Chemours Co
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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.
Mar 31, 2026 · Filed May 5, 2026
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 2025-09-30; filed 2025-11-06.
0001193125-25-269765
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001627223-26-000011
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 208 previous paragraphs and 190 current paragraphs.
90 unchanged; 66 reworded; 32 added; 50 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 13 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 (32)
Current report
Senior Unsecured Notes Due March 2034
Current report
In March 2026, we issued $700 million aggregate principal amount of 7.875% senior unsecured notes due March 2034 (the "2034 Notes"). We received proceeds of $690 million, net of underwriting fees and other expenses of $10 million, which are deferred and amortized to interest expense over the term of the 2034 Notes. The net proceeds from the 2034 Notes together with cash on hand were used in part to redeem $188 million aggregate principal amount of the Company’s 5.750% senior notes due 2028 for an aggregate redemption price of approximately $190 million, which includes payments related to extinguishments of debt. The remaining net proceeds from the Offering were used to fund the redemption of the Company’s outstanding 5.375% senior notes due 2027 of $495 million aggregate principal amount, for an aggregate redemption price of $499 million, which includes payments related to extinguishments of debt.
Current report
Senior Secured Euro Term Loan due August 2028
Current report
Subsequent to the date of these financial statements, in April 2026, the Company used €140 million of cash to pay down a portion of the outstanding tranche B-3 euro term loan due August 2028.
Current report
Sale of Former Taiwan Titanium Technologies Site
Current report
In January 2026, the Company entered into four separate Real Estate Sale and Purchase Agreements with four entities affiliated with each other, to sell the remaining ten parcels of land in Kuan Yin, Taiwan, for a total purchase price of approximately $360 million. Subsequent to the date of these financial statements, in April 2026, the Company completed the sale of nine of the ten parcels and received net cash proceeds locally of $287 million. The net cash proceeds include approximately $300 million of gross cash proceeds, less approximately $12 million of transfer taxes and approximately $1 million of transaction costs. The net cash proceeds received in April do not include expected withholding taxes the Company would incur when it distributes cash out of the country. The Company expects to recognize a gain on sale of these nine parcels of approximately $265 million in the second quarter of 2026. The sale of the tenth parcel of land is expected to be completed by the end of 2026, subject to the satisfaction of certain closing conditions set forth in the respective Purchase Agreement and local regulatory approval, including environmental conditions. The purchase price for the tenth parcel of land is expected to be approximately $55 million.
Current report
Washington Works Operational Disruption
Current report
In January 2026, our Washington Works site experienced a disruption that necessitated a temporary shutdown, limiting our capacity at this key manufacturing facility in our Advanced Performance Materials business. This event was traced to equipment affected by a local utility service outage in August of 2025, which is integral to our fluoropolymer supply chain and involves complex chemical processing technology. Although operations have resumed, the unplanned outage coincided with challenging winter weather, resulting in delays to the restart. This unplanned outage had negative earnings impact of $25 million for our Advanced Performance Materials business in the first quarter of 2026.
Current report
Iran Conflict
Current report
We are closely monitoring the ongoing conflict in the Middle East and the resulting volatility across energy markets and global chemical supply chains, which is adding uncertainty to the broader macro environment with the potential to weigh on demand, particularly in more impacted regions. While we have not experienced a material impact from the conflict in Iran on our U.S. operations during the period, as conditions evolve we are actively working to mitigate cost headwinds going forward. We are experiencing increased energy costs in our European operations, which have increased operating expenses during the period but did not have a material impact on our results of operations for the period. If elevated energy prices persist, we expect continued pressure on margins in those markets. The conflict is also causing global sulfur supply disruptions which is creating measurable price inflation for sulfate-based titanium dioxide producers. We are continuing to evaluate the extent to which these and other indirect effects of the conflict could have a material impact on our results of operations, financial condition, and cash flows.
Current report
Our net sales were relatively flat at $1.4 billion for the three months ended March 31, 2026 and 2025 as a decrease in volume of 4% was offset by an increase in price of 2% and favorable currency movements of 3%. The decrease in volume was attributed to our Advanced Performance Materials segment, while the increase in price was attributed to our Thermal & Specialized Solutions segment.
Current report
Our selling, general, and administrative (“SG&A”) expense increased by $24 million (or 20%) to $147 million for the three months ended March 31, 2026, compared with SG&A expense of $123 million for the same period in 2025. The increase in our SG&A expense for the three months ended March 31, 2026 was primarily attributable to higher litigation related charges and legacy legal fees in the period of approximately $15 million, as well as a decrease of approximately $8 million in the MOU benefit related to litigation costs.
Current report
Loss on Extinguishment of Debt
Current report
For the three months ended March 31, 2026, we recognized a net loss on extinguishment of debt, which reflects costs associated with early redemption of the senior unsecured notes due May 2027 and partial early redemption of the senior unsecured notes due November 2028, during the first quarter of 2026. See "Note 15 - Debt" to the Interim Consolidated Financial Statements for further details.
Current report
Our other income, net increased by $17 million (or 340%) to $22 million for the three months ended March 31, 2026, compared with other income, net of $5 million for the same period in 2025. The increase in our other income, net was primarily attributable to the gain on sale related to the licensing of certain intellectual property and sale of related assets associated with Zelan™ repellents, which is part of the Advanced Performance Materials business.
Current report
Provision for Income Taxes
Current report
We recognized a provision for income taxes of $7 million and $5 million for the three months ended March 31, 2026 and 2025, respectively.
Current report
There was a $2 million increase in our provision for income taxes for the three months ended March 31, 2026 as compared to the prior period; however, our provision for income taxes for the three months ended March 31, 2026 was primarily impacted by our geographic mix of earnings, profit in inventory, a continued build in US Federal, state, and foreign valuation allowances, as well as certain legal accruals deemed non-deductible for tax purposes. These were offset by a foreign derived deduction eligible income tax benefit. Our provision for the three months ended March 31, 2025 was primarily impacted by mix of earnings, a build in valuation allowance against certain state net operating losses and deferred tax assets, and profit in inventory.
Current report
Our Titanium Technologies segment’s net sales decreased by $38 million (or 6%) to $559 million for the three months ended March 31, 2026 compared with segment net sales of $597 million for the same period in 2025. The decrease in segment net sales for the three months ended March 31, 2026 was primarily attributable to a decrease in volumes of 7% and a decrease in price of 2%, partially offset by favorable currency movements adding a 3% tailwind to the segment’s net sales as compared to the same period in the prior year.
