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Supplementary Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information | 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 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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