v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net earnings (loss) $ 1 $ (33)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 13 14
Pension and postretirement income (1) (28)
Change in fair value of preferred stock embedded derivative [1] 10 0
Change in fair value of KRIP reversion investment assets (6) 0
Asset impairment 0 17
Paid-in-kind interest expense 0 21
Non-cash changes in workers' compensation and employee benefit reserves (1) 1
Stock based compensation 14 3
Net gain from sale of assets (1) 0
Loss on early extinguishment of debt 2 0
Provision for deferred income taxes 1 1
Increase in trade receivables (6) (3)
(Increase) decrease in miscellaneous receivables (6) 3
Increase in inventories (37) (13)
Increase (decrease) in trade payables 4 (8)
Decrease in liabilities excluding borrowings and trade payables (23) (21)
Other items, net 11 16
Total adjustments (26) 3
Net cash used in operating activities (25) (30)
Cash flows from investing activities:    
Additions to properties (11) (24)
Proceeds from sale of preferred equity investment 2 0
Proceeds from redemption of KRIP reversion investments 87 0
Net proceeds from the sale of assets 0 5
Net cash provided by (used in) investing activities 78 (19)
Cash flows from financing activities:    
Preferred stock cash dividend payments (4) (2)
Treasury stock purchases (2) (2)
Proceeds from exercise of employee stock options 1 0
Net cash used in financing activities (106) (4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 5
Net decrease in cash, cash equivalents and restricted cash (54) (48)
Cash, cash equivalents and restricted cash, beginning of period 442 301
Cash, cash equivalents and restricted cash, end of period 388 253
Non-cash Financing Item:    
Series B preferred stock embedded derivative liability at issuance 30 0
Amended and Restated Term Loan Agreement [Member]    
Cash flows from financing activities:    
Repayment of debt $ (101) $ 0
[1] Refer to Note 20, "Financial Instruments" for information on the valuation of this derivative.