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Consolidated Statement of Financial Position (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Cash and cash equivalents $ 289 $ 362
Trade receivables, net of allowances of $7 and $7, respectively 191 175
Inventories, net 262 219
Other current assets 44 49
Current assets held for sale 2 2
Total current assets 788 807
Property, plant and equipment, net of accumulated depreciation of $443 and $441, respectively 145 140
Goodwill 12 12
Intangible assets, net 32 34
Operating lease right-of-use assets 43 47
Restricted cash 57 54
Pension and other postretirement assets 1,181 1,022
Other long-term assets 51 55
TOTAL ASSETS 2,309 2,171
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY    
Accounts payable, trade 168 153
Short-term borrowings and current portion of long-term debt 1 1
Current portion of operating leases 12 13
Other current liabilities 137 142
Total current liabilities 318 309
Long-term debt, net of current portion 308 253
Pension and other postretirement liabilities 358 382
Operating leases, net of current portion 39 45
Other long-term liabilities 186 205
Total liabilities 1,209 1,194
Commitments and Contingencies (Note 7)
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference 199 196
Equity    
Common stock, $0.01 par value
Additional paid in capital 1,164 1,166
Treasury stock, at cost (10) (10)
Accumulated deficit (579) (596)
Accumulated other comprehensive income 326 221
Total shareholders’ equity 901 781
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY $ 2,309 $ 2,171