Current report
For the three months ended March 31, 2026 segment Adjusted EBITDA decreased by $32 million (or 64%) to $18 million and Adjusted EBITDA margin decreased by approximately 500 basis points to 3%, compared with segment Adjusted EBITDA of $50 million and Adjusted EBITDA margin of 8% for the same period in 2025. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 were primarily attributable to the aforementioned decrease in price, lower costs absorption as a result of lower volumes, unfavorable production mix and higher input costs, partially offset by favorable currency movements.
Current report
For the three months ended March 31, 2026, segment Adjusted EBITDA decreased by $27 million (or 84%) to $5 million and Adjusted EBITDA margin decreased by approximately 900 basis points to 2%, compared with segment Adjusted EBITDA of $32 million and Adjusted EBITDA margin of 11% for the same period in 2025. The decrease in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 was primarily attributable to lower volumes, as a result of operational impacts related to the outage at the Washington Works site, as well as contractual sales timing, partially offset by favorable currency movements.
Current report
For the three months ended March 31, 2026, loss on extinguishments of debt includes $9, associated with our senior unsecured notes, which are discussed in further detail in "Note 15 - Debt".
Current report
In March 2026, we issued $700 million aggregate principal amount of 2034 Notes. We received proceeds of $690 million, net of underwriting fees and other expenses of $10 million, which are deferred and amortized to interest expense over the term of the 2034 Notes. The net proceeds from the 2034 Notes together with cash on hand were used in part to redeem $188 million aggregate principal amount of the Company’s 5.750% senior notes due 2028 for an aggregate redemption price of approximately $190 million, which includes payments related to extinguishments of debt. The remaining net proceeds from the Offering were used to fund the redemption of the Company’s outstanding 5.375% senior notes due 2027 of $495 million aggregate principal amount, for an aggregate redemption price of $499 million, which includes payments related to extinguishments of debt.
Current report
In April 2026, the Company used €140 million of cash to pay down a portion of the outstanding tranche B-3 euro term loan due August 2028.
Current report
Thereby, as a result of the recent debt activity as mentioned above, the anticipated annual interest expense is expected to increase approximately $9 million, which is the result of an increase of approximately $18 million, net, in relation to the issuance of the 2034 Notes and repayments of the senior unsecured notes due May 2027 and partial repayment of the senior unsecured notes due November 2028 in March 2026, partially offset by a decrease of approximately $9 million related to the April 2026 pay down of a portion of the outstanding tranche B-3 euro term loan due August 2028. For further details, see “Note 20 – Debt” to the Interim Consolidated Financial Statements.
Current report
We used $44 million and $112 million in cash flows for our operating activities during the three months ended March 31, 2026 and 2025, respectively. The decrease in our operating cash outflows was primarily attributable to the timing of accounts payable related to major plant turnaround activities that took place in the fourth quarter of 2024 that do not occur annually. These turnaround activities in the fourth quarter of 2024 resulted in an increase to payables during the period, that were subsequently paid in the first quarter of 2025. These changes were partially offset by lower earnings in the first quarter of 2026.
Current report
We used $19 million in cash flows for our financing activities during the three months ended March 31, 2026 which was primarily attributable to our capital allocation activities, resulting in $13 million of cash dividends, $3 million of payments on finance leases, $10 million of payments of debt issuance cost, $6 million of debt extinguishment payments and $689 million of debt repayments, partially offset by $700 million of proceeds from issuance of debt and $2 million of net proceeds in connection with one of our supplier financing programs.
Current report
Our compensation and other employee-related costs increased by $26 million (or 27%) to $122 million at March 31, 2026 compared with compensation and other employee-related costs of $96 million at December 31, 2025. The increase in our compensation and other employee-related costs at March 31, 2026 was primarily attributable to higher accruals for employee benefits and performance-related compensation in line with the expected payout.
Current report
Our other accrued liabilities decreased by $44 million (or 9%) to $462 million at March 31, 2026 compared with other accrued liabilities of $506 million at December 31, 2025. The decrease in our other accrued liabilities was primarily attributable to payment of customer discounts and rebates in the first quarter of 2026, a decrease in derivative instruments related to a cross currency swap, a decrease in accrued litigation following a payment to the State of Delaware, a decrease to income tax payable and a property tax net payment made in the first quarter of 2026. These decreases were partially offset by an increase in our interest accrued as driven by the timing of payments, as well as increases to deferred revenue, accrued severance and asset retirement obligations.
Current report
Sustainability is a foundational element of Chemours’ growth strategy and long-term success. Our sustainability approach, risks and opportunities are integrated into our Pathway to Thrive strategy, which is designed to maintain alignment with the evolving external environment and the expectations of our stakeholders.
Current report
Chemours’ 2030 CRC goals articulate a strategic vision for managing climate-related impacts. By embedding climate considerations into business strategy, teams are empowered to proactively address climate disruptions and drive innovation in next-generation solutions that support resilience in a changing climate. Chemours’ Pathway to Thrive corporate strategy is directly linked to climate action. The strategy is designed to support efforts to ensure products are manufactured, distributed and used with a focus on minimizing environmental impact and safeguarding the communities in which we operate. Through this approach, we seek to protect our license to operate, meet customer needs, sharpen our innovation and differentiate our portfolio, which we believe supports the creation of enduring value for our shareholders.
Current report
25% reduction in Scope 3 emissions intensity; and
Removed paragraphs (50)
Previous report
On October 15, 2025, we entered into Amendment No. 4 (the “Fourth 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, which amends the Credit Agreement. The Fourth Amendment extended the maturity date of our $1,050 million senior secured U.S. Dollar Term Loan from August 18, 2028 to October 15, 2032. The Fourth Amendment also changed the applicable margin in respect of the Dollar Term Loan to, at our election, adjusted Term Secured Overnight Financing Rate ("SOFR") + 3.50% or adjusted base rate plus 2.50%.
Previous report
European Accounts Receivable Factoring Arrangement
Previous report
On October 13, 2025, we entered into a Receivables Purchase Agreement ("the Purchase Agreement") with BNP Paribas Factor GmbH (“BNP”). Pursuant to the Purchase Agreement, and subject to the terms and conditions set forth therein, certain subsidiaries of the Company agreed to offer for sale and to sell, and BNP agreed to purchase, certain eligible receivables and related rights in an amount of up to an aggregate outstanding balance of €180 million. The initial term of the Purchase Agreement extends through October 31, 2026 and will be automatically extended for one-year periods, unless earlier terminated in accordance with the terms of the Purchase Agreement.
