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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash provided by operating activities    
Net income $ 31 $ 49
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 32 32
Deferred income taxes (8) (1)
Stock compensation expense 6 4
Change in assets and liabilities:    
Accounts receivable, net 27 17
Other receivables (2) 0
Related party receivables (1) 0
Inventories (66) (45)
Accounts payable 50 77
Related party payables (9) (4)
Income taxes payable / receivable 17 15
Accrued and other current liabilities (30) (45)
Other assets and liabilities 9 0
Net cash provided by operating activities 56 99
Cash used in investing activities    
Acquisition of property, plant and equipment (39) (29)
Net cash used in investing activities (39) (29)
Cash used in financing activities    
Repayment of long-term debt (50) 0
Dividends paid (48) (48)
Proceeds from term loan refinancing [1] 743 0
Repayments of existing term loan [1] (743) 0
Other financing activities 2 (2)
Net cash used in financing activities (96) (50)
Net (decrease) increase in cash and cash equivalents (79) 20
Cash and cash equivalents at beginning of period 137 115
Cash and cash equivalents at end of period 58 135
Cash paid:    
Interest - long-term debt, net of interest rate swaps 21 25
Income taxes $ 1 $ 2
[1] Represents cash inflows and outflows due to changes in term loan lender composition.