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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash provided by operating activities      
Net income $ 324 $ 363 $ 225
Adjustments to reconcile net income to operating cash flows:      
Depreciation and amortization 109 99 91
Deferred income taxes 22 67 1
Unrealized (gains) losses on commodity derivatives     (9)
Stock compensation expense 4 5  
Change in assets and liabilities:      
Accounts receivable, net (24) (279) 2
Other receivables (3) (2) 6
Related party receivables (2) 5 (27)
Inventories (165)   2
Accounts payable 71 54 (6)
Related party payables (3) (28) (89)
Related party accrued interest payable   (18) 133
Income taxes payable (7) 7 72
Accrued and other current liabilities (15) 38 9
Other assets and liabilities (1) 8 (7)
Net cash provided by operating activities 310 319 403
Cash used in investing activities      
Acquisition of property, plant and equipment (141) (143) (109)
Advances to related parties     (170)
Repayments from related parties     151
Net cash used in investing activities (141) (143) (128)
Cash (used in) provided by financing activities      
Repayment of long-term debt (125) (218) (21)
Dividends paid (192) (124)  
Proceeds from long-term debt, net of discounts   2,472  
Repayments of PEI Group Credit Agreement   (8)  
Advances from related parties   240 67
Repayments to related parties   (3,627) (141)
Deferred debt transaction costs   (28) (4)
Proceeds from IPO settlement facility   1,168  
Repayment of IPO settlement facility   (1,168)  
Issuance of common stock   1,410  
Equity issuance costs   (69)  
Net transfers from (to) Parent   (14) (97)
Net cash (used in) provided by financing activities (317) 34 (196)
Cash and cash equivalents:      
(Decrease) increase in cash and cash equivalents (148) 210 79
Balance as of beginning of the year 312 102 23
Balance as of end of the year 164 312 102
Cash paid:      
Interest - long-term debt 41 60 103
Interest - related party borrowings   23 6
Income taxes $ 91 $ 76 $ 4