Previous report
SRF Strategic Agreement
Previous report
In August 2025, we entered into a strategic agreement with SRF Limited, a diversified, chemical-based multi-business conglomerate headquartered in India. This collaboration, executed as a part of Pathway to Thrive, strengthens our global supply chain footprint, bolsters operational flexibility, and provides access to capacity for fluoropolymers and fluoroelastomers. This capacity will increase our operational flexibility and ensure a reliable supply for customers worldwide. By leveraging SRF’s established manufacturing excellence alongside our advanced product technology and rigorous quality standards, the collaboration will deliver a reliable supply of high-quality products. The agreements will supplement our existing global operations, allowing us to efficiently bring supply flexibility while requiring no upfront capital investment.
Previous report
Government Shutdown
Previous report
On October 1, 2025, the U.S. federal government entered a shutdown due to the failure to approve appropriations for fiscal year 2026. If a prolonged shutdown occurs, it could result in delays in regulatory approvals, permitting, and environmental remediation activities that are subject to federal oversight. In addition, the shutdown may delay payments under existing government contracts and hinder the initiation of new federally supported programs that are relevant to our business. If the shutdown continues for an extended period, it could result in delayed cash collections, interruptions in project execution, and broader impacts on our supply chain and workforce. These disruptions could materially and adversely affect our financial condition, results of operations, and cash flows.
Previous report
Our net sales decreased by $13 million (or 1%) to $1.5 billion for the three months ended September 30, 2025, compared with net sales of $1.5 billion for the same period in 2024. The decrease in our net sales for the three months ended September 30, 2025 was primarily attributable to a 3% decrease in volume, partially offset by a 1% increase in price and favorable currency movements of 1%. The volume decrease was attributed to our Titanium Technologies and Advanced Performance Materials segments. The price increase was attributed to our Thermal & Specialized Solutions and Advanced Performance Materials segments.
Previous report
Our net sales increased by $55 million (or 1%) to $4.5 billion for the nine months ended September 30, 2025, compared with net sales of $4.4 billion for the same period in 2024. The increase in our net sales for the nine months ended September 30, 2025 was primarily attributable to a 2% increase in volume, partially offset by a 1% decrease in price. The volume increase was attributed to our Thermal & Specialized Solutions and Titanium Technologies segments. The price decrease was attributed to our Titanium Technologies segment.
Previous report
Our selling, general, and administrative (“SG&A”) expense decreased by $28 million (or 20%) and increased by $241 million (or 56%) to $109 million and $669 million for the three and nine months ended September 30, 2025, respectively, compared with SG&A expense of $137 million and $428 million for the same periods in 2024. The decrease in our SG&A expense for the three months ended September 30, 2025 was primarily attributable to lower legacy legal costs relative to the third quarter of 2024. The increase in our SG&A expense for the nine months ended September 30, 2025 was primarily attributable to litigation-related charges of $263 million associated with the settlement agreement with the State of New Jersey (as described further in "Note 17– 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 report
Our restructuring, asset-related, and other charges for the three and nine months ended September 30, 2024 were primarily attributable to $25 million of non-cash asset-related charges, $18 million of employee separation charges and $3 million of other charges related to the 2024 Restructuring Program initiated in the third quarter of 2024. During the nine months ended September 30, 2024, we also recorded $8 million of decommissioning and other charges related to the Titanium Technologies Transformation Plan.
Previous report
Goodwill Impairment Charge
Previous report
In the third quarter of 2024, we concluded a triggering event was present for our Advanced Performance Materials reporting unit and associated goodwill. As a result of the quantitative goodwill impairment analysis performed, we concluded the carrying amount of the Advanced Performance Materials reporting unit exceeded its fair value. As a result of this analysis, we recognized a goodwill impairment charge of $56 million related to the Advanced Performance Materials reporting unit for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2025, there was no goodwill impairment charge. Refer to "Note 10 – Goodwill and Other Intangible Assets, Net" to the Interim Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details.
Previous report
Our other income, net increased by $10 million (or over 100%) and $13 million (or over 100%) to $16 million and $23 million for the three and nine months ended September 30, 2025, respectively, compared with other income, net of $6 million and $10 million for the same periods in 2024. The increase in our other income, net for the three and nine months ended September 30, 2025 was primarily attributable to the gain on sale of $7 million related to certain parcels of land at our manufacturing site in Kuan Yin, Taiwan (as further described in "Note 9 – Property, Plant and Equipment, Net" to the Interim Consolidated Financial Statements).
Previous report
(Benefit from) Provision for Income Taxes
Previous report
We had a benefit from income taxes of $9 million and $0 million forthe three months ended September 30, 2025 and 2024, respectively, which represented effective tax rates of (18)% and 0%, respectively. The $9 million increase in our benefit from income taxes for the three months ended September 30, 2025 was primarily attributable to a partial release of our valuation allowance against deferred tax federal and state interest carryforwards, as well as lower pre-tax earnings in comparison to the quarter ended September 30, 2024. The valuation allowance release was largely a result of favorable interest deductibility provisions enacted under the One Big Beautiful Bill Act (the “Tax Act”).
Previous report
We had a provision for income taxes of $114 million and $25 million for the nine months ended September 30, 2025 and 2024, respectively, which represented effective tax rates of (54)% and 24%, respectively. The $89 million increase in our provision for income taxes for the nine months ended September 30, 2025 was primarily attributable to $148 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 $70 million tax benefit related to environmental and litigation reserve, both recorded during the nine months ended September 30, 2025. Our provision for income taxes for the nine months ended September 30, 2024 included $10 million of income tax benefit related to the 2024 Restructuring Program.
Previous report
On July 4, 2025, the U.S. government enacted 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 we have incorporated the impacts of provisions with 2025 effective dates into our provision for income taxes for the quarter, we continue to evaluate the impact of the Tax Act for future tax years, notably with respect to interest expense deductibility and U.S. taxation of earnings by our non-US subsidiaries.
Previous report
Our Thermal & Specialized Solutions segment’s net sales increased by $181 million (or 13%) to $1.6 billion for the nine months ended September 30, 2025, compared with segment net sales of $1.4 billion for the same period in 2024. The increase in segment net sales for the nine months ended September 30, 2025 was primarily attributable to a 10% increase in volume and a 3% increase in price. The increases in price and volume were primarily driven by the same factors discussed in the preceding paragraph.
