The Chemours Company Reports Solid Fourth Quarter and Full Year 2021 Results, Provides Strong Full Year 2022 Outlook

Broad strength despite logistics and pandemic related headwinds – full year 2022 outlook targets continued earnings growth and strong free cash flow generation

WILMINGTON, Del.–(BUSINESS WIRE)–$CC–The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions, today announces its financial results for the fourth quarter and full year 2021.

Full Year 2021 Results

  • Net Sales of $6.3 billion, up 28% year-over-year
  • Net Income of $608 million with EPS1 of $3.60, up $2.28 year-over-year
  • Adjusted Net Income* of $674 million with Adjusted EPS* of $4.00, up $2.02 year-over-year
  • Adjusted EBITDA* of $1,313 million, up 49% year-over-year
  • Free Cash Flow* of $543 million
  • Repurchased $173 million of stock, including $93 million in Q4, and reduced debt by $204 million

Fourth Quarter 2021 Results & Highlights

  • Net Sales of $1.6 billion, up 18% year-over-year
  • Net Income of $233 million with EPS of $1.40, up $1.29 year-over-year
  • Adjusted Net Income* of $135 million with Adjusted EPS* of $0.81, up $0.20 year-over-year
  • Adjusted EBITDA* of $307 million, up 25% year-over-year
  • On February 9, 2022, the company’s Board of Directors approved a first quarter dividend of $0.25 per share
  • Launched ChemFEST school partnership to expand commitment to early STEM education in our communities
  • Completed the sale of Mining Solutions for $521 million2

Full Year 2022 Outlook

  • Adjusted EBITDA* between $1.3 billion and $1.425 billion, up 8% from FY2021 at the midpoint, after considering the divestiture of Mining Solutions in 20212
  • Adjusted EPS* between ~$4.07 and $4.70
  • Free Cash Flow* of greater than $500 million, including CAPEX of ~$400 million
  • Anticipate completing the remainder of our share repurchase authorization in mid-20223

I’m extremely proud of the results our teams around the world delivered, despite the challenges and uncertainties of 2021. Consistently, in the face of demanding circumstances, we continue to meet our commitments to customers, supply chain partners, and the communities in which we operate while delivering on our financial goals,” said Chemours President and CEO Mark Newman. “I want to thank all 6,400 of our employees for their continued commitment to excellence, our customers for their loyalty, and our global leadership team for pushing us all to greater heights. Building on a firm foundation, I am excited to lead us into the next chapter of our company – ‘Chemours 2.0’ – as we look to realize the full potential of our businesses. I look forward to beginning this journey by engaging even more deeply with all of our stakeholders in early 2022.”

2021 Net Sales were $6.3 billion, up 28%, or $1.4 billion, from 2020. Net Sales rose on a year-over-year basis as global demand recovered from 2020 pandemic lows.

2021 Net Income of $608 million resulted in EPS of $3.60. Adjusted Net Income rose 105% to $674 million, while Adjusted EPS rose $2.02 to $4.00 for the full year. Adjusted EBITDA for 2021 was $1,313 million, up 49% from 2020. Free cash flow was $543 million, demonstrating the ability of the company to convert earnings to cash consistently across economic cycles.

Fourth quarter 2021 Net Sales were $1.6 billion, 18% higher than the prior-year quarter. Volume and price were positive contributors to the improved results on a year-over-year basis.

Fourth quarter Net Income was $233 million, resulting in EPS of $1.40. Adjusted Net Income was $135 million. Adjusted EPS was $0.81, up $0.20 vs. the prior-year quarter. Adjusted EBITDA for the fourth quarter 2021 was $307 million in comparison to $246 million in the prior-year fourth quarter, a result of higher pricing offset partially by lower volumes and cost headwinds related to raw material cost inflation and logistics. Currency was a slight headwind in the quarter.

Titanium Technologies (TT)

Creating a winning customer value proposition behind our world-class Ti-Pure™ operations

Titanium Technologies segment Net Sales for the full year were $3.4 billion, up $1.0 billion, or 40%, from the full year 2020 as demand recovered across all end markets and geographies from pandemic levels. Volume rose 28% while price rose 10%. Volume and price were positive across all three of our main sales channels and geographies. Currency was a modest 2% tailwind for the year. Segment Adjusted EBITDA rose $299 million to $809 million, as higher Net Sales more than offset cost headwinds. Segment Adjusted EBITDA margins rose 300bps to 24% for the full year.

