Table of Contents Condensed Consolidated Statement of Financial Position The following balance sheet illustrates the impacts of the implementation of the Plan and the application of fresh start accounting, which results in the opening balance sheet of the Successor Company. The Company has reclassified assets and liabilities of the Held for Sale Business and the results of discontinued operations in the table below. As of July 1, 2019 (in millions, except share data) Predecessor Company Reorganization Adjustments Fresh Start Adjustments Successor Company Assets Current assets: Cash and cash equivalents (including restricted cash of $15) 96  $ 29  (b) $ —  $ 125  Accounts receivable (net of allowance for doubtful accounts of $16 and $0, respectively) 421  —  6  (r) 427  Inventories: Finished and in-process goods 221  —  27  (s) 248  Raw materials and supplies 89  —  —  89  Current assets held for sale 132  —  2 (aa) 134 Other current assets 56  2  (c) —  58  Total current assets 1,015  31  35  1,081  Investment in unconsolidated entities 20  —  (6) (t) 14  Deferred tax assets —  12  (d) (3) (u) 9  Other long-term assets 34  4  (e) (1) (v) 37  Property and equipment: Land 69  —  11  (w) 80  Buildings 228  —  (118) (w) 110  Machinery and equipment 1,948  —  (837) (w) 1,111  2,245  —  (944) 1,301  Less accumulated depreciation (1,559) —  1,566  (w) 7  686  —  622  1,308  Operating lease assets 89  —  33  (x) 122  Goodwill 83  —  81  (y) 164  Other intangible assets, net 17  —  1,138  (z) 1,155  Noncurrent assets held for sale 187  —  $ 215  (aa) $ 402  Total assets $ 2,131  $ 47  $ 2,114  $ 4,292  Liabilities and Deficit Current liabilities: Accounts payable $ 247  $ 49  (a) $ —  $ 296  Debt payable within one year 438  (343) (f) 2  (ab) 97  Interest payable 7  (5) (g) —  2  Income taxes payable 5  11  (h) —  16  Accrued payroll and incentive compensation 32  —  —  32  Current liabilities associated with assets held for sale 69  —  1 (aa) 70  Current portion of operating lease liabilities 19  —  6  (x) 25  Financing fees payable 104  (104) (i) —  —  Other current liabilities 101  5  (j) —  106  Total current liabilities 1,022  (387) 9  644  Long-term liabilities: Liabilities subject to compromise 3,664  (3,664) (k) —  —  Long-term debt 90  1,622  (l) 21  (ab) 1,733  Long-term pension and post employment benefit obligations 160  33  (a) 39  (ac) 232  Deferred income taxes 11  1  (m) 148  (ad) 160  Operating lease liabilities 70  —  17  (x) 87  Other long-term liabilities 149  72  (n) (6) (r) 215  Noncurrent liabilities associated with assets held for sale 46  —  20  (aa) 66  Total liabilities 5,212  (2,323) 248  3,137  (a) (q) Hexion Inc. |  82  | 2020 Form 10-K