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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (3) $ 6
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 7 8
Pension income (26) (21)
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives [1] 3 1
Non-cash changes in workers' compensation reserves (4)  
Stock based compensation 2 3
(Increase) decrease in trade receivables (9) 8
Increase in inventories (32) (22)
Increase in trade payables 31 24
Decrease in liabilities excluding borrowings and trade payables (13) (22)
Other items, net 1 (1)
Total adjustments (40) (22)
Net cash used in operating activities (43) (16)
Cash flows from investing activities:    
Additions to properties (5) (1)
Net cash used in investing activities (5) (1)
Cash flows from financing activities:    
Net proceeds from Term Loan Credit Agreement   215
Net proceeds from Convertible Notes   25
Net proceeds from Series C Preferred Stock   99
Proceeds from sale of common stock   10
Repurchase of Series A Preferred Stock   (100)
Debt issuance costs   (2)
Preferred stock cash dividend payments (1) (4)
Treasury stock purchases   (1)
Net cash (used in) provided by financing activities (1) 242
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (4)
Net (decrease) increase in cash, cash equivalents and restricted cash (49) 221
Cash, cash equivalents and restricted cash, beginning of period 423 256
Cash, cash equivalents and restricted cash, end of period $ 374 $ 477
[1] Refer to Note 16, “Financial Instruments