Q - Chemours Co
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
CC$12.750.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0000950170-25-064546
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103212
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 186 previous paragraphs and 197 current paragraphs.
113 unchanged; 62 reworded; 21 added; 11 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Washington Works
Current report
In July 2025, we began experiencing production constraints following a local power outage at our Washington Works, West Virginia site. This event caused a full shutdown at our site. After an initial restart and following further assessments, we identified damage to a critical piece of equipment that resulted in unscheduled downtime into August. As a result of this unplanned event, the Advanced Performance Materials segment is expected to have lower sales and incur additional costs in thethird quarter of 2025.
Current report
Our net sales increased by $61 million (or 4%) to $1.6 billion for the three months ended June 30, 2025, compared with net sales of $1.6 billion for the same period in 2024. The increase in our net sales for the three months ended June 30, 2025 was primarily attributable to a 3% increase in volume and a 1% increase in price. The volume increase was attributed to our Thermal & Specialized Solutions segment. The increase in price was attributed to our Thermal & Specialized Solutions and Advanced Performance Materials segments.
Current report
Our net sales increased by $68 million (or 2%) to $3 billion for the six months ended June 30, 2025, compared with net sales of $2.9 billion for the same period in 2024. The increase in our net sales for the six months ended June 30, 2025 was primarily attributable to a 4% increase in volume, partially offset by a 1% decrease in price and unfavorable currency movements adding a 1% headwind to the segment’s net sales as compared to the same period in the prior year. The volume increase and price decrease were attributed to our Thermal & Specialized Solutions and Titanium Technologies segments.
Current report
Other Income (Expense), Net
Current report
Our other income, net increased by $3 million (or over 100%) and $3 million (or over 100%) to $2 million and $6 million for the three and six months ended June 30, 2025, respectively, compared with other expense, net of $1 million and other income, net of $3 million for the same periods in 2024. The increase in our other income, net for the three months ended June 30, 2025 was primarily attributable to favorable changes in net exchange gains and losses. The increase in our other income, net for the six months ended June 30, 2025 was primarily attributable to an increase in royalty income.
Current report
We had a provision for income taxes of $119 million and $9 million forthe three months ended June 30, 2025 and 2024, respectively, which represented effective tax rates of (46)% and 13%, respectively. The $110 million increase in our provision for income taxes for the three months ended June 30, 2025 was primarily attributable to $169 million tax expense to record a valuation allowance against our deferred tax asset for U.S. federal and state interest carryforwards, partially offset by a $66 million tax benefit related to environmental and litigation reserve, both recorded during the quarter. We continue to record any changes and impacts of the Organization for Economic Co-operation and Development Global Anti-Base Erosion Model Rules ("Pillar Two") in the quarter, which was overall not material to our effective tax rate.
Current report
We had a provision for income taxes of $122 million and $25 million for the six months ended June 30, 2025 and 2024, respectively, which represented effective tax rates of (47)% and 18%, respectively. The $97 million increase in our provision for income taxes for the six months ended June 30, 2025 was primarily attributable to the same factors discussed in the preceding paragraph.
Current report
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (the “Tax Act”), which includes significant changes to various tax provisions previously enacted by the Tax Cuts and Jobs Act of 2017 (“TCJA”). The Tax Act makes permanent extension of certain expiring provisions of TCJA, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. While the legislation was enacted in 2025, the Tax Act has multiple effective dates, with certain provisions effective in 2025 and others effective in future tax years. We are still assessing the full impact of the Tax Act on our consolidated financial statements; however, we expect that a portion of the valuation allowance recorded in this quarter will be released in the third quarter due to some of the Tax Act's favorable changes to interest expense limitations for 2025.
Current report
Our Thermal & Specialized Solutions segment’s net sales increased by $78 million (or 15%) to $597 million for the three months ended June 30, 2025, compared with segment net sales of $519 million for the same period in 2024. The increase in segment net sales for the three months ended June 30, 2025 was primarily attributable to an 11% increase in volume and a 4% increase in price. The increase in volume was primarily attributable to stronger demand for Opteon TM Refrigerant blends in connection with the stationary air conditioning ("AC") transition to low global warming potential refrigerants under the U.S. AIM Act, partially offset by lower volumes for Freon TM Refrigerant products in connection with the U.S. AIM Act regulatory transition. The increase in prices was primarily related to stronger Opteon TM Refrigerant aftermarket demand portfolio pricing.
Current report
For the three months ended June 30, 2025, Segment Adjusted EBITDA increased by $47 million (or 29%) to $207 million and Adjusted EBITDA margin increased by approximately 400 basis points to 35%, compared with Segment Adjusted EBITDA of $160 million and Adjusted EBITDA margin of 31% for the same period in 2024. For the six months ended June 30, 2025, Segment Adjusted EBITDA increased by $38 million (or 12%) to $348 million and Adjusted EBITDA margin increased by approximately 100 basis points to 33%, compared with Segment Adjusted EBITDA of $310 million and Adjusted EBITDA margin of 32% for the same period in 2024. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2025 were primarily attributable to the aforementioned increase in both price and volumes as a result of higher demand within the Opteon TM Refrigerant blends products in connection with the stationary AC regulatory transition, more than offsetting the limited input cost headwinds. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2025 were primarily attributable to the aforementioned increase in volume as a result of higher demand within the Opteon TM Refrigerant portfolio as mentioned above, partially offset by the minor input costs headwinds, as well as also partially offset by a decrease in price as a result of declines in the Freon TM Refrigerant portfolio in connection with the step downs under the AIM Act and EU F-Gas regulations.
Current report
Our Titanium Technologies segment’s net sales decreased by $20 million (or 3%) to $657 million for the three months ended June 30, 2025 compared with segment net sales of $677 million for the same period in 2024. The decrease in segment net sales for the three months ended June 30, 2025 was primarily attributable to a decrease in price of 4%, partially offset by favorable currency movements adding a 1% tailwind to the segment’s net sales as compared to the same period in the prior year. Volumes remained generally flat overall with stronger demand in North America and Europe offsetting lower volumes in other non-western markets.
