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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash provided by operating activities      
Net income $ 352 $ 298 $ 258
Adjustments to reconcile net income to operating cash flows:      
Depreciation and amortization 129 124 117
Deferred income taxes (11) (5) 1
Stock compensation expense 19 14 5
Change in assets and liabilities:      
Accounts receivable, net 11 0 (31)
Other receivables 1 7 (3)
Related party receivables 1 0 3
Inventories (42) 198 (139)
Accounts payable 95 (31) (14)
Related party payables 0 (12) 8
Income taxes payable / receivable (17) 9 13
Accrued and other current liabilities (26) 42 1
Other assets and liabilities (23) 0 0
Net cash provided by operating activities 489 644 219
Cash used in investing activities      
Acquisition of property, plant and equipment (120) (104) (128)
Acquisition of business 0 (6) 0
Net cash used in investing activities (120) (110) (128)
Cash used in financing activities      
Repayment of long-term debt (150) (262) (25)
Dividends paid (192) (192) (192)
Other financing activities (4) (3) 0
Net cash used in financing activities (346) (457) (217)
Effect of exchange rate changes on cash and cash equivalents (1) 0 0
Cash and cash equivalents:      
Increase (decrease) in cash and cash equivalents 22 77 (126)
Balance as of beginning of the year 115 38 164
Balance as of end of the year 137 115 38
Cash paid:      
Interest – long-term debt, net of interest rate swaps 98 114 68
Income taxes $ 125 $ 90 $ 64