Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated and Combined Statements of Equity (Unaudited)

v3.25.3
Condensed Consolidated and Combined Statements of Equity (Unaudited) - USD ($)
Total
Common Shares Outstanding
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Treasury Stock, Common
Balance as of beginning of period, shares at Dec. 31, 2023   81,000,000        
Balance as of beginning of period, value at Dec. 31, 2023 $ 746,000,000 $ 1,000,000 $ 1,599,000,000 $ 488,000,000 $ 19,000,000 $ (1,361,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 16,000,000     16,000,000    
Period change 8,000,000       8,000,000  
Dividends (32,000,000)     (32,000,000)    
Repurchase of common stock (57,000,000)         (57,000,000)
Net share settlement of incentive equity awards (17,000,000)   (17,000,000)      
Change in deferred compensation 10,000,000   10,000,000      
Ending balance, shares at Mar. 31, 2024   81,000,000        
Balance as of end of period, value at Mar. 31, 2024 674,000,000 $ 1,000,000 1,592,000,000 472,000,000 27,000,000 (1,418,000,000)
Balance as of beginning of period, shares at Dec. 31, 2023   81,000,000        
Balance as of beginning of period, value at Dec. 31, 2023 746,000,000 $ 1,000,000 1,599,000,000 488,000,000 19,000,000 (1,361,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 204,000,000          
Period change (19,000,000)          
Ending balance, shares at Sep. 30, 2024   78,000,000        
Balance as of end of period, value at Sep. 30, 2024 583,000,000 $ 1,000,000 1,628,000,000 600,000,000 0 (1,646,000,000)
Balance as of beginning of period, shares at Mar. 31, 2024   81,000,000        
Balance as of beginning of period, value at Mar. 31, 2024 674,000,000 $ 1,000,000 1,592,000,000 472,000,000 27,000,000 (1,418,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 86,000,000     86,000,000    
Period change (2,000,000)       (2,000,000)  
Dividends $ (31,000,000)     (31,000,000)    
Repurchase of common stock (in shares) (2,000,000)          
Repurchase of common stock $ (131,000,000)         (131,000,000)
Net share settlement of incentive equity awards (1,000,000)   (1,000,000)      
Change in deferred compensation 12,000,000   12,000,000      
Other 1,000,000     (1,000,000)    
Ending balance, shares at Jun. 30, 2024   79,000,000        
Balance as of end of period, value at Jun. 30, 2024 623,000,000 $ 1,000,000 1,618,000,000 528,000,000 25,000,000 (1,549,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options 15,000,000   15,000,000      
Net income 102,000,000     102,000,000    
Period change (25,000,000)       (25,000,000)  
Dividends $ (30,000,000)     (30,000,000)    
Repurchase of common stock (in shares) (1,000,000)          
Repurchase of common stock $ (97,000,000)         (97,000,000)
Net share settlement of incentive equity awards (1,000,000)   (1,000,000)      
Change in deferred compensation 11,000,000   11,000,000      
Ending balance, shares at Sep. 30, 2024   78,000,000        
Balance as of end of period, value at Sep. 30, 2024 583,000,000 $ 1,000,000 1,628,000,000 600,000,000 0 (1,646,000,000)
Balance as of beginning of period, shares at Dec. 31, 2024   78,000,000        
Balance as of beginning of period, value at Dec. 31, 2024 650,000,000 $ 1,000,000 1,647,000,000 654,000,000 17,000,000 (1,669,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 61,000,000     61,000,000    
Period change (13,000,000)       (13,000,000)  
Dividends $ (32,000,000)     (32,000,000)    
Repurchase of common stock (in shares) (1,000,000)          
Repurchase of common stock $ (76,000,000)         (76,000,000)
Net share settlement of incentive equity awards (22,000,000)   (22,000,000)      
Change in deferred compensation $ 10,000,000   10,000,000      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures 1,000,000          
Other $ 1,000,000   (1,000,000)      
Ending balance, shares at Mar. 31, 2025   78,000,000        
Balance as of end of period, value at Mar. 31, 2025 579,000,000 $ 1,000,000 1,636,000,000 683,000,000 4,000,000 (1,745,000,000)
Balance as of beginning of period, shares at Dec. 31, 2024   78,000,000        
Balance as of beginning of period, value at Dec. 31, 2024 650,000,000 $ 1,000,000 1,647,000,000 654,000,000 17,000,000 (1,669,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 253,000,000          
Period change (16,000,000)          
Ending balance, shares at Sep. 30, 2025   76,000,000        
Balance as of end of period, value at Sep. 30, 2025 583,000,000 $ 1,000,000 1,662,000,000 811,000,000 1,000,000 (1,892,000,000)
Balance as of beginning of period, shares at Mar. 31, 2025   78,000,000        
Balance as of beginning of period, value at Mar. 31, 2025 579,000,000 $ 1,000,000 1,636,000,000 683,000,000 4,000,000 (1,745,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 87,000,000          
Period change (2,000,000)       (2,000,000)  
Dividends $ (32,000,000)     (32,000,000)    
Repurchase of common stock (in shares) (1,000,000)          
Repurchase of common stock $ (77,000,000)         (77,000,000)
Change in deferred compensation 9,000,000   9,000,000      
Other 1,000,000   (1,000,000)      
Ending balance, shares at Jun. 30, 2025   77,000,000        
Balance as of end of period, value at Jun. 30, 2025 570,000,000 $ 1,000,000 1,651,000,000 738,000,000 2,000,000 (1,822,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options 5,000,000   5,000,000      
Net income 105,000,000     105,000,000    
Period change (1,000,000)       (1,000,000)  
Dividends $ (32,000,000)     (32,000,000)    
Repurchase of common stock (in shares) (1,000,000)          
Repurchase of common stock $ (70,000,000)         (70,000,000)
Net share settlement of incentive equity awards (1,000,000)   (1,000,000)      
Change in deferred compensation 9,000,000   9,000,000      
Other       0    
Ending balance, shares at Sep. 30, 2025   76,000,000        
Balance as of end of period, value at Sep. 30, 2025 $ 583,000,000 $ 1,000,000 $ 1,662,000,000 $ 811,000,000 $ 1,000,000 $ (1,892,000,000)