Chemours Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Chemours Co. has filed its 2023 10-K report detailing financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

Chemours Co (CC) filed a Annual Report (10-K) with the SEC on March 27, 2024. Chemours Co. filed its 2023 Form 10-K on March 27, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data and operational details are provided. The company is incorporated in Delaware. The filing includes information on various business segments and financial instruments.

Why It Matters

For investors and stakeholders tracking Chemours Co, this filing contains several important signals. This 10-K provides a comprehensive overview of Chemours' financial health, strategic initiatives, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's revenue streams, debt obligations, and any potential liabilities, particularly concerning environmental matters.

Risk Assessment

Risk Level: medium — Chemours Co shows moderate risk based on this filing. The company faces significant risks related to environmental liabilities and potential litigation, as indicated by the mention of 'AccruedEnvironmentalLossContingenciesCurrent' and 'AccruedEnvironmentalLossContingenciesNoncurrent'.

Analyst Insight

Investors should closely examine the 'Risk Factors' section of the 10-K for detailed information on environmental, legal, and operational risks that could impact Chemours' financial performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-27 — Filing Date (Date of submission)
• 1007 MARKET STREET — Business Address (Company headquarters)
• 19801 — ZIP Code (Business address)
• 302 773 1000 — Business Phone (Contact number)
• 2800 — SIC Code (Chemicals & Allied Products)
• 464845564 — IRS Number (Tax identification)
• 206 — Public Document Count (Total documents in filing)

Key Players & Entities

• Chemours Co. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240327 (date) — Filing date
• DE (location) — State of incorporation
• 001-36794 (other) — SEC file number
• cc:OnSiteSurfaceWaterAndGroundwaterRemediationMember (other) — Environmental remediation context
• cc:TitaniumTechnologiesTransformationPlanMember (other) — Business transformation context
• cc:WashingtonWorksWestVirginiaMember (location) — Specific facility location

FAQ

Risk Factors

• Environmental Liabilities [high — regulatory]: The company has accrued significant liabilities for environmental remediation, including on-site surface water and groundwater remediation, indicating potential future costs and regulatory scrutiny.
• Debt Obligations [medium — financial]: The filing references various debt instruments, including current and noncurrent debt, suggesting a need to monitor the company's leverage and ability to service its debt.
• Business Segment Performance [medium — operational]: Information related to specific business segments like Titanium Technologies and Thermal & Specialized Solutions suggests that performance in these areas is critical to overall company results.
• Contingencies and Litigation [high — legal]: The mention of 'CompensatoryAndPunitiveDamagesM' points to potential legal risks and the possibility of significant financial impact from damages.

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock ($0.01 par value) CC New York Stock Exchan
• $75 m — transformation plan are projected to be $75 million, approximately $25 million of whi
• $25 million — jected to be $75 million, approximately $25 million of which was spent during 2023, inclusi
• $50 million — rmation Plan, we achieved approximately $50 million in cost savings. We believe that our on

Filing Documents

• cc-20231231.htm (10-K) — 8487KB
• cc-ex10_41.htm (EX-10.41) — 25KB
• cc-ex10_43.htm (EX-10.43) — 133KB
• cc-ex21.htm (EX-21) — 56KB
• cc-ex22.htm (EX-22) — 8KB
• cc-ex23.htm (EX-23) — 3KB
• cc-ex31_1.htm (EX-31.1) — 14KB
• cc-ex31_2.htm (EX-31.2) — 15KB
• cc-ex32_1.htm (EX-32.1) — 6KB
• cc-ex32_2.htm (EX-32.2) — 6KB
• cc-ex95.htm (EX-95) — 41KB
• cc-ex97.htm (EX-97) — 30KB
• img171788427_0.jpg (GRAPHIC) — 17KB
• img171788427_1.jpg (GRAPHIC) — 44KB
• img171788427_2.jpg (GRAPHIC) — 46KB
• 0000950170-24-037171.txt (&nbsp;) — 52075KB
• cc-20231231.xsd (EX-101.SCH) — 4317KB
• cc-20231231_htm.xml (XML) — 16314KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 Information About Our Executive Officers 40 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 43 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 79 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 Part III Item 10. Directors, Executive Officers, and Corporate Governance 80 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accounting Fees and Services 80 Part IV Item 15. Exhibits and Financial Statement Schedules 81 Item 16. Form 10-K Summary 81

Signatures

Signatures 85 1 Explanatory Note As previously disclosed in the Company's Form 12b-25 filed with the U.S. Securities & Exchange Commission (the "SEC") on February 29, 2024, the Company was not able to timely file its Annual Report on Form 10-K because the Audit Committee of the board of directors (the "Audit Committee") was conducting an internal review related to an anonymous report made to the Chemours Ethics Hotline (the "Audit Committee Internal Review"). The Audit Committee completed its planned procedures with respect to its review. The results of the internal review are disclosed in Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations and "Note 2 – Basis of Presentation" to the Consolidated Financial Statements in this Annual Report on Form 10-K. Additionally, the Company has also determined that its internal control over financial reporting was not effective as of December 31, 2023 as a result of the material weaknesses disclosed in Part II, Item 9A of this Annual Report on Form 10-K.

Forward-looking Statements

Forward-looking Statements This section and other parts of this Annual Report on Form 10-K contain forward-looking statements, within the meaning of the federal securities laws, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. The words "believe", "expect", "anticipate", "plan", "estimate", "target", "project", and similar expressions, among others, generally identify "forward-looking statements", which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, the risks, uncertainties, and other factors discussed below and within Item 1A – Risk Factors in this Annual Report on Form 10-K. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond our control. Important factors that may materially affect such forward-looking statements and projections include: fluctuations in energy and raw materials pricing; failure to develop and market new products and applications, and optimally manage product life cycles; increased competition, and increasing consolidation of our core customers; significant litigation and environmental matters, including indemnifications we were required to assume and cost-sharing arrangements into which we have entered; significant or unanticipated expenses, including, but not limited to, litigation or legal settlement expenses; our ability to manage and complete capital projects and/or p

BUSINES S

Item 1. BUSINES S Overview The Chemours Company (herein referred to as "we", "us", or "our") is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. We deliver 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, and oil and gas. Our principal products include titanium dioxide ("TiO 2 ") pigment, refrigerants, industrial fluoropolymer resins, and performance chemicals and intermediates. We manage and report our operating results through three principal reportable segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. Our Titanium Technologies segment is a leading, global provider of TiO 2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, and protection in a variety of applications. Our Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. Our Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. Our Performance Chemicals and Intermediates business is presented under Other Segment. We operate 28 major production facilities located in eight countries, excluding our Kuan Yin, Taiwan facility that is currently being decommissioned, and serve approximately 2,700 customers across a wide range of end-markets in approximately 110 countries. Many of our commercial and industrial relationships span decades. Our customer base includes a diverse set of companies, many of which are le

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View this 10-K filing on SEC EDGAR