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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ (51) $ 233 $ 440
Depreciation 345 322 260
Amortization 20 17 10
Amortization of deferred financing charges 8 6 4
Call premium on debt 7
Write-off of deferred financing costs 8 2
Earnings of affiliates, net of dividends received 7 (9) (4)
Stock compensation expense 14 19 16
Deferred income taxes (35) (137) (64)
Pension expense, net 3 211 3
Impairment of goodwill and indefinite-lived intangible asset 51 6 20
Change in working capital 47 (17) (113)
Change in other noncurrent assets and liabilities (20) (18) (12)
Other, net (11) (5) 8
Net cash provided by operating activities 386 637 568
Investing activities      
Purchases of property, plant and equipment (326) (426) (325)
Acquisition of businesses, net of cash acquired (6) (668) (153)
Proceeds from previous acquisition 9
Purchases of marketable securities (44) (33) (37)
Proceeds from sales of marketable securities 5 6 15
Proceeds from maturities of marketable securities 36 29 37
Proceeds from sale of equity affiliate 21
Proceeds from sale of subsidiaries, net of cash disposed 1 (6)
Settlements of undesignated derivatives (5) (20)
Other, net (8) (12) (2)
Net cash used in investing activities (327) (1,123) (462)
Financing activities      
Net change in short-term debt 9 (3) (21)
Proceeds from long-term debt 508 975
Repayment of long-term debt (480) (423) (13)
Call premium on debt (7)
Deferred financing payments (13) (20) (1)
Dividends paid to common stockholders (15) (58) (58)
Distributions to noncontrolling interests (11) (19) (42)
Sale of interest to noncontrolling shareholder 9 53
Contributions from noncontrolling interests 4 4 25
Payments to acquire noncontrolling interests (7)
Deconsolidation of non-wholly owned subsidiary (14)
Payments to acquire redeemable noncontrolling interests (43)
Repurchases of common stock (25) (25)
Other, net (2) 2 (2)
Net cash provided by (used in) financing activities (12) 479 (180)
Net increase (decrease) in cash, cash equivalents and restricted cash 47 (7) (74)
Cash, cash equivalents and restricted cash - beginning of period 518 520 610
Effect of exchange rate changes on cash balances 2 5 (16)
Cash, cash equivalents and restricted cash - end of period $ 567 $ 518 $ 520