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Consolidated Statement of Financial Position - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 362 $ 196
Trade receivables, net of allowances of $7 and $10 175 177
Inventories, net 219 206
Other current assets 49 46
Current assets held for sale 2 2
Total current assets 807 627
Property, plant and equipment, net [1] 140 152
Goodwill 12 12
Intangible assets, net 34 39
Operating lease right-of-use assets 47 48
Restricted cash 54 53
Pension and other postretirement assets 1,022 262
Other long-term assets 55 55
TOTAL ASSETS 2,171 1,248
LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY    
Accounts payable, trade 153 118
Short-term borrowings and current portion of long-term debt 1 2
Current portion of operating leases 13 12
Other current liabilities 142 164
Total current liabilities 309 296
Long-term debt, net of current portion 253 17
Pension and other postretirement liabilities 382 406
Operating leases, net of current portion 45 49
Other long-term liabilities 205 212
Total liabilities 1,194 980
Commitments and contingencies (Note 11)
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference 196 191
Equity    
Common stock, $0.01 par value
Additional paid in capital 1,166 1,152
Treasury stock, at cost (10) (9)
Accumulated deficit (596) (620)
Accumulated other comprehensive income (loss) 221 (446)
Total equity 781 77
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY $ 2,171 $ 1,248
[1]

Long-lived assets are comprised of property, plant and equipment, net.