| Schedule of Error Corrections and Prior Period Adjustments |
Revised Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2023 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Cost of goods sold |
$ |
|
4,772 |
|
$ |
|
4 |
|
$ |
|
4,776 |
|
Gross profit |
$ |
|
1,306 |
|
$ |
|
(4 |
) |
$ |
|
1,302 |
|
Selling, general and administrative expense |
$ |
|
1,290 |
|
$ |
|
(4 |
) |
$ |
|
1,286 |
|
Total other operating expenses |
$ |
|
1,551 |
|
$ |
|
(4 |
) |
$ |
|
1,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net sales |
$ |
|
1,350 |
|
$ |
|
12 |
|
$ |
|
1,362 |
|
Cost of goods sold |
$ |
|
1,064 |
|
$ |
|
14 |
|
$ |
|
1,078 |
|
Gross profit |
$ |
|
286 |
|
$ |
|
(2 |
) |
$ |
|
284 |
|
Selling, general and administrative expense |
$ |
|
142 |
|
$ |
|
(5 |
) |
$ |
|
137 |
|
Total other operating expenses |
$ |
|
174 |
|
$ |
|
(5 |
) |
$ |
|
169 |
|
Income (loss) before income taxes |
$ |
|
67 |
|
$ |
|
3 |
|
$ |
|
70 |
|
Provision for (benefit from) income taxes |
$ |
|
15 |
|
$ |
|
1 |
|
$ |
|
16 |
|
Net income (loss) |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Net income (loss) attributable to Chemours |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
0.35 |
|
$ |
|
0.01 |
|
$ |
|
0.36 |
|
Diluted earnings (loss) per share of common stock |
$ |
|
0.34 |
|
$ |
|
0.02 |
|
$ |
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net sales |
$ |
|
1,538 |
|
$ |
|
16 |
|
$ |
|
1,554 |
|
Cost of goods sold |
$ |
|
1,232 |
|
$ |
|
14 |
|
$ |
|
1,246 |
|
Gross profit |
$ |
|
306 |
|
$ |
|
2 |
|
$ |
|
308 |
|
Selling, general and administrative expense |
$ |
|
139 |
|
$ |
|
15 |
|
$ |
|
154 |
|
Total other operating expenses |
$ |
|
168 |
|
$ |
|
15 |
|
$ |
|
183 |
|
Income (loss) before income taxes |
$ |
|
82 |
|
$ |
|
(13 |
) |
$ |
|
69 |
|
Provision for (benefit from) income taxes |
$ |
|
12 |
|
$ |
|
(3 |
) |
$ |
|
9 |
|
Net income (loss) |
$ |
|
70 |
|
$ |
|
(10 |
) |
$ |
|
60 |
|
Net income (loss) attributable to Chemours |
$ |
|
70 |
|
$ |
|
(10 |
) |
$ |
|
60 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
0.47 |
|
$ |
|
(0.07 |
) |
$ |
|
0.40 |
|
Diluted earnings (loss) per share of common stock |
$ |
|
0.46 |
|
$ |
|
(0.07 |
) |
$ |
|
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net sales |
$ |
|
2,887 |
|
$ |
|
28 |
|
$ |
|
2,915 |
|
Cost of goods sold |
$ |
|
2,294 |
|
$ |
|
29 |
|
$ |
|
2,323 |
|
Gross profit |
$ |
|
593 |
|
$ |
|
(1 |
) |
$ |
|
592 |
|
Selling, general and administrative expense |
$ |
|
281 |
|
$ |
|
11 |
|
$ |
|
292 |
|
Total other operating expenses |
$ |
|
341 |
|
$ |
|
11 |
|
$ |
|
352 |
|
Other income, net |
$ |
|
2 |
|
$ |
|
1 |
|
$ |
|
3 |
|
Income (loss) before income taxes |
$ |
|
149 |
|
$ |
|
(11 |
) |
$ |
|
138 |
|
Provision for (benefit from) income taxes |
$ |
|
28 |
|
$ |
|
(3 |
) |
$ |
|
25 |
|
Net income (loss) |
$ |
|
121 |
|
$ |
|
(8 |
) |
$ |
|
113 |
|
Net income (loss) attributable to Chemours |
$ |
|
121 |
|
$ |
|
(8 |
) |
$ |
|
113 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
0.81 |
|
$ |
|
