Net Sales

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Net Sales

Note 4. Net Sales             

Disaggregation of Net Sales

The following table sets forth a disaggregation of the Company’s net sales by geographic region and segment and product group for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
Net sales by geographic region (1)
North America:
Titanium Technologies	$	314	$	206
Thermal & Specialized Solutions		260		147
Advanced Performance Materials		145		111
Other Segment		14		33
Total North America		733		497
Asia Pacific:
Titanium Technologies		280		246
Thermal & Specialized Solutions		35		37
Advanced Performance Materials		153		139
Other Segment		6		6
Total Asia Pacific		474		428
Europe, the Middle East, and Africa:
Titanium Technologies		211		174
Thermal & Specialized Solutions		80		87
Advanced Performance Materials		73		68
Other Segment		4		4
Total Europe, the Middle East, and Africa		368		333
Latin America (2):
Titanium Technologies		123		97
Thermal & Specialized Solutions		50		33
Advanced Performance Materials		14		15
Other Segment		2		33
Total Latin America		189		178
Total net sales	$	1,764	$	1,436
Net sales by segment and product group
Titanium Technologies:
Titanium dioxide and other minerals	$	928	$	723
Thermal & Specialized Solutions:
Refrigerants		344		241
Foam, propellants, and other		81		63
Advanced Performance Materials:
Fluoropolymers and advanced materials		385		333
Other Segment		26		76
Total net sales	$	1,764	$	1,436

(1) Net sales are attributed to countries based on customer location.

(2) Latin America includes Mexico.

Substantially all of the Company’s net sales are derived from goods and services transferred at a point in time.

Contract Balances

The Company’s assets and liabilities from contracts with customers constitute accounts receivable - trade, deferred revenue, and customer rebates. An amount for accounts receivable - trade is recorded when the right to consideration under a contract becomes unconditional. An amount for deferred revenue is recorded when consideration is received prior to the conclusion that a contract exists, or when a customer transfers consideration prior to the Company satisfying its performance obligations under a contract. Customer rebates represent an expected refund liability to a customer based on a contract. In contracts with customers where a rebate is offered, it is generally applied retroactively based on the achievement of a certain sales threshold. As revenue is recognized, the Company estimates whether or not the sales threshold will be achieved to determine the amount of variable consideration to include in the transaction price.

The following table sets forth the Company’s contract balances from contracts with customers at March 31, 2022 and December 31, 2021.

	March 31, 2022		December 31, 2021
Contract assets:
Accounts receivable - trade, net (Note 8)	$	884	$	644
Contract liabilities:
Deferred revenue	$	7	$	5
Customer rebates (Note 13)		53		83

Changes in the Company’s deferred revenue balances resulting from additions for advance payments and deductions for amounts recognized in net sales during the three months ended March 31, 2022 and 2021 were not significant. For the three months ended March 31, 2022 and 2021, the amount of net sales recognized from performance obligations satisfied in prior periods (e.g., due to changes in transaction price) were not significant.

There were no material contract asset balances or capitalized costs associated with obtaining or fulfilling customer contracts as of March 31, 2022 and December 31, 2021.

Remaining Performance Obligations

Certain of the Company’s master services agreements or other arrangements contain take-or-pay clauses, whereby customers are required to purchase a fixed minimum quantity of product during a specified period, or pay the Company for such orders, even if not requested by the customer. The Company considers these take-or-pay clauses to be an enforceable contract, and as such, the legally-enforceable minimum amounts under such an arrangement are considered to be outstanding performance obligations on contracts with an original expected duration greater than one year. At March 31, 2022, Chemours had $9 of remaining performance obligations. The Company expects to recognize approximately 50% of its remaining performance obligations as revenue in 2022 and approximately 50% as revenue in 2023. The Company applies the allowable practical expedient and does not include remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. Amounts for contract renewals that are not yet exercised by March 31, 2022 are also excluded.