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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total net revenues $ 938 $ 930 $ 1,756 $ 1,764
Cost of sales (712) (674) (1,341) (1,306)
Gross profit 226 256 415 458
Selling, general and administrative expenses (96) (116) (201) (227)
Other expense, net (12) 0 (21) 0
Income from operations 118 140 193 231
Interest expense, net (22) (25) (42) (51)
Debt refinancing expense 0 0 (13) 0
Income before income taxes 96 115 138 180
Income tax expense (23) (18) (33) (35)
Net income $ 73 $ 97 $ 105 $ 145
Earnings per share:        
Basic (in USD per share) $ 0.35 $ 0.46 $ 0.50 $ 0.69
Diluted (in USD per share) $ 0.35 $ 0.46 $ 0.50 $ 0.69
Weighted average shares outstanding:        
Basic (in shares) 210.3 210.1 210.3 210.1
Effect of dilutive securities (in shares) 0.0 0.1 0.0 0.1
Diluted (in shares) 210.3 210.2 210.3 210.2
Net revenues        
Total net revenues $ 938 $ 914 $ 1,739 $ 1,726
Related party net revenues        
Total net revenues $ 0 $ 16 $ 17 $ 38