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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for the Quarterly Period Ended September 30, 2020
Commission File Number 1-9608
NEWELL BRANDS INC.
(Exact name of registrant as specified in its charter)
Delaware36-3514169
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
6655 Peachtree Dunwoody Road,
Atlanta, Georgia 30328
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (770) 418-7000
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE ON WHICH REGISTERED
Common stock, $1 par value per shareNWLNasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:    None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Number of shares of common stock outstanding (net of treasury shares) as of October 26, 2020: 424.3 million.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Net sales$2,699 $2,569 $6,696 $7,091 
Cost of products sold1,785 1,722 4,501 4,724 
Gross profit914 847 2,195 2,367 
Selling, general and administrative expenses545 630 1,581 1,811 
Restructuring costs, net4 3 14 22 
Impairment of goodwill, intangibles and other assets2 1,071 1,482 1,148 
Operating income (loss)363 (857)(882)(614)
Non-operating expenses:
Interest expense, net71 75 205 233 
Loss on extinguishment of debt 29  29 
Other expense, net9 7 20 33 
Income (loss) before income taxes283 (968)(1,107)(909)
Income tax benefit(21)(327)(210)(317)
Income (loss) from continuing operations304 (641)(897)(592)
Income (loss) from discontinued operations, net of tax 15  (95)
Net income (loss)$304 $(626)$(897)$(687)
Weighted average common shares outstanding:
Basic424.3 423.4 424.1 423.3 
Diluted425.4 423.4 424.1 423.3 
Earnings (loss) per share:
Basic:
Income (loss) from continuing operations$0.72 $(1.51)$(2.12)$(1.40)
Income (loss) from discontinued operations 0.03  (0.22)
Net income (loss)$0.72 $(1.48)$(2.12)$(1.62)
Diluted:
Income (loss) from continuing operations$0.71 $(1.51)$(2.12)$(1.40)
Income (loss) from discontinued operations 0.03  (0.22)
Net income (loss)$0.71 $(1.48)$(2.12)$(1.62)
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Comprehensive income (loss):
Net income (loss)$304 $(626)$(897)$(687)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments24 (112)(97)(89)
Unrecognized pension and postretirement costs1 (9)12 (33)
Derivative financial instruments(7)5 17 (3)
Total other comprehensive income (loss), net of tax18 (116)(68)(125)
Comprehensive income (loss)$322 $(742)$(965)$(812)
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions, except par values)
September 30,
2020
December 31,
2019
Assets:
Cash and cash equivalents$858 $349 
Accounts receivable, net1,814 1,842
Inventories1,718 1,606
Prepaid expenses and other314 313
Total current assets4,7044,110
Property, plant and equipment, net1,115 1,155
Operating lease assets, net543 615
Goodwill3,523 3,709
Other intangible assets, net3,567 4,916
Deferred income taxes882 776
Other assets386 361
Total assets$14,720 $15,642 
Liabilities:
Accounts payable$1,415 $1,102 
Accrued compensation216 204
Other accrued liabilities1,380 1,340
Short-term debt and current portion of long-term debt97 332
Total current liabilities3,1082,978
Long-term debt5,794 5,391
Deferred income taxes463 625
Long-term operating lease liabilities485 541
Other noncurrent liabilities1,120 1,111
Total liabilities10,97010,646
Commitments and contingencies (Footnote 18)
Stockholders’ equity:
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at September 30, 2020 and December 31, 2019)
  