Current report
Our Advanced Performance Materials segment’s net sales increased by $1 million (or less than 1%) to $346 million for the three months ended June 30, 2025, compared with segment net sales of $345 million for the same period in 2024. The increase in segment net sales for the three months ended June 30, 2025 was primarily attributable to an increase in price of 6%, partially offset by a 6% decrease in volume. Price increases were primarily driven by stronger pricing in high-value applications as well as pricing opportunities associated with the exit of the SPS Capstone™ product line, partially offset by a decrease in volume primarily driven by weakness in cyclical end markets impacting Advanced Materials and products serving hydrogen markets under Performance Solutions.
Current report
For the three and six months ended June 30, 2025, inventory write-offs represents the write-off of certain inventories from the SPS Capstone TM business, which was not allocated in the measurement of Advanced Performance Materials segment profitability used by the CODM.
Current report
Litigation-related charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the three and six months ended June 30, 2025, litigation-related charges includes $257 million related to our portion of Chemours, DuPont, Corteva, EID and the State of New Jersey’s settlement agreement reached in August 2025, $16 million of third-party legal fees directly related to the New Jersey settlement agreement, $14 million related to our portion of Chemours and EID’s settlement agreement to resolve the Hoosick Falls class action lawsuit, and $12 million related to reserves for asbestos and production liability matters arising from an EID subsidiary, Sporting Goods Properties, Inc.
Current report
Environmental charges pertains to management's assessment of estimated liabilities associated with certain remediation expenses at various sites. For the three and six months ended June 30, 2025, environmental charges includes changes in remediation reserves at the four sites covered by the New Jersey settlement agreement.
Current report
Our assets held for sale amounted to $23 million at June 30, 2025. Our assets held for sale relate to the sale of land at our Kuan Yin, Taiwan manufacturing site following its closure in July 2023, which is discussed further in “Note 9 – Property, Plant and Equipment” to the Interim Consolidated Financial Statements.
Current report
Our short-term and current maturities of long-term debt decreased by $16 million (or 30%) to $38 million at June 30, 2025, compared with short-term and current maturities of long-term debt of $54 million at December 31, 2024. The decrease in our short-term and current maturities of long-term debt at June 30, 2025 was primarily attributable to principal repayments under an insurance premium financing arrangement.
Current report
Pursuant to the New Jersey settlement, the parties are obligated to continue to undertake remediation at the four sites (notably Chambers Works and, Pompton Lakes, as well as Repauno and Parlin), which will be determined in accordance with applicable law. As part of the settlement, the parties have agreed to a process to review and establish the RFS for each of the four sites (in the form of surety bond, or similar financial instrument) to ensure available funds for future remediation at the sites, including using a binding third-party licensed site remediation professionals ("LSRP") review if the parties cannot agree. We are the primary responsible party at Chambers Works, Pompton Lakes and Repauno.
Current report
In connection with the New Jersey settlement negotiations, during the three months ended June 30, 2025, we recorded a $60 million increase to certain of our environmental and legal remediation reserves related to the sites covered by the settlement. The increase was driven by the our change in estimate based on the best available information of the length of time that long-term OM&M is expected to continue for at these sites based on site-specific facts and considering settlement discussions and the range of RFS amounts for which the state of New Jersey is seeking financial assurance as part of the settlement. As of June 30, 2025, we have total environmental and legal remediation-related reserves for these sites of $148 million, of which a component is discounted at the risk free rate of approximately 5%, as well as certain asset-retirement obligations recorded for certain of the sites and other financial assurances already in place. The gross (undiscounted) amount of environmental and legal remediation-related liabilities for these sites is approximately $242 million.
Current report
We have reserved for environmental remediation liabilities based on existing remediation laws and technologies and our planned remedial responses, which are derived from environmental studies, sampling, testing, and analyses. The New Jersey settlement outlines a range of potential RFS for the sites. For the sites for which we are the primary responsible party, the RFS ranges total from $177 million to $1,048 million in the first year after the settlement. These RFS ranges per the settlement represent negotiated amounts and the bottom of the range reflects our prior or current financial assurances and current view for potential future remediation activities at the sites. The range of potential RFS amounts in the settlement reflect potential additional scope or activities that are not currently required under the existing remediation plans for these specific remediation sites. As part of the RFS process outlined in the settlement agreement, we will work with the NJ DEP and, potentially LSRPs, to determine the appropriate RFS amounts and review the future scope of remediation for each of the four sites. Given the complexity and uncertainty inherent in the RFS review process, there is a risk that the outcome of these technical evaluations could lead us to determine that additional remediation activities are required. Any such determination could result in future changes to our environmental reserve estimates.
Removed paragraphs (11)
Previous report
Surface Protection Solutions ("SPS") Capstone TM Exit
Previous report
In January 2025, we approved a restructuring plan to exit our SPS Capstone TM business and begin the shutdown process for the underlying manufacturing asset across the Washington Works and Chambers Works sites, as well as the Villers St. Paul site pending local regulatory approval. This action was taken due to regulatory changes and uncertainty that have caused reduced demand and market deselection of telomer-based chemistries, making SPS economic unfavorable going forward. As a result, during the three months ended March 31, 2025, we recorded charges of $27, consisting of non-cash asset-related charges of $12, employee separation charges of $13 and decommissioning and other charges of $2. Refer to “Note 4 – Restructuring, Asset-Related and Other Charges” to the Interim Consolidated Financial Statementsfor further detail.
Previous report
Amendment to Amended and Restated Credit Agreement
Previous report
On May 2, 2025, we entered into Amendment No. 3 (the “Amendment”) among the Company, certain subsidiaries of the Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), which amends the Second Amended and Restated Credit Agreement, dated as of August 18, 2023, among the Company, the lenders from time to time party thereto and the Administrative Agent. The Amendment increased the total net leverage ratio thresholds governing the applicable rate for our revolving commitments existing immediate prior to the consummation of the transaction contemplated by the Amendment to May 2, 2030, increased the maximum senior secured net leverage ratio quarterly maintenance test through the fiscal quarter ended September 30, 2026, extended the termination date of certain revolving commitments and increased the aggregate revolving commitments available to $1,000.0 million. Refer to "Item 5 – Other Information" of this Quarterly Report on Form 10-Q for further details.
Previous report
Manufacturing Agreement with Navin Fluorine International, Ltd.