Titanium Technologies segment Net Sales in the fourth quarter were $865 million, up 25% in comparison to $691 million in the prior-year quarter. Volume rose 6% vs. the prior-year quarter in spite of ore and logistics constraints. Price rose 19% on a year-over-year basis, and 5% on a sequential basis, reflecting strength across all three of our Ti-Pure™ selling channels. Segment Adjusted EBITDA increased 33% to $198 million from the prior-year period, resulting in segment Adjusted EBITDA margins of 23%. We exited 2021 having fully regained the share lost on installation of our TVS strategy.

Chemours’ TVS strategy continues to provide customers with a market leading combination of product quality and supply certainty – enabled by our world-class pigment technology.

Thermal & Specialized Solutions (TSS)

Driving innovation in low GWP solutions to support customers’ transition to more sustainable products

Thermal & Specialized Solutions segment Net Sales for the full year 2021 were $1.3 billion, up $152 million, or 14%, from 2020 driven by improved demand across most refrigerant markets and geographies, partially offset by auto OEM demand headwinds related to semiconductor shortages. Volume rose 9% while price contributed 4%. Currency was a slight 1% tailwind. Segment Adjusted EBITDA improved $58 million to $412 million with full year margins of 33% improving from 2020 levels as stronger stationary pricing more than offset contractual price downs and raw material inflation, as well as costs related to Winter Storm Uri at the start of the year.

Segment Net Sales in the fourth quarter were $295 million, an 8% increase vs. the prior-year quarter. Volume was down 11% in the quarter, as the impact of reduced auto OEM demand related to semiconductor shortages offset stronger demand in other markets. Price contributed 19% to the improved top line results on a year-over-year basis and rose 4% on a sequential basis reflecting market momentum exiting the year. Fourth quarter segment Adjusted EBITDA of $97 million resulted in strong fourth quarter margins of 33%.

Customer demand and market adoption of low GWP Opteon™ refrigerants remains strong – with several new strategic partnerships and the launch of Opteon™ 1150 in 2021. TSS remains well positioned to help customers transition from HFC refrigerants.

Advanced Performance Materials (APM)

Creating a clean energy and advanced electronics powerhouse

Advanced Performance Materials delivered record top and bottom line performance in 2021. Full year 2021 Net Sales of $1.4 billion increased by $293 million, or 27%, from 2020. Strong demand contributed to a 20% improvement in volumes vs. 2020, while price rose 4%. Currency was a tailwind of 3% for the full year. Sales performance was strong across all end markets and geographies. Full year 2021 Adjusted EBITDA of $261 million was up 107% on a year-over-year basis, resulting in full year Adjusted EBITDA margins of 19%, reflecting the high operating leverage of the segment.

Advanced Performance Materials segment Net Sales in the fourth quarter were $346 million vs. $279 million in the prior-year quarter, an increase of 24%. Strong year-over-year sales growth in the quarter was driven by demand across the entire breadth of the portfolio as demand continues to exceed our ability to supply. Volume and price contributed 15% and 10%, respectively, to the strong results, with currency turning to a minor headwind after being a slight tailwind for most of the year. Sequential volume declined in line with seasonal expectations by 6%, while price rose 4% reflecting the continued pace of demand. Segment Adjusted EBITDA of $65 million was up 160% vs. the prior-year quarter and Adjusted EBITDA margins of 19% were in-line with our segment margin goal for the full year.

APM technologies are fundamental to the future of clean energy and advanced electronics – and we continue to invest behind these key growth themes.

Chemical Solutions

Focused on a world-class Glycolic Acid franchise

As previously announced, we completed the sale of our Mining Solutions business to Draslovka in December of 2021.

Full year 2021 Net Sales of $336 million declined 6% from $358 million in 2020, as the impact of improved price and volume was more than offset by the impact of portfolio changes. Full year 2021 Adjusted EBITDA was $51 million, down from $73 million in 2020.

Chemical Solutions segment Net Sales in the fourth quarter of $69 million declined 27% from $95 million in the prior-year quarter as the benefit of higher price and volume was more than offset by the impact of portfolio changes. Segment Adjusted EBITDA was $8 million, down from $28 million in the prior-year fourth quarter.