Common stock (800.0 authorized shares, $1.00 par value, 448.3 shares and 447.1 shares issued at September 30, 2020 and December 31, 2019)
448 447 
Treasury stock, at cost (24.0 shares and 23.6 shares issued at September 30, 2020 and December 31, 2019)
(597)(590)
Additional paid-in capital8,164 8,430 
Retained deficit(3,301)(2,404)
Accumulated other comprehensive loss(988)(920)
Stockholders’ equity attributable to parent3,726 4,963 
Stockholders’ equity attributable to noncontrolling interests24 33 
Total stockholders’ equity3,750 4,996 
Total liabilities and stockholders’ equity$14,720 $15,642 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in millions)
Nine Months Ended
September 30,
20202019
Cash flows from operating activities:
Net loss$(897)$(687)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization267 325 
Impairment of goodwill, intangibles and other assets1,482 1,260 
Loss from sale of businesses, net9  
Deferred income taxes(293)(296)
Stock based compensation expense28 29 
Loss on change in fair value of investments1 19 
Other, net 4 
Changes in operating accounts excluding the effects of divestitures:
Accounts receivable(19)146 
Inventories(139)(246)
Accounts payable323 (30)
Accrued liabilities and other58 (100)
Net cash provided by operating activities820 424 
Cash flows from investing activities:
Proceeds from sale of divested businesses15 754 
Capital expenditures(158)(172)
Other investing activities, net5 (1)
Net cash provided by (used in) investing activities(138)581 
Cash flows from financing activities:
Net short-term debt(26)279 
Proceeds from issuance of debt, net of debt issuance costs492  
Payments on current portion of long-term debt(305)(268)
Payments on long-term debt(19)(706)
Loss on extinguishment of debt (31)
Cash dividends(294)(293)
Equity compensation activity and other, net(22)(5)
Net cash used in financing activities(174)(1,024)
Exchange rate effect on cash, cash equivalents and restricted cash(14)(11)
Increase (decrease) in cash, cash equivalents and restricted cash494 (30)
Cash, cash equivalents and restricted cash at beginning of period371 496 
Cash, cash equivalents and restricted cash at end of period$865 $466 
Supplemental disclosures:
Restricted cash at beginning of period$22 $ 
Restricted cash at end of period7  
Net cash provided by discontinued operating activities 15 
Net cash provided by discontinued investing activities 738 
Capital expenditures for discontinued operations 15 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(Amounts in millions)
Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained Earnings (Deficit)Accumulated Other Comprehensive Income (Loss)Stockholders' Equity Attributable to ParentNoncontrolling InterestTotal Stockholders' Equity
Balance at June 30, 2020$448 $(597)$8,252 $(3,605)$(1,006)$3,492 $24 $3,516 
Comprehensive income— — — 304 18 322 — 322 
Dividends declared on common stock— — (98)— — (98)— (98)
Equity compensation, net of tax— — 10 — — 10 — 10 
Balance at September 30, 2020$448 $(597)$8,164 $(3,301)$(988)$3,726 $24 $3,750 
Balance at December 31, 2019$447 $(590)$8,430 $(2,404)$(920)$4,963 $33 $4,996 
Comprehensive loss— — — (897)(68)(965)— (965)
Dividends declared on common stock— — (293)— — (293)— (293)
Equity compensation, net of tax1 (7)27 — — 21 — 21 
Distribution to non-controlling interests holder— — — — — — (3)(3)
Other— — — — — — (6)(6)
Balance at September 30, 2020$448 $(597)$8,164 $(3,301)$(988)$3,726 $24 $3,750 


Common
Stock
Treasury
Stock
Additional Paid-In CapitalRetained DeficitAccumulated Other Comprehensive LossStockholders' Equity Attributable to ParentNoncontrolling InterestTotal Stockholders' Equity
Balance at June 30, 2019$447 $(589)$8,605 $(2,572)$(922)$4,969 $35 $5,004 
Comprehensive loss— — — (626)(116)(742)— (742)
Dividends declared on common stock— — (98)— — (98)— (98)
Equity compensation, net of tax— — 9 — — 9 — 9 
Portion of net loss attributable to non-controlling interests— — — — — — (4)(4)
Balance at September 30, 2019$447 $(589)$8,516 $(3,198)$(1,038)$4,138 $31 $4,169 
Balance at December 31, 2018$446 $(585)$8,781 $(2,511)$(913)$5,218 $35 $5,253 
Comprehensive loss— — — (687)(125)(812)— (812)
Dividends declared on common stock— — (294)— — (294)— (294)
Equity compensation, net of tax1 (4)29 — — 26 — 26 
Portion of net loss attributable to non-controlling interests— — — — — — (4)(4)
Balance at September 30, 2019$447 $(589)$8,516 $(3,198)$(1,038)$4,138 $31 $4,169 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
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NEWELL BRANDS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Footnote 1 — Basis of Presentation and Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair statement of the financial position and the results of operations of the Company. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The Condensed Consolidated Balance Sheet at December 31, 2019, has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for a complete financial statement. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation.

In connection with the Company’s previous decision to retain the Mapa/Spontex and Quickie businesses, the Company realigned its management reporting structure in the fourth quarter of 2019. Additional changes to the Company's management reporting structure were made by the chief operating decision maker (“CODM”) during the second quarter of 2020 which resulted in a further realignment of its reportable segments. As a result, the Company operates and reports financial information in the following five reportable segments: Appliances and Cookware, Commercial Solutions, Home Solutions, Learning and Development, and Outdoor and Recreation. The Company also provides general corporate services to its segments which will be reported as a non-operating segment, Corporate (see Footnote 17). All prior periods have been reclassified to conform to the current reporting structure.

