2016 Q4 Form 10-Q Financial Statement

#000162722316000148 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $1.322B $1.398B $1.360B
YoY Change -2.79% -5.92% -12.2%
Cost Of Revenue $1.024B $1.056B $1.147B
YoY Change -10.72% -13.58% -8.09%
Gross Profit $298.0M $342.0M $213.0M
YoY Change 39.91% 29.55% -29.24%
Gross Profit Margin 22.54% 24.46% 15.66%
Selling, General & Admin $492.0M $148.0M $151.0M
YoY Change 225.83% -5.73% -1.31%
% of Gross Profit 165.1% 43.27% 70.89%
Research & Development $21.00M $19.00M $29.00M
YoY Change -27.59% 5.56% -12.12%
% of Gross Profit 7.05% 5.56% 13.62%
Depreciation & Amortization $72.00M $73.00M $66.00M
YoY Change 9.09% 4.29% -8.33%
% of Gross Profit 24.16% 21.35% 30.99%
Operating Expenses $513.0M $167.0M $180.0M
YoY Change 185.0% -4.57% -3.23%
Operating Profit -$215.0M $175.0M $33.00M
YoY Change -751.52% 96.63% -71.3%
Interest Expense -$70.00M $51.00M -$77.00M
YoY Change -9.09% 0.0% 120.0%
% of Operating Profit 29.14% -233.33%
Other Income/Expense, Net $41.00M $161.0M $20.00M
YoY Change 105.0% 1138.46% 66.67%
Pretax Income -$273.0M $234.0M -$121.0M
YoY Change 125.62% -318.69% -200.83%
Income Tax -$43.00M $30.00M -$35.00M
% Of Pretax Income 12.82%
Net Earnings -$230.0M $204.0M -$86.00M
YoY Change 167.44% -803.45% -208.86%
Net Earnings / Revenue -17.4% 14.59% -6.32%
Basic Earnings Per Share -$1.26 $1.12 -$0.48
Diluted Earnings Per Share -$1.26 $1.11 -$0.48
COMMON SHARES
Basic Shares Outstanding 181.8M shares 181.6M 181.0M shares
Diluted Shares Outstanding 183.5M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $902.0M $957.0M $366.0M
YoY Change 146.45% 345.12%
Cash & Equivalents $902.0M $957.0M $366.0M
Short-Term Investments
Other Short-Term Assets $79.00M $74.00M $106.0M
YoY Change -25.47% -59.78% 146.51%
Inventory $767.0M $846.0M $972.0M
Prepaid Expenses $77.00M $73.00M $104.0M
Receivables $742.0M $805.0M $757.0M
Other Receivables $65.00M $76.00M $19.00M
Total Short-Term Assets $2.553B $2.757B $2.301B
YoY Change 10.95% 11.12% 18.55%
LONG-TERM ASSETS
Property, Plant & Equipment $2.784B $2.825B $3.177B
YoY Change -12.37% -10.88% -3.96%
Goodwill $153.0M $153.0M $166.0M
YoY Change -7.83% -9.47% -16.16%
Intangibles $18.00M $10.00M
YoY Change 63.64% -9.09%
Long-Term Investments $136.0M $169.0M $136.0M
YoY Change 0.0% 9.74% 9.68%
Other Assets $417.0M $367.0M $508.0M
YoY Change -17.91% -21.24% 34.75%
Total Long-Term Assets $3.507B $3.532B $3.997B
YoY Change -12.26% -11.03% -0.52%
TOTAL ASSETS
Total Short-Term Assets $2.553B $2.757B $2.301B
Total Long-Term Assets $3.507B $3.532B $3.997B
Total Assets $6.060B $6.289B $6.298B
YoY Change -3.78% -2.51% 5.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $884.0M $835.0M $973.0M
YoY Change -9.15% -17.24% -6.98%
Accrued Expenses $872.0M $569.0M $454.0M
YoY Change 92.07% 28.15% 28.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $32.00M $39.00M
YoY Change -61.54% -15.79%
Total Short-Term Liabilities $1.771B $1.436B $1.466B
YoY Change 20.8% -4.58% 4.86%
LONG-TERM LIABILITIES
Long-Term Debt $3.529B $3.713B $3.915B
YoY Change -9.86% -5.38%
Other Long-Term Liabilities $524.0M $558.0M $553.0M
YoY Change -5.24% 0.9% 19.18%
Total Long-Term Liabilities $4.053B $4.271B $4.468B
YoY Change -9.29% -4.6% 862.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.771B $1.436B $1.466B
Total Long-Term Liabilities $4.053B $4.271B $4.468B
Total Liabilities $5.956B $5.908B $6.168B
YoY Change -3.44% -7.12% 169.82%
SHAREHOLDERS EQUITY
Retained Earnings -$114.0M $117.0M -$115.0M
YoY Change -0.87% -490.0%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $100.0M $377.0M $126.0M
YoY Change
Total Liabilities & Shareholders Equity $6.060B $6.289B $6.298B
YoY Change -3.78% -2.51% 5.69%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$230.0M $204.0M -$86.00M
YoY Change 167.44% -803.45% -208.86%
Depreciation, Depletion And Amortization $72.00M $73.00M $66.00M
YoY Change 9.09% 4.29% -8.33%
Cash From Operating Activities $270.0M $198.0M $302.0M
YoY Change -10.6% 75.22% -38.62%
INVESTING ACTIVITIES
Capital Expenditures -$103.0M -$67.00M -$127.0M
YoY Change -18.9% -36.19% -36.5%
Acquisitions
YoY Change
Other Investing Activities -$9.000M $554.0M -$15.00M
YoY Change -40.0% 658.9% -188.24%
Cash From Investing Activities -$112.0M $487.0M -$142.0M
YoY Change -21.13% -1621.88% -22.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -166.0M -122.0M -8.000M
YoY Change 1975.0% 12.96% -97.41%
NET CHANGE
Cash From Operating Activities 270.0M 198.0M 302.0M
Cash From Investing Activities -112.0M 487.0M -142.0M
Cash From Financing Activities -166.0M -122.0M -8.000M
Net Change In Cash -8.000M 563.0M 152.0M
YoY Change -105.26% -2185.19%
FREE CASH FLOW
Cash From Operating Activities $270.0M $198.0M $302.0M
Capital Expenditures -$103.0M -$67.00M -$127.0M
Free Cash Flow $373.0M $265.0M $429.0M
YoY Change -13.05% 21.56% -38.01%

