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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents (including restricted cash of $4) $ 204 $ 254
Accounts receivable (net of allowance for doubtful accounts of $3) 331 316
Inventories:    
Finished and in-process goods 180 211
Raw materials and supplies 85 82
Total current assets held for sale 114 99
Other current assets 39 40
Total current assets 953 1,002
Investments in unconsolidated entities 10 14
Long-term deferred income taxes 7 6
Total long-term assets held for sale 342 400
Noncurrent assets 85 44
Property and equipment    
Land 79 82
Buildings 122 114
Machinery and equipment 1,270 1,148
Property, plant and equipment, gross 1,471 1,344
Less accumulated depreciation (212) (63)
Property, plant and equipment, net 1,259 1,281
Operating Lease, Right-of-Use Asset [1] 103 110
Goodwill 164 164
Other intangible assets, net 1,079 1,125
Assets [2] 4,002 4,146
Current liabilities    
Accounts and drafts payable 339 289
Debt payable within one year 82 70
Interest payable 30 35
Income taxes payable 6 17
Accrued payroll and incentive compensation 42 43
Total current liabilities associated with assets held for sale 70 69
Operating Lease, Liability, Current 19 20
Other current liabilities 111 95
Total current liabilities 699 638
Long-term liabilities    
Long-term debt 1,710 1,715
Long-term pension and post employment benefit obligations 250 223
Long-term deferred income taxes 161 149
Operating Lease, Liability, Noncurrent 76 82
Total long-term liabilities with assets held for sale 74 56
Other long-term liabilities 209 208
Total liabilities 3,179 3,071
Commitments and Contingencies
Equity [Abstract]    
Common stock—$0.01 par value; 100 shares authorized, issued and outstanding at both December 31, 2020 and 2019 0 0
Paid-in capital 1,169 1,165
Accumulated other comprehensive loss 27 1
Accumulated deficit (319) (89)
Total deficit 823 1,075
Total liabilities and deficit $ 4,002 $ 4,146
[1] (1)    Operating lease assets include $8 and $9 of favorable leasehold interests as of December 31, 2020 and 2019, respectively.
[2] Includes assets held for sale at December 31, 2020 and 2019.