Use of Estimates and Risks & Uncertainty of Coronavirus (COVID-19)

Beginning late in the fourth quarter 2019 and into 2020, a novel strain of the coronavirus, or COVID-19, initially resulted in travel disruption and impacted portions of the Company’s and its suppliers’ operations in China. The subsequent spread of COVID-19 developed into a global pandemic, impacting the economies of most countries around the world. The Company’s global operations, similar to those of many large, multi-national corporations, have been adversely impacted by the COVID-19 pandemic.
During the first quarter of 2020, the Company concluded that an impairment triggering event had occurred for all of its reporting units as the Company had experienced significant COVID-19 related disruption to its business in three primary areas: supply chain, as certain manufacturing and distribution facilities were temporarily closed in line with government guidelines; the temporary closure of secondary customer retail stores as well, as the Company's Yankee Candle retail stores in North America; and changes in consumer demand patterns to certain focused categories. As a result, the Company performed an impairment test for its goodwill and indefinite-lived intangible assets. In addition, the Company performed a recoverability test for its long-lived assets, which primarily include finite-lived intangible assets, property plant and equipment and right of use lease assets. As a result of the impairment testing performed in connection with the triggering event, the Company determined that certain of its goodwill, indefinite-lived intangible assets, property plant and equipment and right of use operating leases assets were impaired. During the first quarter of 2020, the Company recorded an aggregate non-cash charge of approximately $1.5 billion in connection with these impairments. See Footnotes 6, 7 and 13 for further information.
While the negative effects from the COVID-19 global pandemic in the first half of 2020 were material to the Company's operating results, the Company has seen positive sequential momentum and experienced 5% year-over-year net sales growth during the third quarter of 2020. Due to this performance, the Company remains optimistic for improvement in its financial results for the second half of 2020; however, it believes the extent of the impact of the COVID-19 pandemic to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic, especially in areas where conditions have recently worsened. Those primary drivers are beyond the Company's knowledge and control, and as a result, at this time it is difficult to predict the cumulative impact, both in terms of severity and duration, COVID-19 will have on its sales, operating results, cash flows, liquidity and financial condition. Furthermore, the impact to the Company's businesses, operating results, cash flows, liquidity and financial condition may be further adversely impacted if COVID-19 global pandemic continues to exist or worsens for a prolonged period of time.
The consolidated condensed financial statements are prepared in conformity with U.S. GAAP. Management’s application of U.S. GAAP requires the pervasive use of estimates and assumptions in preparing the unaudited condensed consolidated financial
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statements. As discussed above, the world is currently experiencing the global COVID-19 pandemic which has required greater use of estimates and assumptions in the preparation of our condensed consolidated financial statements, more specifically, those estimates and assumptions utilized in the Company’s forecasted cash flows that form the basis in developing the fair values utilized in its impairment assessments as well as annual effective tax rate. This has included assumptions as to the duration and severity of the pandemic, timing and amount of demand shifts amongst sales channels, workforce availability, supply chain continuity, and timing as to a return to normalcy. Although we have made our best estimates based upon current information, the effects of the COVID-19 pandemic on our business may result in future changes to management’s estimates and assumptions, especially if the severity of the pandemic worsens or duration lengthens. Actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future incremental impairment charges as well as changes to recorded reserves and valuations.

Discontinued Operations

On December 31, 2019, the Company completed the sale of The United States Playing Card Company and other related subsidiaries (“Playing Cards business") to Cartamundi Inc. and Cartamundi España S.L., which completed its previously announced Accelerated Transformation Plan (“ATP”).

In connection with the ATP, the Company completed the sale of several businesses during 2018 and 2019. In 2018, the Company sold Goody Products, Inc. (“Goody”), Jostens, Inc. (“Jostens”), Pure Fishing, Inc. (“Pure Fishing”), the Rawlings Sporting Goods Company, Inc. (“Rawlings”), The Waddington Group, Inc. (“Waddington”) and other related subsidiaries. In 2019, the Company sold the Process Solutions business, Rexair Holdings Inc. (“Rexair”) and the Playing Cards business. These businesses were classified as discontinued operations in periods prior to January 1, 2020.

