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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, 2021

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 165,526,315 shares of common stock, $0.01 par value, outstanding at April 28, 2021.

 

 

 

 


 

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

65

Item 4.

Controls and Procedures

66

 

 

 

Part II

Other Information

 

Item 1.

Legal Proceedings

67

Item 1A.

Risk Factors

68

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 3.

Defaults Upon Senior Securities

69

Item 4.

Mine Safety Disclosures

69

Item 5.

Other Information

69

Item 6.

Exhibits

70

 

Signature

 

 

71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

Net sales

 

$

1,436

 

 

$

1,305

 

Cost of goods sold

 

 

1,139

 

 

 

1,007

 

Gross profit

 

 

297

 

 

 

298

 

Selling, general, and administrative expense

 

 

139

 

 

 

125

 

Research and development expense

 

 

24

 

 

 

24

 

Restructuring, asset-related, and other charges

 

 

(5

)

 

 

11

 

Total other operating expenses

 

 

158

 

 

 

160

 

Equity in earnings of affiliates

 

 

10

 

 

 

8

 

Interest expense, net

 

 

(49

)

 

 

(54

)

Other income (expense), net

 

 

1

 

 

 

(15

)

Income before income taxes

 

 

101

 

 

 

77

 

Provision for (benefit from) income taxes

 

 

5

 

 

 

(23

)

Net income

 

 

96

 

 

 

100

 

Net income attributable to Chemours

 

$

96

 

 

$

100

 

Per share data

 

 

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

0.58

 

 

$

0.61

 

Diluted earnings per share of common stock

 

 

0.57

 

 

 

0.61

 

 


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,

 

 

 

2021

 

 

2020

 

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

 

Pre-tax

 

 

Tax

 

 

After-tax

 

Net income

 

 

 

 

 

 

 

 

 

$

96

 

 

 

 

 

 

 

 

 

 

$

100

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedging activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on net investment hedge

 

$

37

 

 

$

(9

)

 

 

28

 

 

$

10

 

 

$

(2

)

 

 

8

 

Unrealized gain on cash flow hedge

 

 

5

 

 

 

(1

)

 

 

4

 

 

 

2

 

 

 

 

 

 

2

 

Reclassifications to net income - cash flow hedge

 

 

2

 

 

 

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

(2

)

Hedging activities, net

 

 

44

 

 

 

(10

)

 

 

34

 

 

 

10

 

 

 

(2

)

 

 

8

 

Cumulative translation adjustment

 

 

(72

)

 

 

 

 

 

(72

)

 

 

(115

)

 

 

 

 

 

(115

)

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to accumulated other

comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of foreign exchange rates

 

 

4

 

 

 

 

 

 

4

 

 

 

1

 

 

 

 

 

 

1

 

Reclassifications to net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

 

 

2

 

 

 

(1

)

 

 

1

 

 

 

3

 

 

 

 

 

 

3

 

Amortization of prior service gain

 

 

(1

)

 

 

 

 

 

(1

)

 

 

(1

)

 

 

 

 

 

(1

)

Settlement loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plans, net

 

$

5

 

 

$

(1

)

 

 

4

 

 

$

3

 

 

$

 

 

 

3

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

(34

)

 

 

 

 

 

 

 

 

 

 

(104

)

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

 

 

(4

)

Comprehensive income (loss) attributable to Chemours

 

 

 

 

 

 

 

 

 

$

62

 

 

 

 

 

 

 

 

 

 

$

(4

)

 

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, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,008

 

 

$

1,105

 

Accounts and notes receivable, net

 

 

723

 

 

 

511

 

Inventories

 

 

988

 

 

 

939

 

Prepaid expenses and other

 

 

67

 

 

 

78

 

Total current assets

 

 

2,786

 

 

 

2,633

 

Property, plant, and equipment

 

 

9,553

 

 

 

9,582

 

Less: Accumulated depreciation

 

 

(6,121

)

 

 

(6,108

)

