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Inventories | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. The components of inventories were as follows at December 31, (in millions):
| 2022 |  | 2021
Raw materials and supplies | $ | 285 |  |  | $ | 310 |
Work-in-process | 218 |  |  | 167 |
Finished products | 1,700 |  |  | 1,610 |
| $ | 2,203 |  |  | $ | 2,087 |
During the fourth quarter of 2022, the Company elected to change its method of accounting for certain inventory in the U.S. from LIFO to FIFO. The change to FIFO is preferable because it conforms the Company's entire inventory to a single method of accounting and improves comparability with the Company's peers. The Company applied this change in inventory costing method by retrospectively adjusting its historical financial statements. The following historical financial statement line items within the accompanying financial statements were adjusted as a result of the retrospective application of the change in inventory costing method (in millions, except per share data):
| For the year ended December 31, 2022 |  | For the year ended December 31, 2021 |  | For the year ended December 31, 2020
| As Computed |  | Impact of |  |  |  | As Reported |  | Impact of |  |  |  | As Reported |  | Impact of |  |
| Under LIFO |  | Change to FIFO |  | As Reported |  | Under LIFO |  | Change to FIFO |  | As Adjusted |  | Under LIFO |  | Change to FIFO |  | As Adjusted
Consolidated Statement of Operations |  |  |  |  |  |  |  |
Net sales | $ | 9,459 |  |  | $ | — |  |  | $ | 9,459 |  |  | $ | 10,589 |  |  | $ | — |  |  | $ | 10,589 |  |  | $ | 9,385 |  |  | $ | — |  |  | $ | 9,385 |
Cost of sales | 6,637 |  |  | (12) |  |  | 6,625 |  |  | 7,293 |  |  | (67) |  |  | 7,226 |  |  | 6,306 |  |  | (5) |  |  | 6,301 |
Operating income (loss) | 300 |  |  | 12 |  |  | 312 |  |  | 946 |  |  | 67 |  |  | 1,013 |  |  | (634) |  |  | 5 |  |  | (629) |
Income (loss) before income taxes | 145 |  |  | 12 |  |  | 157 |  |  | 693 |  |  | 67 |  |  | 760 |  |  | (1,006) |  |  | 5 |  |  | (1,001) |
Income tax expense (benefit) | (43) |  |  | 3 |  |  | (40) |  |  | 121 |  |  | 17 |  |  | 138 |  |  | (236) |  |  | 1 |  |  | (235) |
Net income (loss) | $ | 188 |  |  | $ | 9 |  |  | $ | 197 |  |  | $ | 572 |  |  | $ | 50 |  |  | $ | 622 |  |  | $ | (770) |  |  | $ | 4 |  |  | $ | (766) |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |
Basic | 415.7 |  |  |  |  | 415.7 |  |  | 425.3 |  |  |  |  | 425.3 |  |  | 424.1 |  |  |  |  | 424.1 |
Diluted | 417.4 |  |  |  |  | 417.4 |  |  | 428.0 |  |  |  |  | 428.0 |  |  | 424.1 |  |  |  |  | 424.1 |
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.45 |  |  | $ | 0.02 |  |  | $ | 0.47 |  |  | $ | 1.34 |  |  | $ | 0.12 |  |  | $ | 1.46 |  |  | $ | (1.82) |  |  | $ | 0.01 |  |  | $ | (1.81) |
Diluted | $ | 0.45 |  |  | $ | 0.02 |  |  | $ | 0.47 |  |  | $ | 1.34 |  |  | $ | 0.11 |  |  | $ | 1.45 |  |  | $ | (1.82) |  |  | $ | 0.01 |  |  | $ | (1.81) |
Consolidated Statement of Comprehensive Income (Loss) |  |  |  |  |  |  |  |
Net income (loss) | $ | 188 |  |  | $ | 9 |  |  | $ | 197 |  |  | $ | 572 |  |  | $ | 50 |  |  | $ | 622 |  |  | $ | (770) |  |  | $ | 4 |  |  | $ | (766) |
Total other comprehensive income (loss), net of tax | (129) |  |  | — |  |  | (129) |  |  | (2) |  |  | — |  |  | (2) |  |  | 40 |  |  | — |  |  | 40 |
Comprehensive income (loss) including noncontrolling interests | 59 |  |  | 9 |  |  | 68 |  |  | 570 |  |  | 50 |  |  | 620 |  |  | (730) |  |  | 4 |  |  | (726) |
Less:Total comprehensive income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | (4) |  |  | — |  |  | (4) |
Total comprehensive income (loss) attributable to parent | $ | 59 |  |  | $ | 9 |  |  | $ | 68 |  |  | $ | 568 |  |  | $ | 50 |  |  | $ | 618 |  |  | $ | (726) |  |  | $ | 4 |  |  | $ | (722) |
Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 188 |  |  | $ | 9 |  |  | $ | 197 |  |  | $ | 572 |  |  | $ | 50 |  |  | $ | 622 |  |  | $ | (770) |  |  | $ | 4 |  |  | $ | (766) |
Deferred income taxes | 94 |  |  | 3 |  |  | 97 |  |  | (41) |  |  | 17 |  |  | (24) |  |  | (261) |  |  | 1 |  |  | (260) |
Inventories | (264) |  |  | (12) |  |  | (276) |  |  | (396) |  |  | (67) |  |  | (463) |  |  | (29) |  |  | (5) |  |  | (34) |
| December 31, 2022 |  | December 31, 2021
| As Computed |  | Impact of |  |  |  | As Reported |  | Impact of |  |
| Under LIFO |  | Change to FIFO |  | As Reported |  | Under LIFO |  | Change to FIFO |  | As Adjusted
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |
Inventories | $ | 2,101 |  |  | $ | 102 |  |  | $ | 2,203 |  |  | $ | 1,997 |  |  | $ | 90 |  |  | $ | 2,087 |
Deferred income taxes, net | 316 |  |  | (26) |  |  | 290 |  |  | 409 |  |  | (23) |  |  | 386 |
Retained deficit* | (2,414) |  |  | 76 |  |  | (2,338) |  |  | (2,602) |  |  | 67 |  |  | (2,535) |
* The impact to the opening retained deficit balance at January 1, 2020 was a reduction to retained deficit of $13 million. 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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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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