(0.05 |
) |
$ |
|
0.76 |
|
Diluted earnings (loss) per share of common stock |
$ |
|
0.81 |
|
$ |
|
(0.06 |
) |
$ |
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net sales |
$ |
|
1,501 |
|
$ |
|
7 |
|
$ |
|
1,508 |
|
Cost of goods sold |
$ |
|
1,215 |
|
$ |
|
7 |
|
$ |
|
1,222 |
|
Gross profit |
$ |
|
286 |
|
$ |
|
— |
|
$ |
|
286 |
|
Selling, general and administrative expense |
$ |
|
135 |
|
$ |
|
2 |
|
$ |
|
137 |
|
Total other operating expenses |
$ |
|
265 |
|
$ |
|
2 |
|
$ |
|
267 |
|
Interest expense |
$ |
|
(69 |
) |
$ |
|
1 |
|
$ |
|
(68 |
) |
Other income, net |
$ |
|
7 |
|
$ |
|
(1 |
) |
$ |
|
6 |
|
Income (loss) before income taxes |
$ |
|
(30 |
) |
$ |
|
(2 |
) |
$ |
|
(32 |
) |
Provision for (benefit from) income taxes |
$ |
|
(3 |
) |
$ |
|
3 |
|
$ |
|
— |
|
Net income (loss) |
$ |
|
(27 |
) |
$ |
|
(5 |
) |
$ |
|
(32 |
) |
Net income (loss) attributable to Chemours |
$ |
|
(27 |
) |
$ |
|
(5 |
) |
$ |
|
(32 |
) |
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
(0.18 |
) |
$ |
|
(0.04 |
) |
$ |
|
(0.22 |
) |
Diluted earnings (loss) per share of common stock |
$ |
|
(0.18 |
) |
$ |
|
(0.04 |
) |
$ |
|
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net sales |
$ |
|
4,388 |
|
$ |
|
35 |
|
$ |
|
4,423 |
|
Cost of goods sold |
$ |
|
3,510 |
|
$ |
|
36 |
|
$ |
|
3,546 |
|
Gross profit |
$ |
|
878 |
|
$ |
|
(1 |
) |
$ |
|
877 |
|
Selling, general and administrative expense |
$ |
|
416 |
|
$ |
|
12 |
|
$ |
|
428 |
|
Total other operating expenses |
$ |
|
607 |
|
$ |
|
12 |
|
$ |
|
619 |
|
Interest expense |
$ |
|
(197 |
) |
$ |
|
1 |
|
$ |
|
(196 |
) |
Income (loss) before income taxes |
$ |
|
118 |
|
$ |
|
(12 |
) |
$ |
|
106 |
|
Provision for (benefit from) income taxes |
$ |
|
24 |
|
$ |
|
1 |
|
$ |
|
25 |
|
Net income (loss) |
$ |
|
94 |
|
$ |
|
(13 |
) |
$ |
|
81 |
|
Net income (loss) attributable to Chemours |
$ |
|
94 |
|
$ |
|
(13 |
) |
$ |
|
81 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
0.63 |
|
$ |
|
(0.09 |
) |
$ |
|
0.54 |
|
Diluted earnings (loss) per share of common stock |
$ |
|
0.63 |
|
$ |
|
(0.09 |
) |
$ |
|
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Cost of goods sold |
$ |
|
4,631 |
|
$ |
|
9 |
|
$ |
|
4,640 |
|
Gross profit |
$ |
|
1,151 |
|
$ |
|
(9 |
) |
$ |
|
1,142 |
|
Selling, general and administrative expense |
$ |
|
585 |
|
$ |
|
13 |
|
$ |
|
598 |
|
Total other operating expenses |
$ |
|
810 |
|
$ |
|
13 |
|
$ |
|
823 |
|
Interest expense |
$ |
|
(264 |
) |
$ |
|
1 |
|
$ |
|
(263 |
) |
Income (loss) before income taxes |
$ |
|
127 |
|
$ |
|
(21 |
) |
$ |
|
106 |
|
Provision for (benefit from) income taxes |
$ |
|
41 |
|
$ |
|
(5 |
) |
$ |
|
36 |
|
Net income (loss) |
$ |
|
86 |
|
$ |
|
(16 |
) |
$ |
|
70 |
|
Net income (loss) attributable to Chemours |
$ |
|
86 |
|
$ |
|
(16 |
) |
$ |
|
70 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share of common stock |
$ |
|
0.58 |
|
$ |
|
(0.11 |
) |
$ |
|
0.47 |
|
Diluted earnings (loss) per share of common stock |
$ |
|
0.57 |
|
$ |
|
(0.10 |
) |
$ |
|
0.47 |
|