The mid-fourth quarter closing of the Mining Solutions transaction impacted our full year and fourth quarter 2021 Adjusted EBITDA, which we estimate to be approximately $10 million, both on a consolidated and a Chemical Solutions segment basis.

Corporate and Other

Corporate and Other was an offset to Adjusted EBITDA of $220 million for the full year 2021 in comparison to a $184 million offset in the prior year driven primarily by increased legacy environmental remediation and higher performance-based compensation.

Corporate and Other was an offset to fourth quarter 2021 adjusted EBITDA of $61 million, level with $61 million in the prior-year fourth quarter.

Liquidity

As of December 31, 2021, consolidated gross debt was $3.8 billion. Debt, net of $1.5 billion cash, was $2.3 billion, resulting in a net leverage ratio of approximately 1.8x times on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $2.3 billion, comprised of $1.5 billion cash, and $0.8 billion of revolving credit facility capacity, net of outstanding letters of credit.

Cash provided by operating activities was $820 million in 2021, up $13 million from the prior year. Capital expenditures were $277 million, lower than originally projected due to project delays driven by logistics and material/labor availability in 2021.

Free Cash Flow for the year 2021 was $543 million vs. $540 million in 2020. Over the course of 2021, we repaid $204 million of debt principal, funded our $100 million escrow payment per the MOU with DuPont and Corteva, and repurchased $173 million of stock.

Cash provided by operating activities for the fourth quarter of 2021 was $214 million vs. $353 million in the prior-year quarter. Capital expenditures for the fourth quarter 2021 were $83 million vs. $53 million in the prior-year fourth quarter. Free Cash Flow for the fourth quarter of 2021 was $131 million vs. $300 million in the prior-year quarter. During the quarter, we repaid $70 million of debt principal and repurchased $93 million of common stock.

Outlook

The company expects to deliver 2022 Adjusted EBITDA within a range of $1.3 billion to $1.425 billion. Adjusted EPS is projected to be between $4.07 and $4.70. The company expects Free Cash Flow of greater than $500 million, inclusive of approximately $400 million of capital expenditures.

Mr. Newman concluded, “The work our teams have done, and the results we have delivered in 2021, built the momentum for stronger results in 2022. Our outlook reflects our belief in a continued economic recovery from the challenges caused by the global pandemic, and a normalization of supply chains early in 2022. We remain committed to driving top-line growth, improving the underlying earnings quality of the business, capturing the significant secular growth potential of our core businesses, and working closely with our customers to solve the world’s most challenging problems.”

Conference Call

As previously announced, Chemours will hold a conference call and webcast on February 11, 2022, at 8:30 AM EST. The webcast and additional presentation materials can be accessed by visiting the Events & Presentations page of Chemours’ investor website, investors.chemours.com. A webcast replay of the conference call will be available on the Chemours’ investor website.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration, and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.

Non-GAAP Financial Measures

We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Effective Tax Rate, Return on Invested Capital and Net Leverage Ratio which are non-GAAP financial measures. The company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

Management uses Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Effective Tax Rate, Return on Invested Capital and Net Leverage Ratio to evaluate the company’s performance excluding the impact of certain noncash charges and other special items which we expect to be infrequent in occurrence in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter.

Accordingly, the company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the company’s operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the company’s financial statements and footnotes contained in the documents that the company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the company in this press release may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” and materials posted to the company’s website at investors.chemours.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

* For information on our non-GAAP measures, please refer to the attached “Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures (Unaudited)

The Chemours Company

Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Net sales

 

$

6,345

 

 

$

4,969

 

 

$

5,526

 

Cost of goods sold

 

 

4,964

 

 

 

3,902

 

 

 

4,463

 

Gross profit

 

 

1,381

 

 

 

1,067

 

 

 

1,063

 

Selling, general, and administrative expense

 

 

592

 

 

 

527

 

 

 

548

 

Research and development expense

 

 

107

 

 

 

93

 

 

 

80

 

Restructuring, asset-related, and other charges

 

 

6

 

 

 

80

 

 

 

87

 

Total other operating expenses

 

 

705

 

 

 

700

 

 

 

715

 

Equity in earnings of affiliates

 

