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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash provided by operating activities      
Net income $ 298 $ 258 $ 324
Adjustments to reconcile net income to operating cash flows:      
Depreciation and amortization 124 117 109
Deferred income taxes (5) 1 22
Stock compensation expense 14 5 4
Change in assets and liabilities:      
Accounts receivable, net 0 (31) (24)
Other receivables 7 (3) (3)
Related party receivables 0 3 (2)
Inventories 198 (139) (165)
Accounts payable (31) (14) 71
Related party payables (12) 8 (3)
Income taxes payable / receivable 9 13 (7)
Accrued and other current liabilities 42 1 (15)
Other assets and liabilities 0 0 (1)
Net cash provided by operating activities 644 219 310
Cash used in investing activities      
Acquisition of property, plant and equipment (104) (128) (141)
Acquisition of business (6) 0 0
Net cash used in investing activities (110) (128) (141)
Cash used in financing activities      
Repayment of long-term debt (262) (25) (125)
Dividends paid (192) (192) (192)
Other financing activities (3) 0 0
Net cash used in financing activities (457) (217) (317)
Cash and cash equivalents:      
Increase (decrease) in cash and cash equivalents 77 (126) (148)
Balance as of beginning of the year 38 164 312
Balance as of end of the year 115 38 164
Cash paid:      
Interest – long-term debt, net of interest rate swaps 114 68 41
Income taxes $ 90 $ 64 $ 91