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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash provided by operating activities    
Net income $ 161 $ 152
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 92 87
Deferred income taxes (3) (1)
Stock compensation expense 10 4
Change in assets and liabilities:    
Accounts receivable, net 3 27
Other receivables 11 0
Related party receivables (2) 0
Inventories 146 (213)
Accounts payable (5) 40
Related party payables (16) 6
Income taxes payable / receivable (11) 0
Accrued and other current liabilities 39 23
Other assets and liabilities (2) (7)
Net cash provided by operating activities 423 118
Cash used in investing activities    
Acquisition of property, plant and equipment (77) (86)
Net cash used in investing activities (77) (86)
Cash used in financing activities    
Repayment of long-term debt (113) (19)
Dividends paid (144) (144)
Other financing activities (3) 0
Net cash used in financing activities (260) (163)
Net increase (decrease) in cash and cash equivalents 86 (131)
Cash and cash equivalents at beginning of period 38 164
Cash and cash equivalents at end of period 124 33
Cash paid:    
Interest 86 42
Income taxes $ 65 $ 49