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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash provided by operating activities      
Net income $ 301 $ 352 $ 298
Adjustments to reconcile net income to operating cash flows:      
Depreciation and amortization 135 129 124
Deferred income taxes 13 (11) (5)
Stock compensation expense 21 19 14
Change in assets and liabilities:      
Accounts receivable, net (11) 11 0
Other receivables (4) 1 7
Related party receivables (1) 1 0
Inventories (18) (42) 198
Accounts payable 40 95 (31)
Related party payables (9) 0 (12)
Income taxes payable / receivable 9 (17) 9
Accrued and other current liabilities (6) (26) 42
Other assets and liabilities 7 (23) 0
Net cash provided by operating activities 477 489 644
Cash used in investing activities      
Acquisition of property, plant and equipment (161) (120) (104)
Acquisition of business 0 0 (6)
Net cash used in investing activities (161) (120) (110)
Cash (used in) provided by financing activities      
Repayment of long-term debt (108) (150) (262)
Dividends paid (192) (192) (192)
Proceeds from term loan refinancing [1] 743 0 0
Repayments of existing term loan [1] (743) 0 0
Other financing activities (6) (4) (3)
Net cash used in financing activities (306) (346) (457)
Effect of exchange rate changes on cash and cash equivalents 0 (1) 0
Cash and cash equivalents:      
Increase in cash and cash equivalents 10 22 77
Balance as of beginning of the year 137 115 38
Balance as of end of the year 147 137 115
Cash paid:      
Interest – long-term debt, net of interest rate swaps 82 98 114
Income taxes $ 67 $ 125 $ 90
[1] Represents cash inflows and outflows due to changes in term loan lender composition.