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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chemours Company | NYSE:CC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.115 | 0.40% | 28.825 | 29.08 | 28.67 | 28.91 | 92,504 | 15:46:21 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
46-4845564
|
(State or other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification No.)
|
Large Accelerated Filer
o
|
|
Accelerated Filer
o
|
|
|
|
Non-Accelerated Filer
x
|
|
Smaller reporting company
o
|
|
|
|
Page
|
|
|
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|
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|
|
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|
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|
Item 1.
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
1,398
|
|
|
$
|
1,486
|
|
|
$
|
4,078
|
|
|
$
|
4,357
|
|
Cost of goods sold
|
1,056
|
|
|
1,222
|
|
|
3,267
|
|
|
3,615
|
|
||||
Gross profit
|
342
|
|
|
264
|
|
|
811
|
|
|
742
|
|
||||
Selling, general and administrative expense
|
148
|
|
|
157
|
|
|
454
|
|
|
481
|
|
||||
Research and development expense
|
19
|
|
|
18
|
|
|
60
|
|
|
68
|
|
||||
Restructuring and asset related charges, net
|
60
|
|
|
184
|
|
|
145
|
|
|
245
|
|
||||
Goodwill impairment
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||
Total expenses
|
227
|
|
|
384
|
|
|
659
|
|
|
819
|
|
||||
Equity in earnings of affiliates
|
9
|
|
|
7
|
|
|
17
|
|
|
18
|
|
||||
Interest expense, net
|
(51
|
)
|
|
(51
|
)
|
|
(157
|
)
|
|
(79
|
)
|
||||
Other income, net
|
161
|
|
|
57
|
|
|
250
|
|
|
71
|
|
||||
Income (loss) before income taxes
|
234
|
|
|
(107
|
)
|
|
262
|
|
|
(67
|
)
|
||||
Provision (benefit from) for income taxes
|
30
|
|
|
(78
|
)
|
|
25
|
|
|
(63
|
)
|
||||
Net income (loss)
|
204
|
|
|
(29
|
)
|
|
237
|
|
|
(4
|
)
|
||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Chemours
|
$
|
204
|
|
|
$
|
(29
|
)
|
|
$
|
237
|
|
|
$
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Per share data
1
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share of common stock
|
$
|
1.12
|
|
|
$
|
(0.16
|
)
|
|
$
|
1.31
|
|
|
$
|
(0.02
|
)
|
Diluted earnings per share of common stock
|
$
|
1.11
|
|
|
$
|
(0.16
|
)
|
|
$
|
1.30
|
|
|
$
|
(0.02
|
)
|
Dividends per share of common stock
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.09
|
|
|
$
|
0.58
|
|
|
Three months ended September 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
Pre-Tax
|
|
Tax
|
|
After-Tax
|
|
Pre-Tax
|
|
Tax
|
|
After-Tax
|
||||||||||||
Net income (loss)
|
$
|
234
|
|
|
$
|
(30
|
)
|
|
$
|
204
|
|
|
$
|
(107
|
)
|
|
$
|
78
|
|
|
$
|
(29
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized loss on net investment hedge
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cumulative translation adjustments
|
10
|
|
|
—
|
|
|
10
|
|
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
||||||
Pension benefit plans, net:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
(2
|
)
|
|
15
|
|
||||||
Effect of foreign exchange rates
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
||||||
Reclassifications to net income:
1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Amortization of loss
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
||||||
Pension benefit plans, net
|
3
|
|
|
(1
|
)
|
|
2
|
|
|
23
|
|
|
(4
|
)
|
|
19
|
|
||||||
Other comprehensive income (loss)
|
7
|
|
|
(1
|
)
|
|
6
|
|
|
(29
|
)
|
|
(4
|
)
|
|
(33
|
)
|
||||||
Comprehensive income (loss)
|
241
|
|
|
(31
|
)
|
|
210
|
|
|
(136
|
)
|
|
74
|
|
|
(62
|
)
|
||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Comprehensive income (loss) attributable to Chemours
|
$
|
241
|
|
|
$
|
(31
|
)
|
|
$
|
210
|
|
|
$
|
(136
|
)
|
|
$
|
74
|
|
|
$
|
(62
|
)
|
|
Nine months ended September 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
Pre-Tax
|
|
Tax
|
|
After-Tax
|
|
Pre-Tax
|
|
Tax
|
|
After-Tax
|
||||||||||||
Net income (loss)
|
$
|
262
|
|
|
$
|
(25
|
)
|
|
$
|
237
|
|
|
$
|
(67
|
)
|
|
$
|
63
|
|
|
$
|
(4
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized loss on net investment hedge
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cumulative translation adjustments
|
20
|
|
|
—
|
|
|
20
|
|
|
(286
|
)
|
|
—
|
|
|
(286
|
)
|
||||||
Pension benefit plans, net:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss
|
(7
|
)
|
|
1
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
(2
|
)
|
|
15
|
|
||||||
Effect of foreign exchange rates
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
27
|
|
|
(7
|
)
|
|
20
|
|
||||||
Reclassifications to net income:
1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization of prior service cost
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
Amortization of loss
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
11
|
|
|
(2
|
)
|
|
9
|
|
||||||
Curtailment gain
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pension benefit plans, net
|
3
|
|
|
(1
|
)
|
|
2
|
|
|
58
|
|
|
(11
|
)
|
|
47
|
|
||||||
Other comprehensive income (loss)
|
14
|
|
|
(1
|
)
|
|
13
|
|
|
(228
|
)
|
|
(11
|
)
|
|
(239
|
)
|
||||||
Comprehensive income (loss)
|
276
|
|
|
(26
|
)
|
|
250
|
|
|
(295
|
)
|
|
52
|
|
|
(243
|
)
|
||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Comprehensive income (loss) attributable to Chemours
|
$
|
276
|
|
|
$
|
(26
|
)
|
|
$
|
250
|
|
|
$
|
(295
|
)
|
|
$
|
52
|
|
|
$
|
(243
|
)
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
957
|
|
|
$
|
366
|
|
Accounts and notes receivable - trade, net
|
881
|
|
|
859
|
|
||
Inventories
|
846
|
|
|
972
|
|
||
Prepaid expenses and other
|
73
|
|
|
104
|
|
||
Total current assets
|
2,757
|
|
|
2,301
|
|
||
Property, plant and equipment
|
8,218
|
|
|
9,015
|
|
||
Less: Accumulated depreciation
|
(5,393
|
)
|
|
(5,838
|
)
|
||
Net property, plant and equipment
|
2,825
|
|
|
3,177
|
|
||
Goodwill
|
153
|
|
|
166
|
|
||
Other intangible assets, net
|
18
|
|
|
10
|
|
||
Investments in affiliates
|
169
|
|
|
136
|
|
||
Other assets
|
367
|
|
|
508
|
|
||
Total assets
|
$
|
6,289
|
|
|
$
|
6,298
|
|
Liabilities and equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
835
|
|
|
$
|
973
|
|
Short-term borrowings and current maturities of long-term debt
|
32
|
|
|
39
|
|
||
Other accrued liabilities
|
569
|
|
|
454
|
|
||
Total current liabilities
|
1,436
|
|
|
1,466
|
|
||
Long-term debt, net
|
3,713
|
|
|
3,915
|
|
||
Deferred income taxes
|
201
|
|
|
234
|
|
||
Other liabilities
|
558
|
|
|
553
|
|
||
Total liabilities
|
5,908
|
|
|
6,168
|
|
||
Commitments and contingent liabilities
|
|
|
|
|
|
||
Equity
|
|
|
|
|
|
||
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 181,720,722 shares issued and outstanding as of September 30, 2016)
|
2
|
|
|
2
|
|
||
Additional paid in capital
|
781
|
|
|
775
|
|
||
Retained earnings (accumulated deficit)
|
117
|
|
|
(115
|
)
|
||
Accumulated other comprehensive loss
|
(523
|
)
|
|
(536
|
)
|
||
Total Chemours stockholders' equity
|
377
|
|
|
126
|
|
||
Noncontrolling interests
|
4
|
|
|
4
|
|
||
Total equity
|
381
|
|
|
130
|
|
||
Total liabilities and equity
|
$
|
6,289
|
|
|
$
|
6,298
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Shares
|
|
Amount
|
|
DuPont Company Net Investment
|
|
Additional Paid In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings (Accumulated Deficit)
|
|
Noncontrolling Interests
|
|
Total
|
|||||||||||||||
Balance at
January 1, 2015
|
|
—
|
|
|
—
|
|
|
$
|
3,650
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
3,673
|
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(4
|
)
|
|||||||
Issuance of Common Stock at separation
|
|
180,966,833
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Common Stock issued - compensation plans
|
|
1,962
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Establishment of pension plans, net and related accumulated other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
268
|
|
|
—
|
|
|
(311
|
)
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|||||||
Dividend declared
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
|||||||
Non-cash debt exchange
|
|
—
|
|
|
—
|
|
|
(507
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(507
|
)
|
|||||||
Cash provided at separation by DuPont
|
|
—
|
|
|
—
|
|
|
