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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (453) $ (482)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 104 99
Amortization of intangible assets 155 162
Goodwill asset impairment 409 504
Indefinite-lived intangible asset impairment 88 6
Deferred income taxes 44 (20)
Stock-based compensation expense 25 35
Other non-cash expense 13 36
Changes in operating assets and liabilities:    
Accounts and notes receivable-trade, net (56) 19
Inventories, net (61) 2
Prepaid expenses and other current assets (10) 61
Other noncurrent assets 0 (6)
Accounts payable (9) (6)
Accrued liabilities (66) (17)
Income taxes (45) (15)
Other noncurrent liabilities (4) (4)
Net cash provided by operating activities 134 374
Cash flows from investing activities:    
Capital expenditures (90) (129)
Cash received on derivative contracts 10 0
Cash paid on derivative contracts (9) (12)
Other investing activities 2 1
Net cash used in investing activities (87) (140)
Cash flows from financing activities:    
Cash paid for treasury stock 0 (250)
Proceeds from 364-day bridge loan 435 0
Repayment of 364-day bridge loan (435) 0
(Repayments) proceeds on other short-term borrowings, net (416) 99
Cash dividends paid (96) (95)
Proceeds from long-term borrowings 551 0
Repayments on long-term borrowings (3) (8)
Cash paid for deferred financing costs (13) 0
Other financing activities, net (4) (10)
Net cash provided by (used in) financing activities 19 (264)
Effect of exchange rate changes on cash and cash equivalents 25 (8)
Net increase (decrease) in cash and cash equivalents 91 (38)
Cash and cash equivalents at beginning of period 272 334
Cash and cash equivalents at end of period 363 296
Non-cash investing activities:    
Property, plant and equipment in accounts payable at end of period 25 28
Exchange of inventory for naming and other rights $ 14 $ 0