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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 282 $ 261 $ 390
Adjustments to reconcile net income to net cash provided by operating activities      
Deferred income taxes 7 24 46
Depreciation 90 90 84
Amortization of deferred debt issuance costs 37 20 8
Interest payments on Series B Preferred Stock, net of debt discount accretion 0 0 (19)
Loss on extinguishment of debt 0 0 5
Loss on remeasurement of forward purchase contract 0 13 0
Gain on sale of equity investment (Note 28) (27) 0 0
Foreign exchange loss (gain) 27 (15) (1)
Stock compensation expense 23 14 11
Pension expense (6) (1) (28)
Unrealized (gain) loss on derivatives (2) 51 (65)
Other (6) 7 1
Changes in assets and liabilities:      
Accounts, notes and other receivables 89 1 (102)
Inventories (48) 12 (48)
Other assets (25) (2) 34
Accounts payable (52) 8 108
Accrued liabilities 26 (8) (17)
Other liabilities (7) (10) (32)
Net cash provided by operating activities 408 465 375
Cash flows from investing activities:      
Expenditures for property, plant and equipment (91) (83) (91)
Proceeds from cross-currency swap contracts 31 28 0
Proceeds from sale of equity investment 46 0 0
Net cash used for investing activities (14) (55) (91)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, net of deferred financing costs 794 667 0
Payments of long-term debt (992) (207) (7)
Payments for dividends 0 (42) (83)
Repurchases of Series A Preferred Stock 0 (580) (7)
Repurchases of Common Stock (296) (213) 0
Excise tax on Common Stock repurchase (8) 0 0
Payments of Additional Amounts for conversion of Series A Preferred Stock 0 (25) 0
Redemption of Series B Preferred stock 0 0 (381)
Payments for debt and revolving facility financing costs (8) (2) (4)
Other (10) (1) 0
Net cash used for financing activities (520) (403) (482)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (8) 5 (18)
Net (decrease) increase in cash, cash equivalents and restricted cash (134) 12 (216)
Cash, cash equivalents and restricted cash at beginning of period 260 248 464
Cash, cash equivalents and restricted cash at end of period 126 260 248
Supplemental cash flow disclosures:      
Income taxes paid (net of refunds) 64 60 42
Interest paid 88 89 65
Reorganization items paid 0 0 5
Supplemental disclosure of non-cash financing activities:      
Dividends declared, not paid $ 13 $ 0 $ 0