XML 32 R3.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue:      
Total revenue $ 2,512 $ 2,153 $ 1,699
Operating expenses:      
Selling, general and administrative 717 679 627
Research and development 218 190 148
Depreciation, amortization and impairments 420 398 449
Goodwill impairment 0 0 54
Restructuring and other 146 167 56
Operating income (loss) 273 110 (245)
Other (expense) income:      
Interest expense (327) (478) (503)
Loss on debt financing transactions (147) 0 (1)
Gain (loss) on remeasurement of debt and other 27 41 (51)
Other income (expense), net 11 33 (4)
Total other expense, net (436) (404) (559)
Net loss from continuing operations before income taxes (163) (294) (804)
Income tax (expense) benefit (13) 318 3
Net (loss) income from continuing operations (176) 24 (801)
Net income from discontinued operations, net of tax [1] 3,873 366 253
Net income (loss) 3,697 390 (548)
Less: Net income attributable to noncontrolling interest 22 19 21
Net income (loss) attributable to L&W $ 3,675 $ 371 $ (569)
Per Share - Basic:      
Net (loss) income from continuing operations, basic (in usd per share) $ (2.09) $ 0.06 $ (8.69)
Net income from discontinued operations, basic (in usd per share) 40.87 3.80 2.67
Net income (loss) attributable to L&W, basic (in usd per share) 38.78 3.86 (6.02)
Per Share - Diluted:      
Net (loss) income from continuing operations, diluted (in shares) (2.09) 0.05 (8.69)
Net income from discontinued operations, diluted (in shares) 40.87 3.72 2.67
Net income (loss) attributable to L&W, diluted (in shares) $ 38.78 $ 3.77 $ (6.02)
Weighted average number of shares used in per share calculations:      
Basic shares (in shares) 95 96 95
Diluted shares (in shares) 95 98 95
Services      
Revenue:      
Total revenue $ 1,795 $ 1,642 $ 1,259
Operating expenses:      
Cost of revenues [2] 390 365 338
Product sales      
Revenue:      
Total revenue 717 511 440
Operating expenses:      
Cost of revenues [2] $ 348 $ 244 $ 272
[1] (2) The year ended December 31, 2022 includes a pre-tax gain of $4,927 million on the sale of discontinued operations (see Note 2).
[2] (1) Excludes D&A.