Revised Consolidated Statements of Comprehensive (Loss) Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Comprehensive income |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Comprehensive income attributable to Chemours |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
70 |
|
$ |
|
(10 |
) |
$ |
|
60 |
|
Comprehensive loss |
$ |
|
(3 |
) |
$ |
|
(10 |
) |
$ |
|
(13 |
) |
Comprehensive loss attributable to Chemours |
$ |
|
(3 |
) |
$ |
|
(10 |
) |
$ |
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
121 |
|
$ |
|
(8 |
) |
$ |
|
113 |
|
Comprehensive income |
$ |
|
48 |
|
$ |
|
(8 |
) |
$ |
|
40 |
|
Comprehensive income attributable to Chemours |
$ |
|
48 |
|
$ |
|
(8 |
) |
$ |
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net loss |
$ |
|
(27 |
) |
$ |
|
(5 |
) |
$ |
|
(32 |
) |
Comprehensive loss |
$ |
|
(33 |
) |
$ |
|
(5 |
) |
$ |
|
(38 |
) |
Comprehensive loss attributable to Chemours |
$ |
|
(33 |
) |
$ |
|
(5 |
) |
$ |
|
(38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
94 |
|
$ |
|
(13 |
) |
$ |
|
81 |
|
Comprehensive income |
$ |
|
15 |
|
$ |
|
(13 |
) |
$ |
|
2 |
|
Comprehensive income attributable to Chemours |
$ |
|
15 |
|
$ |
|
(13 |
) |
$ |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
86 |
|
$ |
|
(16 |
) |
$ |
|
70 |
|
Comprehensive loss |
$ |
|
(7 |
) |
$ |
|
(16 |
) |
$ |
|
(23 |
) |
Comprehensive loss attributable to Chemours |
$ |
|
(7 |
) |
$ |
|
(16 |
) |
$ |
|
(23 |
) |
Revised Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Accounts and notes receivable, net |
$ |
|
610 |
|
$ |
|
12 |
|
$ |
|
622 |
|
Inventories |
$ |
|
1,352 |
|
$ |
|
(3 |
) |
$ |
|
1,349 |
|
Total current assets |
$ |
|
3,835 |
|
$ |
|
9 |
|
$ |
|
3,844 |
|
Accumulated depreciation |
$ |
|
(6,196 |
) |
$ |
|
(9 |
) |
$ |
|
(6,205 |
) |
Property, plant and equipment, net |
$ |
|
3,216 |
|
$ |
|
(9 |
) |
$ |
|
3,207 |
|
Other assets |
$ |
|
677 |
|
$ |
|
2 |
|
$ |
|
679 |
|
Total assets |
$ |
|
8,251 |
|
$ |
|
2 |
|
$ |
|
8,253 |
|
Long-term debt, net |
$ |
|
3,987 |
|
$ |
|
2 |
|
$ |
|
3,989 |
|
Other liabilities |
$ |
|
328 |
|
$ |
|
1 |
|
$ |
|
329 |
|
Total liabilities |
$ |
|
7,512 |
|
$ |
|
3 |
|
$ |
|
7,515 |
|
Retained earnings |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
Total Chemours stockholders' equity |
$ |
|
737 |
|
$ |
|
(1 |
) |
$ |
|
736 |
|
Total equity |
$ |
|
739 |
|
$ |
|
(1 |
) |
$ |
|
738 |
|
Total liabilities and equity |
$ |
|
8,251 |
|
$ |
|
2 |
|
$ |
|
8,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Accounts and notes receivable, net |
$ |
|
792 |
|
$ |
|
21 |
|
$ |
|
813 |
|
Inventories |
$ |
|
1,391 |
|
$ |
|
(8 |
) |
$ |
|
1,383 |
|
Total current assets |
$ |
|
3,597 |
|
$ |
|
13 |
|
$ |
|
3,610 |
|
Accumulated depreciation |
$ |
|
(6,260 |
) |
$ |
|
(9 |
) |
$ |
|
(6,269 |
) |
Property, plant and equipment, net |
$ |
|
3,209 |
|
$ |
|
(9 |
) |
$ |
|
3,200 |
|
Other assets |
$ |
|
650 |
|
$ |
|
1 |
|
$ |
|
651 |
|
Total assets |
$ |
|
7,978 |
|
$ |
|
5 |
|
$ |
|
7,983 |
|
Accounts payable |
$ |
|
963 |
|
$ |
|
1 |
