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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Total net revenues $ 930 $ 940 $ 1,764 $ 1,814
Cost of sales (674) (712) (1,306) (1,430)
Gross profit 256 228 458 384
Selling, general and administrative expenses (116) (107) (227) (212)
Other income (expense), net 0 (1) 0 (1)
Income from operations 140 120 231 171
Interest expense, net (25) (31) (51) (60)
Income before income taxes 115 89 180 111
Income tax expense (18) (23) (35) (28)
Net income $ 97 $ 66 $ 145 $ 83
Earnings per share:        
Basic (in USD per share) $ 0.46 $ 0.32 $ 0.69 $ 0.40
Diluted (in USD per share) $ 0.46 $ 0.32 $ 0.69 $ 0.40
Weighted average shares outstanding:        
Basic (in shares) 210.1 210.0 210.1 210.0
Effect of dilutive securities (in shares) 0.1 0.0 0.1 0.0
Diluted (in shares) 210.2 210.0 210.2 210.0
Net revenues        
Total net revenues $ 914 $ 922 $ 1,726 $ 1,774
Related party net revenues        
Total net revenues $ 16 $ 18 $ 38 $ 40