v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash provided by operating activities    
Net income $ 148 $ 105
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 65 65
Deferred income taxes 17 (8)
Stock compensation expense 8 11
Change in assets and liabilities:    
Accounts receivable, net (2) 11
Other receivables (7) (4)
Related party receivables 0 (1)
Inventories (133) (63)
Accounts payable 54 49
Related party payables 0 (9)
Income taxes payable / receivable (15) (4)
Accrued and other current liabilities 40 (18)
Other assets and liabilities (2) 13
Net cash provided by operating activities 173 147
Cash used in investing activities    
Acquisition of property, plant and equipment (101) (79)
Net cash used in investing activities (101) (79)
Cash used in financing activities    
Repayment of long-term debt (50) (54)
Dividends paid (96) (96)
Proceeds from term loan refinancing [1] 0 743
Repayments of existing term loan [1] 0 (743)
Other financing activities (7) 2
Net cash used in financing activities (153) (148)
Net decrease in cash and cash equivalents (81) (80)
Cash and cash equivalents at beginning of period 147 137
Cash and cash equivalents at end of period 66 57
Cash paid:    
Interest - long-term debt, net of interest rate swaps 40 41
Income taxes $ 43 $ 39
[1] Represents cash inflows and outflows due to changes in term loan lender composition.