Discontinued Operations and Disposal Groups (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in the Company’s Consolidated Balance Sheets:

	December 31, 2020		December 31, 2019
Carrying amounts of major classes of assets held for sale:
Accounts receivable	$	66	$	49
Finished and in-process goods	18		21
Raw materials and supplies	17		18
Other current assets	12		11
Total current assets	113		99
Investment in unconsolidated entities	5		3
Deferred tax assets	2		—
Other long-term assets	7		11
Property, plant and equipment, net	310		297
Operating lease assets	13		12
Goodwill	14		14
Other intangible assets, net	61		63
Discontinued operations impairment	(75)		—
Total long-term assets	337		400
Total assets held for sale	$	450	$	499

Carrying amounts of major classes of liabilities held for sale:
Accounts payable	$	52	$	52
Income taxes payable	1		—
Accrued payroll	3		5
Current portion of operating lease liabilities	2		2
Other current liabilities	9		10
Total current liabilities	67		69
Long-term pension and post employment benefit obligations	36		29
Deferred income taxes	22		15
Operating lease liabilities	5		4
Other long-term liabilities	8		8
Total long-term liabilities	71		56
Total liabilities held for sale	$	138	$	125

The following table shows the financial results of discontinued operations for the periods presented:

	Successor				Predecessor
	Year Ended December 31, 2020		July 2, 2019 through December 31, 2019		January 1, 2019 through July 1, 2019		Year Ended December 31, 2018
Major line items constituting pretax income of discontinued operations:
Net sales (1)	$	493	$	286	$	309	$	692
Cost of sales (exclusive of depreciation and amortization)(1)	412		245		263		600
Selling, general and administrative expense	42		15		17		34
Depreciation and amortization	26		17		9		19
Asset impairments	75		—		—		—
Business realignment costs	3		2		1		2
Other operating expense (income), net	—		1		(1)		(1)
Operating (loss) income	(65)		6		20		38
Reorganization items, net	—		—		(135)		—
Other non-operating expense, net	5		1		—		—
(Loss) income from discontinued operations before income tax, earnings from unconsolidated entities	(70)		5		155		38
Income tax expense (benefit)	1		1		21		9
(Loss) income from discontinued operations, net of tax	$	(71)	$	4	$	134	$	29
Earnings from unconsolidated entities, net of tax	2		—		1		(1)
Net (loss) income attributable to discontinued operations	$	(69)	$	4	$	135	$	28

(1)    The Held for Sale Business has included $4, $5, $2 and $9 in both “Net sales” and “Cost of sales” within the discontinued operations for the year ended December 31, 2020, the Successor period July 2, 2019 through December 31, 2019 and the Predecessor periods January 1, 2019 through July 1, 2019 and year ended December 31, 2018, respectively, which represents sales from the Held for Sale Business to the Company’s continuing operations that were previously eliminated in consolidation. These reclassifications had no impact on “Net (loss) income” in the Consolidated Statements of Operations for any of the periods presented.

The Company's 50% ownership interest in the Russia JV, accounted for using the equity method of accounting, is included in the Held for Sale Business. Summarized financial data for the Russia JV are shown in the following tables:

	December 31, 2020		December 31, 2019
Current assets	$	7	$	9
Non-current assets	1		1
Current liabilities	2		11
Non-current liabilities	6		12

	Successor				Predecessor
	Year Ended December 31, 2020		July 2, 2019 through December 31, 2019		January 1, 2019 through July 1, 2019		Year Ended December 31, 2018
Net sales	$	32	$	14	$	18	$	43
Gross profit	12		3		4		7
Pre-tax income	5		1		2		2
Net income	4		—		2		2