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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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1000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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3000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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0 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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1000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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3000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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0 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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0 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax
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7000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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10000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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20000000 USD
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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10000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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20000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax
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6000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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13000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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-3000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Benefit Plan Improvement Tax Effect
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Benefit Plan Improvement Tax Effect
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Benefit Plan Improvement Tax Effect
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBenefitPlanImprovementTaxEffect
0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Benefit Plan Improvement Tax Effect
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CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
4000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
11000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
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1000000 USD
CY2016Q3 us-gaap Percentage Of Lifo Inventory
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73000000 USD
us-gaap Proceeds From Contributions From Parent
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247000000 USD
us-gaap Other Comprehensive Income Loss Tax
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1000000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
0 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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0 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
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553000000 USD
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558000000 USD
us-gaap Other Operating Activities Cash Flow Statement
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17000000 USD
us-gaap Other Operating Activities Cash Flow Statement
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33000000 USD
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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us-gaap Payments For Restructuring
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Property Plant And Equipment
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392000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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235000000 USD
CY2015Q3 us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Proceeds From Issuance Of Long Term Debt
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3490000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Sale Of Productive Assets
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8000000 USD
us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Profit Loss
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CY2016Q3 us-gaap Profit Loss
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204000000 USD
us-gaap Profit Loss
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us-gaap Sales Revenue Net
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us-gaap Selling General And Administrative Expense
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CY2016Q3 us-gaap Property Plant And Equipment Net
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1000000 USD
us-gaap Provision For Doubtful Accounts
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7000000 USD
us-gaap Provision For Doubtful Accounts
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Senior Debt
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195000000 USD
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18000000 USD
us-gaap Research And Development Expense
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68000000 USD
CY2016Q3 us-gaap Research And Development Expense
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19000000 USD
us-gaap Research And Development Expense
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us-gaap Restructuring Charges
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109000000 USD
CY2015Q4 us-gaap Restructuring Reserve
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98000000 USD
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44000000 USD
us-gaap Restructuring Reserve Translation Adjustment
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117000000 USD
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us-gaap Revenues
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CY2016Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Sales Revenue Net
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148000000 USD
us-gaap Selling General And Administrative Expense
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CY2015Q3 us-gaap Severance Costs1
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us-gaap Severance Costs1
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CY2016Q3 us-gaap Severance Costs1
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us-gaap Severance Costs1
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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90000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
130000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
381000000 USD
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1932395 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1089738 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180968049 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180968049 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
183528556 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182541932 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180968049 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180968049 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181596161 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181452194 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year and the year-end consolidated balance sheet does not include all disclosures required by accounting principles generally accepted in the United States of America. As such, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chemours did not operate as a separate, stand-alone entity for the full period covered by the 2015 interim consolidated financial statements. Prior to the separation on July 1, 2015, Chemours operations were included in DuPont's financial results in different legal forms, including but not limited to wholly-owned subsidiaries for which Chemours was the sole business, components of legal entities in which Chemours operated in conjunction with other DuPont businesses and a majority owned joint venture. For periods prior to July 1, 2015, the interim consolidated financial statements have been prepared from DuPont&#8217;s historical accounting records and are presented on a stand-alone basis as if the business operations had been conducted independently from DuPont. DuPont and its subsidiaries&#8217; net investments in these operations are shown in lieu of Stockholders&#8217; Equity in the interim consolidated financial statements for the period ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">. The interim consolidated financial statements include the historical operations, assets and liabilities of the legal entities that were considered to comprise the Chemours business, including certain environmental remediation and litigation obligations for which Chemours has indemnified DuPont. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All of the allocations and estimates in the interim consolidated financial statements prior to July 1, 2015 were based on assumptions that management believed were reasonable. However, the interim consolidated financial statements for the </font><font style="font-family:inherit;font-size:10pt;">nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> included herein may not be indicative of the results of operations and cash flows of Chemours if it had been a separate, stand-alone entity during that period. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The net transfers from DuPont in the Interim Consolidated Statements of Stockholders&#8217; Equity for the </font><font style="font-family:inherit;font-size:10pt;">nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> include a non-cash contribution from DuPont of </font><font style="font-family:inherit;font-size:10pt;">$93</font><font style="font-family:inherit;font-size:10pt;">. This non-cash contribution occurred during physical separation activities at shared production facilities in the United States prior to the separation.</font></div></div>

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