Previous report
In May 2025, we signed a liquid cooling asset manufacturing agreement with Navin Fluorine International, Ltd. to produce two-phase immersion cooling fluid. This development represents progress against the key pillars of our Pathway to Thrive strategy with notable advancements in our Enabling Growth pillar driving year-over-year Opteon TM growth.
Previous report
Our net sales were relatively flat at $1.4 billion for the three months ended March 31, 2025 and 2024 as a decrease in price of 4% and unfavorable currency movements of 1% were offset by an increase in volume of 5%. The decrease in price and increase in volume was attributed to our Thermal & Specialized Solutions and Titanium Technologies segments.
Previous report
Other Income, Net
Previous report
Our other income, net remained flat at $5 million for the three months ended March 31, 2025 and 2024.
Previous report
We had a provision for income taxes of $4 million and $16 million for the three months ended March 31, 2025 and 2024, respectively. While the effective tax rate for the three months ended March 31, 2025 was not meaningful, the effective tax rate for the three months ended March 31, 2024 was 23%. The $12 million decrease in our provision for income taxes for the three months ended March 31, 2025 was attributable to decreased profitability and changes to our geographical mix of earnings. We continue to record any changes and impacts of the Organization for Economic Co-operation and Development Global Anti-Base Erosion Model Rules ("Pillar Two") in the quarter, which was overall not material to the Company's effective tax rate. We continue to evaluate the realizability of our deferred tax assets based on the profitability of the Company’s operations in various jurisdictions. For the three months ended March 31, 2025 there were no changes deemed necessary to the realizability of the Company’s deferred tax assets; however, uncertainty regarding global trade and other macroeconomic factors, could negatively affect the Company’s ability to utilize certain deferred tax assets in the future.
Previous report
For the three months ended March 31, 2025, segment Adjusted EBITDA decreased by $9 million (or 6%) to $141 million and Adjusted EBITDA margin decreased by approximately 300 basis points to 30%, compared with segment Adjusted EBITDA of $150 million and Adjusted EBITDA margin of 33% for the same period in 2024. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2025 were primarily attributable to the aforementioned decrease in price, partially offset by higher demand within the Opteon TM Refrigerants portfolio.
Reworded paragraphs (62)
Previous wording
The following table sets forth our results of operations for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth our results of operations for the three and six months ended June 30, 2025 and 2024.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our net sales for the three months ended March 31, 2025, compared with the same period in 2024.
Current wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our net sales for the three and six months ended June 30, 2025, compared with the same periods in 2024.
Previous wording
Our cost of goods sold (“COGS”) increased by $54 million (or 5%) to $1.1 billion for the three months ended March 31, 2025, compared with COGS of $1.1 billion for the same period in 2024. The increase in our COGS for the three months ended March 31, 2025 was primarily attributable to higher raw materials costs.
Current wording
Our cost of goods sold (“COGS”) increased by $91 million (or 7%) and $146 million (or 6%) to $1.3 billion and $2.5 billion for the three and six months ended June 30, 2025, respectively, compared with COGS of $1.2 billion and $2.3 billion for the same periods in 2024. The increase in our COGS for the three and six months ended June 30, 2025 was primarily attributable to higher raw materials costs.
Previous wording
Our selling, general, and administrative (“SG&A”) expense decreased by $14 million (or 10%) to $123 million for the three months ended March 31, 2025, compared with SG&A expense of $137 million for the same period in 2024. The decrease in our SG&A expense for the three months ended March 31, 2025 was primarily attributable to lower costs incurred related to the Audit Committee internal review process and lower third-party costs related to the Titanium Technologies Transformation Plan.
Current wording
Our selling, general, and administrative (“SG&A”) expense increased by $283 million (or over 100%) and $268 million (or 92%) to $437 million and $560 million for the three and six months ended June 30, 2025, respectively, compared with SG&A expense of $154 million and $292 million for the same periods in 2024. The increase in our SG&A expense for the three and six months ended June 30, 2025 was primarily attributable to litigation-related charges of $257 million associated with the settlement agreement with the State of New Jersey (as described further in "Note 16– Commitments and Contingent Liabilities to the Interim Consolidated Financial Statements), partially offset by lower costs incurred related to the Audit Committee internal review process and lower third-party costs related to the Titanium Technologies Transformation Plan.
Previous wording
Our research and development (“R&D”) expense was relatively flat at $27 million for the three months ended March 31, 2025 compared with R&D expense of $28 million for the same period in 2024.
Current wording
Our research and development (“R&D”) expense was largely unchanged at $28 million and $55 million for the three and six months ended June 30, 2025, respectively, compared with R&D expense of $26 million and $53 million for the same periods in 2024.
Previous wording
Our restructuring, asset-related, and other charges increased by $29 million (or over 100%) to $33 million for the three months ended March 31, 2025, compared with restructuring, asset-related, and other charges of $4 million for the same period in 2024. Our restructuring, asset-related, and other charges for the three months ended March 31, 2025 were attributable to $27 million of charges related to our decision to exit our SPS Capstone TMbusiness, $5 million of decommissioning and other charges related to the Titanium Technologies Transformation Plan and $1 million of decommissioning and other charges related to the 2024 Restructuring Program. Our restructuring, asset-related, and other charges for the three months ended March 31, 2024 were primarily attributable to $4 million of decommissioning and other charges related to the Titanium Technologies Transformation Plan.
Current wording
Our restructuring, asset-related, and other charges increased by $15 million (or over 100%) and $44 million (or over 100%) to $18 million and $51 million for the three and six months ended June 30, 2025, respectively, compared with restructuring, asset-related, and other charges of $3 million and $7 million for the same periods in 2024. Our restructuring, asset-related, and other charges for the three and six months ended June 30, 2025 were attributable to $17 million and $45 million, respectively, of charges related to our decision to exit our SPS Capstone TM business, along with $1 million and $5 million, respectively, of decommissioning and other charges related to the Titanium Technologies Transformation Program. Our restructuring, asset-related, and other charges for the three and six months ended June 30, 2024 were primarily attributable to $4 million and $9 million, respectively, of decommissioning and other charges related to the Titanium Technologies Transformation Plan.
Previous wording
Our equity in earnings of affiliates decreased by $5 million (or 38%) to $8 million for the three months ended March 31, 2025, compared with equity in earnings of affiliates of $13 million for the same period in 2024. The decrease in our equity in earnings of affiliates was primarily attributable to lower demand in the region where our investees operate.
