v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 73 $ (170)
Adjustments to reconcile income (loss) to cash provided by operating activities:    
Depreciation and amortization 134 143
Stock-based compensation 19 9
Impairment of intangible assets 33 0
Pension and other post-retirement benefits expense 0 148
Other, net 5 49
Changes in operating assets and liabilities:    
Trade receivables, net and contract assets (29) 31
Inventories (60) (65)
Accounts payable, trade and other 45 14
Advance and progress payments 51 27
Other assets and liabilities, net (50) (49)
Cash provided by operating activities 221 137
Cash flows from investing activities:    
Acquisitions, net of cash acquired 0 (1,746)
Capital expenditures (51) (39)
Proceeds from disposal of assets 9 5
Cash required by investing activities (42) (1,780)
Cash flows from financing activities:    
Repayment of domestic credit facility (314) (1,368)
Proceeds from domestic credit facility, net of debt issuance costs 712 1,114
Proceeds from Term Loan B, net of debt issuance costs 0 898
Repayment of Term Loan B (202) (2)
Repayment of 2026 Notes (403) 0
Payment of debt issuance costs related to the Marel Transaction 0 (13)
Acquisition of noncontrolling interest of Marel 0 (24)
Settlement of taxes withheld on stock-based compensation awards (10) (8)
Settlement of deal contingent hedge 0 (43)
Dividends (11) (11)
Purchases of treasury stock (26) 0
Cash (required) provided by financing activities (254) 543
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 0 2
Net (decrease) increase in cash, cash equivalents and restricted cash (75) (1,098)
Add: Cash and cash equivalents from discontinued operations, beginning of period 187 1,228
Add: Cash and cash equivalents from discontinued operations, end of period $ 112 $ 130