Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,496 $ 297
Trade and other receivables, net of allowance for credit losses of $76 and $89 million, respectively (note 4) 1,016 1,134
Inventories, net 832 901
Other current assets 219 172
Total current assets 3,563 2,504
Noncurrent assets:    
Property and equipment, net of accumulated depreciation of $897 and $891 million, respectively (note 5) 316 410
Goodwill (note 6) 800 2,204
Tradenames 1,190 2,120
Intangible assets subject to amortization, net (note 6) 315 385
Operating lease right-of-use assets (note 8) 461 482
Note receivable - related party (note 13) 1,740 1,740
Other noncurrent assets 54 44
Assets held for sale noncurrent (note 12) 17 0
Total assets 8,456 9,889
Current liabilities:    
Accounts payable 664 722
Accrued liabilities 727 874
Current portion of debt (note 7) 5,023 585
Other current liabilities 52 52
Total current liabilities 6,466 2,233
Noncurrent liabilities:    
Long-term debt (note 7) 1 3,313
Deferred income tax liabilities (note 11) 173 394
Long-term operating lease liabilities (note 8) 460 475
Other liabilities 88 105
Total liabilities 7,188 6,520
Commitments and contingencies (note 12)
Stockholder's equity:    
Common stock, $0.01 par value, 1 authorized share 0 0
Additional paid-in capital 11,205 11,201
Accumulated deficit (9,748) (7,538)
Accumulated other comprehensive loss (262) (370)
Total stockholder's equity 1,195 3,293
Noncontrolling interest in equity of subsidiary 73 76
Total equity 1,268 3,369
Total liabilities and equity $ 8,456 $ 9,889