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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ (90) $ 147
Depreciation 257 235
Amortization 15 12
Amortization of deferred financing charges 6 5
Write-off of deferred financing costs 5
Earnings of affiliates, net of dividends received 5 (3)
Stock compensation expense 5 15
Deferred income taxes (28) (120)
Pension expense, net 3 207
Impairment of goodwill 51
Change in working capital (50) (197)
Other, net 16 (13)
Net cash provided by operating activities 195 288
Investing activities    
Purchases of property, plant and equipment (181) (298)
Acquisition of businesses, net of cash acquired (6) (666)
Purchases of marketable securities (36) (24)
Proceeds from sales and maturities of marketable securities 32 25
Settlements of undesignated derivatives (5) (20)
Other, net 3 (12)
Net cash used in investing activities (193) (995)
Financing activities    
Net change in short-term debt (2) 92
Proceeds from long-term debt 512 675
Repayment of long-term debt (12) (121)
Deferred financing payments (13) (16)
Dividends paid to common stockholders (15) (43)
Distributions to noncontrolling interests (10) (14)
Sale of interest to noncontrolling shareholder 53
Contributions from noncontrolling interests 10 4
Payments to acquire noncontrolling interests (1)
Repurchases of common stock (25)
Other, net (3)
Net cash provided by financing activities 466 605
Net increase (decrease) in cash, cash equivalents and restricted cash 468 (102)
Cash, cash equivalents and restricted cash – beginning of period 518 520
Effect of exchange rate changes on cash balances (20) (6)
Cash, cash equivalents and restricted cash – end of period (Note 5) 966 412
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 54 $ 79