Current wording
Our equity in earnings of affiliates decreased by $2 million (or 18%) and $6 million (or 26%) to $9 million and $17 million for the three and six months ended June 30, 2025, respectively, compared with equity in earnings of affiliates of $11 million and $23 million for the same periods in 2024. The decrease in our equity in earnings of affiliates for the three and six months ended June 30, 2025 was primarily attributable to lower demand in the region where our investees operate.
Previous wording
Our interest expense, net increased by $3 million (or 5%) to $66 million for the three months ended March 31, 2025, compared with interest expense, net of $63 million for the same period in 2024. The increase in our interest expense, net was primarily attributable to higher interest rates on our variable rate debt and higher debt principal following the issuance of the 2033 Notes in November 2024.
Current wording
Our interest expense, net increased by $1 million (or 2%) and $5 million (or 4%) to $67 million and $133 million for the three and six months ended June 30, 2025, respectively compared with interest expense, net of $66 million and $128 million for the same periods in 2024. The increase in our interest expense, net for the three and six months ended June 30, 2025 was primarily attributable to higher interest rates on our variable rate debt and higher debt principal following the issuance of the 2033 Notes in November 2024.
Previous wording
We operate through three principal reportable segments, which were organized based on their similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Other Non-Reportable Segment includes the Company’s Performance Chemicals and Intermediates business.
Current wording
We operate through three principal reportable segments, which were organized based on their similar economic characteristics, the nature of products and production processes, end-use markets, channels of distribution, and regulatory environments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Other Non-Reportable Segment includes our Performance Chemicals and Intermediates business.
Previous wording
A reconciliation of Segment Adjusted EBITDA to the Company's consolidated income before income taxes for the three months ended March 31, 2025 and 2024 is included in “Note 22 – Segment Information” to the Interim Consolidated Financial Statements.
Current wording
A reconciliation of Segment Adjusted EBITDA to our consolidated income before income taxes for the three and six months ended June 30, 2025 and 2024 is included in “Note 22 – Segment Information” to the Interim Consolidated Financial Statements.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Thermal & Specialized Solutions segment for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Thermal & Specialized Solutions segment for the three and six months ended June 30, 2025 and 2024.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Thermal & Specialized Solutions segment’s net sales for the three months ended March 31, 2025, compared with the same period in 2024.
Current wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Thermal & Specialized Solutions segment’s net sales for the six months ended June 30, 2025, compared with the same period in 2024.
Previous wording
Our Thermal & Specialized Solutions segment’s net sales increased by $12 million (or 3%) to $466 million for the three months ended March 31, 2025, compared with segment net sales of $454 million for the same period in 2024. The increase in segment net sales for the three months ended March 31, 2025 was primarily attributable to an increase in volumes of 10%, partially offset by a decrease in price of 6% and unfavorable currency movements adding a 1% headwind to the segment’s net sales as compared to the same period in the prior year. The increase in volume was primarily attributable to stronger demand for Opteon™ Refrigerant blends in connection with the stationary air conditioning original equipment manufacturer transition under the U.S. AIM Act, paired with increased demand for foam, propellants and other products in the quarter due to timing, partially offset by lower volumes for Freon™ Refrigerant products in connection with the U.S. AIM Act regulatory transition. The decrease in price was primarily related to softer FreonTM Refrigerant portfolio pricing due to elevated hydrofluorocarbon ("HFC") market inventory levels.
Current wording
Our Thermal & Specialized Solutions segment’s net sales increased by $91 million (or 9%) to $1.1 billion for the six months ended June 30, 2025, compared with segment net sales of $972 million for the same period in 2024. The increase in segment net sales for the six months ended June 30, 2025 was primarily attributable to an increase in volumes of 11%, partially offset by a decrease in price of 1% and unfavorable currency movements adding a 1% headwind to the segment’s net sales as compared to the same period in the prior year. The increase in volume was primarily attributable to stronger demand for Opteon™ Refrigerant blends in connection with the stationary AC transition to low global warming potential refrigerants under the U.S. AIM Act, partially offset by lower volumes for Freon™ Refrigerant products in connection with the U.S. AIM Act regulatory transition. The decrease in price was primarily related to softer Freon TM Refrigerant portfolio pricing due to elevated hydrofluorocarbon ("HFC") market inventory levels, partially offset by stronger Opteon TM Refrigerant aftermarket demand portfolio pricing.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Titanium Technologies segment for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Titanium Technologies segment for the three and six months ended June 30, 2025 and 2024.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Titanium Technologies segment’s net sales for the three months ended March 31, 2025, compared with the same period in 2024.
Current wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Titanium Technologies segment’s net sales for the six months ended June 30, 2025, compared with the same period in 2024.
Previous wording
Our Titanium Technologies segment’s net sales increased by $6 million (or 1%) to $597 million for the three months ended March 31, 2025 compared with segment net sales of $591 million for the same period in 2024. The increase in segment net sales for the three months ended March 31, 2025 was primarily attributable to an increase in volumes of 6%, partially offset by a decrease in price of 4% and unfavorable currency movements adding a 1% headwind to the segment’s net sales as compared to the same period in the prior year.
Current wording
Our Titanium Technologies segment’s net sales decreased by $14 million (or 1%) to $1.3 billion for the six months ended June 30, 2025 compared with segment net sales of $1.3 billion for the same period in 2024. The decrease in segment net sales for the six months ended June 30, 2025 was primarily attributable to a decrease in price of 4%, partially offset by a 3% increase in volume.
Previous wording
For the three months ended March 31, 2025 segment Adjusted EBITDA decreased by $19 million (or 28%) to $50 million and Adjusted EBITDA margin decreased by approximately 400 basis points to 8%, compared with segment Adjusted EBITDA of $69 million and Adjusted EBITDA margin of 12% for the same period in 2024. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2025 were primarily attributable to the aforementioned decrease in price, with operational headwinds primarily related to cold weather downtime at our U.S. sites offset by continued cost savings.
