Interim Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Condensed Consolidated Statements of Operations


	Successor
	Three Months Ended December 31, 2020		Three Months Ended September 30, 2020 (as revised) (1)		Three Months Ended June 30, 2020		Three Months Ended March 31, 2020

Net sales	$	655	$	634	$	534	$	687
Operating (loss) income	(10)		8		(28)		(34)
Net (loss) income from continuing operations, net of taxes	(37)		(26)		(36)		(62)
Net income (loss) from discontinued operations, net of taxes	2		(68)		(6)		3

Net loss	$	(35)	$	(94)	$	(42)	$	(59)

(1) “Net income (loss) from discontinued operations” and “Net loss” for the three months ended September 30, 2020 includes a revision of approximately $8 of income to correct an overstatement of expense in previously issued interim financial statements. See below for additional information.


	Successor				Predecessor
	Three Months Ended December 31, 2019		July 2, 2019 through September 30, 2019		July 1, 2019(1)		Three Months Ended June 30, 2019(2)		Three Months Ended March 31, 2019

Net sales	$	630	$	693	$	—	$	750	$	731
Operating (loss) income	(30)		(18)		—		40		27
Net (loss) income from continuing operations, net of taxes	(48)		(44)		2,935		(118)		(57)
Net income from discontinued operations, net of taxes	3		1		119		10		6
Net (loss) income	(45)		(43)		3,054		(108)		(51)
Net income attributable to noncontrolling interest	(1)		—		—		—		(1)
Net (loss) income attributable to Hexion Inc.	$	(46)	$	(43)	$	3,054	$	(108)	$	(52)

(1) During the Emergence on July 1, 2019, the Predecessor recognized $3,126 of reorganization adjustments, which relate to gains on the settlement of liabilities under the Plan, offset by the incremental costs incurred directly as a result of the Bankruptcy Petitions and the net impact of fresh start accounting adjustments, are classified as “Reorganization items, net” in the Consolidated Statements of Operations (see Note 6 and Note 7 for more information).

(2) During the three months ended June 30, 2019, the Predecessor recognized $156 of incremental costs directly as a result of Bankruptcy Petitions. These costs are classified as “Reorganization items, net” in the Consolidated Statements of Operations (see Note 6 and Note 7 for more information).


Line Item	As Previously Reported		Adjustments		As Revised
Net (loss) income	$	(203)	$	8	$	(195)
(Loss) income from discontinued operations, net of taxes	(79)		8		(71)
Other assets, current and non-current	(1)		(26)		(27)
Net cash (used in) provided by operating activities from continuing operations	(11)		(26)		(37)
Net cash (used in) provided by operating activities from discontinued operations	(1)		13		12
Net cash (used in) provided by operating activities	$	(12)	$	(13)	$	(25)

Net short-term debt repayments	$	(25)	$	13	$	(12)
Net cash provided by (used in) financing activities	$	7	$	13	$	20

Condensed Consolidated Statement of Operations (Three Months Ended September 30, 2020) (unaudited)


Line Item	As Previously Reported		Adjustment (1)		As Revised
(Loss) income from discontinued operations, net of taxes	$	(76)	$	8	$	(68)
Net (loss) income	(102)		8		(94)
Net (loss) income attributable to Hexion Inc.	(102)		8		(94)

Condensed Consolidated Statement of Operations (Nine Months Ended September 30, 2020) (unaudited)


Line Item	As Previously Reported		Adjustment (1)		As Revised
(Loss) income from discontinued operations, net of taxes	$	(79)	$	8	$	(71)
Net (loss) income	(203)		8		(195)
Net (loss) income attributable to Hexion Inc.	(203)		8		(195)

(1) The $8 adjustment summarized above impacts the “Asset impairments” caption within the financial results table in the Discontinued Operations footnote. The adjustment also impacts “Comprehensive loss” and “Accumulated deficit.”