Seasonal Variations

Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company typically tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three and nine months ended September 30, 2020 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2020.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies disclosure requirements for defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Since ASU 2018-14 only impacts the disclosure requirements related to defined benefit pension and other postretirement plans, the adoption of ASU 2018-14 will not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (Topic 740). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential effects of the adoption of ASU 2019-12.
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In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the potential effects of the adoption of ASU 2020-04.

Adoption of New Accounting Guidance

The Company’s accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards and updated accounting policies.

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 involves several aspects of the accounting for credit losses related to certain financial instruments including assets measured at amortized cost, available-for-sale debt securities and certain off-balance sheet commitments. ASU 2016-13, and subsequent updates, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of assets measured either collectively or individually to include historical experience, current conditions and reasonable and supportable forecasts, replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (“CECL”) model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019. The Company adopted ASU 2016-13 on a modified retrospective basis effective January 1, 2020. The adoption of ASU 2016-03 did not have a material impact on the Company’s consolidated financial statements. The Company's reserves for expected credit losses at September 30, 2020 and December 31, 2019 were $37 million and $29 million respectively.

In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. ASU 2018-15 is effective for public business entities for years, and interim periods within those years, beginning after December 15, 2019. The Company adopted ASU 2018-15 prospectively to all implementation costs incurred after January 1, 2020, the date of adoption. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.

Sales of Accounts Receivables

During the first quarter of 2020, the Company amended its existing factoring agreement (the “Customer Receivables Purchase Agreement”) to increase the amount of certain customer receivables that may be sold. The balance of factored receivables at the end of the third quarter of 2020 was approximately $350 million, an increase of approximately $150 million from the balance at December 31, 2019. Transactions under this agreement continue to be accounted for as sales of accounts receivable, and the receivables sold are removed from the Condensed Consolidated Balance Sheet at the time of the sales transaction. The Company classifies the proceeds received from the sales of accounts receivable as an operating cash flow in the unaudited Condensed Consolidated Statement of Cash Flows. The Company records the discount as other expense, net in the Condensed Consolidated Statement of Operations and collections of accounts receivables not yet submitted to the financial institution as a financing cash flow.

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Footnote 2 — Divestitures and Held for Sale

Discontinued Operations

The Company completed its previously announced ATP on December 31, 2019. As such, there were no businesses held for sale at September 30, 2020, nor income or loss from discontinued operations for the three and nine months ended September 30, 2020. The following table provides a summary of amounts included in discontinued operations for the 2019 periods indicated (in millions):
Three Months
Ended
September 30, 2019
Nine Months
Ended
September 30, 2019
Net sales$29 $332 
Cost of products sold18 245 
Gross profit11 87 
Selling, general and administrative expenses4 42 
Impairment of goodwill, intangibles and other assets 112 
Operating income (loss)7 (67)
Non-operating income, net(2)(2)
Income (loss) before income taxes9 (65)
Income tax provision (benefit)(6)30 
Net income (loss)$15 $(95)

Divestiture Activity

On August 31, 2020, the Company divested the foam board product line in its Learning and Development segment. As a result, during the three and nine months ended September 30, 2020, the Company recorded a pretax loss of $8 million, which is included in the other expense, net in the Condensed Consolidated Statements of Operations.
On May 1, 2019, the Company sold its Rexair business to investment funds affiliated with Rhône Capital for approximately $235 million, subject to customary working capital and other post-closing adjustments. As a result, during the three and nine months ended September 30, 2019, the Company recorded a pretax loss of $4 million and net pretax gain of $2 million, respectively, which is included in the net income (loss) from discontinued operations.
On May 1, 2019, the Company sold its Process Solutions business to an affiliate of One Rock Capital Partners, LLC, for approximately $500 million, subject to customary working capital and other post-closing adjustments. As a result, during the three and nine months ended September 30, 2019, the company recorded a pretax gain of $13 million and net pretax loss of $9 million, respectively, which is included in the net income (loss) from discontinued operations.

On December 31, 2019, the Company sold its Playing Cards business to Cartamundi Inc. and Cartamundi España S.L. for approximately $220 million, subject to customary working capital and other post-closing adjustments.
During the nine months ended September 30, 2019, the Company recorded impairment charges totaling $112 million, which were included in the loss from discontinued operations, related to the write-down of the carrying value of the net assets of certain held for sale businesses based on their estimated fair value.

