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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ (135) $ 35
Depreciation 169 153
Amortization 9 8
Amortization of deferred financing charges 4 3
Write-off of deferred financing costs 5
Earnings of affiliates, net of dividends received 11 3
Stock compensation expense 3 10
Deferred income taxes (8) (105)
Pension expense, net 2 207
Impairment of goodwill 51
Change in working capital (228) (247)
Other, net (9) (10)
Net cash provided by (used in) operating activities (126) 57
Investing activities    
Purchases of property, plant and equipment (121) (190)
Acquisition of businesses, net of cash acquired (6) (654)
Purchases of marketable securities (15) (12)
Proceeds from sales and maturities of marketable securities 13 18
Settlements of undesignated derivatives (5) (19)
Other, net (7) (6)
Net cash used in investing activities (141) (863)
Financing activities    
Net change in short-term debt (8) (3)
Proceeds from long-term debt 510 675
Repayment of long-term debt (3) (19)
Deferred financing payments (11) (12)
Dividends paid to common stockholders (15) (29)
Distributions to noncontrolling interests (3) (12)
Contributions from noncontrolling interests 9 2
Payments to acquire noncontrolling interests (1)
Repurchases of common stock (25)
Other, net (2)
Net cash provided by financing activities 476 577
Net increase (decrease) in cash, cash equivalents and restricted cash 209 (229)
Cash, cash equivalents and restricted cash – beginning of period 518 520
Effect of exchange rate changes on cash balances (25) 7
Cash, cash equivalents and restricted cash – end of period (Note 5) 702 298
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 57 $ 88