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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 September 30, 2024

OR

 

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

 

Commission File Number 001-36794

img172688883_0.jpg

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 149,410,506 shares of common stock, $0.01 par value, outstanding at October 30, 2024.

 

 

 


 

The Chemours Company

 

 

TABLE OF CONTENTS

 

 

 

Page

Part I

Financial Information

 

Item 1.

Interim Consolidated Financial Statements

2

 

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

57

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

83

Item 4.

Controls and Procedures

84

 

 

 

Part II

Other Information

 

Item 1.

Legal Proceedings

88

Item 1A.

Risk Factors

89

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

92

Item 3.

Defaults Upon Senior Securities

92

Item 4.

Mine Safety Disclosures

92

Item 5.

Other Information

92

Item 6.

Exhibits

93

Signature

 

94

 

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 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