|
$ |
|
964 |
|
Total current liabilities |
$ |
|
2,231 |
|
$ |
|
1 |
|
$ |
|
2,232 |
|
Long-term debt, net |
$ |
|
3,968 |
|
$ |
|
2 |
|
$ |
|
3,970 |
|
Other liabilities |
$ |
|
331 |
|
$ |
|
1 |
|
$ |
|
332 |
|
Total liabilities |
$ |
|
7,224 |
|
$ |
|
4 |
|
$ |
|
7,228 |
|
Retained earnings |
$ |
|
1,797 |
|
$ |
|
1 |
|
$ |
|
1,798 |
|
Total Chemours stockholders' equity |
$ |
|
752 |
|
$ |
|
1 |
|
$ |
|
753 |
|
Total equity |
$ |
|
754 |
|
$ |
|
1 |
|
$ |
|
755 |
|
Total liabilities and equity |
$ |
|
7,978 |
|
$ |
|
5 |
|
$ |
|
7,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Accounts and notes receivable, net |
$ |
|
896 |
|
$ |
|
10 |
|
$ |
|
906 |
|
Inventories |
$ |
|
1,368 |
|
$ |
|
(9 |
) |
$ |
|
1,359 |
|
Total current assets |
$ |
|
2,937 |
|
$ |
|
1 |
|
$ |
|
2,938 |
|
Accumulated depreciation |
$ |
|
(6,283 |
) |
$ |
|
(8 |
) |
$ |
|
(6,291 |
) |
Property, plant and equipment, net |
$ |
|
3,157 |
|
$ |
|
(8 |
) |
$ |
|
3,149 |
|
Other assets |
$ |
|
630 |
|
$ |
|
4 |
|
$ |
|
634 |
|
Total assets |
$ |
|
7,249 |
|
$ |
|
(3 |
) |
$ |
|
7,246 |
|
Accounts payable |
$ |
|
938 |
|
$ |
|
3 |
|
$ |
|
941 |
|
Total current liabilities |
$ |
|
1,557 |
|
$ |
|
3 |
|
$ |
|
1,560 |
|
Long-term debt, net |
$ |
|
3,951 |
|
$ |
|
2 |
|
$ |
|
3,953 |
|
Other liabilities |
$ |
|
327 |
|
$ |
|
1 |
|
$ |
|
328 |
|
Total liabilities |
$ |
|
6,524 |
|
$ |
|
6 |
|
$ |
|
6,530 |
|
Retained earnings |
$ |
|
1,828 |
|
$ |
|
(9 |
) |
$ |
|
1,819 |
|
Total Chemours stockholders' equity |
$ |
|
723 |
|
$ |
|
(9 |
) |
$ |
|
714 |
|
Total equity |
$ |
|
725 |
|
$ |
|
(9 |
) |
$ |
|
716 |
|
Total liabilities and equity |
$ |
|
7,249 |
|
$ |
|
(3 |
) |
$ |
|
7,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Inventories |
$ |
|
1,438 |
|
$ |
|
(4 |
) |
$ |
|
1,434 |
|
Total current assets |
$ |
|
3,080 |
|
$ |
|
(4 |
) |
$ |
|
3,076 |
|
Accumulated depreciation |
$ |
|
(6,372 |
) |
$ |
|
(3 |
) |
$ |
|
(6,375 |
) |
Property, plant and equipment, net |
$ |
|
3,173 |
|
$ |
|
(3 |
) |
$ |
|
3,170 |
|
Other assets |
$ |
|
667 |
|
$ |
|
1 |
|
$ |
|
668 |
|
Total assets |
$ |
|
7,463 |
|
$ |
|
(6 |
) |
$ |
|
7,457 |
|
Accounts payable |
$ |
|
1,069 |
|
$ |
|
9 |
|
$ |
|
1,078 |
|
Total current liabilities |
$ |
|
1,777 |
|
$ |
|
9 |
|
$ |
|
1,786 |
|
Operating lease liabilities |
$ |
|
196 |
|
$ |
|
(2 |
) |
$ |
|
194 |
|
Other liabilities |
$ |
|
354 |
|
$ |
|
1 |
|
$ |
|
355 |
|
Total liabilities |
$ |
|
6,804 |
|
$ |
|
8 |
|
$ |
|
6,812 |
|
Retained earnings |
$ |
|
1,763 |
|
$ |
|
(14 |
) |
$ |
|
1,749 |
|
Total Chemours stockholders' equity |
$ |
|
657 |
|
$ |
|
(14 |
) |
$ |
|
643 |
|
Total equity |
$ |
|
659 |
|
$ |
|
(14 |
) |
$ |
|
645 |
|
Total liabilities and equity |
$ |
|
7,463 |
|
$ |
|
(6 |
) |
$ |
|
7,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Inventories |
$ |
|
1,472 |
|
$ |
|
(9 |
) |
$ |
|
1,463 |
|
Total current assets |
$ |
|
3,026 |
|
$ |
|
(9 |
) |
$ |
|
3,017 |
|
Other assets |
$ |
|
797 |
|
$ |
|
7 |
|
$ |
|
804 |
|
Total assets |
$ |
|
7,515 |
|
$ |
|
(2 |
) |
$ |
