v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (10) $ 19
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 38 34
Amortization of intangible assets 41 45
Deferred income taxes (60) 1
Stock-based compensation expense 8 10
Other non-cash (income) expense (15) 9
Gain on disposal of assets (6) 0
Changes in operating assets and liabilities:    
Accounts and notes receivable-trade, net 60 (31)
Inventories, net (23) (26)
Prepaid expenses and other current assets 19 (1)
Other noncurrent assets 1 4
Accounts payable 2 14
Accrued liabilities (20) (44)
Income taxes 7 (12)
Other noncurrent liabilities (2) (15)
Net cash provided by operating activities 40 7
Cash flows from investing activities:    
Capital expenditures (52) (19)
Net investment hedge settlements (7) 0
Other investing activities 6 2
Net cash used in investing activities (53) (17)
Cash flows from financing activities:    
Proceeds from 364-day bridge loan 0 435
Repayments on short-term borrowings (51) (272)
Cash dividends paid (32) (32)
Repayments on long-term borrowings (31) (2)
Cash paid for deferred financing costs 0 (3)
Other financing activities, net (5) (3)
Net cash (used in) provided by financing activities (119) 123
Effect of exchange rate changes on cash and cash equivalents (4) 13
Net (decrease) increase in cash and cash equivalents (136) 126
Cash and cash equivalents at beginning of period 326 272
Cash and cash equivalents at end of period 190 398
Interest paid, net of amounts capitalized 44 13
Non-cash investing activities:    
Property, plant and equipment in accounts payable at end of period 29 22
Exchange of inventory for naming and other rights $ 0 $ 14