LSC Communications, Inc.
CIK:0001669812|SEC Filings
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
[1] | Sep. 30, 2020 |
Sep. 30, 2019 |
[1] | |||||
| Income Statement [Abstract] | ||||||||||
| Net sales | $ 628 | $ 834 | $ 1,861 | $ 2,548 | ||||||
| Type of Revenue [Extensible List] | lksd:ProductsAndServicesMember | lksd:ProductsAndServicesMember | lksd:ProductAndServicesMember | lksd:ProductAndServicesMember | ||||||
| Cost of sales | $ 530 | $ 716 | $ 1,614 | $ 2,201 | ||||||
| Type of Cost, Good or Service [Extensible List] | lksd:ProductsAndServicesMember | lksd:ProductsAndServicesMember | lksd:ProductAndServicesMember | lksd:ProductAndServicesMember | ||||||
| Selling, general and administrative expenses (exclusive of depreciation and amortization) | $ 64 | $ 88 | $ 200 | $ 253 | ||||||
| Restructuring, impairment and other charges-net (Note 8) | 56 | 10 | 114 | 47 | ||||||
| Depreciation and amortization | 24 | 29 | 79 | 91 | ||||||
| (Loss) from operations | (46) | (9) | (146) | (44) | ||||||
| Interest expense-net (Note 10) | 5 | 20 | 26 | 58 | ||||||
| Settlement of retirement benefit obligations (Note 12) | 63 | 1 | 63 | 134 | ||||||
| Termination fee from Quad | 0 | (45) | 0 | (45) | ||||||
| Investment and other (income)-net | (14) | (8) | (35) | (24) | ||||||
| Reorganization items, net (Note 2) | 24 | 0 | 38 | 0 | ||||||
| (Loss) income before income taxes | (124) | 23 | (238) | (167) | ||||||
| Income tax (benefit) | (13) | 0 | (12) | (40) | ||||||
| Net (loss) income | $ (111) | $ 23 | [2] | $ (226) | $ (127) | [2] | ||||
| Net (loss) income per common share (Note 11) | ||||||||||
| Basic net (loss) income per share | $ (3.29) | $ 0.66 | [2] | $ (6.71) | $ (3.82) | [2] | ||||
| Diluted net (loss) income per share | $ (3.29) | $ 0.66 | [2] | $ (6.71) | $ (3.82) | [2] | ||||
| Weighted-average number of common shares outstanding: | ||||||||||
| Basic | 33.7 | 33.5 | [2] | 33.6 | 33.4 | [2] | ||||
| Diluted | 33.7 | 33.5 | [2] | 33.6 | 33.4 | [2] | ||||
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
|||
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash and cash equivalents | $ 64 | $ 105 | [1] | ||
| Receivables | |||||
| Amortized cost | 440 | 484 | [1] | ||
| Less: Allowance for credit losses | (14) | (12) | [1] | ||
| Receivables, net | 426 | 472 | [1] | ||
| Inventories (Note 5) | 147 | 170 | [1] | ||
| Income tax receivable | [1] | 5 | |||
| Assets held for sale (Note 6) | 47 | 9 | [1] | ||
| Prepaid expenses and other current assets | 41 | 27 | [1] | ||
| Total current assets | 725 | 788 | [1] | ||
| Property, plant and equipment-net (Note 6) | 341 | 440 | [1] | ||
| Goodwill (Note 7) | 52 | 52 | [1] | ||
| Other intangible assets-net (Note 7) | 107 | 120 | [1] | ||
| Right-of-use assets for operating leases | 126 | 163 | [1] | ||
| Deferred income taxes | 7 | 9 | [1] | ||
| Net pension asset (Note 12) | 47 | 0 | [1] | ||
| Other noncurrent assets | 68 | 77 | [1] | ||
| Total assets | 1,473 | 1,649 | [1] | ||
| LIABILITIES | |||||
| Accounts payable | 110 | 175 | [1] | ||
| Accrued liabilities | 187 | 211 | [1] | ||
| Short-term debt and current portion of long-term debt (Note 10) | 254 | 465 | [1] | ||
| Short-term operating lease liabilities | 30 | 42 | [1] | ||
| Liabilities held for sale (Note 6) | 14 | 0 | [1] | ||
| Total current liabilities | 595 | 893 | [1] | ||
| Long-term debt (Note 10) | 0 | 445 | [1] | ||
| Pension liabilities | 1 | 156 | [1] | ||
| Restructuring and multi-employer pension liabilities (Note 8) | 0 | 42 | [1] | ||
| Long-term operating lease liabilities | 99 | 129 | [1] | ||
| Other noncurrent liabilities | 43 | 56 | [1] | ||
| Liabilities subject to compromise (Note 2) | 912 | 0 | [1] | ||
| Total liabilities | 1,650 | 1,721 | [1] | ||
| Commitments and contingencies (Note 9) | [1] | ||||
| EQUITY | |||||
| Common stock, $0.01 par value Authorized: 65,000,000 Issued: 35,719,936 shares in 2020 (2019: 35,559,052) | 0 | 0 | [1] | ||
| Additional paid-in capital | 837 | 835 | [1] | ||
| Accumulated deficit | (591) | (365) | [1] | ||
| Accumulated other comprehensive loss (Note 14) | (398) | (517) | [1] | ||
| Treasury stock, at cost: 2,133,874 shares in 2020 (2019: 2,084,055) | (25) | (25) | [1] | ||
| Total equity | (177) | (72) | [1] | ||
| Total liabilities and equity | $ 1,473 | $ 1,649 | [1] | ||
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