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CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 130 $ 152
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes 14 8
Depreciation 44 43
Amortization of deferred issuance costs 33 5
Loss on remeasurement of forward purchase contract 0 13
Gain on sale of equity investment (27) 0
Foreign exchange loss (gain) 13 (11)
Stock compensation expense 13 8
Pension expense 1 1
Unrealized loss on derivatives 1 19
Other 3 9
Changes in assets and liabilities:    
Accounts, notes and other receivables 50 (69)
Inventories (24) (47)
Other assets 17 (10)
Accounts payable (33) 105
Accrued liabilities (5) 32
Other liabilities (20) (2)
Net cash provided by operating activities 210 256
Cash flows from investing activities:    
Expenditures for property, plant and equipment (49) (33)
Proceeds from cross-currency swap contracts 21 9
Proceeds from sale of equity investment 46 0
Net cash provided by (used for) investing activities 18 (24)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of debt financing costs 794 667
Payments of long-term debt (989) (4)
Repurchases of Series A Preferred Stock 0 (580)
Repurchases of Common Stock (173) (15)
Payments of Additional Amounts for conversion of Series A Preferred Stock 0 (25)
Payments for preference dividends 0 (42)
Payments for debt and revolving facility financing costs (7) (2)
Other (9) (1)
Net cash used for financing activities (384) (2)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (5) 1
Net (decrease) increase in cash, cash equivalents and restricted cash (161) 231
Cash, cash equivalents and restricted cash at beginning of the period 260 248
Cash, cash equivalents and restricted cash at end of the period 99 479
Supplemental cash flow disclosure:    
Income taxes paid (net of refunds) 27 27
Interest paid $ 42 $ 24