247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
247
|
|
|||||||
Net transfers from DuPont, net of elimination of predecessor balances
|
|
—
|
|
|
—
|
|
|
(3,583
|
)
|
|
643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,940
|
)
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
|
—
|
|
|
—
|
|
|
(239
|
)
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
8
|
|
|||||||
Balance at
September 30, 2015
|
|
180,968,795
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
645
|
|
|
$
|
(531
|
)
|
|
$
|
(30
|
)
|
|
$
|
4
|
|
|
$
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at
January 1, 2016
|
|
181,069,751
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
(536
|
)
|
|
$
|
(115
|
)
|
|
$
|
4
|
|
|
$
|
130
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
237
|
|
|
—
|
|
|
237
|
|
|||||||
Common Stock issued - compensation plans
|
|
650,971
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(16
|
)
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||||
Stock based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||||
Balance at September 30, 2016
|
|
181,720,722
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
781
|
|
|
$
|
(523
|
)
|
|
$
|
117
|
|
|
$
|
4
|
|
|
$
|
381
|
|
|
Nine months ended
|
||||||
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
237
|
|
|
$
|
(4
|
)
|
Adjustments to reconcile net income (loss) to cash used for operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
212
|
|
|
201
|
|
||
Amortization of debt issuance costs and discount
|
15
|
|
|
5
|
|
||
Gain on sale of assets and business
|
(258
|
)
|
|
—
|
|
||
Equity in earnings of affiliates
|
(17
|
)
|
|
(18
|
)
|
||
Deferred tax benefits
|
(29
|
)
|
|
(86
|
)
|
||
Asset related charges
|
109
|
|
|
191
|
|
||
Other operating charges and credits, net
|
33
|
|
|
17
|
|
||
(Increase) decrease in operating assets:
|
|
|
|
||||
Accounts and notes receivable - trade, net
|
(63
|
)
|
|
(250
|
)
|
||
Inventories and other operating assets
|
113
|
|
|
(29
|
)
|
||
Decrease in operating liabilities:
|
|
|
|
||||
Accounts payable and other operating liabilities
|
(28
|
)
|
|
(147
|
)
|
||
Cash provided by (used for) operating activities
|
324
|
|
|
(120
|
)
|
||
Investing activities
|
|
|
|
|
|
||
Purchases of property, plant and equipment
|
(235
|
)
|
|
(392
|
)
|
||
Proceeds from sales of assets and business, net of cash transferred
|
707
|
|
|
8
|
|
||
Foreign exchange contract settlements
|
(1
|
)
|
|
61
|
|
||
Investment in affiliates
|
(2
|
)
|
|
(32
|
)
|
||
Cash provided by (used for) investing activities
|
469
|
|
|
(355
|
)
|
||
Financing activities
|
|
|
|
|
|
||
Proceeds from issuance of debt, net
|
—
|
|
|
3,490
|
|
||
Debt repayments
|
(212
|
)
|
|
(6
|
)
|
||
Deferred financing fees
|
(2
|
)
|
|
(79
|
)
|
||
Dividends paid
|
(16
|
)
|
|
(100
|
)
|
||
Cash provided at separation by DuPont
|
—
|
|
|
247
|
|
||
Net transfers to DuPont
|
—
|
|
|
(2,857
|
)
|
||
Cash (used for) provided by financing activities
|
(230
|
)
|
|
695
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
28
|
|
|
(5
|
)
|
||
Increase in cash and cash equivalents
|
591
|
|
|
215
|
|
||
Cash and cash equivalents at beginning of period
|
366
|
|
|
—
|
|
||
Cash and cash equivalents at end of period
|
$
|
957
|
|
|
$
|
215
|
|
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
||||
Change in property, plant and equipment included in accounts payable
|
$
|
9
|
|
|
$
|
(42
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Restructuring related charges:
|
|
|
|
|
|
|
|
|
||||||||
Employee separation charges
|
|
1
|
|
|
17
|
|
|
3
|
|
|
78
|
|
||||
Decommissioning and other charges
|
|
13
|
|
|
—
|
|
|
38
|
|
|
—
|
|
||||
Asset related charges - Restructuring
|
|
—
|
|
|
122
|
|
|
—
|
|
|
122
|
|
||||
Total restructuring charges, net
|
|
14
|
|
|
139
|
|
|
41
|
|
|
200
|
|
||||
Asset related charges - Impairment
1
|
|
46
|
|
|
45
|
|
|
104
|
|
|
45
|
|
||||
Total restructuring and asset related charges, net
|
|
$
|
60
|
|
|
$
|
184
|
|
|
$
|
145
|
|
|
$
|
245
|
|
1
|
The three and nine months ended September 30, 2016 include
$46
of impairment charges related to the aniline facility in Pascagoula, Mississippi (see Note 12 for further information). The nine months ended September 30, 2016 also includes
$58
impairment charges in connection with the sale of the Sulfur business (see Note 6 for further information). Charges for the three and nine months ended September 30, 2015 represent asset impairment related to the reactive metals manufacturing facility (see Note 12 for further information).
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Plant and product line closures
1
|
|
|
|
|
|
|
|
|
||||||||
Titanium Technologies
|
|
$
|
5
|
|
|
$
|
126
|
|
|
$
|
24
|
|
|
$
|
126
|
|
Fluoroproducts
|
|
1
|
|
|
10
|
|
|
6
|
|
|
10
|
|
||||
Chemical Solutions
|
|
7
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Sub-total
|
|
$
|
13
|
|
|
$
|
136
|
|
|
$
|
36
|
|
|
$
|
136
|
|
2015 Global restructuring
2
|
|
|
|
|
|
|
|
|
||||||||
Titanium Technologies
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
24
|
|
Fluoroproducts
|
|
1
|
|
|
1
|
|
|
3
|
|
|
26
|
|
||||
Chemical Solutions
|
|
—
|
|
|
1
|
|
|
—
|
|
|
14
|
|
||||
Sub-total
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
64
|
|
Total
|
|
$
|
14
|
|
|
$
|
139
|
|
|
$
|
41
|
|
|
$
|
200
|
|
1
|
Includes charges related to employee separation, decommissioning and dismantling costs, and asset related charges in connection with the restructuring activities.
|
2
|
Includes approximately
$13
related to Corporate overhead functions that was allocated to the segments for the
three and nine months ended
September 30, 2015
.
|
|
|
Titanium Technologies Site Closures
|
|
Fluoroproducts Lines Shutdown
|
|
Chemical Solutions Site Closures
|
|
2015 Global Restructuring
|
|
Total
|
||||||||||
Balance as of December 31, 2015
|
|
$
|
11
|
|
|
$
|
2
|
|
|
$
|
12
|
|
|
$
|
73
|
|
|
$
|
98
|
|
Charges (credits) to income for the nine months ended September 30, 2016
1
|
|
|
|
—
|
|
|
(2
|
)
|
|
5
|
|
|
3
|
|
||||||
Charges to liability accounts:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Payments
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
|
(49
|
)
|
|
(56
|
)
|
|||||
Net currency translation and other adjustment
2
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||||
Balance as of September 30, 2016
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
10
|
|
|
$
|
28
|
|
|
$
|
44
|
|
1
|
Due to unexpected resignations of certain employees at the Company's Niagara site, approximately
$2
of employee separation charges, related to the Chemical Solutions Niagara site closure, were reversed to income in the nine months ended September 30, 2016.
|
2
|
Amounts include net currency translation adjustment of less than
$1
for the period presented and rounding differences.
|
|
|
September 30, 2016
|
||
Current assets:
|
|
|
||
Accounts receivables
|
|
$
|
22
|
|
Inventories
|
|
17
|
|
|
Total current assets
|
|
39
|
|
|
Property, plant and equipment, net
|
|
298
|
|
|
Goodwill
|
|
17
|
|
|
Other assets
|
|
136
|
|
|
Less: Impairment loss
|
|
(58
|
)
|
|
Total non-current assets, net
|
|
393
|
|
|
Accounts payable and accrued liabilities
|
|
17
|
|
|
Net assets disposed
|
|
$
|
415
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Leasing, contract services and miscellaneous income
1
|
$
|
6
|
|
|
$
|
10
|
|
|
$
|
18
|
|
|
$
|
14
|
|
Royalty income
2
|
3
|
|
|
3
|
|
|
11
|
|
|
10
|
|
||||
Gain on sale of assets and businesses
3
|
169
|
|
|
—
|
|
|
258
|
|
|
—
|
|
||||
Exchange (losses) gains, net
4
|
(17
|
)
|
|
44
|
|
|
(37
|
)
|
|
47
|
|
||||
Total other income, net
|
$
|
161
|
|
|
$
|
57
|
|
|
$
|
250
|
|
|
$
|
71
|
|
1
|
Miscellaneous income includes accrued interest related to unrecognized tax benefits.
|
2
|
Royalty income is primarily for technology and trademark licensing.
|
3
|
The three and
nine months ended September 30, 2016
includes a gain on sale of C&D business and loss on sale of Sulfur business. The
nine months ended September 30, 2016
also includes a gain on sale of aniline facility. See Note 6 for further details.
|
4
|
Exchange losses, net includes gains and losses on foreign currency forward contracts. See Note 17 for additional information.