Previous report
Our Titanium Technologies segment’s net sales decreased by $60 million (or 9%) to $612 million for the three months ended September 30, 2025 compared with segment net sales of $672 million for the same period in 2024. The decrease in segment net sales for the three months ended September 30, 2025 was primarily attributable to a decrease in price of 8% and a decrease in volume of 2%. Favorable currency movements added a 1% tailwind to the segment's net sales for the three months ended September 30, 2025 compared to the same period of the prior year.
Previous report
Our Titanium Technologies segment’s net sales decreased by $73 million (or 4%) to $1.9 billion for the nine months ended September 30, 2025 compared with segment net sales of $1.9 billion for the same period in 2024. The decrease in segment net sales for the nine months ended September 30, 2025 was primarily attributable to a decrease in price of 5%, partially offset by a 1% increase in volume.
Previous report
For the three months ended September 30, 2025 Segment Adjusted EBITDA decreased by $53 million (or 68%) to $25 million and Adjusted EBITDA margin decreased by approximately 800 basis points to 4%, compared with Segment Adjusted EBITDA of $78 million and Adjusted EBITDA margin of 12% for the same period in 2024. For the nine months ended September 30, 2025, Segment Adjusted EBITDA decreased by $109 million (or 47%) to $122 million and Adjusted EBITDA margin decreased by approximately 500 basis points to 7%, compared with Segment Adjusted EBITDA of $231 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 September 30, 2025 were primarily attributable to the aforementioned decrease in price paired with operational disruption costs of approximately $11 million. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the nine months ended September 30, 2025 were primarily attributable to the aforementioned decrease in price, along with operational disruption costs, including the previously disclosed impacts from cold weather downtime and rail line service interruption. These operational headwinds were partially offset by continued cost savings under the Titanium Technologies Transformation Plan.
Previous report
Our Advanced Performance Materials segment’s net sales decreased by $50 million (or 5%) to $951 million for the nine months ended September 30, 2025, compared with segment net sales of $1 billion for the same period in 2024. The decrease in segment net sales for the nine months ended September 30, 2025 was primarily attributable to an 8% decrease in volume, partially offset by a 3% increase in price. The decrease in volume was primarily driven by operational impacts as discussed in the preceding paragraph. The increase in price was primarily driven by stronger pricing in high-value applications as well as pricing opportunities in the second and third quarter associated with the exit of the SPS Capstone™ product line.
Previous report
For the three months ended September 30, 2025, Segment Adjusted EBITDA deceased by $24 million (or 63%) to $14 million and Adjusted EBITDA margin decreased by approximately 600 basis points to 5%, compared with Segment Adjusted EBITDA of $38 million and Adjusted EBITDA margin of 11% for the same period in 2024. For the nine months ended September 30, 2025, Segment Adjusted EBITDA decreased by $17 million (or 15%) to $96 million and Adjusted EBITDA margin decreased by approximately 100 basis points to 10%, compared with Segment Adjusted EBITDA of $113 million and Adjusted EBITDA margin of 11% for the same period in 2024. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended September 30, 2025 were primarily attributable to the operational impacts related to the outage at the Washington Works site. These disruptions were related to identified damages to critical pieces of equipment that lead to an unscheduled full shutdown at our site, which resulted in a $20 million impact to the third quarter. Additionally, as a result of the lower volumes described in previous paragraphs above, the third quarter was impacted by higher costs as a result of lower fixed cost absorption, partially offset by an increase in price. The decreases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the nine months ended September 30, 2025 were primarily attributable to the factors previously mentioned above for the quarter, partially offset by the aforementioned favorable currency movement.
Previous report
As part of our decision to exit our SPS Capstone TM business, we incurred accelerated depreciation charges of $23 million during the nine months ended September 30, 2025, which are included within the "Depreciation and amortization" caption above, and therefore are not included as separate adjustment within this caption.
Previous report
For the three and nine months ended September 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.
Previous report
For the nine months ended September 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 nine months ended September 30, 2024, transaction costs includes $3 million and $15 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 report
Litigation-related charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the nine months ended September 30, 2025, litigation-related charges includes $263 million related to our portion of Chemours, DuPont, Corteva, EID and the State of New Jersey’s settlement agreement reached in August 2025, $12 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 $14 million related to reserves for asbestos and production liability matters arising from an EID subsidiary, Sporting Goods Properties, Inc.. For the three and nine months ended September 30, 2024, litigation-related charges includes $26 million and $32 million, respectively, of benefits from insurance recoveries, along with the $29 million accrual associated with the Ohio MDL.
Previous report
Environmental charges pertains to our assessment of estimated liabilities associated with certain remediation expenses at various sites. For the nine months ended September 30, 2025, environmental charges primarily includes changes in remediation reserves at the four sites covered by the New Jersey settlement agreement.
Previous report
We generated $127 million in cash flows from our operating activities during the nine months ended September 30, 2025. Comparatively, we used $771 million in cash flows for our operating activities during the nine months ended September 30, 2024. The increase in our operating cash inflows 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 nine months ended September 30, 2024.
Previous report
We used $89 million in cash flows for our financing activities during the nine months ended September 30, 2025 which were primarily attributable to our capital allocation activities, resulting in $63 million of cash dividends, along with $24 million of net debt repayments.
Previous report
Our assets held for sale amounted to $22 million at September 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.
Previous report
Our compensation and other employee-related costs remained largely unchanged at $97 million and $99 million at September 30, 2025 and December 31, 2024, respectively.
Previous report
Our other accrued liabilities increased by $196 million (or 50%) to $589 million at September 30, 2025 compared with other accrued liabilities of $393 million at December 31, 2024. The increase in our other accrued liabilities was primarily attributable to an increase in accrued litigation following the settlement agreement with the State of New Jersey (as described further in "Note 17– Commitments and Contingent Liabilities to the Interim Consolidated Financial Statements), a change in the fair value of our cross-currency swap and an increase in our interest accrued as driven by the timing of payments under our senior unsecured notes.