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Footnote 3 — Accumulated Other Comprehensive Loss
The following tables display the changes in Accumulated Other Comprehensive Loss (“AOCL”) by component, net of tax, for the nine months ended September 30, 2020 (in millions):
Cumulative
Translation
Adjustment
Pension and 
Postretirement
Costs
Derivative
Financial
Instruments
AOCL
Balance at December 31, 2019$(479)$(399)$(42)$(920)
Other comprehensive income (loss) before reclassifications(97)(2)21 (78)
Amounts reclassified to earnings 14 (4)10 
Net current period other comprehensive income (loss)(97)12 17 (68)
Balance at September 30, 2020$(576)$(387)$(25)$(988)
For the three months ended September 30, 2020 and 2019, reclassifications from AOCL to the results of operations for the Company’s pension and postretirement benefit plans were a pretax expense of $6 million and $2 million, respectively. For the nine months ended September 30, 2020 and 2019, reclassifications from AOCL to the results of operations for the Company’s pension and postretirement benefit plans were a pretax expense of $17 million and $6 million, respectively. These reclassifications primarily represent the amortization of net actuarial losses (see Footnote 11). These costs are recorded in other expense, net. For the three months ended September 30, 2020 and 2019, reclassifications from AOCL to the results of operations for the Company’s derivative financial instruments for effective cash flow hedges were pretax income of $6 million and nil, respectively, and pretax income of $5 million for both the nine months ended September 30, 2020 and 2019 (see Footnote 10).

The income tax (expense) benefit allocated to the components of AOCL for the periods indicated are as follows (in millions):

Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Foreign currency translation adjustments$12 $ $11 $ 
Unrecognized pension and postretirement costs(1)3 (3)11 
Derivative financial instruments2 (1)(5)1 
Income tax benefit related to AOCL$13 $2 $3 $12 

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Footnote 4 — Restructuring Costs
Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred.
Restructuring costs, net incurred by reportable business segments for all restructuring activities in continuing operations for the periods indicated are as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Appliances and Cookware$1 $ $1 $2 
Commercial Solutions  2 1 
Home Solutions1 1 6 7 
Learning and Development1  2 5 
Outdoor and Recreation1 1 2 2 
Corporate 1 1 5 
$4 $3 $14 $22 

Accrued restructuring costs activity for the nine months ended September 30, 2020 are as follows (in millions):
Balance at December 31, 2019Restructuring
Costs, Net
PaymentsBalance at
September 30, 2020
Employee severance and termination benefits$10 $12 $(14)$8 
Exited contractual commitments and other
12 2 (7)7 
$22 $14 $(21)$15 
2020 Restructuring Plan
The Company’s 2020 restructuring program, which was initiated during the second quarter of 2020 largely in response to the impact of the COVID-19 pandemic, was designed to reduce overhead costs, streamline certain underperforming operations and improve future profitability. The restructuring costs, which impact all segments, include employee-related costs, including severance and other termination benefits. During the three and nine months ended September 30, 2020, the Company recorded restructuring charges of $4 million and $12 million, respectively, in connection with the program. The Company currently estimates aggregate restructuring charges of approximately $20 million to $25 million to be incurred over the entirety of 2020 and into 2021 in connection with the program. All cash payments are expected to be paid within one year of charges incurred.
Accelerated Transformation Plan
The Company’s ATP, which was initiated during the first quarter of 2018 and completed at the end of 2019, was designed in part, to divest the Company’s non-core consumer businesses and focus on the realignment of the Company’s management structure and overall cost structure as a result of the completed divestitures. Restructuring costs associated with the ATP included employee-related costs, including severance, retirement and other termination benefits, as well as contract termination costs and other costs.
Other Restructuring-Related Costs
The Company regularly incurs other restructuring-related costs in connection with various discrete initiatives which are recorded in cost of products sold and selling, general and administrative expense (“SG&A”) in the Condensed Consolidated Statements of Operations based on the nature of the underlying costs incurred.

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Footnote 5 — Inventories
Inventories are comprised of the following at the dates indicated (in millions):
September 30, 2020December 31, 2019
Raw materials and supplies$275 $231 
Work-in-process146 135 
Finished products1,297 1,240 
$1,718 $1,606 

Footnote 6 — Property, Plant and Equipment, Net
Property, plant and equipment, net, is comprised of the following at the dates indicated (in millions):
September 30, 2020December 31, 2019
Land$