Current wording
For the three months ended June 30, 2025 Segment Adjusted EBITDA decreased by $36 million (or 43%) to $47 million and Adjusted EBITDA margin decreased by approximately 500 basis points to 7%, compared with Segment Adjusted EBITDA of $83 million and Adjusted EBITDA margin of 12% for the same period in 2024. For the six months ended June 30, 2025, Segment Adjusted EBITDA decreased by $55 million (or 36%) to $97 million and Adjusted EBITDA margin decreased by approximately 400 basis points to 8%, compared with Segment Adjusted EBITDA of $152 million and Adjusted EBITDA margin of 12% for the same period in 2024. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2025 were primarily attributable to the aforementioned decrease in price as well as operational headwinds in the second quarter that caused higher input and operational costs. These disruptions were primarily caused by a rail line service interruption impacting feedstock mix and other limited operational issues. In order to fulfill customer orders, due to this rail line interruption, we elected to consume higher-cost ore feedstock, which resulted in incremental costs of $15 million in the second quarter. The net costs associated with other one-time operational disruptions were $8 million for the quarter. These factors for the second quarter were partially offset by the favorable currency movements. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2025 were primarily attributable to the aforementioned decrease in price, with operational disruptions primarily related to both cold weather downtime that took place in the first quarter as well as the other operational headwinds mentioned above that took place in the second quarter, partially offset by continued cost savings.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Advanced Performance Materials segment for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Advanced Performance Materials segment for the three and six months ended June 30, 2025 and 2024.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Advanced Performance Materials segment’s net sales for the three months ended March 31, 2025, compared with the same period in 2024.
Current wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Advanced Performance Materials segment’s net sales for the six months ended June 30, 2025, compared with the same period in 2024.
Previous wording
Our Advanced Performance Materials segment’s net sales decreased by $9 million (or 3%) to $294 million for the three months ended March 31, 2025, compared with segment net sales of $303 million for the same period in 2024. The decrease in segment net sales for the three months ended March 31, 2025 was primarily attributable to a 1% decrease in volume, as well as unfavorable currency movements adding a 2% headwind to the segment’s net sales in the same period of the prior year. Volumes decreased primarily due to weaker demand in more economically sensitive and non-strategic end markets.
Current wording
Our Advanced Performance Materials segment’s net sales decreased by $8 million (or 1%) to $639 million for the six months ended June 30, 2025, compared with segment net sales of $647 million for the same period in 2024. The decrease in segment net sales for the six months ended June 30, 2025 was primarily attributable to a 3% decrease in volume, as well as unfavorable currency movements adding a 1% headwind to the segment’s net sales as compared to the same period in the prior year, partially offset by a 3% increase in price. Price increases were primarily driven by the same factors discussed in the preceding paragraph, as well as unfavorable currency movements adding a 1% headwind to the segment's net sales in the same period of the prior year.
Previous wording
For the three months ended March 31, 2025, segment Adjusted EBITDA increased by $2 million (or 7%) to $32 million and Adjusted EBITDA margin increased by approximately 100 basis points to 11%, compared with segment Adjusted EBITDA of $30 million and Adjusted EBITDA margin of 10% for the same period in 2024. The increase in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2025 was primarily attributable to lower costs, partially offset by lower volumes and the aforementioned unfavorable currency movement adding a 2% headwind to the segment’s net sales in the same period of the prior year.
Current wording
For the three months ended June 30, 2025, Segment Adjusted EBITDA increased by $5 million (or 11%) to $50 million and Adjusted EBITDA margin increased by approximately 100 basis points to 14%, compared with Segment Adjusted EBITDA of $45 million and Adjusted EBITDA margin of 13% for the same period in 2024. For the six months ended June 30, 2025, Segment Adjusted EBITDA increased by $8 million (or 11%) to $82 million and Adjusted EBITDA margin increased by approximately 200 basis points to 13%, compared with Segment Adjusted EBITDA of $74 million and Adjusted EBITDA margin of 11% for the same period in 2024. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2025 were primarily attributable to higher pricing, partially offset by lower volumes as well as higher costs as a result of lower fixed cost absorption due to lower overall volumes. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2025 were attributable to a mix of lower costs and higher pricing, partially offset by lower volumes and the aforementioned unfavorable currency movement.
Previous wording
In addition to our reportable segments, Chemours assigns certain costs to “Corporate expenses”, which is presented separately in the segment reconciliation table below and in “Note 22 – Segment Information” to the Interim Consolidated Financial Statements. Corporate expenses include certain legacy-related legal and environmental expenses, stock-based compensation expenses and other corporate costs, but excludes segment unallocated items (described below).
Current wording
In addition to our reportable segments, we assign certain costs to “Corporate expenses”, which is presented separately in the segment reconciliation table below and in “Note 22 – Segment Information” to the Interim Consolidated Financial Statements. Corporate expenses include certain legacy-related legal and environmental expenses, stock-based compensation expenses and other corporate costs, but excludes segment unallocated items (described below).
Previous wording
Corporate and Other costs increased by $2 million (or 4%) to $57 million for the three months ended March 31, 2025, compared with Corporate and Other costs of $55 million for the same period in 2024. The increase in Corporate and Other costs for the three months ended March 31, 2025 was primarily attributable to higher legacy legal costs (net of applicable MOU benefit), offset by lower costs associated with the Audit Committee Internal Review.
Current wording
Corporate and Other costs decreased by $24 million (or 31%) and $22 million (or 17%) to $53 million and $110 million for the three and six months ended June 30, 2025, compared with Corporate and Other costs of $77 million and $132 million for the same periods in 2024. The decrease in Corporate and Other costs for the three and six months ended June 30, 2025 was primarily attributable to lower costs associated with the Audit Committee Internal Review.
Previous wording
The following table sets forth our corporate and unallocated items for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth our corporate and unallocated items for the three and six months ended June 30, 2025 and 2024.
Previous wording
Accelerated depreciation charges of $11 incurred as part of the Company's exit its SPS Capstone TM business are included within the "Depreciation and amortization" caption above, and therefore are not included as separate adjustment within this caption.
Current wording
As part of our decision to exit its SPS Capstone TM business, we incurred accelerated depreciation charges of $12 million and $23 million during the three and six months ended June 30, 2025, respectively, which are included within the "Depreciation and amortization" caption above, and therefore are not included as separate adjustment within this caption.
Previous wording
For the three months ended March 31, 2025 and 2024, transaction costs includes $1 and $5, respectively, of third-party costs related to the Titanium Technologies Transformation Plan, which were not allocated in the measurement of Titanium Technologies segment profitability used by the CODM.
