v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash provided by operating activities    
Net income $ 59 $ 31
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 33 32
Deferred income taxes 0 (8)
Stock compensation expense 4 6
Change in assets and liabilities:    
Accounts receivable, net (13) 27
Other receivables 2 (2)
Related party receivables 0 (1)
Inventories (53) (66)
Accounts payable 34 50
Related party payables 0 (9)
Income taxes payable / receivable 16 17
Accrued and other current liabilities (10) (30)
Other assets and liabilities (1) 9
Net cash provided by operating activities 71 56
Cash used in investing activities    
Acquisition of property, plant and equipment (44) (39)
Net cash used in investing activities (44) (39)
Cash used in financing activities    
Repayment of long-term debt (50) (50)
Dividends paid (48) (48)
Proceeds from term loan refinancing [1] 0 743
Repayments of existing term loan [1] 0 (743)
Other financing activities (5) 2
Net cash used in financing activities (103) (96)
Net cash used in financing activities    
Net decrease in cash and cash equivalents (76) (79)
Cash and cash equivalents at beginning of period 147 137
Cash and cash equivalents at end of period 71 58
Cash paid:    
Interest - long-term debt, net of interest rate swaps 20 21
Income taxes $ 1 $ 1
[1] Represents cash inflows and outflows due to changes in term loan lender composition.