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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended 12 Months Ended
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2020
Dec. 31, 2018
Cash flows provided by (used in) operating activities        
Net (loss) income $ (88) $ 2,895 $ (230) $ (163)
Less: Net (loss) income from discontinued operations 4 135 (69) 28
Net (loss) income from continuing operations, net of taxes (92) 2,760 (161) (191)
Adjustments to reconcile net income to net cash used in operating activities:        
Depreciation and amortization 93 43 191 98
Non-cash asset impairments 0 0 16 28
Non-cash reorganization items, net 0 (3,156) 0 0
Non-cash impact of Inventory step-up, Cash Flow 27 0 0 0
Deferred tax expense (benefit) (9) 140 9 12
Gain (Loss) on Disposition of Business 0 0 0 (44)
Gain (Loss) on Disposition of Assets 4 3 9 6
Amortization of deferred financing fees 0 0 0 49
Foreign Currency Transaction Gain (Loss), Unrealized (1) (7) (3) 2
Non-cash stock based compensation expense 8 0 17 0
Unrealized losses (gains) on pension and postretirement benefit plan liabilities 5 0 4 (13)
Financing fees included in net loss 0 136 0 0
Other non-cash adjustments (2) (1) (1) (3)
Net change in assets and liabilities:        
Increase (Decrease) in Accounts Receivable 108 (73) (3) 9
Increase (Decrease) in Inventories 15 (20) 35 (30)
Accounts payable (15) (15) 44 (3)
Income taxes payable (3) 15 (9) 8
Increase (Decrease) in Other Operating Assets 25 3 (21) 3
Other liabilities, current and non-current 11 9 (11) 6
Net cash provided by (used in) operating activities from continuing operations 174 (163) 116 (63)
Net cash provided by (used in) operating activities from discontinued operations 50 (10) 15 40
Net cash provided by (used in) operating activities 224 (173) 131 (23)
Cash flows (used in) provided by investing activities        
Capital expenditures 47 41 108 81
Proceeds from dispositions, net 0 0 0 49
Proceeds from sale of assets, net 0 1 3 1
Net cash used in investing activities from continuing operations (47) (40) (105) (31)
Net cash used in investing activities from discontinued operations (11) (2) (21) (9)
Net cash used in investing activities (58) (42) (126) (40)
Cash flows used in financing activities        
Net short-term debt (repayments) borrowings (24) (4) (7) 10
Borrowings of long-term debt 118 2,313 256 540
Repayments of Long-term Debt 130 2,261 293 468
Return of capital to parent (see Note 9) 0 0 (13) 0
Proceeds from rights offering 0 300 0 0
Payments of Financing Costs 2 136 0 1
Net Cash Provided by (Used in) Financing Activities (38) 212 (57) 81
Effect of exchange rates on cash and cash equivalents, including restricted cash 1 0 2 (5)
(Decrease) increase in cash and cash equivalents, including restricted cash 129 (3) (50) 13
Cash, cash equivalents and restricted cash at beginning of period 125 128 254 115
Cash, cash equivalents and restricted cash at end of period 254 125 204 128
Supplemental disclosures of cash flow information        
Interest, net 22 71 103 318
Income taxes, net of cash refunds 10 10 16 17
Reorganization items, net $ 0 $ 188 $ 0 $ 0