v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 52 $ 82
Adjustments to reconcile net income to net cash provided by operating activities 111 107
Changes in working capital accounts, excluding the effects of acquisition (24) (4)
Net cash provided by operating activities 139 185
Cash flows from investing activities:    
Capital expenditures 74 61
Other 1 (1)
Net cash used in investing activities (73) (62)
Cash flows from financing activities:    
Borrowings under revolving credit facility 155 110
Repayments under revolving credit facility 175 70
Payments on long-term debt (5) (5)
Payments of debt issuance and deferred financing costs (2) (3)
Payments on license obligations (4) (5)
Purchase of L&W common stock (22) (166)
Net redemptions of common stock under stock-based compensation plans and other (26) (32)
Net cash used in financing activities (79) (171)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 3
Decrease in cash, cash equivalents and restricted cash (13) (45)
Cash, cash equivalents and restricted cash, beginning of period 253 267
Supplemental cash flow information:    
Cash paid for interest 68 54
Income taxes paid 15 24
Supplemental non-cash transactions:    
Non-cash interest expense $ 3 $ 2