XML 35 R4.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Operations - USD ($)
$ in Millions
6 Months Ended 12 Months Ended
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2020
Dec. 31, 2018
Net sales [1],[2] $ 1,323 $ 1,481 $ 2,510 $ 3,137
Cost of sales (exclusive of depreciation and amortization shown below) 1,117 1,211 2,043 2,559
Selling, general and administrative expense 124 128 231 243
Depreciation and amortization 93 43 191 98
Gain on dispositions (see Note 18) 0 0 0 44
Asset impairments (see Note 8) 0 0 16 28
Business realignment costs [3] 22 14 69 27
Other operating expense, net (16) (17) (24) (37)
Operating (loss) income (49) 68 (64) 189
Interest expense, net 55 89 100 365
Reorganization items, net (see Note 7) 0 (2,970) 0 0
Other non-operating income, net 0 11 15 12
(Loss) income from continuing operations before income tax and earnings from unconsolidated entities [4] (104) 2,960 (149) (164)
Income tax expense (benefit) (see Note 17) [5] (10) 201 14 31
(Loss) income from continuing operations before earnings from unconsolidated entities (94) 2,759 (163) (195)
Earnings from unconsolidated entities, net of taxes 2 1 2 4
(Loss) income from continuing operations, net of taxes (92) 2,760 (161) (191)
Less: Net (loss) income from discontinued operations 4 135 (69) 28
Net (loss) income (88) 2,895 (230) (163)
Net (income) loss attributable to noncontrolling interest (1) (1) 0 1
Net loss $ (89) $ 2,894 $ (230) $ (162)
[1]  Intersegment sales are not significant and, as such, are eliminated within the selling segment.
[2]  Sales are attributed to the country in which the individual business locations reside.
[3] Business realignment costs for the Successor and Predecessor periods below included:
SuccessorPredecessor
Year Ended December 31, 2020July 2, 2019 through
December 31, 2019
January 1, 2019 through
July 1, 2019
Year Ended December 31, 2018
Severance costs$16 $$$
In-process facility rationalizations11 11 
Contractual costs from exited business— — — 
Business services implementation22 — — — 
Legacy environmental reserves
Other
(a)     The Company had $8 of severance liabilities accrued within “Other current liabilities” on the Consolidated Balance Sheets at both December 31, 2020 and 2019. The Company expects the amounts associated with these severance liabilities to be paid over the next 12 months.
[4] Excludes (loss) income before income taxes of $(70), $5, $155, and $38 for the year ended December 31, 2020, the Successor period July 2, 2019 through December 31, 2019, the Predecessor period January 1, 2019 through July 1, 2019 and the year ended December 31, 2018, respectively, related to the Held for Sale Business.
[5] Excludes income tax expense of $1, $1, $21, and $9 for the year ended December 31, 2020, the Successor period July 2, 2019 through December 31, 2019, the Predecessor period January 1, 2019 through July 1, 2019, and the year ended December 31, 2018, respectively, related to the Held for Sale Business.