v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net earnings $ 278 $ 213 $ 168
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 93 91 85
Deferred income taxes 28 23 (52)
Stock-based compensation expense 32 22 17
Other 0 1 1
Changes in assets and liabilities:      
Accounts receivable (81) (102) 15
Contract assets (59) 36 (36)
Inventories 6 (29) (10)
Prepaid expenses 1 (6) (1)
Other current assets 23 (13) (18)
Other noncurrent assets (44) 17 19
Defined benefit obligations (10) (2) (8)
Accounts payable (79) 15 (59)
Contract liabilities 186 64 102
Other current liabilities 3 (39) (26)
Other noncurrent liabilities (11) (20) 8
Net cash provided by operating activities 366 271 205
Investing activities      
Capital expenditures (139) (85) (60)
Proceeds from sales of assets 0 1 1
Purchases of investments (15) 0 0
Net cash used in investing activities (154) (84) (59)
Financing activities      
Net increase (decrease) in borrowings (maturities of 90 days or less) 1 (32) 20
Repayments of borrowings (11) (291) (727)
Proceeds from borrowings 0 280 715
Proceeds from stock issuance 9 16 12
Repurchases of common stock (35) 0 0
Payments of employee taxes withheld from stock-based awards (21) (19) (1)
Other (10) (10) (4)
Net cash (used in) provided by financing activities (163) (56) 15
Effect of exchange rate changes on cash and cash equivalents 0 0 0
Net increase in cash and cash equivalents 49 131 161
Cash and cash equivalents at beginning of year 598 467 306
Cash and cash equivalents at end of year 647 598 467
Nonrelated Party      
Financing activities      
Dividends (28) 0 0
Related Party      
Financing activities      
Dividends $ (68) $ 0 $ 0