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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 500 $ 303 $ 995
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 269 297 304
Deferred income taxes (261) 15 (899)
Share-based compensation expense 26 31 30
Amortization of deferred debt issuance costs and discount on debt 8 11 10
Loss on extinguishment of debt 21 65 2
Other non-cash affecting net income 50 36 65
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable, net 233 (108) (49)
(Increase) decrease in inventories, net (255) 53 (21)
Decrease (increase) in prepaid and other assets 47 53 (29)
(Decrease) increase in accounts payable and accrued liabilities (5) 53 17
Net changes in income tax payables and receivables 5 9 (2)
Changes in other non-current assets and liabilities (40) (78) (68)
Cash provided by operating activities 598 740 355
Cash Flows from Investing Activities:      
Capital expenditures (428) (272) (195)
Insurance proceeds 0 1 1
Loans 0 0 (36)
Proceeds from the sale of assets 13 2 1
Cash used in investing activities (415) (269) (229)
Cash Flows from Financing Activities:      
Repayments of short-term debt (113) 0 (13)
Repayments of long-term debt (516) (3,212) (233)
Proceeds from short-term debt 142 0 13
Proceeds from long-term debt 396 2,472 500
Repurchase of common stock (50) 0 0
Debt issuance costs (4) (37) (10)
Call premium paid (18) (40) 0
Dividends paid (87) (65) (40)
Restricted stock and performance-based shares settled in cash for taxes 0 (3) (3)
Proceeds from the exercise of stock options 0 8 0
Cash (used in) provided by financing activities (250) (877) 214
Effects of exchange rate changes on cash and cash equivalents and restricted cash (1) (10) (3)
Net (decrease) increase in cash and cash equivalents and restricted cash (68) (416) 337
Cash and cash equivalents and restricted cash at beginning of period 232 648 311
Cash and cash equivalents and restricted cash at end of period 164 232 648
Supplemental cash flow information:      
Interest paid, net 114 138 159
Income taxes paid $ 60 $ 47 $ 17