Table of contents as filed with the Securities and Exchange Commission on April 8, 2016 Registration No. 333-210291
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- Bu səhifədəki naviqasiya:
- The Chemours Company Notes to the Consolidated Financial Statements
- Note 10. Accounts and Notes Receivable—Trade, Net
- December 31, 2015 December 31, 2014
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(1)
Recorded pursuant to the tax matters agreement.
(1)
Release of valuation allowance during 2015 was primarily related to the tax attributes retained by DuPont pursuant to the tax matters agreement. F-24 TABLE OF CONTENTS The Chemours Company Notes to the Consolidated Financial Statements (Dollars in millions, except per share) Note 9. Earnings Per Share of Common Stock The table below shows a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated.
(1)
For 2013 and 2014, pro forma earnings per share (EPS) was calculated based on 180,966,833 shares of Chemours common stock that were distributed to DuPont shareholders on July 1, 2015. (2) Diluted (loss) earnings per share is calculated using net (loss) income available to common shareholders divided by diluted weighted-average shares of common shares outstanding during each period, which includes unvested restricted shares. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect. Chemours had no equity awards outstanding prior to the spin-off.
Note 10. Accounts and Notes Receivable—Trade, Net
(1)
Accounts receivable–trade is net of allowances of $4 and $4 as of December 31, 2015 and 2014, respectively. Allowances are equal to the estimated uncollectible amounts. (2) Value Added Tax (VAT) and Goods and Services Tax (GST). (3) Other receivables consist of notes receivable, advances and other deposits. F-25 TABLE OF CONTENTS The Chemours Company Notes to the Consolidated Financial Statements (Dollars in millions, except per share) Accounts and notes receivable are carried at amounts that approximate fair value. Bad debt expense was less than $1 for the year ended December 31, 2015, and $1 and $2 for the years ended December 31, 2014 and 2013, respectively. Direct Financing Leases At two of its facilities in the United States (Borderland and Morses Mill), Chemours has constructed fixed assets on land that it leases from third parties. Management has analyzed these arrangements and determined these assets represent a direct financing lease, whereby Chemours is the lessor of this equipment. Chemours has recorded leases receivable of $138 and $149 at December 31, 2015 and 2014, respectively, which represent the balance of the minimum future lease payments receivable. The current portion of leases receivable is included in accounts and notes receivable–trade, net, as shown above. The long-term portion of leases receivable is included in other assets, as shown in Note 14. Management has evaluated the realizable value of these leased assets and determined no impairment existed at December 31, 2015 or December 31, 2014. There is no estimated future residual value of these leased assets. Note 11. Inventories
Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Inventories are valued using the LIFO method at substantially all of the U.S. locations, which comprised $744 and $684 or 61% and 52% of inventories before the LIFO adjustments at December 31, 2015 and December 31, 2014, respectively. The remainder of inventory held in international locations and certain U.S. locations is valued using the average cost method. Yüklə 6,05 Mb. Dostları ilə paylaş:
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