v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net (loss) income $ (25) $ 13
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 68 64
Amortization of intangible assets 99 108
Goodwill asset impairment 156 0
Indefinite-lived intangible asset impairment 79 6
Deferred income taxes (136) (11)
Stock-based compensation expense 19 23
Other non-cash expense 19 38
Changes in operating assets and liabilities:    
Accounts and notes receivable-trade, net (31) 86
Inventories, net (47) (7)
Prepaid expenses and other current assets 26 29
Other noncurrent assets 1 (6)
Accounts payable (10) (11)
Accrued liabilities (35) (78)
Income taxes (55) (9)
Other noncurrent liabilities (73) (12)
Net cash provided by operating activities 55 233
Cash flows from investing activities:    
Capital expenditures (51) (86)
Cash received on derivative contracts 1 1
Cash paid on derivative contracts (2) (9)
Proceeds from sale of property, plant, and equipment 1 1
Net cash used in investing activities (51) (93)
Cash flows from financing activities:    
Cash paid for treasury stock 0 (150)
Proceeds from 364-day bridge loan 435 0
Repayment of 364-day bridge loan (435) 0
(Repayments) proceeds on other short-term borrowings, net (413) 43
Cash dividends paid (64) (62)
Proceeds from long-term borrowings 550 0
Repayments on long-term borrowings (2) (6)
Cash paid for deferred financing costs (13) 0
Other financing activities, net (3) (10)
Net cash provided by (used in) financing activities 55 (185)
Effect of exchange rate changes on cash and cash equivalents 28 (10)
Net increase (decrease) in cash and cash equivalents 87 (55)
Cash and cash equivalents at beginning of period 272 334
Cash and cash equivalents at end of period 359 279
Non-cash investing activities:    
Property, plant and equipment in accounts payable at end of period 25 29
Exchange of inventory for naming and other rights $ 14 $ 0