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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Total net revenues $ 935 $ 967 $ 2,750 $ 2,729
Cost of sales (686) (789) (2,117) (2,199)
Gross profit 249 178 633 530
Selling, general and administrative expenses (115) (90) (327) (264)
Other income (expense), net 0 (5) 0 (17)
Income from operations 134 83 306 249
Interest expense, net (31) (20) (91) (48)
Income before income taxes 103 63 215 201
Income tax expense (25) (15) (54) (49)
Net income $ 78 $ 48 $ 161 $ 152
Earnings per share:        
Basic (in USD per share) $ 0.37 $ 0.23 $ 0.77 $ 0.72
Diluted (in USD per share) $ 0.37 $ 0.23 $ 0.77 $ 0.72
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 $ 914 $ 938 $ 2,689 $ 2,652
Related party net revenues        
Net revenues $ 21 $ 29 $ 61 $ 77