In the -20s I wouldn't be counting on just 1 layer to do it. Every year we get days where the wind chill might be as low as -40F, and as a Ground Support Equipment mechanic at an airport I spend a good part of those days outside changing starters and batteries, getting diesels running, etc. On those days I'll wear heavy polypro as a base layer, my work pants and T-shirt, a Carhartt thermal zip-up hoodie, the Aramark arctic coveralls I got when working as a ski lift mechanic 9 years ago, and on really bad days my Carhartt arctic coat over that. A USGI Nomex CVC hood goes on my head, Sorel Conquests on my feet, and knit thermal gloves without the rubberized palms & fingers go on my hands. They're thin enough that I can thread all but the smallest nuts & bolts on while wearing them, and by keeping the rest of my body very warm I'm good going without gloves for 20-30 minutes at -20F. And that's while handling cold metal on a wide-open airport ramp. Yeah, I'm pushing the edge of frostbite, but I can always just pull my hands into my sleeves for a minute or 2.
When I'm outside in those temps but not working, I'll wear silkweight polypro, merino top & bottoms over that, regular pants, my Mountain Hardwear fleece, my Marmot Odin 800-fill down jacket (more a down sweater, not a big puffy jacket), and a windproof, waterproof shell on top. Appropriate headwear and handwear as well. When I go inside or get in the truck, I'll at least unzip all layers to keep from overheating, and sometimes remove 1 or 2.