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Chemours
|
|
$
|
204
|
|
|
$
|
(29
|
)
|
|
$
|
237
|
|
|
$
|
(4
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding- Basic
|
|
181,596,161
|
|
|
180,968,049
|
|
|
181,452,194
|
|
|
180,968,049
|
|
||||
Dilutive effect of the company's employee compensation plans
1
|
|
1,932,395
|
|
|
—
|
|
|
1,089,738
|
|
|
—
|
|
||||
Weighted-average number of common shares outstanding - Diluted
1
|
|
183,528,556
|
|
|
180,968,049
|
|
|
182,541,932
|
|
|
180,968,049
|
|
1
|
Diluted earnings (loss) per share is calculated using net income (loss) available to common shareholders divided by diluted weighted-average shares of common shares outstanding during each period, which includes unvested restricted shares. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect.
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Average number of stock options
|
|
7,224,473
|
|
|
8,401,821
|
|
|
7,760,665
|
|
|
8,401,821
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Accounts receivable—trade, net
1
|
|
$
|
805
|
|
|
$
|
759
|
|
VAT, GST and other taxes
2
|
|
58
|
|
|
68
|
|
||
Leases receivable—current
3
|
|
—
|
|
|
13
|
|
||
Other receivables
4
|
|
18
|
|
|
19
|
|
||
Total
|
|
$
|
881
|
|
|
$
|
859
|
|
1
|
Accounts receivable – trade, net includes trade notes receivable and is net of allowances of
$5
and
$4
as of
September 30, 2016
and
December 31, 2015
, respectively. Allowances are equal to the estimated uncollectible amounts.
|
2
|
Value Added Tax (VAT) and Goods and Services Tax (GST).
|
3
|
Relates to Sulfur business which was included in the assets disposed as of
September 30, 2016
. See Note 14 for information relating to direct financing leases.
|
4
|
Other receivables consist of advances and other deposits.
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Finished products
|
$
|
607
|
|
|
$
|
613
|
|
Semi-finished products
|
162
|
|
|
172
|
|
||
Raw materials, stores and supplies
|
300
|
|
|
433
|
|
||
Subtotal
|
1,069
|
|
|
1,218
|
|
||
Adjustment of inventories to a last-in, first-out (LIFO) basis
|
(223
|
)
|
|
(246
|
)
|
||
Total
|
$
|
846
|
|
|
$
|
972
|
|
|
|
Titanium Technologies
|
|
Fluoroproducts
|
|
Chemical Solutions
|
|
Total
|
||||||||
Balance as of December 31, 2015
|
|
$
|
13
|
|
|
$
|
85
|
|
|
$
|
68
|
|
|
$
|
166
|
|
Sale of business
1
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(13
|
)
|
||||
Currency translation adjustments
2
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance as of September 30, 2016
|
|
$
|
13
|
|
|
$
|
85
|
|
|
$
|
55
|
|
|
$
|
153
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Cost
|
|
Accumulated
Amortization
|
|
Net
|
|
Cost
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Customer lists
|
$
|
9
|
|
|
$
|
(7
|
)
|
|
$
|
2
|
|
|
$
|
13
|
|
|
$
|
(10
|
)
|
|
$
|
3
|
|
Patents
|
19
|
|
|
(17
|
)
|
|
2
|
|
|
19
|
|
|
(17
|
)
|
|
2
|
|
||||||
Purchased trademarks
|
5
|
|
|
(2
|
)
|
|
3
|
|
|
5
|
|
|
(2
|
)
|
|
3
|
|
||||||
Purchased and licensed technology
|
3
|
|
|
(2
|
)
|
|
1
|
|
|
8
|
|
|
(6
|
)
|
|
2
|
|
||||||
Other
1
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
46
|
|
|
$
|
(28
|
)
|
|
$
|
18
|
|
|
$
|
45
|
|
|
$
|
(35
|
)
|
|
$
|
10
|
|
1
|
Represents non-cash favorable supply contracts acquired in connection with the sale of Sulfur business and recognized during the third quarter of 2016 based on the present value of the difference between their contractual cash flows and estimated cash flows had the contracts been executed at a determinable market price. These contract intangibles will be amortized to cost of goods sold over the remaining life of the supply contracts through 2021.
|
Remainder of 2016
|
|
$
|
1
|
|
2017
|
|
3
|
|
|
2018
|
|
3
|
|
|
2019
|
|
3
|
|
|
2020
|
|
2
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Leases receivable - non-current
1
|
|
$
|
—
|
|
|
$
|
125
|
|
Capitalized repair and maintenance costs
|
|
106
|
|
|
149
|
|
||
Pension assets
2
|
|
180
|
|
|
138
|
|
||
Deferred income taxes
|
|
37
|
|
|
47
|
|
||
Miscellaneous
3
|
|
44
|
|
|
49
|
|
||
Total
|
|
$
|
367
|
|
|
$
|
508
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Long-term debt:
|
|
|
|
|
||||
Senior secured term loan
|
|
$
|
1,431
|
|
|
$
|
1,493
|
|
Senior unsecured notes:
|
|
|
|
|
||||
6.625%, due May 2023
|
|
1,234
|
|
|
1,350
|
|
||
7.00%, due May 2025
|
|
750
|
|
|
750
|
|
||
6.125%, due May 2023
(€322 at September 30, 2016 and €360 at December 31, 2015)
|
|
362
|
|
|
395
|
|
||
Other
|
|
19
|
|
|
26
|
|
||
Total
|
|
3,796
|
|
|
4,014
|
|
||
Less: Unamortized issue discount on senior secured term loan
|
|
6
|
|
|
7
|
|
||
Less: Unamortized debt issuance costs
|
|
45
|
|
|
53
|
|
||
Less: Current maturities
|
|
32
|
|
|
39
|
|
||
Total long-term debt
|
|
$
|
3,713
|
|
|
$
|
3,915
|
|
|
|
Three Months Ended
September 30, 2016
|
|
Nine months ended
September 30, 2016
|
||||||||||||
|
|
Aggregate Principal
|
|
Cash
Payment
|
|
Aggregate Principal
|
|
Cash
Payment
|
||||||||
Term Loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
49
|
|
2023 Notes
|
|
73
|
|
|
70
|
|
|
116
|
|
|
107
|
|
||||
Euro Notes
|
|
42
|
|
|
$
|
39
|
|
|
42
|
|
|
$
|
39
|
|
||
|
|
$
|
115
|
|
|
$
|
109
|
|
|
$
|
208
|
|
|
$
|
195
|
|
Alleged Injury
|
Approximate Number of Plaintiffs
|
|
Kidney cancer
|
200
|
|
Testicular cancer
|
70
|
|
Ulcerative colitis
|
300
|
|
Preeclampsia
|
200
|
|
Thyroid disease
|
1,430
|
|
High cholesterol
|
1,340
|
|
|
|
Fair Value Using Level 2 Inputs
|
||||||
|
Balance Sheet Location
|
September 30, 2016
|
|
December 31, 2015
|
||||
Asset derivatives:
|
|
|
|
|
||||
Foreign currency forward contracts
|
Accounts and notes receivable - trade, net
|
$
|
1
|
|
|
$
|
2
|
|
Total asset derivatives
|
|
$
|
1
|
|
|
$
|
2
|
|
|
|
|
|
|
||||
Liability derivatives
|
|
|
|
|
||||
Foreign currency forward contracts
|
Other accrued liabilities
|
$
|
2
|
|
|
$
|
2
|
|
Total liability derivatives
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
11
|
|
Interest cost
|
|
5
|
|
|
5
|
|
|
15
|
|
|
14
|
|
||||
Expected return on plan assets
|
|
(16
|
)
|
|
(21
|
)
|
|
(49
|
)
|
|
(61
|
)
|
||||
Amortization of actuarial net loss
|
|
9
|
|
|
1
|
|
|
20
|
|
|
8
|
|
||||
Amortization of prior service cost (gain)
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
6
|
|
||||
Curtailment gain
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Net periodic benefit cost (income)
|
|
$
|
1
|
|
|
$
|
(6
|
)
|
|
$
|
(7
|
)
|
|
$
|
(22
|
)
|
Weighted-Average Assumptions
|
|
2016 Grants
|
||
Risk-free interest rate
|
|
1.46
|
%
|
|
Expected term (years)
|
|
6.00
|
|
|
Volatility
|
|
80.90
|
%
|
|
Dividend yield
|
|
2.14
|
%
|
|
Fair value per stock option
|
|
$
|
3.41
|
|
|
Number of Shares
(in thousands)
|
|
Weighted Average Exercise Price (per share)
|
|
Weighted Average Remaining Contractual Term (years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||||
Outstanding, December 31, 2015
|
8,284
|
|
|
$
|
14.66
|
|
|
4.82
|
|
$
|
—
|
|
Granted
|
1,435
|
|
|
5.73
|
|
|
|
|
|
|||
Exercised
|
(165
|
)
|
|
8.38
|
|
|
|
|
|
|||
Forfeited
|
(342
|
)
|
|
15.27
|
|
|
|
|
|
|||
Expired
|
(356
|
)
|
|
5.82
|
|
|
|
|
|
|||
Outstanding, September 30, 2016
|
8,856
|
|
|
$
|
13.68
|
|
|
5.12
|
|
$
|
26,608
|
|
Exercisable, September 30, 2016
|
4,680
|
|
|
$
|
13.84
|
|
|
3.40
|
|
$
|
12,150
|
|
|
Number of Shares
(in thousands)
|
|
Weighted Average
Grant Date
Fair Value
(per share)
|
|||
Nonvested, December 31, 2015
|
2,349
|
|
|
$
|
14.87
|
|
Granted
|
1,003
|
|
|
6.58
|
|
|
Vested
|
(682
|
)
|
|
15.39
|
|
|
Forfeited
|
(193
|
)
|
|
15.11
|
|
|
Nonvested, September 30, 2016
|
2,477
|
|
|
$
|
11.28
|
|
|
Number of Share Units
(in thousands)
|
|
Weighted Average
Grant Date
Fair Value
(per share)
|
|||
Nonvested, December 31, 2015
|
—
|
|
|
$
|
—
|
|
Granted
|
825
|
|
|
6.10
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(22
|
)
|
|
6.10
|
|
|
Nonvested, September 30, 2016
|
803
|
|
|
$
|
6.10
|
|
•
|
interest expense, depreciation and amortization,
|
•
|
non-operating pension and other postretirement employee benefit costs, which represent the components of net periodic pension costs (income) excluding service cost component,
|
•
|
exchange losses (gains),
|
•
|
employee separation, asset-related charges and other charges, net,
|
•
|
asset impairments,
|
•
|
losses (gains) on sale of business or assets, and
|
•
|
other items not considered indicative of our ongoing operational performance and expected to occur infrequently.