Previous report
Guarantor Financial Information
Previous report
The following disclosures set forth summarized financial information and alternative disclosures in accordance with Rule 13-01 of Regulation S-X (“Rule 13-01”). These disclosures have been made in connection with certain subsidiaries' guarantees of the 5.375% senior unsecured notes due May 2027 (the “Registered Notes”), which are registered under the Securities Act of 1933, as amended. Each series of the Registered Notes was issued by The Chemours Company (the “Parent Issuer”), and was fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the existing and future domestic subsidiaries of the Parent Issuer (together, the “Guarantor Subsidiaries”), subject to certain conditions, which are further discussed in“Note 20 – Debt” to the Consolidated Financial Statementsin our Annual Report on Form 10-K for the year ended December 31, 2024. The assets, liabilities, and operations of the Guarantor Subsidiaries primarily consist of those attributable to The Chemours Company FC, LLC, our primary operating subsidiary in the United States, as well as certain U.S.-based subsidiaries included in Exhibit 22 to this Quarterly Report on Form 10-Q. Each of the Guarantor Subsidiaries is 100% owned by the Company. None of our other subsidiaries, either direct or indirect, guarantee the Registered Notes (together, the “Non-Guarantor Subsidiaries”). Pursuant to the indentures governing the Registered Notes, the Guarantor Subsidiaries will be automatically released from those guarantees upon the occurrence of certain customary release provisions.
Previous report
Our summarized financial information is presented on a combined basis, consisting of the Parent Issuer and Guarantor Subsidiaries (collectively, the “Obligor Group”), in accordance with the requirements under Rule 13-01, and is presented after the elimination of: (i) intercompany transactions and balances among the Parent Issuer and Guarantor Subsidiaries, and (ii) equity in earnings from and investments in the Non-Guarantor Subsidiaries.
Previous report
Current assets includes $187 million and $308 million of cash and cash equivalents at September 30, 2025 and December 31, 2024, respectively.
Previous report
Current assets includes $383 million and $365 million of intercompany accounts receivable from the Non-Guarantor Subsidiaries at September 30, 2025 and December 31, 2024, respectively. Current liabilities includes $284 million and $367 million of intercompany accounts payable to the Non-Guarantor Subsidiaries at September 30, 2025 and December 31, 2024, respectively.
Previous report
As of September 30, 2025 and December 31, 2024, $179 million and $112 million of accounts receivable generated by the Obligor Group, respectively, remained outstanding with one of the Non-Guarantor Subsidiaries under the Securitization Facility.
Showing the first 40 of 50 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
We are 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 refrigeration and air conditioning, coatings, plastics, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our principal products include refrigerants, titanium dioxide (“TiO 2”) pigment and industrial fluoropolymer resins. We manage and report our operating results through three principal reportable segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Our Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. 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 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 Non-Reportable Segment.
Current wording
We are 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 refrigeration and air conditioning, paints and coatings, plastics, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our principal products include refrigerants, titanium dioxide (“TiO 2”) pigment and industrial fluoropolymer resins. We manage and report our operating results through three principal reportable segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Our Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. 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 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.
Previous wording
We are a different kind of chemistry company. Our world-class product portfolio enables the performance and convenience of everyday products, processes, and technologies people rely on in their daily lives, making our products and the solutions they enable both vital and essential. We are committed to creating value for our customers and stakeholders by leveraging strengths that we use to create competitive advantage: our innovation and technical expertise, our ability to operate complex manufacturing sites safely, our deep customer relationships based on trust and reliability, and our talented workforce. Every day our people bring our chemistry to life, guided by five core values that form the bedrock foundation for how we operate: (i)Safety – we are committed to protecting people and the environment; (ii)Integrity – we do what's right; (iii)Partnership – we win through collaboration with the right internal and external partners; (iv)Ownership– we are each accountable for the Company's success; (v)Respect – we treat people well, include others, and value diverse perspectives.
Current wording
Our world-class product portfolio enables the performance and convenience of everyday products, processes, and technologies people rely on in their daily lives, making our products and the solutions they enable both vital and essential. We are committed to creating value for our customers and stakeholders by leveraging strengths that we use to create competitive advantage: our innovation and technical expertise, our ability to operate complex manufacturing sites safely, our deep customer relationships based on trust and reliability, and our talented workforce. Every day our people bring our chemistry to life, guided by five core values that form the bedrock foundation for how we operate: (i)Safety – we are committed to protecting people and the environment; (ii)Integrity – we do what's right; (iii)Partnership – we win through collaboration with the right internal and external partners; (iv)Ownership– we are each accountable for the Company's success; (v)Respect – we treat people well, include others, and value diverse perspectives.
Previous wording
The chemicals sector has been impacted by recent changes in U.S. and foreign trade policies, particularly the introduction and adjustment of tariffs by the U.S. as well as foreign retaliatory tariffs. We intend to implement mitigation efforts to create supply chain flexibility, take certain pricing actions and evaluate opportunities to source products not directly impacted by the current tariffs. The long-term impact of tariffs on our business, financial condition and results of operations remains uncertain.
Current wording
The chemicals sector has been and continues to be impacted by changes in U.S. and foreign trade policies, particularly the introduction and adjustment of tariffs by the United States as well as foreign retaliatory tariffs. We actively monitor changes and adjust our operations accordingly to enhance supply chain flexibility, including taking certain pricing actions and evaluating opportunities to source products not directly impacted by existing or potential tariffs. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President of the United States to impose tariffs. The Court of International Trade has ordered U.S. Customs and Border Protection to begin the process of returning paid tariffs to importers. Importers of record can seek refunds for paid IEEPA tariffs, though the process is expected to involve complex, phased, or potentially prolonged procedures, and additional legal challenges. Subsequent to the date of these financial statements, in April 2026, the Company filed its IEEPA refund request. The Company has not received any IEEPA refunds to date. The receipt and timing of any IEEPA tariff refund is unknown. The long-term impact of tariffs, including potential changes to existing tariffs or the imposition of further retaliatory trade measures, as well as possible tariff refunds, on our business, financial condition and results of operations remains uncertain.
Previous wording
The following table sets forth our results of operations for the three and nine months ended September 30, 2025 and 2024.
Current wording
The following table sets forth our results of operations for the three months ended March 31, 2026 and 2025.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our net sales for the three and nine months ended September 30, 2025, compared with the same periods 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 months ended March 31, 2026.
Previous wording
Our cost of goods sold (“COGS”) increased by $40 million (or 3%) and $186 million (or 5%) to $1.3 billion and $3.7 billion for the three and nine months ended September 30, 2025, respectively, compared with COGS of $1.2 billion and $3.5 billion for the same periods in 2024. The increase in our COGS for the three and nine months ended September 30, 2025 was primarily attributable to higher raw materials costs.
Current wording
Our cost of goods sold (“COGS”) increased by $37 million (or 3%) to $1.2 billion for the three months ended March 31, 2026, compared with COGS of $1.1 billion for the same period in 2025. The increase in our COGS for the three months ended March 31, 2026 was primarily attributable to higher raw materials costs.