Current wording
For the six months ended June 30, 2025, transaction costs includes $1 million of third-party costs related to the Titanium Technologies Transformation Plan, which were not allocated in the measurement of Titanium Technologies segment profitability used by the CODM. For the three and six months ended June 30, 2024, transaction costs includes $6 million and $11 million, respectively, of third-party costs related to the Titanium Technologies Transformation Plan, which were not allocated in the measurement of Titanium Technologies segment profitability used by the CODM.
Previous wording
At March 31, 2025, we had total unrestricted cash and cash equivalents of $464 million, of which $291 million was held by our foreign subsidiaries. Prior to the Amendment, the availability under our Revolving Credit Facility as of March 31, 2025 was $623 million, net of $52 million in outstanding letters of credit, and is subject to compliance with certain covenants, including those related to the last twelve months of our consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") and senior secured net debt, both of which are defined under the Credit Agreement. On May 2, 2025, the Company entered into the Amendment. The Amendment increased the aggregate revolving commitments available to $1,000 million, comprised of $780 million in revolving commitments terminating on May 2, 2030 and $220 million in extending revolving commitments terminating on October 7, 2026. Refer to "Item 5 – Other Information" of this Quarterly Report on Form 10-Q for further details. After giving effect to the Amendment, the Company expects to have full availability under its revolving credit facility, less outstanding letters of credit. At March 31, 2025, we were in compliance with the applicable covenants under the Credit Agreement. Our debt financing arrangements are described in further detail in “Note 20 – Debt” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
At June 30, 2025, we had total unrestricted cash and cash equivalents of $502 million, of which $327 million was held by our foreign subsidiaries. The availability under our Revolving Credit Facility as of June 30, 2025 was $954 million, net of $46 million in outstanding letters of credit, and is subject to compliance with certain covenants, including those related to the last twelve months of our consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") and senior secured net debt, both of which are defined under the Credit Agreement. At June 30, 2025, we were in compliance with the applicable covenants under the Credit Agreement. Our debt financing arrangements are described in further detail in “Note 20 – Debt” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Throughout the year, we utilize supply chain financing arrangements with several third-party financial institutions to manage our working capital needs and enhance liquidity. We also participate in certain customers’ supply chain financing and other early pay programs as a routine source of working capital. During the three months ended March 31, 2025 and 2024, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $93 million and $17 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. See “Note 7 – Accounts and Notes Receivable, Net” to the Interim Consolidated Financial Statementsfor further details regarding our supplier financing programs.
Current wording
Throughout the year, we utilize supply chain financing arrangements with several third-party financial institutions to manage our working capital needs and enhance liquidity. We also participate in certain customers’ supply chain financing and other early pay programs as a routine source of working capital. During the three months ended June 30, 2025 and 2024, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $133 million and $111 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. For the six months ended June 30, 2025 and 2024, we accelerated the collection of approximately $226 million and $128 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. See “Note 7 – Accounts and Notes Receivable, Net” to the Interim Consolidated Financial Statementsfor further details regarding our supplier financing programs.
Previous wording
A substantial majority of the $291 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at March 31, 2025, is available for local operations or is readily convertible into currencies used in our worldwide operations, including the U.S. dollar. We are subject to restrictions imposed by the local governments in certain jurisdictions where we operate, which impose certain limitations on our ability to exchange currencies, repatriate earnings or capital, or create cross-border cash pooling arrangements. During the three months ended March 31, 2025, there was a net cash outflow of approximately $31 million from the U.S. from intercompany loans and dividends. We believe we have the ability to fund U.S. operations cash requirements for working capital, dividends, investments, and other financing requirements through a mixture of repatriations, intercompany loans, and other actions. For further information related to our income tax positions, refer to “Note 9 – Income Taxes” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
A substantial majority of the $327 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at June 30, 2025, is available for local operations or is readily convertible into currencies used in our worldwide operations, including the U.S. dollar. We are subject to restrictions imposed by the local governments in certain jurisdictions where we operate, which impose certain limitations on our ability to exchange currencies, repatriate earnings or capital, or create cross-border cash pooling arrangements. During the six months ended June 30, 2025, we received approximately $23 million of net cash in the U.S. through intercompany loans and dividends. We believe we have the ability to fund U.S. operations cash requirements for working capital, dividends, investments, and other financing requirements through a mixture of repatriations, intercompany loans, and other actions. For further information related to our income tax positions, refer to “Note 9 – Income Taxes” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Environmental remediation– We, due to the terms of our Separation-related agreements with EID, are subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances, which are attributable to EID’s activities before our spin-off. Much of this liability results from Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”), Resource Conservation and Recovery Act (“RCRA”), and similar federal, state, local, and foreign laws. These laws may require us to undertake certain investigative, remediation, and restoration activities at sites where we conduct or EID once conducted operations or at sites where waste generated by us was disposed. At March 31, 2025, our consolidated balance sheets include $567 million for environmental remediation liabilities, of which $100 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $100 million, $59 million relates to Fayetteville. Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, costs related to potential future legacy PFAS liabilities arising out of pre-July 1, 2015 conduct will subject to the cost-sharing arrangement, where we bear half of the cost of such future potential legacy PFAS liabilities and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities up to an aggregate $4 billion, of which approximately $2.0 billion is available after consideration of the funding of the payment to the State of Ohio, and supplemental payment to the State of Delaware (discussed below). Refer to the “Environmental Matters” section within this MD&Afor the anticipated environmental remediation payments over the next three years. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements for further discussion of the MOU and Qualified Spend.
Current wording
Environmental remediation– We, due to the terms of our Separation-related agreements with EID, are subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances, which are attributable to EID’s activities before our spin-off. Much of this liability results from Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”), Resource Conservation and Recovery Act (“RCRA”), and similar federal, state, local, and foreign laws. These laws may require us to undertake certain investigative, remediation, and restoration activities at sites where we conduct or EID once conducted operations or at sites where waste generated by us was disposed. At June 30, 2025, our consolidated balance sheets include $605 million for environmental remediation liabilities, of which $102 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $102 million, $55 million relates to Fayetteville. Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, costs related to potential future legacy PFAS liabilities arising out of pre-July 1, 2015 conduct will subject to the cost-sharing arrangement, where we bear half of the cost of such future potential legacy PFAS liabilities and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities up to an aggregate $4 billion, of which approximately $1.4 billion is available after consideration of the funding of the payment to the State of Ohio, and supplemental payment to the State of Delaware, and the net present value of the scheduled settlement payments per the terms of the settlement agreement with the State of New Jersey, described further below. Any PFAS-related insurance recoveries, as received, will increase the future amount available under the MOU. The $1.4 billion available amount above does not include any potential future insurance proceeds not yet received under noticed insurance policies, which have policy limits that total $750 million. Refer to the “Environmental Matters” section within this MD&A for the anticipated environmental remediation payments over the next three years. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Cons olidated Financial Statements for further discussion of the MOU and Qualified Spend.
Previous wording
PFAS escrow funding requirements– Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, the parties have agreed to establish an escrow account in order to support and manage the payments for potential future legacy PFAS liabilities. In September 2023, we entered into a supplemental agreement to the binding MOU with DuPont, Corteva, and EID, whereby the parties agreed to i) release funds held in escrow to fund, in part, the qualified settlement fund per the terms of the U.S. public water system settlement agreement, ii) waive the escrow funding obligation of each party due no later than September 30, 2023 and iii) waive the escrow funding obligation due no later than September 30, 2024 under certain conditions as agreed to by the parties. The parties agreed to fund the payments due by September 30, 2024, and we funded $50 million into the escrow account on September 30, 2024. As such, at March 31, 2025 and December 31, 2024, we had $50 million deposited into the escrow account. The next escrow payment of $50 million is expected to be made on or before September 30, 2025 and on or before September 30 of each subsequent year through and including 2028. Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, the balance of the escrow is to be restored to such amount, with Chemours making 50% of the deposits and DuPont and Corteva together making 50% of the deposits. Such payments will be made in a series of five consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Current wording
PFAS escrow funding requirements– Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, the parties have agreed to establish an escrow account in order to support and manage the payments for potential future legacy PFAS liabilities. In September 2023, we entered into a supplemental agreement to the binding MOU with DuPont, Corteva, and EID, whereby the parties agreed to i) release funds held in escrow to fund, in part, the qualified settlement fund per the terms of the U.S. public water system settlement agreement, ii) waive the escrow funding obligation of each party due no later than September 30, 2023 and iii) waive the escrow funding obligation due no later than September 30, 2024 under certain conditions as agreed to by the parties. The parties agreed to fund the payments due by September 30, 2024, and we funded $50 million into the escrow account on September 30, 2024. As such, at June 30, 2025 and December 31, 2024, we had $50 million deposited into the escrow account. The next escrow payment of $50 million was expected to be made on or before September 30, 2025 and the following payments are expected on or before September 30 of each subsequent year through and including 2028. Pursuant to the terms of the PFAS Insurance Proceeds Memorandum of Understanding ("PFAS Insurance MOU"), the parties agree to suspend the obligation of each of the parties to fund the $50 million MOU payments due by September 30, 2025, and that our future MOU funding requirements will be reduced by amounts released from the insurance proceeds escrow to fund the New Jersey settlement. If on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, the balance of the escrow is to be restored to such amount, with Chemours making 50% of the deposits and DuPont and Corteva together making 50% of the deposits. Such payments will be made in a series of five consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Previous wording
Other legal settlements - In addition to the legal items noted above, we have other legal settlements that we expect to pay within the next 12 months and beyond. In November 2023, we, DuPont, Corteva, and EID entered into a settlement agreement with the State of Ohio to settle claims, including for environmental releases or sales of products containing PFAS or other known contaminants. Our share of this settlement is $55 million, representing our portion of the contribution consistent with the MOU entered into among the parties in January 2021. Following the settlement agreement with the State of Ohio and pursuant to the terms of the settlement agreement with the State of Delaware entered into in 2021, we will also contribute our portion of the supplemental payment to the State of Delaware for $13 million. We expect to pay these amounts in 2025. We have accrued litigation of $192 million at March 31, 2025, which is inclusive of settlement agreements with Ohio and Delaware, of which $97 million is classified as current. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Current wording
Other legal settlements - In addition to the legal items noted above, we have other legal settlements that we expect to pay within the next 12 months and beyond. In November 2023, we, DuPont, Corteva, and EID entered into a settlement agreement with the State of Ohio to settle claims, including for environmental releases or sales of products containing PFAS or other known contaminants. Our share of this settlement is $55 million, representing our portion of the contribution consistent with the MOU entered into among the parties in January 2021. Following the settlement agreement with the State of Ohio and pursuant to the terms of the settlement agreement with the State of Delaware entered into in 2021, we will also contribute our portion of the supplemental payment to the State of Delaware for $13 million. We expect to pay these amounts in 2025. In June 2025, EID and Chemours reached an agreement in principle to resolve the Hoosick Falls class action lawsuit. Our portion of the total settlement in accordance with the MOU is $13.5 million with $11 million expected to be paid within the next 12 months and the remaining $2.5 million paid in five installments annually. In August 2025, Chemours, Chemours FC LLC, Corteva, EID, DuPont and DuPont Specialty Products (collectively, “the NJ Settling Companies”), and the State of New Jersey agreed to a Judicial Consent Order (“JCO”) on terms consistent with the recommended settlement agreement. Under the JCO, the Companies will make scheduled annual settlement payments totaling $875 million over a 25-year period. Our portion of the scheduled annual settlement payments is $257 million on a net present value basis. We expect that the $150 million consideration pursuant to the PFAS Insurance MOU as well as the $50 million restricted cash in the MOU escrow account will fully fund our New Jersey settlement payment obligations through at least 2030. We have accrued litigation of $497 million at June 30, 2025, which is inclusive of settlement agreements with Ohio, Delaware, New Jersey, and the Hoosick Falls class action lawsuit, of which $203 million is classified as current. Refer to “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Previous wording
We continue to believe our sources of liquidity are sufficient to fund our planned operations and to meet our principal, interest, dividend, income taxes, and contractual obligations through at least the end of May 2026. Our capital allocation strategy is aligned with our strategic priorities under Pathway to Thrive and commitment to balance sheet flexibility. Our capital allocation strategy seeks to (i) focus investments in growth initiatives to enhance our portfolio; (ii) improve our leverage profile; (iii) responsibly resolve contingent legal and/or accrued environmental liabilities on terms and bases deemed to be in the best interest of the Company and its stakeholders; and (iv) return cash to shareholders through regular quarterly dividends. Since its inception, the Company has consistently maintained a long practice of returning capital to its shareholders, which will remain a strategic priority going forward. On May 5, 2025, the Board of Directors of Chemours declared a quarterly cash dividend of $0.0875 per share on the Company's common stock for the second quarter of 2025. The dividend will be paid on June 16, 2025, to stockholders of record as of May 17, 2025. This second quarter dividend declared represents a 65% decrease as compared to the dividend declared for the first quarter of 2025. The decision to decrease the quarterly dividend per share of common stock outstanding aligns our dividend with the right balance sheet flexibility to drive long-term shareholder returns and ensures Chemours continues its long-time practice of returning cash to its shareholders through dividends, as part of our capital allocation strategy.
