XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 17 $ 22
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 14 16
Pension income (49) (42)
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives [1] (1)  
Non-cash changes in workers' compensation reserves (8) (3)
Stock based compensation 3 4
Increase in deferred taxes (2)  
(Increase) decrease in trade receivables (26) 1
Increase in inventories (54) (30)
Increase in trade payables 17 27
Decrease in liabilities excluding borrowings and trade payables (17) (20)
Other items, net 3 4
Total adjustments (120) (43)
Net cash used in operating activities (103) (21)
Cash flows from investing activities:    
Additions to properties (9) (5)
Net cash used in investing activities (9) (5)
Cash flows from financing activities:    
Net proceeds from Term Loan Credit Agreement 49 215
Net proceeds from Convertible Notes   25
Net proceeds from Series C Preferred Stock   99
Proceeds from sale of common stock   10
Repurchase of Series A Preferred Stock   (100)
Debt issuance costs   (2)
Preferred stock cash dividend payments (2) (5)
Treasury stock purchases   (1)
Net cash provided by financing activities 47 241
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5) (2)
Net (decrease) increase in cash, cash equivalents and restricted cash (70) 213
Cash, cash equivalents and restricted cash, beginning of period 423 256
Cash, cash equivalents and restricted cash, end of period $ 353 $ 469
[1] Refer to Note 18, “Financial Instruments