|
7,513 |
|
Accounts payable |
$ |
|
1,142 |
|
$ |
|
14 |
|
$ |
|
1,156 |
|
Total current liabilities |
$ |
|
1,803 |
|
$ |
|
14 |
|
$ |
|
1,817 |
|
Other liabilities |
$ |
|
368 |
|
$ |
|
1 |
|
$ |
|
369 |
|
Total liabilities |
$ |
|
6,910 |
|
$ |
|
15 |
|
$ |
|
6,925 |
|
Retained earnings |
$ |
|
1,718 |
|
$ |
|
(17 |
) |
$ |
|
1,701 |
|
Total Chemours stockholders' equity |
$ |
|
604 |
|
$ |
|
(17 |
) |
$ |
|
587 |
|
Total equity |
$ |
|
605 |
|
$ |
|
(17 |
) |
$ |
|
588 |
|
Total liabilities and equity |
$ |
|
7,515 |
|
$ |
|
(2 |
) |
$ |
|
7,513 |
|
Revised Consolidated Statements of Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2023 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 1/1/2023 |
$ |
|
2,170 |
|
$ |
|
(1 |
) |
$ |
|
2,169 |
|
Retained earnings at 12/31/2023 |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 1/1/2024 |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
Net income |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Retained earnings at 3/31/2024 |
$ |
|
1,797 |
|
$ |
|
1 |
|
$ |
|
1,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 4/1/2024 |
$ |
|
1,797 |
|
$ |
|
1 |
|
$ |
|
1,798 |
|
Net income |
$ |
|
70 |
|
$ |
|
(10 |
) |
$ |
|
60 |
|
Retained earnings at 6/30/2024 |
$ |
|
1,828 |
|
$ |
|
(9 |
) |
$ |
|
1,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 1/1/2024 |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
Net income |
$ |
|
121 |
|
$ |
|
(8 |
) |
$ |
|
113 |
|
Retained earnings at 6/30/2024 |
$ |
|
1,828 |
|
$ |
|
(9 |
) |
$ |
|
1,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 7/1/2024 |
$ |
|
1,828 |
|
$ |
|
(9 |
) |
$ |
|
1,819 |
|
Net loss |
$ |
|
(27 |
) |
$ |
|
(5 |
) |
$ |
|
(32 |
) |
Retained earnings at 9/30/2024 |
$ |
|
1,763 |
|
$ |
|
(14 |
) |
$ |
|
1,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 1/1/2024 |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
Net income |
$ |
|
94 |
|
$ |
|
(13 |
) |
$ |
|
81 |
|
Retained earnings at 9/30/2024 |
$ |
|
1,763 |
|
$ |
|
(14 |
) |
$ |
|
1,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Retained earnings at 1/1/2024 |
$ |
|
1,782 |
|
$ |
|
(1 |
) |
$ |
|
1,781 |
|
Net income |
$ |
|
86 |
|
$ |
|
(16 |
) |
$ |
|
70 |
|
Retained earnings at 12/31/2024 |
$ |
|
1,718 |
|
$ |
|
(17 |
) |
$ |
|
1,701 |
|
Revised Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2023 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
|
307 |
|
$ |
|
2 |
|
$ |
|
309 |
|
Decrease (increase) in operating assets: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net |
$ |
|
(10 |
) |
$ |
|
(4 |
) |
$ |
|
(14 |
) |
Inventories and other current operating assets |
$ |
|
58 |
|
$ |
|
3 |
|
$ |
|
61 |
|
(Decrease) increase in operating liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
(72 |
) |
$ |
|
(2 |
) |
$ |
|
(74 |
) |
Other non-current operating liabilities |
$ |
|
2 |
|
$ |
|
1 |
|
$ |
|
3 |
|
Cash provided by (used for) operating activities |
$ |
|
556 |
|
$ |
|
— |
|
$ |
|
556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
52 |
|
$ |
|
2 |