Current wording
We continue to believe our sources of liquidity are sufficient to fund our planned operations and to meet our principal, interest, dividend, income taxes, and contractual obligations through at least the end of August 2026. Our capital allocation strategy is aligned with our strategic priorities under Pathway to Thrive and commitment to balance sheet flexibility. Our capital allocation strategy seeks to (i) focus investments in growth initiatives to enhance our portfolio; (ii) improve our leverage profile; (iii) responsibly resolve contingent legal and/or accrued environmental liabilities on terms and bases deemed to be in the best interest of the Company and its stakeholders; and (iv) return cash to shareholders through regular quarterly dividends. Since its inception, the Company has consistently maintained a long practice of returning capital to its shareholders, which will remain a strategic priority going forward. On August 5, 2025, the Board of Directors of Chemours declared a quarterly cash dividend of $0.0875 per share on the Company's common stock for the third quarter of 2025.
Previous wording
The following table sets forth a summary of the net cash provided by (used for) our operating, investing, and financing activities for the three months ended March 31, 2025 and 2024.
Current wording
The following table sets forth a summary of the net cash provided by (used for) our operating, investing, and financing activities for the six months ended June 30, 2025 and 2024.
Previous wording
We used $112 million and $290 million in cash flows for our operating activities during the three months ended March 31, 2025 and 2024, respectively. The decrease in our operating cash outflows was primarily attributable to the unfavorable cash flow impact from the unwinding of year-end 2023 net working capital actions in the first quarter of 2024, as well as a cash flow benefit in the first quarter of 2025 due to the timing of certain payments made in the second quarter of 2025, partially offset by lower earnings in the first quarter of 2025.
Current wording
We used $19 million and $910 million in cash flows for our operating activities during the six months ended June 30, 2025 and 2024, respectively. The decrease in our operating cash outflows was primarily attributable to the release of the $592 million of restricted cash and restricted cash equivalents deposited in the qualified settlement fund per the terms of the U.S. public water system settlement agreement following Final Judgment, as defined in the U.S. public water settlement agreement, along with the unwinding of year-end 2023 net working capital actions, both of which had an unfavorable cash flow impact on the six months ended June 30, 2024. The decrease in our operating cash outflows was partially offset by lower earnings in the six months ended June 30, 2025 compared to the same period in 2024.
Previous wording
We used $86 million and $101 million in cash flows for our investing activities during the three months ended March 31, 2025 and 2024, respectively which were primarily attributable to purchases of property, plant, and equipment amounting to $84 million and $102 million, respectively.
Current wording
We used $128 million and $171 million in cash flows for our investing activities during the six months ended June 30, 2025 and 2024, respectively which were primarily attributable to purchases of property, plant, and equipment amounting to $127 million and $175 million, respectively.
Previous wording
We used $57 million in cash flows for our financing activities during the three months ended March 31, 2025 which were primarily attributable to our capital allocation activities, resulting in $37 million of cash dividends, $8 million of net payments in connection with one of our supplier financing programs, and $8 million of debt repayments.
Current wording
We used $84 million in cash flows for our financing activities during the six months ended June 30, 2025 which were primarily attributable to our capital allocation activities, resulting in $50 million of cash dividends, along with $16 million of net debt repayments.
Previous wording
We used $54 million in cash flows for our financing activities during the three months ended March 31, 2024 which were primarily attributable to our capital allocation activities, resulting in $37 million of cash dividends and $10 million of net payments in connection with one of our supplier financing programs.
Current wording
We used $94 million in cash flows for our financing activities during the six months ended June 30, 2024 which were primarily attributable to our capital allocation activities, resulting in $74 million of cash dividends and $14 million of net payments in connection with one of our supplier financing programs.
Previous wording
Our accounts and notes receivable, net increased by $88 million (or 11%) to $858 million at March 31, 2025, compared with accounts and notes receivable, net of $770 million at December 31, 2024. This increase in our accounts and notes receivable, net at March 31, 2025 was primarily attributable to higher net sales within our Thermal & Specialized Solutions business in line with seasonality, partially offset by higher usage of our Accounts Receivable Securitization facility in the first quarter of 2025.
Current wording
Our accounts and notes receivable, net increased by $189 million (or 25%) to $959 million at June 30, 2025, compared with accounts and notes receivable, net of $770 million at December 31, 2024. The increase in our accounts and notes receivable, net at June 30, 2025 was primarily attributable to higher sales in the second quarter of 2025 driving higher receivables when compared to the fourth quarter of 2024, partially offset by higher usage of our Accounts Receivable Securitization facility.
Previous wording
Our inventories increased by $87 million (or 6%) to $1.6 billion at March 31, 2025, compared with inventories of $1.5 billion at December 31, 2024. The increase in our inventories at March 31, 2025 was primarily attributable to seasonal inventory build, along with an increase in the value of our raw materials inventories due to higher raw materials costs.
Current wording
Our inventories increased by $95 million (or 6%) to $1.6 billion at June 30, 2025, compared with inventories of $1.5 billion at December 31, 2024. The increase in our inventories at June 30, 2025 was primarily attributable to seasonal inventory build, along with an increase in the value of our raw material inventories due to higher raw materials costs.
Showing the first 40 of 62 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Further discussion related to these matters is included in “Note 16 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements.