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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 639 $ 533
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 238 244
Deferred income taxes 17 15
Pension and other postretirement benefits expense 4 6
Contributions to pension plans (29) (32)
Contributions to other postretirement benefits plans (5) (6)
Gain on sale of business 0 (24)
Changes in working capital (498) (785)
Other - net (31) 91
Net cash provided by operating activities 335 42
Investing activities    
Capital expenditures for property, plant and equipment (126) (115)
Cash paid for acquisition of a business, net of cash acquired 0 (612)
Proceeds from sales of property, plant and equipment 3 4
Investments in associate companies 0 (17)
Purchases of short-term investments - net (27) (1)
Proceeds from settlement of currency exchange contracts not designated as hedges - net 41 0
Other - net (14) (21)
Net cash used in investing activities (124) (762)
Financing activities    
Proceeds from borrowings 318 0
Payments on borrowings (3) (4)
Short-term debt, net (236) 1,105
Cash dividends paid (334) (320)
Exercise of employee stock options 17 8
Repurchase of shares 0 (86)
Employee taxes paid from shares withheld (40) (50)
Other - net (1) (1)
Net cash provided by (used in) financing activities (281) 652
Effect of currency on cash 11 8
Total decrease in cash (59) (60)
Cash at the beginning of the period 294 297
Cash at the end of the period $ 235 $ 237