Supplementary Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Supplementary Quarterly Financial Data (Unaudited)

Revisions of Previously Issued Financial Statements

During the fourth quarter of 2022, the Company identified that it changed the designation to a new functional currency incorrectly for one of its legal entities at the beginning of 2022. Consequently, the Company should have recorded mark to market adjustments for certain account balances in other (income) expense, net in the Condensed Consolidated Statement of Operations. The impact of this change resulted in additional expense of $6 million, $13 million and $16 million for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively. This change also resulted in reclassifications between Accumulated Other Comprehensive Loss and Retained Deficit in the Condensed Consolidated Balance Sheets of $6 million, $19 million and $35 million at March 31, 2022, June 30, 2022 and September 30, 2022, respectively.

The Company concluded the above referenced effects were not material to its previously issued Condensed Consolidated Statements of Operations for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively, and the Condensed Consolidated Balance Sheets at March 31, 2022, June 30, 2022 and September 30, 2022, respectively, included in the Company’s Quarterly Reports on Form 10-Q filed with the SEC on April 29, 2022, July 29, 2022 and October 28, 2022. The adjustments did not result in a change to net cash provided by operating activities in the Company’s Condensed Consolidated Statement of Cash Flows for the three, six and nine months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively.

The following table presents the unaudited Condensed Consolidated Statements of Operations for each quarter of 2022 and 2021 to reflect the impact of the change from LIFO to FIFO (see Footnote 5) and for each quarter of 2022 the recast associated with the functional currency revisions (in millions, except per share data):


	For the three months ended (Unaudited)
	March 31, 2022								June 30, 2022
			Impact		Impact						Impact		Impact
	As		of		of Change		As		As		of		of Change		As
	Reported		Revision		to FIFO		Adjusted		Reported		Revision		to FIFO		Adjusted
Net sales	$	2,388	$	—	$	—	$	2,388	$	2,534	$	—	$	—	$	2,534
Cost of products sold	1,648		—		—		1,648		1,709		—		(11)		1,698




Operating income	217		—		—		217		317		—		11		328




Other (income) expense, net	(124)		6		—		(118)		8		13		—		21
Income (loss) before income taxes	282		(6)		—		276		254		(13)		11		252
Income tax provision	48		—		—		48		50		—		3		53
Net income (loss)	$	234	$	(6)	$	—	$	228	$	204	$	(13)	$	8	$	199

Weighted average common shares outstanding:
Basic	421.9						421.9		413.8						413.8
Diluted	424.7						424.7		415.7						415.7

Earnings per share:
Basic	$	0.55					$	0.54	$	0.49					$	0.48
Diluted	$	0.55					$	0.54	$	0.49					$	0.48


	For the three months ended (Unaudited)
	September 30, 2022								December 31, 2022
			Impact		Impact				As Computed		Impact		Impact
	As		of		of Change		As		Under		of		of Change		As
	Reported		Revision		to FIFO		Adjusted		LIFO		Revision		to FIFO		Reported
Net sales	$	2,252	$	—	$	—	$	2,252	$	2,285	$	—	$	—	$	2,285
Cost of products sold	1,599		—		(5)		1,594		1,681		—		4		1,685




Operating income (loss)	35		—		5		40		(269)		—		(4)		(273)




Other (income) expense, net	8		16		—		24		(8)		—		—		(8)
Income (loss) before income taxes	(30)		(16)		5		(41)		(326)		—		(4)		(330)
Income tax provision (benefit)	(61)		—		1		(60)		(80)		—		(1)		(81)
Net income (loss)	$	31	$	(16)	$	4	$	19	$	(246)	$	—	$	(3)	$	(249)

Weighted average common shares outstanding:
Basic	413.6						413.6		413.6						413.6
Diluted	414.6						414.6		413.6						413.6

Earnings (loss) per share:
Basic	$	0.07					$	0.05	$	(0.59)					$	(0.60)
Diluted	$	0.07					$	0.05	$	(0.59)					$	(0.60)


	Three Months Ended (Unaudited)
	March 31, 2021						June 30, 2021						September 30, 2021						December 31, 2021
	As Reported		Impact of				As Reported		Impact of				As Reported		Impact of				As Reported		Impact of
	Under LIFO		Change to FIFO		As Adjusted		Under LIFO		Change to FIFO		As Adjusted		Under LIFO		Change to FIFO		As Adjusted		Under LIFO		Change to FIFO		As Adjusted
Consolidated Statement of Operations
Net sales	$	2,288	$	—	$	2,288	$	2,709	$	—	$	2,709	$	2,787	$	—	$	2,787	$	2,805	$	—	$	2,805
Cost of products sold	1,557		(6)		1,551		1,827		(24)		1,803		1,939		(35)		1,904		1,970		(2)		1,968

Operating income	192		6		198		305		24		329		281		35		316		168		2		170
Income before income taxes	126		6		132		243		24		267		215		35		250		109		2		111
Income tax provision	37		2		39		46		5		51		25		10		35		13		—		13
Net income	$	89	$	4	$	93	$	197	$	19	$	216	$	190	$	25	$	215	$	96	$	2	$	98

Weighted average common shares outstanding:
Basic	424.9				424.9		425.4				425.4		425.4				425.4		425.5				425.5
Diluted	427.6				427.6		427.8				427.8		428.5				428.5		428.3				428.3

Earnings per share:
Basic	$	0.21			$	0.22	$	0.46			$	0.51	$	0.45			$	0.51	$	0.23			$	0.23
Diluted	$	0.21			$	0.22	$	0.46			$	0.50	$	0.44			$	0.50	$	0.22			$	0.23