v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 197 $ 208
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 111 110
Amortization 1 1
Amortization of deferred debt issuance costs 2 0
Restructuring expense, net of cash paid 9 13
Deferred income taxes 5 (2)
Pension and other postretirement benefit expenses 21 7
Income from equity method investments, net of dividends received (7) 0
Loss on sale of assets 1 2
Share-based compensation 19 16
Changes in operating assets and liabilities:    
Accounts receivable, net (278) (271)
Inventories 0 (47)
Other assets (77) (20)
Accounts payable 169 111
Accrued and other long-term liabilities 89 56
Other, net (57) 7
Pension contributions (11) (1)
Net cash provided by operating activities 194 190
Cash flows from investing activities:    
Capital expenditures (117) (79)
Net cash used in investing activities (117) (79)
Cash flows from financing activities:    
Net proceeds (repayments) under short-term debt agreements 86 (132)
Net repayments under long-term debt agreements 0 (1)
Proceeds from issuance of senior notes and credit agreement, net of issuance costs 2,063 0
Cash distribution paid to Former Parent (1,894) 0
Net transfers (to) from Former Parent (47) 134
Dividend payments of consolidated affiliates to minority shareholders (4) 0
Taxes withheld and paid on employees' restricted share awards (1) 0
Net cash provided by financing activities 203 1
Effect of exchange rate fluctuations on cash and cash equivalents (2) 15
Increase in cash and cash equivalents 278 127
Cash and cash equivalents at beginning of the period 276 201
Cash and cash equivalents at end of the period 554 328
Supplemental non-cash investing activities:    
Capital expenditures included in accounts payable $ 40 $ 27