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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total net revenues $ 910 $ 935 $ 2,675 $ 2,750
Cost of sales (671) (686) (1,977) (2,117)
Gross profit 239 249 698 633
Selling, general and administrative expenses (101) (115) (329) (327)
Other income (expense), net 0 0 0 0
Income from operations 138 134 369 306
Interest expense, net (25) (31) (76) (91)
Income before income taxes 113 103 293 215
Income tax expense (27) (25) (62) (54)
Net income $ 86 $ 78 $ 231 $ 161
Earnings per share:        
Basic (in USD per share) $ 0.41 $ 0.37 $ 1.10 $ 0.77
Diluted (in USD per share) $ 0.41 $ 0.37 $ 1.10 $ 0.77
Weighted average shares outstanding:        
Basic (in shares) 210.1 210.0 210.1 210.0
Effect of dilutive securities (in shares) 0.2 0.0 0.1 0.0
Diluted (in shares) 210.3 210.0 210.2 210.0
Net revenues        
Total net revenues $ 892 $ 914 $ 2,618 $ 2,689
Related party net revenues        
Total net revenues $ 18 $ 21 $ 57 $ 61