Previous wording
Our research and development (“R&D”) expense was largely unchanged at $26 million and $81 million for the three and nine months ended September 30, 2025, respectively, compared with R&D expense of $29 million and $83 million for the same periods in 2024.
Current wording
Our research and development (“R&D”) expense was relatively flat at $26 million for the three months ended March 31, 2026 compared with R&D expense of $27 million for the same period in 2025.
Previous wording
Our restructuring, asset-related, and other charges decreased by $41 million (or 91%) and increased by $3 million (or 6%) to $4 million and $55 million for the three and nine months ended September 30, 2025, respectively, compared with restructuring, asset-related, and other charges of $45 million and $52 million for the same periods in 2024. Our restructuring, asset-related, and other charges for the three and nine months ended September 30, 2025 were primarily attributable to $4 million and $48 million, respectively, of charges related to the exit of our SPS Capstone™ business. During the nine months ended September 30, 2025, we also recorded $6 million of decommissioning and other charges related to the Titanium Technologies Transformation Plan.
Current wording
Our restructuring, asset-related, and other charges decreased by $20 million (or 61%) to $13 million for the three months ended March 31, 2026, compared with restructuring, asset-related, and other charges of $33 million for the same period in 2025. Our restructuring, asset-related, and other charges for the three months ended March 31, 2026 were attributable to $9 million of employee separation charges related to the 2026 Restructuring Program and $4 million of charges related to our decision to exit our SPS Capstone TMbusiness. Our restructuring, asset-related, and other charges for the three months ended March 31, 2025 were primarily attributable to $27 million of charges related to our decision to exit our SPS Capstone TM business, $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.
Previous wording
Our equity in earnings of affiliates decreased by $2 million (or 18%) and $7 million (or 21%) to $9 million and $27 million for the three and nine months ended September 30, 2025, respectively, compared with equity in earnings of affiliates of $11 million and $34 million for the same periods in 2024. The decrease in our equity in earnings of affiliates for the three and nine months ended September 30, 2025 was primarily attributable to lower demand in the region where our investees operate.
Current wording
Our equity in earnings of affiliates was flat at $8 million for the three months ended March 31, 2026, compared with equity in earnings of affiliates of $8 million for the same period in 2025.
Previous wording
Our interest expense, net was flat at $68 million for the three months ended September 30, 2025 and 2024, and increased by $5 million (or 3%) to $201 million for the nine months ended September 30, 2025, compared with interest expense, net of $196 million for the same period in 2024. The increase in our interest expense, net for the nine months ended September 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.
Current wording
Our interest expense, net increased by $3 million (or 5%) to $69 million for the three months ended March 31, 2026, compared with interest expense, net of $66 million for the same period in 2025. 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 amendment to the Amended and Restated Credit Agreement related to the 2032 U.S. Dollar Term Loan in October 2025 and the issuance of the 2034 Notes in March 2026.
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 our 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 the Company’s Performance Chemicals and Intermediates business.
Previous wording
Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is the primary measure of segment profitability used by our Chief Operating Decision Maker ("CODM") and is defined as income before income taxes, excluding the following:
Current wording
Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is the primary measure of segment profitability used by our Chief Operating Decision Maker ("CODM") and is defined as income (loss) before income taxes, excluding the following:
Previous wording
non-operating pension and other post-retirement employee benefit costs, which represents the non-service cost component of net periodic pension costs;
Current wording
non-operating pension and other post-retirement employee benefit costs, which represents the non-service cost component of net periodic pension (income) costs;
Previous wording
A reconciliation of Segment Adjusted EBITDA to our consolidated income before income taxes for the three and nine months ended September 30, 2025 and 2024 is included in “Note 23 – Segment Information” to the Interim Consolidated Financial Statements.
Current wording
A reconciliation of Segment Adjusted EBITDA to the Company's consolidated income (loss) before income taxes for the three months ended March 31, 2026 and 2025 is included in “Note 23 – 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 and nine months ended September 30, 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 months ended March 31, 2026 and 2025.
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 nine months ended September 30, 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 three months ended March 31, 2026, compared with the same period in 2025.
Previous wording
Our Thermal & Specialized Solutions segment’s net sales increased by $92 million (or 20%) to $560 million for the three months ended September 30, 2025, compared with segment net sales of $468 million for the same period in 2024. The increase in segment net sales for the three months ended September 30, 2025 was primarily attributable to an 11% increase in price and 8% increase in volume. Favorable currency movements added a 1% tailwind to the segment's net sales for the three months ended September 30, 2025 compared to the same period of the prior year. The increase in price was primarily related to stronger Opteon TM Refrigerant aftermarket demand. 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 this regulatory transition.
Current wording
Our Thermal & Specialized Solutions segment’s net sales increased by $102 million (or 22%) to $568 million for the three months ended March 31, 2026, compared with segment net sales of $466 million for the same period in 2025. The increase in segment net sales for the three months ended March 31, 2026 was primarily attributable to an increase in prices of 11%, volumes of 9%, and favorable currency movements adding a 2% tailwind 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™ Refrigerants as well as higher volumes for Freon™ Refrigerant products. The increase in price was primarily related to stronger prices across our refrigerant portfolio.
Previous wording
For the three months ended September 30, 2025, Segment Adjusted EBITDA increased by $55 million (or 40%) to $194 million and Adjusted EBITDA margin increased by approximately 500 basis points to 35%, compared with Segment Adjusted EBITDA of $139 million and Adjusted EBITDA margin of 30% for the same period in 2024. For the nine months ended September 30, 2025, Segment Adjusted EBITDA increased by $93 million (or 21%) to $542 million and Adjusted EBITDA margin increased by approximately 200 basis points to 33%, compared with Segment Adjusted EBITDA of $449 million and Adjusted EBITDA margin of 31% for the same period in 2024. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended September 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 both the aftermarket demand and the stationary AC regulatory transition, more than offsetting the input cost headwinds. The increases in Segment Adjusted EBITDA and Adjusted EBITDA margin for the nine months ended September 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 input costs headwinds, as well as also partially offset by a decrease in price in the Freon TM Refrigerant portfolio in connection with the step downs under the AIM Act and EU F-Gas regulations.
Current wording
For the three months ended March 31, 2026, segment Adjusted EBITDA increased by $49 million (or 35%) to $190 million and Adjusted EBITDA margin increased by approximately 300 basis points to 33%, compared with segment Adjusted EBITDA of $141 million and Adjusted EBITDA margin of 30% for the same period in 2025. The increase in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 was primarily attributable to the aforementioned increase in price and volumes primarily related to stronger demand across our refrigerant portfolio, as well as favorable currency movements, partially offset by the input cost headwinds.