Property, plant, and equipment, net

 

 

3,432

 

 

 

3,474

 

Operating lease right-of-use assets

 

 

228

 

 

 

236

 

Goodwill, net

 

 

152

 

 

 

153

 

Other intangible assets, net

 

 

11

 

 

 

14

 

Investments in affiliates

 

 

169

 

 

 

167

 

Other assets

 

 

392

 

 

 

405

 

Total assets

 

$

7,170

 

 

$

7,082

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

976

 

 

$

844

 

Short-term and current maturities of long-term debt

 

 

23

 

 

 

21

 

Other accrued liabilities

 

 

502

 

 

 

577

 

Total current liabilities

 

 

1,501

 

 

 

1,442

 

Long-term debt, net

 

 

3,970

 

 

 

4,005

 

Operating lease liabilities

 

 

186

 

 

 

194

 

Deferred income taxes

 

 

51

 

 

 

36

 

Other liabilities

 

 

610

 

 

 

590

 

Total liabilities

 

 

6,318

 

 

 

6,267

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

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

190,783,383 shares issued and 165,464,148 shares outstanding at

March 31, 2021; 190,239,883 shares issued and 164,920,648 shares outstanding at December 31, 2020)

 

 

2

 

 

 

2

 

Treasury stock, at cost (25,319,235 shares at March 31, 2021 and December 31, 2020)

 

 

(1,072

)

 

 

(1,072

)

Additional paid-in capital

 

 

907

 

 

 

890

 

Retained earnings

 

 

1,357

 

 

 

1,303

 

Accumulated other comprehensive loss

 

 

(344

)

 

 

(310

)

Total Chemours stockholders’ equity

 

 

850

 

 

 

813

 

Non-controlling interests

 

 

2

 

 

 

2

 

Total equity

 

 

852

 

 

 

815

 

Total liabilities and equity

 

$

7,170

 

 

$

7,082

 

 

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

 

 

Retained

 

 

Accumulated

Other Comprehensive

 

 

Non-controlling

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Interests

 

 

Total Equity

 

Balance at January 1, 2020

 

 

188,893,478

 

 

$

2

 

 

 

25,319,235

 

 

$

(1,072

)

 

$

859

 

 

$

1,249

 

 

$

(349

)

 

$

6

 

 

$

695

 

Common stock issued - compensation plans

 

 

210,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options, net

 

 

433,483

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Cancellation of unissued stock awards withheld to cover taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(2

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

100

 

Dividends declared on common shares ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

 

 

 

(41

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(104

)

 

 

 

 

 

(104

)

Balance at March 31, 2020

 

 

189,537,718

 

 

$

2

 

 

 

25,319,235

 

 

$

(1,072

)

 

$

870

 

 

$

1,308

 

 

$

(453

)

 

$

6

 

 

$

661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 


See accompanying notes to the interim consolidated financial statements.

5


 

The Chemours Company

Interim Consolidated Statements of Cash Flows (Unaudited)

(Dollars in millions)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

96

 

 

$

100

 

Adjustments to reconcile net income to cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83

 

 

 

79

 

Equity in earnings of affiliates, net

 

 

(10

)

 

 

(4

)

Amortization of debt issuance costs and issue discounts

 

 

2

 

 

 

2

 

Deferred tax benefit

 

 

(6

)

 

 

(43

)

Asset-related charges

 

 

 

 

 

1

 

Stock-based compensation expense

 

 

12

 

 

 

8

 

Net periodic pension cost

 

 

1

 

 

 

3

 

Defined benefit plan contributions

 

 

(5

)

 

 

(8

)

Other operating charges and credits, net

 

 

29

 

 

 

3

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

 

Accounts and notes receivable, net

 

 

(213

)

 

 

(11

)

Inventories and other operating assets

 

 

(31

)

 

 

(42

)

(Decrease) increase in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable and other operating liabilities

 

 

81

 

 

 

(44

)

Cash provided by operating activities

 

