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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, 2022

OR

 

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

 

Commission File Number 001-36794

img170841841_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 150,917,704 shares of common stock, $0.01 par value, outstanding at October 20, 2022.

 

 

 


 

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

48

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

76

Item 4.

Controls and Procedures

77

 

 

 

Part II

Other Information

 

Item 1.

Legal Proceedings

78

Item 1A.

Risk Factors

79

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

Item 3.

Defaults Upon Senior Securities

80

Item 4.

Mine Safety Disclosures

80

Item 5.

Other Information

80

Item 6.

Exhibits

81

Signature

 

82

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

1,777

 

 

$

1,680

 

 

$

5,456

 

 

$

4,770

 

Cost of goods sold

 

 

1,345

 

 

 

1,253

 

 

 

4,042

 

 

 

3,782

 

Gross profit

 

 

432

 

 

 

427

 

 

 

1,414

 

 

 

988

 

Selling, general, and administrative expense

 

 

140

 

 

 

124

 

 

 

535

 

 

 

433

 

Research and development expense

 

 

32

 

 

 

27

 

 

 

88

 

 

 

78

 

Restructuring, asset-related, and other charges

 

 

(1

)

 

 

3

 

 

 

10

 

 

 

4

 

Total other operating expenses

 

 

171

 

 

 

154

 

 

 

633

 

 

 

515

 

Equity in earnings of affiliates

 

 

16

 

 

 

12

 

 

 

44

 

 

 

32

 

Interest expense, net

 

 

(41

)

 

 

(45

)

 

 

(123

)

 

 

(142

)

Gain (loss) on extinguishment of debt

 

 

7

 

 

 

(20

)

 

 

7

 

 

 

(20

)

Other income, net

 

 

56

 

 

 

11

 

 

 

101

 

 

 

31

 

Income before income taxes

 

 

299

 

 

 

231

 

 

 

810

 

 

 

374

 

Provision for (benefit from) income taxes

 

 

59

 

 

 

17

 

 

 

135

 

 

 

(1

)

Net income

 

 

240

 

 

 

214

 

 

 

675

 

 

 

375

 

Net income attributable to Chemours

 

$

240

 

 

$

214

 

 

$

675

 

 

$

375

 

Per share data

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

1.54

 

 

$

1.30

 

 

$

4.30

 

 

$

2.26

 

Diluted earnings per share of common stock

 

 

1.52

 

 

 

1.27

 

 

 

4.21

 

 

 

2.21

 

 

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,

 

 

 

2022

 

 

2021

 

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

Net income

 

 

 

 

 

 

 

$

240

 

 

 

 

 

 

 

 

$

214

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedging activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on net investment hedge

 

$

81

 

 

$

(19

)

 

 

62

 

 

$

21

 

 

$

(6

)

 

 

15

 

Unrealized gain on cash flow hedge

 

 

20

 

 

 

(3

)

 

 

17

 

 

 

2

 

 

 

 

 

 

2

 

Reclassifications to net income - cash flow hedge

 

 

(7

)

 

 

2

 

 

 

(5

)

 

 

1

 

 

 

 

 

 

1

 

Hedging activities, net

 

 

94

 

 

 

(20

)

 

 

74

 

 

 

24

 

 

 

(6

)

 

 

18

 

Cumulative translation adjustment

 

 

(140

)

 

 

 

 

 

(140

)

 

 

(36

)

 

 

 

 

 

(36

)

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates

 

 

9

 

 

 

 

 

 

9

 

 

 

2

 

 

 

 

 

 

2

 

Reclassifications to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

 

 

2

 

 

 

 

 

 

2

 

 

 

2

 

 

 

 

 

 

2

 

Amortization of prior service gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plans, net

 

$

11

 

 

$

 

 

 

11

 

 

$

4

 

 

$

 

 

 

4

 

Other comprehensive loss

 

 

 

 

 

 

 

 

(55

)

 

 

 

 

 

 

 

 

(14

)

Comprehensive income

 

 

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

200

 

Comprehensive income attributable to Chemours

 

 

 

 

 

 

 

$

185

 

 

 

 

 

 

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

Net income

 

 

 

 

 

 

 

$

675

 

 

 

 

 

 

 

 

$

375

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedging activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on net investment hedge

 

$

139

 

 

$

(33

)

 

 

106

 

 

$

45

 

 

$

(11

)

 

 

34

 

Unrealized gain on cash flow hedge

 

 

38

 

 

 

(6

)

 

 

32

 

 

 

5

 

 

 

(1

)

 

 

4

 

Reclassifications to net income - cash flow hedge

 

 

(13

)

 

 

3

 

 

 

(10

)

 

 

5

 

 

 

(1

)

 

 

4

 

Hedging activities, net

 

 

164

 

 

 

(36

)

 

 

128

 

 

 

55

 

 

 

(13

)

 

 

42

 

Cumulative translation adjustment

 

 

(216

)

 

 

 

 

 

(216

)

 

 

(71

)

 

 

 

 

 

(71

)

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates

 

 

16

 

 

 

 

 

 

16

 

 

 

4

 

 

 

 

 

 

4

 

Reclassifications to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

 

 

6

 

 

 

(2

)

 

 

4

 

 

 

6

 

 

 

(1

)

 

 

5

 

Amortization of prior service gain

 

 

(1

)

 

 

 

 

 

(1

)

 

 

(2

)

 

 

 

 

 

(2

)

Defined benefit plans, net

 

$

21

 

 

$

(2

)

 

 

19

 

 

$

8

 

 

$

(1

)

 

 

7

 

Other comprehensive loss

 

 

 

 

 

 

 

 

(69

)

 

 

 

 

 

 

 

 

(22

)

Comprehensive income

 

 

 

 

 

 

 

 

606

 

 

 

 

 

 

 

 

 

353

 

Comprehensive income attributable to Chemours

 

 

 

 

 

 

 

$

606

 

 

 

 

 

 

 

 

$

353

 

 

 

 

 

 

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, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,167

 

 

$

1,451

 

Accounts and notes receivable, net

 

 

980

 

 

 

720

 

Inventories

 

 

1,321

 

 

 

1,099

 

Prepaid expenses and other

 

 

75