 

43

 

 

 

23

 

 

 

29

 

Interest expense, net

 

 

(185

)

 

 

(210

)

 

 

(208

)

Loss on extinguishment of debt

 

 

(21

)

 

 

(22

)

 

 

 

Other income (expense), net

 

 

163

 

 

 

21

 

 

 

(293

)

Income (loss) before income taxes

 

 

676

 

 

 

179

 

 

 

(124

)

Provision for (benefit from) income taxes

 

 

68

 

 

 

(40

)

 

 

(72

)

Net income (loss)

 

 

608

 

 

 

219

 

 

 

(52

)

Net income (loss) attributable to Chemours

 

$

608

 

 

$

219

 

 

$

(52

)

Per share data

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share of common stock

 

$

3.69

 

 

$

1.33

 

 

$

(0.32

)

Diluted earnings (loss) per share of common stock

 

 

3.60

 

 

 

1.32

 

 

 

(0.32

)

The Chemours Company

Consolidated Balance Sheets (Unaudited)

(Dollars in millions, except per share amounts)

 

 

December 31,

 

 

 

 

2021

 

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,451

 

 

$

1,105

 

Accounts and notes receivable, net

 

 

720

 

 

 

511

 

Inventories

 

 

1,099

 

 

 

939

 

Prepaid expenses and other

 

 

75

 

 

 

78

 

Total current assets

 

 

3,345

 

 

 

2,633

 

Property, plant, and equipment

 

 

9,232

 

 

 

9,582

 

Less: Accumulated depreciation

 

 

(6,078

)

 

 

(6,108

)

Property, plant, and equipment, net

 

 

3,154

 

 

 

3,474

 

Operating lease right-of-use assets

 

 

227

 

 

 

236

 

Goodwill

 

 

102

 

 

 

153

 

Other intangible assets, net

 

 

6

 

 

 

14

 

Investments in affiliates

 

 

169

 

 

 

167

 

Restricted cash and restricted cash equivalents

 

 

100

 

 

 

 

Other assets

 

 

447

 

 

 

405

 

Total assets

 

$

7,550

 

 

$

7,082

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,162

 

 

$

844

 

Compensation and other employee-related cost

 

 

173

 

 

 

107

 

Short-term and current maturities of long-term debt

 

 

25

 

 

 

21

 

Current environmental remediation

 

 

173

 

 

 

95

 

Other accrued liabilities

 

 

325

 

 

 

375

 

Total current liabilities

 

 

1,858

 

 

 

1,442

 

Long-term debt, net

 

 

3,724

 

 

 

4,005

 

Operating lease liabilities

 

 

179

 

 

 

194

 

Long-term environmental remediation

 

 

389

 

 

 

295

 

Deferred income taxes

 

 

49

 

 

 

36

 

Other liabilities

 

 

269

 

 

 

295

 

Total liabilities

 

 

6,468

 

 

 

6,267

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock (par value $0.01 per share; 810,000,000 shares authorized;

191,860,159 shares issued and 161,046,732 shares outstanding at

December 31, 2021;

190,239,883 shares issued and 164,920,648 shares outstanding at December 31, 2020)

 

 

2

 

 

 

2

 

Treasury stock, at cost (30,813,427 shares at December 31, 2021; 25,319,235 at December 31, 2020)

 

 

(1,247

)

 

 

(1,072

)

Additional paid-in capital

 

 

944

 

 

 

890

 

Retained earnings

 

 

1,746

 

 

 

1,303

 

Accumulated other comprehensive loss

 

 

(364

)

 

 

(310

)

Total Chemours stockholders’ equity

 

 

1,081

 

 

 

813

 

Non-controlling interests

 

 

1

 

 

 

2

 

Total equity

 

 

1,082

 

 

 

815

 

Total liabilities and equity

 

$

7,550

 

 

$

7,082

 

The Chemours Company

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in millions)

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

608

 

 

$

219

 

 

$

(52

)

Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

317

 

 

 

320

 

 

 

311

 

Gain on sales of assets and businesses

 

 

(115

)

 

 

(8

)

 

 

(10

)

Equity in earnings of affiliates, net

 

 

(11

)

 

 

 

 

 

(3

)

Loss on extinguishment of debt

 

 

21

 

 

 