 

39

 

 

 

44

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(60

)

 

 

(106

)

Foreign exchange contract settlements, net

 

 

(17

)

 

 

(6

)

Cash used for investing activities

 

 

(77

)

 

 

(112

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from accounts receivable securitization facility

 

 

 

 

 

12

 

Debt repayments

 

 

(3

)

 

 

(128

)

Payments on finance leases

 

 

(2

)

 

 

(1

)

Proceeds from exercised stock options, net

 

 

6

 

 

 

5

 

Payments related to tax withholdings on vested stock awards

 

 

(2

)

 

 

(2

)

Payments of dividends to the Company's common shareholders

 

 

(41

)

 

 

(41

)

Cash used for financing activities

 

 

(42

)

 

 

(155

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(17

)

 

 

(6

)

Decrease in cash and cash equivalents

 

 

(97

)

 

 

(229

)

Cash and cash equivalents at January 1,

 

 

1,105

 

 

 

943

 

Cash and cash equivalents at March 31,

 

$

1,008

 

 

$

714

 

 

 

 

 

 

 

 

 

 

Supplemental cash flows information

 

 

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment included in accounts payable

 

$

44

 

 

$

37

 

 

 

 

See accompanying notes to the interim consolidated financial statements.

6


The Chemours Company

Notes to the Interim Consolidated Financial Statements (Unaudited)

(Dollars in millions, except per share amounts)

 

Note 1. Background, Description of the Business, and Basis of Presentation

 

The Chemours Company (“Chemours”, or the “Company”) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. The Company delivers customized solutions with a wide range of industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, mining, and oil and gas. The Company’s principal products include titanium dioxide (“TiO2”) pigment, refrigerants, industrial fluoropolymer resins, sodium cyanide, and performance chemicals and intermediates. Chemours manages and reports its operating results through four reportable segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The Titanium Technologies segment is a leading, global provider of TiO2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, and protections in a variety of applications. The Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, propellants, blowing agents, and specialty solvents. The Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials. The Chemical Solutions segment is a leading, North American provider of industrial chemicals used in gold production, industrial, and consumer applications.

 

Chemours separated from E. I. du Pont de Nemours and Company (“EID”) on July 1, 2015 (the “Separation”). On August 31, 2017, EID completed a merger with The Dow Chemical Company (“Dow”). Following their merger, EID and Dow engaged in a series of reorganization steps and, in 2019, separated into three publicly-traded companies named Dow Inc., DuPont de Nemours, Inc. (“DuPont”), and Corteva, Inc. (“Corteva”).

 

Unless the context otherwise requires, references herein to “The Chemours Company”, “Chemours”, “the Company”, “our Company”, “we”, “us”, and “our” refer to The Chemours Company and its consolidated subsidiaries. References to “EID” refer to E. I. du Pont de Nemours and Company, which is now a subsidiary of Corteva.

 

The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair statement of the Company’s results for interim periods have been included. The notes that follow are an integral part of the Company’s interim consolidated financial statements. The Company’s results for interim periods should not be considered indicative of its results for a full year, and the year-end consolidated balance sheet does not include all of the disclosures required by GAAP. As such, these interim consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material to the Company’s interim consolidated financial statements.

 

Change in Segment Reporting

 

During the fourth quarter of 2020, the Company changed the level of detail at which its Chief Executive Officer (“CEO”) and Chief Operating Officer (“COO”) (together, the Chief Operating Decision Maker, or “CODM”) regularly review and manage certain of its businesses, resulting in the bifurcation of its former Fluoroproducts segment into two standalone reportable segments: Thermal & Specialized Solutions (formerly Fluorochemicals) and Advanced Performance Materials (formerly Fluoropolymers). The Company now manages and reports its operating results through four reportable segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. This change allows Chemours to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future secular growth drivers of each business, while providing increased transparency to the Company’s shareholders. The historical segment information has been recast to conform to the current segment structure.

 

 

7


The Chemours Company

Notes to the Interim Consolidated Financial Statements (Unaudited)

(Dollars in millions, except per share amounts)

 

 

Considerations related to the current novel coronavirus disease (“COVID-19”)

 

In December 2019, an outbreak of illness caused by COVID-19 was identified in Wuhan, China, and the virus has since continued to spread globally. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. Since the initial stages of the pandemic, certain economies in regions throughout the world have started to reopen; however, certain of these regions have also seen further spread and even resurgences in the number of positively identified infections. Particularly in the Americas and Europe, infections have continued to spread, including more contagious variants of the COVID-19 virus, leading to health-related concerns in regions where the Company has several key manufacturing facilities. In an attempt to minimize the transmission of COVID-19, significant social and economic restrictions have been imposed throughout the U.S. and abroad, including travel bans, quarantines, restrictions on public gatherings, shelter-in-place orders, and/or safer-at-home orders. These restrictions, while necessary and important for public health, have negative business-related implications for the Company and the U.S. and global economies. In consideration of the Company’s global customer base, the rates at which economies across the globe recover or worsen may drive varying levels of end-market demand for the various performance chemicals provided by the Company’s four segments. In turn, the magnitude and duration of the COVID-19 pandemic and the related global rollout of COVID-19 vaccines create significant uncertainties for the Company’s customer demand and financial results.

 

In response to the macroeconomic uncertainties driven by COVID-19, beginning in the second quarter of 2020, management decided to take certain precautionary measures. In 2020, management also elected to accept tax relief provided by various taxing jurisdictions, resulting in the deferral of approximately $80 in tax payments, of which approximately $35 was paid in the fourth quarter of 2020, the remainder of which will be paid in 2021. Management continues to expect that cash generated from operations, available cash, receivables securitization, and existing debt financing arrangements will provide the Company with sufficient liquidity through at least May 2022.

 

In the preparation of these financial statements and related disclosures, management has assessed the impact of COVID-19 on its results, estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As the COVID-19 situation is unprecedented and ever evolving, future events and effects related to the illness cannot be determined with precision, and actual results could significantly differ from estimates or forecasts.

 

 

Note 2. Recent Accounting Pronouncements

 

Accounting Guidance Issued and Not Yet Adopted

 

Facilitation of the Effects of Reference Rate Reform on Financial Reporting

 

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). The amendments in this update provide optional guidance for a limited period of time to ease the potential burden associated with accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU No. 2020-04 is effective March 12, 2020 through December 31, 2022. The Company is currently evaluating the impacts this standard will have on its accounting for contracts and hedging relationships.

 

Recently Adopted Accounting Guidance

 

Simplifying the Accounting for Income Taxes

 

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”). The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as improve consistency of application by clarifying and amending existing guidance. The Company adopted ASU No. 2019-12 on January 1, 2021, the effect of which was not material on its financial position, results of operations, and cash flows.

 

 

8


The Chemours Company

Notes to the Interim Consolidated Financial Statements (Unaudited)

(Dollars in millions, except per share amounts)

 

Note 3. Net Sales                                   

 

Disaggregation of Net Sales

 

The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the three months ended March 31, 2021 and 2020.

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net sales by geographic region (1)

 

 

 

 

 

 

 

 

North America:

 

 

 

 

 

 

 

 

Titanium Technologies

 

$

206

 

 

$

193

 

Thermal & Specialized Solutions

 

 

147

 

 

 

146

 

Advanced Performance Materials

 

 

111

 

 

 

118

 

Chemical Solutions

 

 

33

 

 

 

54

 

Total North America

 

 

497

 

 

 

511

 

Asia Pacific:

 

 

 

 

 

 

 

 

Titanium Technologies

 

 

246

 

 

 

193

 

Thermal & Specialized Solutions

 

 

37

 

 

 

29

 

Advanced Performance Materials

 

 

139

 

 

 

104

 

Chemical Solutions

 

 

6

 

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