 2025 or the completion of repurchases up to the approved amount. The program may be suspended or discontinued at any time. All common shares purchased under the 2022 Share Repurchase Program are expected to be held as treasury stock and accounted for using the cost method.

The following table sets forth the Company’s share repurchase activity under the 2022 Share Repurchase Program for the three and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total number of shares purchased		1,271,741		551,493		1,657,741		551,493
Total amount for shares purchased	$	39	$	19	$	52	$	19
Average price paid per share	$	30.27	$	35.14	$	31.09	$	35.14

Through June 30, 2023, the Company purchased a cumulative 9,892,055 shares of Chemours’ issued and outstanding common stock under the 2022 Share Repurchase Program, which amounted $292 at an average share price of $29.55 per share. The aggregate amount of Chemours’ common stock that remained available for purchase under the 2022 Share Repurchase Program at June 30, 2023 was $458.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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