v3.26.1
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) $ 26 $ (25)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 74 68
Amortization of intangible assets 90 99
Goodwill asset impairment 0 156
Indefinite-lived intangible asset impairment 0 79
Deferred income taxes (42) (136)
Stock-based compensation expense 17 19
Other non-cash (income) expense (13) 19
Gain on disposal of assets (6) 0
Changes in operating assets and liabilities:    
Accounts and notes receivable-trade, net 56 (31)
Inventories, net (32) (47)
Prepaid expenses and other current assets (11) 26
Other noncurrent assets (2) 1
Accounts payable 16 (10)
Accrued liabilities (38) (35)
Income taxes 4 (55)
Other noncurrent liabilities 0 (73)
Net cash provided by operating activities 139 55
Cash flows from investing activities:    
Capital expenditures (96) (51)
Cash received on derivative contracts 0 1
Cash paid on derivative contracts 0 (2)
Net investment hedge settlements (8) 0
Proceeds from sale of property, plant, and equipment 5 1
Other investing activities 7 0
Net cash used in investing activities (92) (51)
Cash flows from financing activities:    
Cash paid for treasury stock (12) 0
Proceeds from 364-day bridge loan 0 435
Repayment of 364-day bridge loan 0 (435)
Repayments on short-term borrowings (50) (413)
Cash dividends paid (32) (64)
Proceeds from long-term borrowings 0 550
Repayments on long-term borrowings (31) (2)
Cash paid for deferred financing costs 0 (13)
Other financing activities, net (5) (3)
Net cash (used in) provided by financing activities (130) 55
Effect of exchange rate changes on cash and cash equivalents (4) 28
Net (decrease) increase in cash and cash equivalents (87) 87
Cash and cash equivalents at beginning of period 326 272
Cash and cash equivalents at end of period 239 359
Interest paid, net of amounts capitalized 43 43
Non-cash investing activities:    
Property, plant and equipment in accounts payable at end of period 19 25
Exchange of inventory for naming and other rights $ 0 $ 14