|
Three months ended September 30,
|
Titanium Technologies
|
|
Fluoroproducts
|
|
Chemical Solutions
|
|
Corporate and Other
|
|
Total
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales to external customers
|
$
|
625
|
|
|
$
|
591
|
|
|
$
|
182
|
|
|
$
|
—
|
|
|
$
|
1,398
|
|
Adjusted EBITDA
|
144
|
|
|
143
|
|
|
9
|
|
|
(28
|
)
|
|
$
|
268
|
|
||||
Depreciation and amortization
|
32
|
|
|
26
|
|
|
6
|
|
|
9
|
|
|
73
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales to external customers
|
$
|
616
|
|
|
$
|
575
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
1,486
|
|
Adjusted EBITDA
|
80
|
|
|
91
|
|
|
8
|
|
|
(10
|
)
|
|
169
|
|
|||||
Depreciation and amortization
|
32
|
|
|
23
|
|
|
14
|
|
|
1
|
|
|
70
|
|
Nine months ended September 30,
|
Titanium Technologies
|
|
Fluoroproducts
|
|
Chemical Solutions
|
|
Corporate and Other
|
|
Total
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales to external customers
|
$
|
1,742
|
|
|
$
|
1,695
|
|
|
$
|
641
|
|
|
$
|
—
|
|
|
$
|
4,078
|
|
Adjusted EBITDA
|
309
|
|
|
333
|
|
|
30
|
|
|
(89
|
)
|
|
583
|
|
|||||
Depreciation and amortization
|
87
|
|
|
75
|
|
|
24
|
|
|
26
|
|
|
212
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales to external customers
|
$
|
1,803
|
|
|
$
|
1,715
|
|
|
$
|
839
|
|
|
$
|
—
|
|
|
$
|
4,357
|
|
Adjusted EBITDA
|
264
|
|
|
220
|
|
|
13
|
|
|
(56
|
)
|
|
441
|
|
|||||
Depreciation and amortization
|
95
|
|
|
65
|
|
|
40
|
|
|
1
|
|
|
201
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income (loss) before income taxes
|
$
|
234
|
|
|
$
|
(107
|
)
|
|
$
|
262
|
|
|
$
|
(67
|
)
|
Interest expense, net
|
51
|
|
|
51
|
|
|
157
|
|
|
79
|
|
||||
Depreciation and amortization
|
73
|
|
|
70
|
|
|
212
|
|
|
201
|
|
||||
Non-operating pension and other postretirement employee benefit (income) costs
|
(5
|
)
|
|
(10
|
)
|
|
(19
|
)
|
|
5
|
|
||||
Exchange losses (gains)
|
17
|
|
|
(44
|
)
|
|
37
|
|
|
(47
|
)
|
||||
Restructuring charges
|
14
|
|
|
139
|
|
|
41
|
|
|
200
|
|
||||
Asset related charges
1
|
46
|
|
|
70
|
|
|
109
|
|
|
70
|
|
||||
Gain on sale of assets or business
|
(169
|
)
|
|
—
|
|
|
(258
|
)
|
|
—
|
|
||||
Transaction costs
2
|
2
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Legal and other charges
3
|
5
|
|
|
—
|
|
|
24
|
|
|
—
|
|
||||
Adjusted EBITDA
|
$
|
268
|
|
|
$
|
169
|
|
|
$
|
583
|
|
|
441
|
|
1
|
The three and nine months ended
September 30, 2016
includes
$46
asset impairment of our Pascagoula Aniline facility (see Note 12) and other asset write-offs. The nine months ended
September 30, 2016
also includes the
$58
asset impairment in connection with the sale of the Sulfur business (see Note 6) and other asset write-offs, which were recorded in the second quarter of 2016. The
three and nine months ended
September 30, 2015
includes
$25
of goodwill impairment (see Note 13) and
$45
asset impairment of RMS facility (see Note 12). All of these charges are recorded in the Chemical Solutions segment.
|
2
|
Includes accounting, legal and bankers transaction fees incurred related to the Company's strategic initiatives, which includes pre-sale transaction costs incurred in connection with the sale of the C&D and Sulfur businesses (see Note 6).
|
3
|
Includes litigation settlements, water treatment accruals related to PFOA and lease termination charges.
|
•
|
the Consolidating Statements of Comprehensive Income (Loss) for the
three and nine months ended
September 30, 2016
and
2015
;
|
•
|
the Consolidating Balance Sheets as of
September 30, 2016
and
December 31, 2015
; and
|
•
|
the Consolidating Statements of Cash Flows for the
nine months ended
September 30, 2016
and
2015
.
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
961
|
|
|
$
|
847
|
|
|
$
|
(410
|
)
|
|
$
|
1,398
|
|
Cost of goods sold
|
|
—
|
|
|
791
|
|
|
656
|
|
|
(391
|
)
|
|
1,056
|
|
|||||
Gross profit
|
|
—
|
|
|
170
|
|
|
191
|
|
|
(19
|
)
|
|
342
|
|
|||||
Selling, general and administrative expense
|
|
5
|
|
|
115
|
|
|
34
|
|
|
(6
|
)
|
|
148
|
|
|||||
Research and development expense
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||
Restructuring and asset related charges, net
|
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|||||
Total expenses
|
|
5
|
|
|
194
|
|
|
34
|
|
|
(6
|
)
|
|
227
|
|
|||||
Equity in earnings of affiliates
|
|
—
|
|
|
1
|
|
|
8
|
|
|
—
|
|
|
9
|
|
|||||
Equity in earnings of subsidiaries
|
|
226
|
|
|
—
|
|
|
—
|
|
|
(226
|
)
|
|
—
|
|
|||||
Interest expense, net
|
|
(50
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|||||
Intercompany interest income (expense), net
|
|
15
|
|
|
1
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|||||
Other income, net
|
|
5
|
|
|
70
|
|
|
94
|
|
|
(8
|
)
|
|
161
|
|
|||||
Income before income taxes
|
|
191
|
|
|
47
|
|
|
243
|
|
|
(247
|
)
|
|
234
|
|
|||||
(Benefit from) provision for income taxes
|
|
(13
|
)
|
|
29
|
|
|
29
|
|
|
(15
|
)
|
|
30
|
|
|||||
Net income
|
|
204
|
|
|
18
|
|
|
214
|
|
|
(232
|
)
|
|
204
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income attributable to Chemours
|
|
$
|
204
|
|
|
$
|
18
|
|
|
$
|
214
|
|
|
$
|
(232
|
)
|
|
$
|
204
|
|
Comprehensive income attributable to Chemours
|
|
$
|
210
|
|
|
$
|
18
|
|
|
$
|
226
|
|
|
$
|
(244
|
)
|
|
$
|
210
|
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
1,073
|
|
|
$
|
852
|
|
|
$
|
(439
|
)
|
|
$
|
1,486
|
|
Cost of goods sold
|
|
—
|
|
|
957
|
|
|
710
|
|
|
(445
|
)
|
|
1,222
|
|
|||||
Gross profit
|
|
—
|
|
|
116
|
|
|
142
|
|
|
6
|
|
|
264
|
|
|||||
Selling, general and administrative expense
|
|
8
|
|
|
115
|
|
|
42
|
|
|
(8
|
)
|
|
157
|
|
|||||
Research and development expense
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Restructuring and asset related charges, net
|
|
—
|
|
|
182
|
|
|
2
|
|
|
—
|
|
|
184
|
|
|||||
Goodwill impairment
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Total expenses
|
|
8
|
|
|
340
|
|
|
44
|
|
|
(8
|
)
|
|
384
|
|
|||||
Equity in earnings of affiliates
|
|
—
|
|
|
1
|
|
|
6
|
|
|
—
|
|
|
7
|
|
|||||
Equity in earnings of subsidiaries
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||
Interest expense, net
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|||||
Intercompany interest income (expense), net
|
|
16
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|||||
Other income, net
|
|
8
|
|
|
72
|
|
|
(19
|
)
|
|
(4
|
)
|
|
57
|
|
|||||
(Loss) income before income taxes
|
|
(43
|
)
|
|
(151
|
)
|
|
69
|
|
|
18
|
|
|
(107
|
)
|
|||||
(Benefit from) provision for income taxes
|
|
(14
|
)
|
|
(80
|
)
|
|
16
|
|
|
—
|
|
|
(78
|
)
|
|||||
Net (loss) income
|
|
(29
|
)
|
|
(71
|
)
|
|
53
|
|
|
18
|
|
|
(29
|
)
|
|||||
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net (loss) income attributable to Chemours
|
|
$
|
(29
|
)
|
|
$
|
(71
|
)
|
|
$
|
53
|
|
|
$
|
18
|
|
|
$
|
(29
|
)
|
Comprehensive (loss) income attributable to Chemours
|
|
$
|
(62
|
)
|
|
$
|
(71
|
)
|
|
$
|
20
|
|
|
$
|
51
|
|
|
$
|
(62
|
)
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
2,898
|
|
|
$
|
2,367
|
|
|
$
|
(1,187
|
)
|
|
$
|
4,078
|
|
Cost of goods sold
|
|
—
|
|
|
2,506
|
|
|
1,921
|
|
|
(1,160
|
)
|
|
3,267
|
|
|||||
Gross profit
|
|
—
|
|
|
392
|
|
|
446
|
|
|
(27
|
)
|
|
811
|
|
|||||
Selling, general and administrative expense
|
|
17
|
|
|
350
|
|
|
103
|
|
|
(16
|
)
|
|
454
|
|
|||||
Research and development expense
|
|
—
|
|
|
58
|
|
|
2
|
|
|
—
|
|
|
60
|
|
|||||
Restructuring and asset related charges, net
|
|
—
|
|
|
147
|
|
|
(2
|
)
|
|
—
|
|
|
145
|
|
|||||
Total expenses
|
|
17
|
|
|
555
|
|
|
103
|
|
|
(16
|
)
|
|
659
|
|
|||||
Equity in earnings of affiliates
|
|
—
|
|
|
(2
|
)
|
|
19
|
|
|
—
|
|
|
17
|
|
|||||
Equity in earnings of subsidiaries
|
|
307
|
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
|||||
Interest expense, net
|
|
(155
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(157
|
)
|
|||||
Intercompany interest income (expense), net
|
|
44
|
|
|
4
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|||||
Other income, net
|
|
15
|
|
|
178
|
|
|
72
|
|
|
(15
|
)
|
|
250
|
|
|||||
Income before income taxes
|
|
194
|
|
|
15
|
|
|
386
|
|
|
(333
|
)
|
|
262
|
|
|||||
(Benefit from) provision for income taxes
|
|
(43
|
)
|
|
25
|
|
|
53
|
|
|
(10
|
)
|
|
25
|
|
|||||
Net income (loss)
|
|
237
|
|
|
(10
|
)
|
|
333
|
|
|
(323
|
)
|
|
237
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income (loss) attributable to Chemours
|
|
$
|
237
|
|
|
$
|
(10
|
)
|
|
$
|
333
|
|
|
$
|
(323
|
)
|
|
$
|
237
|
|
Comprehensive income (loss) attributable to Chemours
|
|
$
|
250
|
|
|
$
|
(10
|
)
|
|
$
|
355
|
|
|
$
|
(345
|
)
|
|
$
|
250
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
3,187
|
|
|
$
|
2,484
|
|
|
$
|
(1,314
|
)
|
|
$
|
4,357
|
|
Cost of goods sold
|
|
—
|
|
|
2,850
|
|
|
2,092
|
|
|
(1,327
|
)
|
|
3,615
|
|
|||||
Gross profit
|
|
—
|
|
|
337
|
|
|
392
|
|
|
13
|
|
|
742
|
|
|||||
Selling, general and administrative expense
|
|
8
|
|
|
324
|
|
|
157
|
|
|
(8
|
)
|
|
481
|
|
|||||
Research and development expense
|
|
—
|
|
|
66
|
|
|
2
|
|
|
—
|
|
|
68
|
|
|||||
Restructuring and asset related charges, net
|
|
—
|
|
|
221
|
|
|
24
|
|
|
—
|
|
|
245
|
|
|||||
Goodwill impairment
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Total expenses
|
|
8
|
|
|
636
|
|
|
183
|
|
|
(8
|
)
|
|
819
|
|
|||||
Equity in earnings of affiliates
|
|
—
|
|
|
1
|
|
|
17
|
|
|
—
|
|
|
18
|
|
|||||
Equity in earnings of subsidiaries
|
|
27
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|||||
Interest expense, net
|
|
(79
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79
|
)
|
|||||
Intercompany interest income (expense), net
|
|
28
|
|
|
—
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|||||
Other income (expense), net
|
|
8
|
|
|
90
|
|
|
(23
|
)
|
|
(4
|
)
|
|
71
|
|
|||||
(Loss) income before income taxes
|
|
(24
|
)
|
|
(208
|
)
|
|
175
|
|
|
(10
|
)
|
|
(67
|
)
|
|||||
(Benefit from) provision for income taxes
|
|
(20
|
)
|
|
(72
|
)
|
|
29
|
|
|
—
|
|
|
(63
|
)
|
|||||
Net (loss) income
|
|
(4
|
)
|
|
(136
|
)
|
|
146
|
|
|
(10
|
)
|
|
(4
|
)
|
|||||
Less: Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net (loss) income attributable to Chemours
|
|
$
|
(4
|
)
|
|
$
|
(136
|
)
|
|
$
|
146
|
|
|
$
|
(10
|
)
|
|
$
|
(4
|
)
|
Comprehensive loss attributable to Chemours
|
|
$
|
(243
|
)
|
|
$
|
(136
|
)
|
|
$
|
(93
|
)
|
|
$
|
229
|
|
|
$
|
(243
|
)
|
|
|
September 30, 2016
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
380
|
|
|
$
|
577
|
|
|
$
|
—
|
|
|
$
|
957
|
|
Accounts and notes receivable - trade, net
|
|
—
|
|
|
333
|
|
|
548
|
|
|
—
|
|
|
881
|
|
|||||
Intercompany receivable
|
|
19
|
|
|
886
|
|
|
41
|
|
|
(946
|
)
|
|
—
|
|
|||||
Inventories
|
|
—
|
|
|
365
|
|
|
531
|
|
|
(50
|
)
|
|
846
|
|
|||||
Prepaid expenses and other
|
|
—
|
|
|
42
|
|
|
41
|
|
|
(10
|
)
|
|
73
|
|
|||||
Total current assets
|
|
19
|
|
|
2,006
|
|
|
1,738
|
|
|
(1,006
|
)
|
|
2,757
|
|
|||||
Property, plant and equipment
|
|
—
|
|
|
6,258
|
|
|
1,960
|
|
|
—
|
|
|
8,218
|
|
|||||
Less: Accumulated depreciation
|
|
—
|
|
|
(4,414
|
)
|
|
(979
|
)
|
|
—
|
|
|
(5,393
|
)
|
|||||
Net property, plant and equipment
|
|
—
|
|
|
1,844
|
|
|
981
|
|
|
—
|
|
|
2,825
|
|
|||||
Goodwill
|
|
—
|
|
|
139
|
|
|
14
|
|
|
—
|
|
|
153
|
|
|||||
Other intangible assets, net
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Investments in affiliates
|
|
—
|
|
|
7
|
|
|
162
|
|
|
—
|
|
|
169
|
|
|||||
Investment in subsidiaries
|
|
3,512
|
|
|
—
|
|
|
—
|
|
|
(3,512
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
|
1,150
|
|
|
—
|
|
|
—
|
|
|
(1,150
|
)
|
|
—
|
|
|||||
Other assets
|
|
14
|
|
|
109
|
|
|
244
|
|
|
—
|
|
|
367
|
|
|||||
Total assets
|
|
$
|
4,695
|
|
|
$
|
4,123
|
|
|
$
|
3,139
|
|
|
$
|
(5,668
|
)
|
|
$
|
6,289
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
|
$
|
—
|
|
|
$
|
553
|
|
|
$
|
282
|
|
|
$
|
—
|
|
|
$
|
835
|
|
Short-term borrowings and current maturities of long-term debt
|
|
15
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|||||
Intercompany payable
|
|
529
|
|
|
41
|
|
|
376
|
|
|
(946
|
)
|
|
—
|
|
|||||
Other accrued liabilities
|
|
63
|
|
|
388
|
|
|
118
|
|
|
—
|
|
|
569
|
|
|||||
Total current liabilities
|
|
607
|
|
|
999
|
|
|
776
|
|
|
(946
|
)
|
|
1,436
|
|
|||||
Long-term debt
|
|
3,711
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3,713
|
|
|||||
Intercompany notes payable
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
(1,150
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
162
|
|
|
59
|
|
|
(20
|
)
|
|
201
|
|
|||||
Other liabilities
|
|
—
|
|
|
454
|
|
|
104
|
|
|
—
|
|
|
558
|
|
|||||
Total liabilities
|
|
4,318
|
|
|
1,617
|
|
|
2,089
|
|
|
(2,116
|
)
|
|
5,908
|
|
|||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Chemours stockholders' equity
|
|
377
|
|
|
2,506
|
|
|
1,046
|
|
|
(3,552
|
)
|
|
377
|
|
|||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Total equity
|
|
377
|
|
|
2,506
|
|
|
1,050
|
|
|
(3,552
|
)
|
|
381
|
|
|||||
Total liabilities and equity
|
|
$
|
4,695
|
|
|
$
|
4,123
|
|
|
$
|
3,139
|
|
|
$
|
(5,668
|
)
|
|
$
|
6,289
|
|
|
|
December 31, 2015
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
95
|
|
|
$
|
271
|
|
|
$
|
—
|
|
|
$
|
366
|
|
Accounts and notes receivable - trade, net
|
|
—
|
|
|
344
|
|
|
515
|
|
|
—
|
|
|
859
|
|
|||||
Intercompany receivable
|
|
3
|
|
|
459
|
|
|
54
|
|
|
(516
|
)
|
|
—
|
|
|||||
Inventories
|
|
—
|
|
|
493
|
|
|
501
|
|
|
(22
|
)
|
|
972
|
|
|||||
Prepaid expenses and other
|
|
—
|
|
|
49
|
|
|
52
|
|
|
3
|
|
|
104
|
|
|||||
Total current assets
|
|
3
|
|
|
1,440
|
|
|
1,393
|
|
|
(535
|
)
|
|
2,301
|
|
|||||
Property, plant and equipment
|
|
—
|
|
|
7,070
|
|
|
1,945
|
|
|
—
|
|
|
9,015
|
|
|||||
Less: Accumulated depreciation
|
|
—
|
|
|
(4,899
|
)
|
|
(939
|
)
|
|
—
|
|
|
(5,838
|
)
|
|||||
Net property, plant and equipment
|
|
—
|
|
|
2,171
|
|
|
1,006
|
|
|
—
|
|
|
3,177
|
|
|||||
Goodwill
|
|
—
|
|
|
141
|
|
|
25
|
|
|
—
|
|
|
166
|
|
|||||
Other intangible assets, net
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Investments in affiliates
|
|
—
|
|
|
9
|
|
|
127
|
|
|
—
|
|
|
136
|
|
|||||
Investments in subsidiaries
|
|
3,105
|
|
|
—
|
|
|
—
|
|
|
(3,105
|
)
|
|
—
|
|
|||||
Intercompany notes receivable
|
|
1,150
|
|
|
—
|
|
|
—
|
|
|
(1,150
|
)
|
|
—
|
|
|||||
Other assets
|
|
19
|
|
|
275
|
|
|
214
|
|
|
—
|
|
|
508
|
|
|||||
Total assets
|
|
$
|
4,277
|
|
|
$
|
4,046
|
|
|
$
|
2,765
|
|
|
$
|
(4,790
|
)
|
|
$
|
6,298
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
|
$
|
—
|
|
|
$
|
637
|
|
|
$
|
336
|
|
|
$
|
—
|
|
|
$
|
973
|
|
Short-term borrowings and current maturities of long-term debt
|
|
15
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|||||
Intercompany payable
|
|
202
|
|
|
54
|
|
|
260
|
|
|
(516
|
)
|
|
—
|
|
|||||
Other accrued liabilities
|
|
21
|
|
|
287
|
|
|
146
|
|
|
—
|
|
|
454
|
|
|||||
Total current liabilities
|
|
238
|
|
|
1,002
|
|
|
742
|
|
|
(516
|
)
|
|
1,466
|
|
|||||
Long-term debt
|
|
3,913
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3,915
|
|
|||||
Intercompany notes payable
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
(1,150
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
173
|
|
|
61
|
|
|
—
|
|
|
234
|
|
|||||
Other liabilities
|
|
—
|
|
|
456
|
|
|
97
|
|
|
—
|
|
|
553
|
|
|||||
Total liabilities
|
|
4,151
|
|
|
1,633
|
|
|
2,050
|
|
|
(1,666
|
)
|
|
6,168
|
|
|||||
Commitments and contingent liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Chemours stockholders' equity
|
|
126
|
|
|
2,413
|
|
|
711
|
|
|
(3,124
|
)
|
|
126
|
|
|||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Total equity
|
|
126
|
|
|
2,413
|
|
|
715
|
|
|
(3,124
|
)
|
|
130
|
|
|||||
Total liabilities and equity
|
|
$
|
4,277
|
|
|
$
|
4,046
|
|
|
$
|
2,765
|
|
|
$
|
(4,790
|
)
|
|
$
|
6,298
|
|
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash (used for) provided by operating activities
|
|
$
|
(105
|
)
|
|
$
|
173
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
324
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property, plant and equipment
|
|
—
|
|
|
(142
|
)
|
|
(93
|
)
|
|
—
|
|
|
(235
|
)
|
|||||
Proceeds from sales of assets and business
|
|
—
|
|
|
590
|
|
|
117
|
|
|
—
|
|
|
707
|
|
|||||
Intercompany investing activities
|
|
—
|
|
|
(328
|
)
|
|
—
|
|
|
328
|
|
|
—
|
|
|||||
Foreign exchange contract settlements
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Investment in affiliates
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Cash provided by investing activities
|
|
—
|
|
|
119
|
|
|
22
|
|
|
328
|
|
|
469
|
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany short-term borrowings, net
|
|
328
|
|
|
—
|
|
|
—
|
|
|
(328
|
)
|
|
—
|
|
|||||
Debt repayments
|
|
(205
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|||||
Dividends paid
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|||||
Deferred financing fees
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||
Cash provided by (used for) financing activities
|
|
105
|
|
|
(7
|
)
|
|
—
|
|
|
(328
|
)
|
|
(230
|
)
|
|||||
Effect of exchange rate changes on cash
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
28
|
|
|||||
Increase in cash and cash equivalents
|
|
—
|
|
|
285
|
|
|
306
|
|
|
—
|
|
|
591
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
95
|
|
|
271
|
|
|
—
|
|
|
366
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
380
|
|
|
$
|
577
|
|
|
$
|
—
|
|
|
$
|
957
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
|
|
Parent Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations and Adjustments
|
|
Consolidated
|
||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash (used for) provided by operating activities
|
|
$
|
(10
|
)
|
|
$
|
(320
|
)
|
|
$
|
115
|
|
|
$
|
95
|
|
|
$
|
(120
|
)
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property, plant and equipment
|
|
—
|
|
|
(226
|
)
|
|
(166
|
)
|
|
—
|
|
|
(392
|
)
|
|||||
Proceeds from sales of assets and business
|
|
—
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
8
|
|
|||||
Foreign exchange contract settlements
|
|
—
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|||||
Investment in affiliates
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
(32
|
)
|
|||||
Cash used for investing activities
|
|
—
|
|
|
(159
|
)
|
|
(196
|
)
|
|
—
|
|
|
(355
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of debt, net
|
|
3,489
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3,490
|
|
|||||
Deferred financing fees
|
|
(79
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79
|
)
|
|||||
Debt repayments
|
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||
Dividends paid
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|||||
Cash provided at separation by DuPont
|
|
—
|
|
|
87
|
|
|
160
|
|
|
—
|
|
|
247
|
|
|||||
Net transfers (to) from DuPont
|
|
(3,295
|
)
|
|
454
|
|
|
77
|
|
|
(93
|
)
|
|
(2,857
|
)
|
|||||
Cash provided by financing activities
|
|
10
|
|
|
541
|
|
|
237
|
|
|
(93
|
)
|
|
695
|
|
|||||
Effect of exchange rate changes on cash
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||||
Increase in cash and cash equivalents
|
|
—
|
|
|
62
|
|
|
151
|
|
|
2
|
|
|
215
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
151
|
|
|
$
|
2
|
|
|
$
|
215
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
1,398
|
|
|
$
|
1,486
|
|
|
$
|
4,078
|
|
|
$
|
4,357
|
|
Cost of goods sold
|
1,056
|
|
|
1,222
|
|
|
3,267
|
|
|
3,615
|
|
||||
Gross profit
|
342
|
|
|
264
|
|
|
811
|
|
|
742
|
|
||||
Selling, general and administrative expense
|
148
|
|
|
157
|
|
|
454
|
|
|
481
|
|
||||
Research and development expense
|
19
|
|
|
18
|
|
|
60
|
|
|
68
|
|
||||
Restructuring and asset related charges, net
|
60
|
|
|
184
|
|
|
145
|
|
|
245
|
|
||||
Goodwill impairment
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||
Total expenses
|
227
|
|
|
384
|
|
|
659
|
|
|
819
|
|
||||
Equity in earnings of affiliates
|
9
|
|
|
7
|
|
|
17
|
|
|
18
|
|
||||
Interest expense, net
|
(51
|
)
|
|
(51
|
)
|
|
(157
|
)
|
|
(79
|
)
|
||||
Other income, net
|
161
|
|
|
57
|
|
|
250
|
|
|
71
|
|
||||
Income (loss) before income taxes
|
234
|
|
|
(107
|
)
|
|
262
|
|
|
(67
|
)
|
||||
Provision (benefit from) for income taxes
|
30
|
|
|
(78
|
)
|
|
25
|
|
|
(63
|
)
|
||||
Net income (loss)
|
204
|
|
|
(29
|
)
|
|
237
|
|
|
(4
|
)
|
||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Chemours
|
$
|
204
|
|
|
$
|
(29
|
)
|
|
$
|
237
|
|
|
$
|
(4
|
)
|
Change in net sales from prior period
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
||
Price
|
|
(1
|
)%
|
|
(4
|
)%
|
Volume
|
|
—
|
%
|
|
1
|
%
|
Currency
|
|
—
|
%
|
|
(1
|
)%
|
Portfolio / Other
|
|
(5
|
)%
|
|
(2
|
)%
|
Total Change
|
|
(6
|
)%
|
|
(6
|
)%
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Titanium Technologies
|
|
144
|
|
|
80
|
|
|
309
|
|
|
264
|
|
||||
Fluoroproducts
|
|
143
|
|
|
91
|
|
|
333
|
|
|
220
|
|
||||
Chemical Solutions
|
|
9
|
|
|
8
|
|
|
30
|
|
|
13
|
|
||||
Corporate and Other
|
|
(28
|
)
|
|
(10
|
)
|
|
(89
|
)
|
|
(56
|
)
|
||||
Total
|
|
$
|
268
|
|
|
$
|
169
|
|
|
$
|
583
|
|
|
$
|
441
|
|
•
|
interest expense, depreciation and amortization,
|
•
|
non-operating pension and other postretirement employee benefit costs, which represent the components of net periodic pension costs (income) excluding service cost component
|
•
|
exchange losses (gains),
|
•
|
employee separation, asset-related charges and other charges, net,
|
•
|
asset impairments,
|
•
|
losses (gains) on sale of business or assets, and
|
•
|
other items not considered indicative of our ongoing operational performance and expected to occur infrequently.
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Segment Net Sales
|
|
$
|
625
|
|
|
$
|
616
|
|
|
$
|
1,742
|
|
|
$
|
1,803
|
|
Adjusted EBITDA
|
|
144
|
|
|
80
|
|
|
309
|
|
|
264
|
|
||||
Adjusted EBITDA Margin
|
|
23
|
%
|
|
13
|
%
|
|
18
|
%
|
|
15
|
%
|
Change in segment net sales from prior period
|
|
Three months ended September 30, 2016
|
|
Nine months ended September 30, 2016
|
||
Price
|
|
1
|
%
|
|
(6
|
)%
|
Volume
|
|
—
|
%
|
|
3
|
%
|
Currency
|
|
—
|
%
|
|
—
|
%
|
Portfolio / Other
|
|
—
|
%
|
|
—
|
%
|
Total Change
|
|
1
|
%
|
|
(3
|
)%
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Segment Net Sales
|
|
$
|
591
|
|
|
$
|
575
|
|
|
$
|
1,695
|
|
|
$
|
1,715
|
|
Adjusted EBITDA
|
|
143
|
|
|
91
|
|
|
333
|
|
|
220
|
|
||||
Adjusted EBITDA Margin
|
|
24
|
%
|
|
16
|
%
|
|
20
|
%
|
|
13
|
%
|
Change in segment net sales from prior period
|
|
Three months ended September 30, 2016
|
|
Nine months ended September 30, 2016
|
||
Price
|
|
(2
|
)%
|
|
—
|
%
|
Volume
|
|
5
|
%
|
|
1
|
%
|
Currency
|
|
—
|
%
|
|
(2
|
)%
|
Portfolio / Other
|
|
—
|
%
|
|
—
|
%
|
Total Change
|
|
3
|
%
|
|
(1
|
)%
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Segment Net Sales
|
|
$
|
182
|
|
|
$
|
295
|
|
|
$
|
641
|
|
|
$
|
839
|
|
Adjusted EBITDA
|
|
9
|
|
|
8
|
|
|
30
|
|
|
13
|
|
||||
Adjusted EBITDA Margin
|
|
5
|
%
|
|
3
|
%
|
|
5
|
%
|
|
2
|
%
|
Change in segment net sales from prior period
|
|
Three months ended September 30, 2016
|
|
Nine months ended September 30, 2016
|
||
Price
|
|
(7
|
)%
|
|
(8
|
)%
|
Volume
|
|
(5
|
)%
|
|
(4
|
)%
|
Currency
|
|
—
|
%
|
|
—
|
%
|
Portfolio / Other
|
|
(26
|
)%
|
|
(12
|
)%
|
Total Change
|
|
(38
|
)%
|
|
(24
|
)%
|
|
|
Nine months ended September 30,
|
||||||
(Dollars in millions)
|
|
2016
|
|
2015
|
||||
Cash provided by (used for) operating activities
|
|
$
|
324
|
|
|
$
|
(120
|
)
|
Cash provided by (used for) investing activities
|
|
469
|
|
|
(355
|
)
|
||
Cash (used for) provided by financing activities
|
|
(230
|
)
|
|
695
|
|
|
|
September 30,
|
|
December 31,
|
||||
(Dollars in millions)
|
|
2016
|
|
2015
|
||||
Cash and cash equivalents
|
|
$
|
957
|
|
|
$
|
366
|
|
Accounts and notes receivable - trade, net
|
|
881
|
|
|
859
|
|
||
Inventories
|
|
846
|
|
|
972
|
|
||
Prepaid expenses and other
|
|
73
|
|
|
104
|
|
||
Total current assets
|
|
$
|
2,757
|
|
|
$
|
2,301
|
|
|
|
September 30,
|
|
December 31,
|
||||
(Dollars in millions)
|
|
2016
|
|
2015
|
||||
Accounts payable
|
|
$
|
835
|
|
|
$
|
973
|
|
Short-term borrowings and current maturities of long-term debt
|
|
32
|
|
|
39
|
|
||
Other accrued liabilities
|
|
569
|
|
|
454
|
|
||
Total current liabilities
|
|
$
|
1,436
|
|
|
$
|
1,466
|
|
•
|
interest expense, depreciation and amortization,
|
•
|
non-operating pension and other postretirement employee benefit costs, which represent the components of net periodic pension costs (income) excluding service cost component
|
•
|
exchange losses (gains),
|
•
|
employee separation, asset-related charges and other charges, net,
|
•
|
asset impairments,
|
•
|
losses (gains) on sale of business or assets, and
|
•
|
other items not considered indicative of our ongoing operational performance and expected to occur infrequently.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
(Dollars in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss) attributable to Chemours
|
$
|
204
|
|
|
$
|
(29
|
)
|
|
$
|
237
|
|
|
$
|
(4
|
)
|
Non-operating pension and other postretirement employee benefit (income) costs
|
(5
|
)
|
|
(10
|
)
|
|
(19
|
)
|
|
5
|
|
||||
Exchange losses (gains)
|
17
|
|
|
(44
|
)
|
|
37
|
|
|
(47
|
)
|
||||
Restructuring charges
|
14
|
|
|
139
|
|
|
41
|
|
|
200
|
|
||||
Asset related charges
1
|
46
|
|
|
70
|
|
|
109
|
|
|
70
|
|
||||
Gain on sale of assets or business
|
(169
|
)
|
|
—
|
|
|
(258
|
)
|
|
—
|
|
||||
Transaction costs
2
|
2
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Legal and other charges
3
|
5
|
|
|
—
|
|
|
24
|
|
|
—
|
|
||||
(Benefit from) provision for income taxes relating to reconciling items
4
|
(2
|
)
|
|
(53
|
)
|
|
(16
|
)
|
|
(82
|
)
|
||||
Adjusted Net Income
|
112
|
|
|
73
|
|
|
173
|
|
|
142
|
|
||||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest expense, net
|
51
|
|
|
51
|
|
|
157
|
|
|
79
|
|
||||
Depreciation and amortization
|
73
|
|
|
70
|
|
|
212
|
|
|
201
|
|
||||
All remaining provision for income taxes
4
|
32
|
|
|
(25
|
)
|
|
41
|
|
|
19
|
|
||||
Adjusted EBITDA
|
$
|
268
|
|
|
$
|
169
|
|
|
$
|
583
|
|
|
$
|
441
|
|
1
|
The three and nine months ended
September 30, 2016
includes
$46 million
pre-tax asset impairment of our Pascagoula Aniline facility (see Note 12) and other asset write-offs. The nine months ended
September 30, 2016
also included
$58 million
pre-tax asset impairment in connection with the sale of the Sulfur business (see Note 6) and other asset write-offs, which were recorded in the second quarter of 2016. The
three and nine months ended
September 30, 2015
includes $25 million of goodwill impairment (see Note 13) and $45 asset impairment of RMS facility (see Note 12). All of these charges are recorded in the Chemical Solutions segment.
|
3
|
Includes litigation settlements, water treatment accruals related to PFOA, and lease termination charges.
|
|
2016 Full Year Estimate
|
||||||
(Dollars in millions)
|
Low
|
|
High
|
||||
Net income attributable to Chemours
|
$
|
265
|
|
|
$
|
290
|
|
Non-operating pension and other postretirement employee benefit (income) costs
|
(25
|
)
|
|
(20
|
)
|
||
Exchange losses
5
|
37
|
|
|
37
|
|
||
Restructuring charges
|
50
|
|
|
45
|
|
||
Asset related charges
1 6
|
109
|
|
|
109
|
|
||
Gain on sale of assets or business
6
|
(258
|
)
|
|
(258
|
)
|
||
Transaction costs, legal and other charges
6
|
42
|
|
|
42
|
|
||
Provision for income taxes relating to reconciling items
7
|
(20
|
)
|
|
(20
|
)
|
||
Adjusted net income
|
200
|
|
|
225
|
|
||
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
||
Interest expense, net
|
210
|
|
|
210
|
|
||
Depreciation and amortization
|
280
|
|
|
280
|
|
||
All remaining provision for income taxes
7
|
50
|
|
|
60
|
|
||
Adjusted EBITDA
|
$
|
740
|
|
|
$
|
775
|
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 6.
|
EXHIBITS
|
The CHEMOURS COMPANY
|
|
(Registrant)
|
|
|
|
Date:
|
November 7, 2016
|
|
|
|
|
By:
|
/s/ Mark E. Newman
|
|
|
|
Mark E. Newman
|
|
Senior Vice President and
|
|
Chief Financial Officer
|
|
(As Duly Authorized Officer and Principal Financial Officer)
|
Exhibit
Number
|
|
Description
|
|
|
|
2.1
|
|
Separation Agreement by and between E. I. du Pont de Nemours and Company and the Chemours Company (incorporated by reference to Exhibit 2 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
3.1
|
|
Company’s Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
3.2
|
|
Company’s Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.1
|
|
Second Amended and Restated Transition Services Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.2
|
|
Tax Matters Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.3
|
|
Employee Matters Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.4
|
|
Third Amended and Restated Intellectual Property Cross-License Agreement by and among E. I. du Pont de Nemours and Company, The Chemours Company FC and The Chemours Company TT, LLC (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.5*
|
|
Offer of Employment Letter between Mark E. Newman and E. I. du Pont de Nemours and Company, dated October 14, 2014 (incorporated by reference to Exhibit 10.5 to the Company’s Amendment No. 2 to Form 10, as filed with the U.S. Securities and Exchange Commission on April 21, 2015).
|
|
|
|
10.6*
|
|
Offer of Employment Letter between Elizabeth Albright and E. I. du Pont de Nemours and Company, dated September 25, 2014 (incorporated by reference to Exhibit 10.6 to the Company’s Amendment No. 2 to Form 10, as filed with the U.S. Securities and Exchange Commission on April 21, 2015).
|
|
|
|
10.7
|
|
Indenture, dated May 12, 2015 by and among The Chemours Company, The Guarantors party thereto and U.S. Bank National Association, as Trustee, Elavon Financial Services Limited, as Registrar and Transfer Agent for the Euro Notes (incorporated by reference to Exhibit 10.7 to the Company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.8
|
|
First Supplemental Indenture, dated May 12, 2015, by and among The Chemours Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 10.8 to the Company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.9
|
|
Second Supplemental Indenture, dated May 12, 2015, by and among The Chemours Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 10.9 to the Company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.10
|
|
Third Supplemental Indenture, dated May 12, 2015, by and among The Chemours Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee, Elavon Financial Services Limited, UK Branch, as Paying Agent for the Euro Notes and Elavon Financial Services Limited, as Registrar and Transfer Agent for the Euro Notes (incorporated by reference to Exhibit 10.10 to the Company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.11
|
|
6.625% Notes due 2023 (included in Exhibit 10.8).
|
|
|
|
10.12
|
|
7.000% Notes due 2025 (included in Exhibit 10.9).
|
|
|
|
10.13
|
|
6.125% Notes due 2023 (included in Exhibit 10.10).
|
|
|
|
10.14(1)
|
|
Credit Agreement, dated May 12, 2015 by and among The Chemours Company, certain Guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.14 to the Company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.14(2)
|
|
Amendment No. 1 to the Credit Agreement among The Chemours Company, the lenders and issuing banks thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on September 28, 2015).
|
|
|
|
10.14(3)
|
|
Amendment No. 2 to the Credit Agreement dated February 19, 2016 by and among The Chemours Company, the lenders and issuing banks thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Item 10.1 to the Company’s Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on February 23, 2016).
|
|
|
|
10.15
|
|
Registration Rights Agreement, dated May 12, 2015, by and among The Chemours Company, certain Guarantors party thereto and Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives of the Dollar purchases and Credit Suisse Securities (USA) LLC and J.P Morgan Securities plc, as representatives of the Euro Purchasers (incorporated by reference to Exhibit 10.15 to the company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.16*
|
|
The Chemours Company Equity and Incentive Plan (incorporated by reference to Exhibit 4.1 to the Company's Form S-8 (File No. 333-205391, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.17*
|
|
The Chemours Company Retirement Savings Restoration Plan (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.18*
|
|
The Chemours Company Management Deferred Compensation Plan (incorporated by reference to Exhibit 4.1 to the Company's Form S-8 (File No. 333-205393), as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.19*
|
|
The Chemours Company Stock Accumulation and Deferred Compensation Plan for Directors (incorporated by reference to Exhibit 4.1 to the Company's Form S-8 (File No. 333-205392), as filed with the U.S. Securities and Exchange Commission on July 1, 2015).
|
|
|
|
10.20*
|
|
The Chemours Company Senior Executive Severance Plan (incorporated by reference to Exhibit 10.20 to the company’s Amendment No. 3 to Form 10, as filed with the U.S. Securities and Exchange Commission on May 13, 2015).
|
|
|
|
10.21*
|
|
Form of Option Award Terms under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.21 to the company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015).
|
|
|
|
10.22*
|
|
Form of Restricted Stock Unit Terms under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.22 to the company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015).
|
|
|
|
10.23*
|
|
Form of Stock Appreciation Right Terms under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.23 to the company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015).
|
|
|
|
10.24*
|
|
Form of Restricted Stock Unit Terms for Non-Employee Directors under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.24 to the company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015).
|
|
|
|
10.25*
|
|
Form of Performance-Based Restricted Stock Unit Terms for August 2015 (incorporated by reference to Exhibit 10.25 to the company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015).
|
|
|
|
10.26*
|
|
Form of Performance Share Unit Award Terms under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.26 to the company’s Annual Report on Form 10-K for the year ended December 31, 2015).
|
|
|
|
10.27*
|
|
Form of Cash Performance Award Terms under the Company’s Equity Incentive Plan (incorporated by reference to Exhibit 10.27 to the company’s Annual Report on Form 10-K for the year ended December 31, 2015).
|
|
|
|
10.28*
|
|
Form of Indemnification Agreement for officers and directors (incorporated by reference to Exhibit 10.28 to the company’s Annual Report on Form 10-K for the year ended December 31, 2015).
|
|
|
|
10.29*
|
|
Termination Agreement dated July 21, 2016 between Chemours International Operations Sarl and Thierry Vanlancker (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on July 22, 2016).
|
|
|
|
10.30
|
|
Letter Agreement dated January 28, 2016 by and between The Chemours Company and E. I. du Pont de Nemours and Company (incorporated by reference to Item 10.2 to the Company’s Current Report on Form 8-K, as filed with the U.S. Securities and Exchange Commission on February 23, 2016).
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Executive Officer.
|
|
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Financial Officer.
|
|
|
|
32.1
|
|
Section 1350 Certification of the company’s Principal Executive Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended.
|
|
|
|
32.2
|
|
Section 1350 Certification of the company’s Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended.
|
|
|
|
95
|
|
Mine Safety Disclosures
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Chemours Chart |
1 Month Chemours Chart |
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