|
$ |
|
54 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Deferred tax (benefit) provision |
$ |
|
(1 |
) |
$ |
|
1 |
|
$ |
|
— |
|
Decrease (increase) in operating assets: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net |
$ |
|
(177 |
) |
$ |
|
(9 |
) |
$ |
|
(186 |
) |
Inventories and other current operating assets |
$ |
|
(34 |
) |
$ |
|
5 |
|
$ |
|
(29 |
) |
(Decrease) increase in operating liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
(157 |
) |
$ |
|
1 |
|
$ |
|
(156 |
) |
Cash provided by (used for) operating activities |
$ |
|
(290 |
) |
$ |
|
— |
|
$ |
|
(290 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
121 |
|
$ |
|
(8 |
) |
$ |
|
113 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Deferred tax (benefit) provision |
$ |
|
(12 |
) |
$ |
|
(3 |
) |
$ |
|
(15 |
) |
Decrease (increase) in operating assets: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net |
$ |
|
(289 |
) |
$ |
|
2 |
|
$ |
|
(287 |
) |
Inventories and other current operating assets |
$ |
|
(15 |
) |
$ |
|
6 |
|
$ |
|
(9 |
) |
(Decrease) increase in operating liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
(178 |
) |
$ |
|
3 |
|
$ |
|
(175 |
) |
Cash provided by (used for) operating activities |
$ |
|
(910 |
) |
$ |
|
— |
|
$ |
|
(910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
94 |
|
$ |
|
(13 |
) |
$ |
|
81 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
|
223 |
|
$ |
|
(5 |
) |
$ |
|
218 |
|
Deferred tax (benefit) provision |
$ |
|
(34 |
) |
$ |
|
1 |
|
$ |
|
(33 |
) |
Other operating charges and credits, net |
$ |
|
(9 |
) |
$ |
|
(3 |
) |
$ |
|
(12 |
) |
Decrease (increase) in operating assets: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net |
$ |
|
(348 |
) |
$ |
|
12 |
|
$ |
|
(336 |
) |
Inventories and other current operating assets |
$ |
|
(91 |
) |
$ |
|
1 |
|
$ |
|
(90 |
) |
(Decrease) increase in operating liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
(95 |
) |
$ |
|
9 |
|
$ |
|
(86 |
) |
Other non-current operating liabilities |
$ |
|
4 |
|
$ |
|
(2 |
) |
$ |
|
2 |
|
Cash provided by (used for) operating activities |
$ |
|
(771 |
) |
$ |
|
— |
|
$ |
|
(771 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
|
|
As reported |
|
|
Adjustments |
|
|
As revised |
|
Net income |
$ |
|
86 |
|
$ |
|
(16 |
) |
$ |
|
70 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
|
301 |
|
$ |
|
(9 |
) |
$ |
|
292 |
|
Deferred tax (benefit) provision |
$ |
|
(27 |
) |
$ |
|
(5 |
) |
$ |
|
(32 |
) |
Decrease (increase) in operating assets: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net |
$ |
|
(152 |
) |
$ |
|
13 |
|
$ |
|
(139 |
) |
Inventories and other current operating assets |
$ |
|
(146 |
) |
$ |
|
6 |
|
$ |
|
(140 |
) |
(Decrease) increase in operating liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
(9 |
) |
$ |
|
13 |
|
$ |
|
4 |
|
Other non-current operating liabilities |
$ |
|
13 |
|
$ |
|
(2 |
) |
$ |
|
11 |
|
Cash provided by (used for) operating activities |
$ |
|
(633 |
) |
$ |
|
— |
|
$ |
|
(633 |
) |
|