v3.26.1
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Sales $ 1,755 $ 1,763 $ 3,433 $ 3,623
Operating expenses        
Cost of sales, excluding depreciation and amortization 1,578 1,634 3,177 3,242
Depreciation and amortization 72 85 146 173
Selling, general and administrative 88 96 176 193
Impairment of long-lived assets (NOTE 10) 2 0 27 12
Closure and restructuring costs (NOTE 10) 17 2 51 2
Other operating (income) loss, net (24) 16 (48) 5
Operating expenses 1,733 1,833 3,529 3,627
Operating income (loss) 22 (70) (96) (4)
Interest expense, net 57 58 114 119
Non-service components of net periodic benefit cost (NOTE 5) 0 (3) (7) (7)
(Loss) earnings before income taxes (35) (125) (203) (116)
Income tax expense (benefit) (NOTE 6) 21 (49) 21 (46)
Net loss (56) (76) (224) (70)
Net derivative (losses) gains on cash flow hedges:        
Net (losses) gains arising during the period, net of tax (5) 31 (14) 36
Less: Reclassification adjustment for losses (gains) included in net loss, net of tax 1 1 (6) 9
Foreign currency translation adjustments (18) 60 (33) 61
Change in unrecognized gains (losses) and prior service cost related to pension and other post-retirement benefit plans, net of tax 5 0 5 (1)
Other comprehensive (loss) income (17) 92 (48) 105
Comprehensive (loss) income $ (73) $ 16 $ (272) $ 35