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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Total net revenues $ 940 $ 917 $ 1,814 $ 1,762
Cost of sales (712) (733) (1,430) (1,410)
Gross profit 228 184 384 352
Selling, general and administrative expenses (107) (91) (212) (174)
Other expense, net (1) (7) (1) (12)
Income from operations 120 86 171 166
Interest expense, net (31) (16) (60) (28)
Income before income taxes 89 70 111 138
Income tax expense (23) (18) (28) (34)
Net income $ 66 $ 52 $ 83 $ 104
Earnings per share:        
Basic (in USD per share) $ 0.32 $ 0.25 $ 0.40 $ 0.50
Diluted (in USD per share) $ 0.32 $ 0.25 $ 0.40 $ 0.50
Weighted average shares outstanding:        
Basic (in shares) 210.0 209.9 210.0 209.8
Effect of dilutive securities (in shares) 0.0 0.0 0.0 0.1
Diluted (in shares) 210.0 209.9 210.0 209.9
Net revenues        
Net revenues $ 922 $ 896 $ 1,774 $ 1,714
Related party net revenues        
Net revenues $ 18 $ 21 $ 40 $ 48