22

 

 

 

 

Amortization of debt issuance costs and issue discounts

 

 

9

 

 

 

9

 

 

 

9

 

Deferred tax benefit

 

 

(77

)

 

 

(120

)

 

 

(165

)

Asset-related charges

 

 

 

 

 

22

 

 

 

43

 

Stock-based compensation expense

 

 

34

 

 

 

16

 

 

 

19

 

Net periodic pension cost

 

 

6

 

 

 

14

 

 

 

381

 

Defined benefit plan contributions

 

 

(17

)

 

 

(21

)

 

 

(19

)

Other operating charges and credits, net

 

 

18

 

 

 

(22

)

 

 

(2

)

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts and notes receivable

 

 

(225

)

 

 

175

 

 

 

191

 

Inventories and other operating assets

 

 

(202

)

 

 

126

 

 

 

116

 

(Decrease) increase in operating liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and other operating liabilities

 

 

454

 

 

 

55

 

 

 

(169

)

Cash provided by operating activities

 

 

820

 

 

 

807

 

 

 

650

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(277

)

 

 

(267

)

 

 

(481

)

Acquisition of business, net

 

 

 

 

 

 

 

 

(10

)

Proceeds from sales of assets and businesses, net of cash divested

 

 

508

 

 

 

5

 

 

 

9

 

Proceeds from life insurance policies

 

 

1

 

 

 

1

 

 

 

1

 

Foreign exchange contract settlements, net

 

 

(12

)

 

 

27

 

 

 

(2

)

Cash provided by (used for) investing activities

 

 

220

 

 

 

(234

)

 

 

(483

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

 

650

 

 

 

800

 

 

 

 

Proceeds from accounts receivable securitization facility

 

 

 

 

 

12

 

 

 

128

 

Repayments on accounts receivable securitization facility

 

 

 

 

 

(122

)

 

 

(18

)

Proceeds from revolving loan

 

 

 

 

 

300

 

 

 

150

 

Repayments on revolving loan

 

 

 

 

 

(300

)

 

 

(150

)

Debt repayments

 

 

(854

)

 

 

(943

)

 

 

(19

)

Payments related to extinguishment of debt

 

 

(18

)

 

 

(16

)

 

 

 

Payments of debt issuance costs

 

 

(11

)

 

 

(10

)

 

 

 

Payments on finance leases

 

 

(10

)

 

 

(6

)

 

 

(3

)

Deferred acquisition-related consideration

 

 

 

 

 

(10

)

 

 

 

Purchases of treasury stock, at cost

 

 

(173

)

 

 

 

 

 

(322

)

Proceeds from exercised stock options, net

 

 

23

 

 

 

16

 

 

 

9

 

Payments related to tax withholdings on vested stock awards

 

 

(2

)

 

 

(2

)

 

 

(30

)

Payments of dividends to the Company’s common shareholders

 

 

(164

)

 

 

(164

)

 

 

(164

)

Distributions to non-controlling interest shareholders

 

 

(1

)

 

 

(4

)

 

 

 

Cash used for financing activities

 

 

(560

)

 

 

(449

)

 

 

(419

)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

(34

)

 

 

38

 

 

 

(6

)

Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

446

 

 

 

162

 

 

 

(258

)

Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1,

 

 

1,105

 

 

 

943

 

 

 

1,201

 

Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31,

 

$

1,551

 

 

$

1,105

 

 

$

943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flows information

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

 

$

180

 

 

$

208

 

 

$

204

 

Income taxes, net of refunds

 

 

149

 

 

 

78

 

 

 

85

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment included in accounts payable

 

$

89

 

 

$

31

 

 

$

85

 

Obligations incurred under build-to-suit lease arrangement

 

 

 

 

 

 

 

 

40

 

Non-cash financing arrangements

 

 

 

 

 

16

 

 

 

11

 

Treasury stock repurchased, not settled

 

 

4

 

 

 

 

 

 

 

Deferred payments related to acquisition of business

 

 

 

 

 

 

 

 

15

 

 

Contacts

INVESTORS
Jonathan Lock
SVP, Chief Development Officer
+1.302.773.2263
[email protected]

NEWS MEDIA
Cassie Olszewski
Media Relations and Financial Communications Manager
+1.302.219.7140
[email protected]

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