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 and nine months ended September 30, 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 months ended March 31, 2026 and 2025.
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 nine months ended September 30, 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 three months ended March 31, 2026, compared with the same period in 2025.
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 and nine months ended September 30, 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 months ended March 31, 2026 and 2025.
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 nine months ended September 30, 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 three months ended March 31, 2026, compared with the same period in 2025.
Previous wording
Our Advanced Performance Materials segment’s net sales decreased by $43 million (or 12%) to $311 million for the three months ended September 30, 2025, compared with segment net sales of $354 million for the same period in 2024. The decrease in segment net sales for the three months ended September 30, 2025 was primarily attributable to a decrease in volume of 15%, partially offset by an increase in price of 2%. Favorable currency movements added a 1% tailwind to the segment's net sales for the three months ended September 30, 2025 compared to the same period of the prior year. The decrease in volume was primarily driven by operational impacts related to the outage at the Washington Works site, the exit of the SPS Capstone TM product line as well as weakness in cyclical end markets impacting Advanced Materials and products serving hydrogen markets under Performance Solutions. The increase in price was primarily driven by stronger pricing in high-value applications as well as pricing opportunities associated with the exit of the SPS Capstone™ product line.
Current wording
Our Advanced Performance Materials segment’s net sales decreased by $51 million (or 17%) to $243 million for the three months ended March 31, 2026, compared with segment net sales of $294 million for the same period in 2025. The decrease in segment net sales for the three months ended March 31, 2026 was primarily attributable to a 19% decrease in volume and a 1% decrease in price, partially offset by favorable currency movements adding a 3% tailwind to the segment’s net sales in the same period of the prior year. Volumes decreased primarily due to operational impacts related to the outage at the Washington Works site, the exit of the SPS Capstone TM product line as well as weakness in cyclical end markets impacting Advanced Materials and products serving hydrogen markets under Performance Solutions.
Previous 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 23 – 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, Chemours assigns certain costs to “Corporate expenses”, which is presented separately in the segment reconciliation table below and in “Note 23 – 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 decreased by $15 million (or 28%) and $37 million (or 20%) to $38 million and $148 million for the three and nine months ended September 30, 2025, compared with Corporate and Other costs of $53 million and $185 million for the same periods in 2024. The decrease in Corporate and Other costs for the three months ended September 30, 2025 was primarily attributable to lower legacy legal costs relative to the prior year third quarter. The decrease in Corporate and Other costs for the nine months ended September 30, 2025 was primarily attributable to lower costs associated with the Audit Committee Internal Review.
Current wording
Corporate and Other costs decreased by $10 million (or 18%) to $47 million for the three months ended March 31, 2026, compared with Corporate and Other costs of $57 million for the same period in 2025. The decrease in Corporate and Other costs for the three months ended March 31, 2026 was primarily attributable to lower legacy legal costs (net of applicable MOU benefit) and lower environmental reserve adjustments in the first quarter of 2026, partially offset by an increase in executive office spend and an increase in costs related to our long term incentive plan.
Previous wording
The following table sets forth our corporate and unallocated items for the three and nine months ended September 30, 2025 and 2024.
Current wording
The following table sets forth our corporate and unallocated items for the three months ended March 31, 2026 and 2025.
Previous wording
Our primary sources of liquidity are cash generated from operations and available cash. We also periodically utilize various financing facilities, including our receivables securitization facility and supply chain financing arrangements with third-party financial institutions to provide working capital flexibility. Additionally, we have access to incremental liquidity, if needed, through borrowings under our debt financing arrangements, which includes borrowing capacity under our Revolving Credit Facility. We expect the liquidity from these sources will provide adequate funds to support the cash needs of our businesses through at least the end of November 2026.
Current wording
Our primary sources of liquidity are cash generated from operations and available cash. We also periodically utilize various financing facilities, including our receivables securitization facility, receivable factoring facilities and supply chain financing arrangements with third-party financial institutions to provide working capital flexibility. Additionally, we have access to incremental liquidity, if needed, through borrowings under our debt financing arrangements, which includes borrowing capacity under our Revolving Credit Facility. We expect the liquidity from these sources will provide adequate funds to support the cash needs of our businesses through at least the end of May 2027.
Previous wording
At September 30, 2025, we had total unrestricted cash and cash equivalents of $613 million, of which $426 million was held by our foreign subsidiaries. The availability under our Revolving Credit Facility as of September 30, 2025 was $953 million, net of $47 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 September 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.
Current wording
At March 31, 2026, we had total unrestricted cash and cash equivalents of $563 million, of which $357 million was held by our foreign subsidiaries. The availability under our Revolving Credit Facility as of March 31, 2026 was $953 million, net of $47 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 March 31, 2026, we were in compliance with the applicable covenants under the Credit Agreement. Our revolving commitments are comprised of $780 million in revolving commitments that mature on May 2, 2030 and $220 million in revolving commitments that mature on October 7, 2026; in each case, subject to springing maturity provisions. 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, 2025.
Previous wording
Subject to approval by our board of directors, we may raise additional capital or borrowings from time to time, or seek to refinance our existing debt. There can be no assurances that future capital or borrowings will be available to us, and the cost and availability of new capital or borrowings could be materially impacted by market conditions. Our borrowing costs can be impacted by short- and long-term debt ratings assigned by nationally recognized ratings agencies. On June 17, 2025, Moody's affirmed our Ba3 rating with stable outlook. On April 16, 2025, S&P Global affirmed our BB- credit rating with negative outlook. Our debt ratings could constrain the capital available to us and could limit our access to and/or increase the cost of funding our operation. Further, the decision to refinance our existing debt is based on a number of factors, many of which are beyond our control, including general market conditions and our ability to refinance on attractive terms at any given point in time. Any attempts to raise additional capital or borrowings or refinance our existing debt could cause us to incur significant charges, including an increase in interest expense as a result of higher interest rates on any new or refinanced borrowings.
Current wording
Subject to approval by our board of directors, we may raise additional capital or borrowings from time to time, or seek to refinance our existing debt. There can be no assurances that future capital or borrowings will be available to us, and the cost and availability of new capital or borrowings could be materially impacted by market conditions. Our borrowing costs can be impacted by short- and long-term debt ratings assigned by nationally recognized ratings agencies. On August 22, 2025, Moody's affirmed our Ba3 rating with a revised negative outlook. On April 16, 2025, S&P Global affirmed our BB- credit rating with negative outlook. Our debt ratings could constrain the capital available to us and could limit our access to and/or increase the cost of funding our operation. Further, the decision to refinance our existing debt is based on a number of factors, many of which are beyond our control, including general market conditions and our ability to refinance on attractive terms at any given point in time. Any attempts to raise additional capital or borrowings or refinance our existing debt could cause us to incur significant charges, including an increase in interest expense as a result of higher interest rates on any new or refinanced borrowings.
