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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-36794

The Chemours Company

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

46-4845564

(State or other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1007 Market Street, Wilmington, Delaware 19801

(Address of Principal Executive Offices)

(302) 773-1000

(Registrant’s Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Exchange on Which Registered

Common Stock ($0.01 par value)

 

CC

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The registrant had 155,468,852 shares of common stock, $0.01 par value, outstanding at April 27, 2022.

 

 

 

 


 

The Chemours Company

TABLE OF CONTENTS

 

 

 

Page

Part I

Financial Information

 

Item 1.

Interim Consolidated Financial Statements

 

 

Interim Consolidated Statements of Operations (Unaudited)

2

 

Interim Consolidated Statements of Comprehensive Income (Unaudited)

3

 

Interim Consolidated Balance Sheets (Unaudited)

4

 

Interim Consolidated Statements of Stockholders’ Equity (Unaudited)

5

 

Interim Consolidated Statements of Cash Flows (Unaudited)

6

 

Notes to the Interim Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

66

Item 4.

Controls and Procedures

67

 

 

 

Part II

Other Information

 

Item 1.

Legal Proceedings

68

Item 1A.

Risk Factors

70

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

 

Signature

 

 

72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1


 

PART I. FINANCIAL INFORMATION

Item 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The Chemours Company

Interim Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net sales

 

$

1,764

 

 

$

1,436

 

Cost of goods sold

 

 

1,278

 

 

 

1,139

 

Gross profit

 

 

486

 

 

 

297

 

Selling, general, and administrative expense

 

 

141

 

 

 

139

 

Research and development expense

 

 

30

 

 

 

24

 

Restructuring, asset-related, and other charges

 

 

11

 

 

 

(5

)

Total other operating expenses

 

 

182

 

 

 

158

 

Equity in earnings of affiliates

 

 

11

 

 

 

10

 

Interest expense, net

 

 

(41

)

 

 

(49

)

Other income, net

 

 

6

 

 

 

1

 

Income before income taxes

 

 

280

 

 

 

101

 

Provision for income taxes

 

 

46

 

 

 

5

 

Net income

 

 

234

 

 

 

96

 

Net income attributable to Chemours

 

$

234

 

 

$

96

 

Per share data

 

 

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

1.46

 

 

$

0.58

 

Diluted earnings per share of common stock

 

 

1.43

 

 

 

0.57

 

 

 


See accompanying notes to the interim consolidated financial statements.

2


 

 

The Chemours Company

Interim Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in millions)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

Net income

 

 

 

 

 

 

 

 

 

$

234

 

 

 

 

 

 

 

 

 

 

$

96

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedging activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on net investment hedge

 

$

26

 

 

$

(6

)

 

 

20

 

 

$

37

 

 

$

(9

)

 

 

28

 

Unrealized gain on cash flow hedge

 

 

10

 

 

 

(2

)

 

 

8

 

 

 

5

 

 

 

(1

)

 

 

4

 

Reclassifications to net income - cash flow hedge

 

 

(2

)

 

 

 

 

 

(2

)

 

 

2

 

 

 

 

 

 

2

 

Hedging activities, net

 

 

34

 

 

 

(8

)

 

 

26

 

 

 

44

 

 

 

(10

)

 

 

34

 

Cumulative translation adjustment

 

 

(5

)

 

 

 

 

 

(5

)

 

 

(72

)

 

 

 

 

 

(72

)

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates

 

 

3

 

 

 

 

 

 

3

 

 

 

4

 

 

 

 

 

 

4

 

Reclassifications to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

 

 

2

 

 

 

(1

)

 

 

1

 

 

 

2

 

 

 

(1

)

 

 

1

 

Amortization of prior service gain

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Defined benefit plans, net

 

$

5

 

 

$

(1

)

 

 

4

 

 

$

5

 

 

$

(1

)

 

 

4

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

(34

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

259

 

 

 

 

 

 

 

 

 

 

 

62

 

Comprehensive income attributable to Chemours

 

 

 

 

 

 

 

 

 

$

259

 

 

 

 

 

 

 

 

 

 

$

62

 

 


See accompanying notes to the interim consolidated financial statements.

3


 

The Chemours Company

Interim Consolidated Balance Sheets (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,145

 

 

$

1,451

 

Accounts and notes receivable, net

 

 

1,014

 

 

 

720

 

Inventories

 

 

1,166

 

 

 

1,099

 

Prepaid expenses and other

 

 

68

 

 

 

75

 

Total current assets

 

 

3,393

 

 

 

3,345

 

Property, plant, and equipment

 

 

9,254

 

 

 

9,232

 

Less: Accumulated depreciation

 

 

(6,123

)

 

 

(6,078

)

Property, plant, and equipment, net

 

 

3,131

 

 

 

3,154

 

Operating lease right-of-use assets

 

 

225

 

 

 

227

 

Goodwill

 

 

102

 

 

 

102

 

Other intangible assets, net

 

 

5

 

 

 

6

 

Investments in affiliates

 

 

170

 

 

 

169

 

Restricted cash and restricted cash equivalents

 

 

100

 

 

 

100

 

Other assets

 

 

398

 

 

 

447

 

Total assets

 

$

7,524

 

 

$

7,550

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,168

 

 

$

1,162

 

Compensation and other employee-related cost

 

 

99

 

 

 

173

 

Short-term and current maturities of long-term debt

 

 

24

 

 

 

25

 

Current environmental remediation

 

 

182

 

 

 

173

 

Other accrued liabilities

 

 

302

 

 

 

325

 

Total current liabilities

 

 

1,775

 

 

 

1,858

 

Long-term debt, net

 

 

3,692

 

 

 

3,724

 

Operating lease liabilities

 

 

185

 

 

 

179

 

Long-term environmental remediation

 

 

384

 

 

 

389

 

Deferred income taxes

 

 

52

 

 

 

49

 

Other liabilities

 

 

269

 

 

 

269

 

Total liabilities

 

 

6,357

 

 

 

6,468

 

Commitments and contingent liabilities (Note 16)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock (par value $0.01 per share; 810,000,000 shares authorized;

192,509,285 shares issued and 156,843,892 shares outstanding at March 31, 2022;

191,860,159 shares issued and 161,046,732 shares outstanding at

December 31, 2021)

 

 

2

 

 

 

2

 

Treasury stock, at cost (35,665,393 shares at March 31, 2022; 30,813,427 shares at December 31, 2021)

 

 

(1,393

)

 

 

(1,247

)

Additional paid-in capital

 

 

956

 

 

 

944

 

Retained earnings

 

 

1,940

 

 

 

1,746

 

Accumulated other comprehensive loss

 

 

(339

)

 

 

(364

)

Total Chemours stockholders’ equity

 

 

1,166

 

 

 

1,081

 

Non-controlling interests

 

 

1

 

 

 

1

 

Total equity

 

 

1,167

 

 

 

1,082

 

Total liabilities and equity

 

$

7,524

 

 

$

7,550

 


See accompanying notes to the interim consolidated financial statements.

4


 

The Chemours Company

Interim Consolidated Statements of Stockholders’ Equity (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Accumulated

Other Comprehensive

 

 

Non-controlling

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Interests

 

 

Total Equity

 

Balance at January 1, 2021

 

 

190,239,883

 

 

$

2

 

 

 

25,319,235

 

 

$

(1,072

)

 

$

890

 

 

$

1,303

 

 

$

(310

)

 

$

2

 

 

$

815

 

Common stock issued -

compensation plans

 

 

146,172

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Exercise of stock options, net

 

 

397,328

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Cancellation of unissued stock awards withheld to cover taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(2

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

 

 

 

 

 

 

96

 

Dividends declared on common shares ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

 

 

 

(41

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

 

 

 

(34

)

Balance at March 31, 2021

 

 

190,783,383

 

 

$

2

 

 

 

25,319,235

 

 

$

(1,072

)

 

$

907

 

 

$

1,357

 

 

$

(344

)

 

$

2

 

 

$

852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

191,860,159

 

 

$

2

 

 

 

30,813,427

 

 

$

(1,247

)

 

$

944

 

 

$

1,746

 

 

$

(364

)

 

$

1

 

 

$

1,082

 

Common stock issued -

compensation plans

 

 

296,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options, net

 

 

352,742

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Purchases of treasury stock, at cost

 

 

 

 

 

 

 

 

4,851,966

 

 

 

(146

)