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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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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)
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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:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Exchange on Which Registered |
Common Stock ($0.01 par value) |
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CC |
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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.
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Large Accelerated Filer ☒ |
Accelerated Filer ☐ |
Non-Accelerated Filer ☐ |
Smaller reporting company ☐ |
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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 149,410,506 shares of common stock, $0.01 par value, outstanding at October 30, 2024.
The Chemours Company
PART I. FINANCIAL INFORMATION
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Item 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS |
The Chemours Company
Interim Consolidated Statements of Operations (Unaudited)
(Dollars in millions, except per share amounts)
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|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
1,501 |
|
|
$ |
1,487 |
|
|
$ |
4,388 |
|
|
$ |
4,666 |
|
Cost of goods sold |
|
|
1,215 |
|
|
|
1,214 |
|
|
|
3,510 |
|
|
|
3,615 |
|
Gross profit |
|
|
286 |
|
|
|
273 |
|
|
|
878 |
|
|
|
1,051 |
|
Selling, general, and administrative expense |
|
|
135 |
|
|
|
165 |
|
|
|
416 |
|
|
|
1,067 |
|
Research and development expense |
|
|
29 |
|
|
|
28 |
|
|
|
83 |
|
|
|
82 |
|
Restructuring, asset-related, and other charges |
|
|
45 |
|
|
|
126 |
|
|
|
52 |
|
|
|
141 |
|
Goodwill impairment charge |
|
|
56 |
|
|
|
— |
|
|
|
56 |
|
|
|
— |
|
Total other operating expenses |
|
|
265 |
|
|
|
319 |
|
|
|
607 |
|
|
|
1,290 |
|
Equity in earnings of affiliates |
|
|
11 |
|
|
|
13 |
|
|
|
34 |
|
|
|
38 |
|
Interest expense, net |
|
|
(69 |
) |
|
|
(55 |
) |
|
|
(197 |
) |
|
|
(145 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Other income, net |
|
|
7 |
|
|
|
102 |
|
|
|
10 |
|
|
|
100 |
|
(Loss) income before income taxes |
|
|
(30 |
) |
|
|
13 |
|
|
|
118 |
|
|
|
(247 |
) |
(Benefit from) provision for income taxes |
|
|
(3 |
) |
|
|
1 |
|
|
|
24 |
|
|
|
(28 |
) |
Net (loss) income |
|
|
(27 |
) |
|
|
12 |
|
|
|
94 |
|
|
|
(219 |
) |
Less: Net income attributable to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Net (loss) income attributable to Chemours |
|
$ |
(27 |
) |
|
$ |
12 |
|
|
$ |
94 |
|
|
$ |
(220 |
) |
Per share data |
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share of common stock |
|
$ |
(0.18 |
) |
|
$ |
0.08 |
|
|
$ |
0.63 |
|
|
$ |
(1.47 |
) |
Diluted (loss) earnings per share of common stock |
|
|
(0.18 |
) |
|
|
0.08 |
|
|
|
0.63 |
|
|
|
(1.47 |
) |
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 September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
Pre-tax |
|
|
Tax |
|
|
After-tax |
|
|
Pre-tax |
|
|
Tax |
|
|
After-tax |
|
Net income (loss) |
|
|
|
|
|
|
|
$ |
(27 |
) |
|
|
|
|
|
|
|
$ |
12 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on net investment hedge |
|
$ |
(38 |
) |
|
$ |
9 |
|
|
|
(29 |
) |
|
$ |
35 |
|
|
$ |
(8 |
) |
|
|
27 |
|
Unrealized (loss) gain on cash flow hedge |
|
|
(12 |
) |
|
|
3 |
|
|
|
(9 |
) |
|
|
7 |
|
|
|
(1 |
) |
|
|
6 |
|
Reclassifications to net income - cash flow hedge |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Hedging activities, net |
|
|
(51 |
) |
|
|
12 |
|
|
|
(39 |
) |
|
|
43 |
|
|
|
(9 |
) |
|
|
34 |
|
Cumulative translation adjustment |
|
|
36 |
|
|
|
— |
|
|
|
36 |
|
|
|
(80 |
) |
|
|
— |
|
|
|
(80 |
) |
Defined benefit plans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(2 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Curtailment gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
(1 |
) |
|
|
9 |
|
Effect of foreign exchange rates |
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
Reclassifications to net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of actuarial loss |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
2 |
|
Amortization of prior service gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Settlement gain |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Defined benefit plans, net |
|
$ |
(4 |
) |
|
$ |
1 |
|
|
|
(3 |
) |
|
$ |
15 |
|
|
$ |
(2 |
) |
|
|
13 |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
(33 |
) |
Comprehensive loss |
|
|
|
|
|
|
|
|
(33 |
) |
|
|
|
|
|
|
|
|
(21 |
) |
Comprehensive loss attributable to Chemours |
|
|
|
|
|
|
|
$ |
(33 |
) |
|
|
|
|
|
|
|
$ |
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
Pre-tax |
|
|
Tax |
|
|
After-tax |
|
|
Pre-tax |
|
|
Tax |
|
|
After-tax |
|
Net income (loss) |
|
|
|
|
|
|
|
$ |
94 |
|
|
|
|
|
|
|
|
$ |
(219 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on net investment hedge |
|
$ |
(11 |
) |
|
$ |
3 |
|
|
|
(8 |
) |
|
$ |
13 |
|
|
$ |
(3 |
) |
|
|
10 |
|
Unrealized gain on cash flow hedge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
(1 |
) |
|
|
4 |
|
Reclassifications to net income - cash flow hedge |
|
|
(3 |
) |
|
|
1 |
|
|
|
(2 |
) |
|
|
(9 |
) |
|
|
1 |
|
|
|
(8 |
) |
Hedging activities, net |
|
|
(14 |
) |
|
|
4 |
|
|
|
(10 |
) |
|
|
9 |
|
|
|
(3 |
) |
|
|
6 |
|
Cumulative translation adjustment |
|
|
(71 |
) |
|
|
— |
|
|
|
(71 |
) |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
Defined benefit plans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Curtailment gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
(1 |
) |
|
|
9 |
|
Effect of foreign exchange rates |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Reclassifications to net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of actuarial loss |
|
|
6 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
7 |
|
|
|
(2 |
) |
|
|
5 |
|
Amortization of prior service gain |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
Settlement gain |
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Defined benefit plans, net |
|
$ |
3 |
|
|
$ |
(1 |
) |
|
|
2 |
|
|
$ |
16 |
|
|
$ |
(3 |
) |
|
|
13 |
|
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
(79 |
) |
|
|
|
|
|
|
|
|
28 |
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
(191 |
) |
Less: Comprehensive income attributable to non-controlling interests |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
1 |
|
Comprehensive income (loss) attributable to Chemours |
|
|
|
|
|
|
|
$ |
15 |
|
|
|
|
|
|
|
|
$ |
(192 |
) |
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)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
596 |
|
|
$ |
1,203 |
|
Restricted cash and restricted cash equivalents |
|
|
20 |
|
|
|
604 |
|
Accounts and notes receivable, net |
|
|
951 |
|
|
|
610 |
|
Inventories |
|
|
1,438 |
|
|
|
1,352 |
|
Prepaid expenses and other |
|
|
75 |
|
|
|
66 |
|
Total current assets |
|
|
3,080 |
|
|
|
3,835 |
|
Property, plant, and equipment |
|
|
9,545 |
|
|
|
9,412 |
|
Less: Accumulated depreciation |
|
|
(6,372 |
) |
|
|
(6,196 |
) |
Property, plant, and equipment, net |
|
|
3,173 |
|
|
|
3,216 |
|
Operating lease right-of-use assets |
|
|
254 |
|
|
|
260 |
|
Goodwill |
|
|
46 |
|
|
|
102 |
|
Other intangible assets, net |
|
|
3 |
|
|
|
3 |
|
Investments in affiliates |
|
|
190 |
|
|
|
158 |
|
Restricted cash and restricted cash equivalents |
|
|
50 |
|
|
|
— |
|
Other assets |
|
|
667 |
|
|
|
677 |
|
Total assets |
|
$ |
7,463 |
|
|
$ |
8,251 |
|
Liabilities |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,069 |
|
|
$ |
1,159 |
|
Compensation and other employee-related cost |
|
|
89 |
|
|
|
89 |
|
Short-term and current maturities of long-term debt |
|
|
53 |
|
|
|
51 |
|
Current environmental remediation |
|
|
119 |
|
|
|
129 |
|
Other accrued liabilities |
|
|
447 |
|
|
|
1,058 |
|
Total current liabilities |
|
|
1,777 |
|
|
|
2,486 |
|
Long-term debt, net |
|
|
3,988 |
|
|
|
3,987 |
|
Operating lease liabilities |
|
|
196 |
|
|
|
206 |
|
Long-term environmental remediation |
|
|
448 |
|
|
|
461 |
|
Deferred income taxes |
|
|
41 |
|
|
|
44 |
|
Other liabilities |
|
|
354 |
|
|
|
328 |
|