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 September 30, 2025 and 2024, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $39 million and $40 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. For the nine months ended September 30, 2025 and 2024, we accelerated the collection of approximately $265 million and $168 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 March 31, 2026 and 2025, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $66 million and $93 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. See “Note 8 – 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 $426 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at September 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 nine months ended September 30, 2025, we received approximately $13 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.
Current wording
A substantial majority of the $357 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at March 31, 2026, 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, 2026, we received approximately $93 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, 2025.
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 September 30, 2025, our consolidated balance sheets include $609 million for environmental remediation liabilities, of which $107 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $107 million, $56 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 $1.35 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 $1.35 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 17 – Commitments and Contingent Liabilities” to the Interim Cons olidated 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 March 31, 2026, our consolidated balance sheets include $617 million for environmental remediation liabilities, of which $97 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $97 million, $51 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 $1.3 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 $1.3 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&Afor the anticipated environmental remediation payments over the next three years. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated 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. 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 agreed 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. As such, at September 30, 2025 and December 31, 2024, we had $50 million deposited into the escrow account. 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 17 – 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. Pursuant to the terms of the PFAS Insurance Proceeds Memorandum of Understanding ("PFAS Insurance MOU"), the parties agreed to suspend the obligation of each of the parties to fund the $50 million MOU payments due by September 30, 2025. Additionally, also pursuant to the terms of the PFAS Insurance MOU, the parties agreed that our future MOU funding requirements will be reduced by amounts released from the insurance proceeds escrow to fund the New Jersey settlement. The next escrow payment of $50 million is expected to be made on or before September 30, 2026 and the following payments are expected on or before September 30 of each subsequent year through and including 2028. As such, at March 31, 2026 and December 31, 2025, we had $50 million deposited into the escrow account. 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 17 – 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 the amounts related to the State of Ohio in the fourth quarter of 2025 and the amounts related to the State of Delaware in the first half of 2026. 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 $263 million as of September 30, 2025 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 $506 million at September 30, 2025, which is inclusive of settlement agreements with Ohio, Delaware, New Jersey, and the Hoosick Falls class action lawsuit, of which $207 million is classified as current. Refer to “Note 17 – 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 remaining, following the $45 million paid to the state in November 2025, is $10 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, in January 2026, we contributed our portion of the supplemental payment to the State of Delaware for $13 million. The remaining amounts related to the State of Ohio were paid in April 2026. 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 $266 million as of March 31, 2026 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 $491 million at March 31, 2026, which is inclusive of settlement agreements with Ohio and Delaware, of which $176 million is classified as current. Refer to “Note 17 – 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 November 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 October 29, 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.
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 May 2027. 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, 2026, 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 2026. The dividend will be paid on June 16, 2026, to stockholders of record as of May 17, 2026.
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 nine months ended September 30, 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 three months ended March 31, 2026 and 2025.
Previous wording
We used $163 million and $246 million in cash flows for our investing activities during the nine months ended September 30, 2025 and 2024, respectively which were primarily attributable to purchases of property, plant, and equipment amounting to $168 million and $251 million, respectively.
Current wording
We used $44 million and $86 million in cash flows for our investing activities during the three months ended March 31, 2026 and 2025, respectively, which was primarily attributable to purchases of property, plant, and equipment amounting to $49 million and $84 million, respectively. This was primarily driven by the timing of when payments occurred for capital expenditures. For the three months ended March 31, 2026, this usage was partially offset by $7 million in proceeds from the sales of assets.
Previous wording
We used $121 million in cash flows for our financing activities during the nine months ended September 30, 2024 which were primarily attributable to our capital allocation activities, resulting in $112 million of cash dividends and $13 million of net payments in connection with one of our supplier financing programs.
Current wording
We used $57 million in cash flows for our financing activities during the three months ended March 31, 2025 which was 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.
Previous wording
Our accounts and notes receivable, net increased by $177 million (or 23%) to $947 million at September 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 September 30, 2025 was primarily attributable to higher sales in the third 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.
Current wording
Our accounts and notes receivable, net increased by $80 million (or 12%) to $759 million at March 31, 2026, compared with accounts and notes receivable, net of $679 million at December 31, 2025. This increase in our accounts and notes receivable, net at March 31, 2026 was primarily attributable to higher net sales within our Thermal & Specialized Solutions business in line with seasonality, partially offset by collections through our Accounts Receivable Securitization facility and EU factoring in the first quarter of 2026.
Previous wording
Our inventories increased by $84 million (or 6%) to $1.5 billion at September 30, 2025, compared with inventories of $1.5 billion at December 31, 2024. The increase in our inventories at September 30, 2025 was primarily attributable to an increase in the value of our raw material inventories due to higher raw materials costs.
Current wording
Our inventories decreased by $33 million (or 2%) to $1.5 billion at March 31, 2026, compared with inventories of $1.6 billion at December 31, 2025. The decrease in our inventories at March 31, 2026 was primarily attributable to a decrease in raw materials and finished goods inventories, partially offset by an increase in semi finished inventories.
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Current report — wording carried from elsewhere
restrictions on GHG emissions, cap and trade emissions trading systems, and taxes on GHG emissions, fuel, and energy, among other provisions. Such regulatory matters have led, and are expected to continue to lead, to subsequent developments in product technology and demand. This helps guide our investment decisions and drive growth in demand for low-carbon and energy efficient products, manufacturing technologies, and services that facilitate adaptation to a changing climate. Our business segments conduct market trend impact assessments, continuously evaluate opportunities for existing and new products and are well-positioned to take advantage of opportunities that may arise from increased market demand for and/or legislation mandating or incentivizing the use of products and technologies necessary to achieve a low-carbon economy.
Current report — wording carried from elsewhere
emission controls. The EU Emission Trading System applies to our operating sites in that region. By tracking and taking action to reduce our GHG emissions footprint through energy efficiency programs, increased use of renewable energy and focused GHG emissions reduction programs, we can decrease the potential future impact of these regulatory matters.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Amendment to Amended and Restated Credit Agreement
Previous report — wording carried elsewhere
Further discussion related to these matters is included in “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements.