v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Components of Debt

The following table sets forth the components of the Company’s debt at March 31, 2025 and December 31, 2024.

 

 

March 31, 2025

 

 

December 31, 2024

 

Senior secured term loans:

 

 

 

 

 

 

Tranche B-3 U.S. dollar term loan due August 2028

 

$

1,054

 

 

$

1,056

 

Tranche B-3 euro term loan due August 2028
(€415 million at March 31, 2025 and December 31, 2024)

 

 

447

 

 

 

432

 

Senior unsecured notes:

 

 

 

 

 

 

5.375% due May 2027

 

 

495

 

 

 

495

 

5.750% due November 2028

 

 

783

 

 

 

783

 

4.625% due November 2029

 

 

620

 

 

 

620

 

8.000% due January 2033

 

 

600

 

 

 

600

 

Finance lease liabilities

 

 

43

 

 

 

46

 

Financing obligation (1)

 

 

90

 

 

 

90

 

Supplier financing obligation (2)

 

 

10

 

 

 

18

 

Other

 

 

5

 

 

 

11

 

Total debt principal

 

 

4,147

 

 

 

4,151

 

Less: Unamortized issue discounts

 

 

(18

)

 

 

(19

)

Less: Unamortized debt issuance costs

 

 

(22

)

 

 

(24

)

Less: Short-term and current maturities of long-term debt

 

 

(43

)

 

 

(54

)

Total long-term debt, net

 

$

4,064

 

 

$

4,054

 
(1)
At March 31, 2025 and December 31, 2024, financing obligation relates to the financed portion of the Company’s research and development facility located in the Science, Technology, and Advanced Research Campus of the University of Delaware in Newark, Delaware (“Chemours Discovery Hub”).
(2)
At March 31, 2025 and December 31, 2024, supplier financing obligation relates to a supplier financing program whose obligations, based on their characteristics, are classified within short-term debt and current maturities of long-term debt. Refer to "Note 12 – Accounts Payable" for further details.
Schedule of Debt Principal Maturities

The following table sets forth the Company’s debt principal maturities for the next five years and thereafter.

 

 

 

Senior Debt

 

 

Finance Lease Liabilities

 

 

Financing Obligation

 

 

Supplier Financing Obligation

 

 

Other

 

 

Total

 

2025

 

$

8

 

 

$

13

 

 

$

5

 

 

$

10

 

 

$

5

 

 

$

41

 

2026

 

 

11

 

 

 

11

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

29

 

2027

 

 

506

 

 

 

8

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

521

 

2028

 

 

2,254

 

 

 

9

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

2,270

 

2029

 

 

620

 

 

 

4

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

631

 

Thereafter

 

 

600

 

 

 

4

 

 

 

123

 

 

 

—

 

 

 

—

 

 

 

727

 

     Total payments

 

 

3,999

 

 

 

49

 

 

 

156

 

 

 

10

 

 

 

5

 

 

 

4,219

 

Less: Imputed interest

 

 

—

 

 

 

(6

)

 

 

(66

)

 

 

—

 

 

 

—

 

 

 

(72

)

Total principal maturities on debt

 

$

3,999

 

 

$

43

 

 

$

90

 

 

$

10

 

 

$

5

 

 

$

4,147

 
Estimated Fair Values of Senior Debt Issues

The following table sets forth the estimated fair values of the Company’s senior debt issues, which are based on quotes received from third-party brokers, and are classified as Level 2 financial instruments in the fair value hierarchy.

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Carrying
Value

 

 

Fair Value

 

 

Carrying
Value

 

 

Fair Value

 

Senior secured term loans:

 

 

 

 

 

 

 

 

 

 

 

 

Tranche B-3 U.S. dollar term loan due August 2028

 

$

1,054

 

 

$

1,053

 

 

$

1,056

 

 

$

1,065

 

Tranche B-3 euro term loan due August 2028
(€415 million at March 31, 2025 and December 31, 2024)

 

 

447

 

 

 

448

 

 

 

432

 

 

 

439

 

Senior unsecured notes:

 

 

 

 

 

 

 

 

 

 

 

 

5.375% due May 2027

 

 

495

 

 

 

482

 

 

 

495

 

 

 

477

 

5.750% due November 2028

 

 

783

 

 

 

723

 

 

 

783

 

 

 

728

 

4.625% due November 2029

 

 

620

 

 

 

530

 

 

 

620

 

 

 

538

 

8.000% due January 2033

 

 

600

 

 

 

563

 

 

 

600

 

 

 

587

 

Total senior debt principal

 

 

3,999

 

 

$

3,799

 

 

 

3,986

 

 

$

3,834

 

Less: Unamortized issue discounts

 

 

(18

)

 

 

 

 

 

(19

)

 

 

 

Less: Unamortized debt issuance costs

 

 

(22

)

 

 

 

 

 

(24

)

 

 

 

Total senior debt, net

 

$

3,959

 

 

 

 

 

$

3,943