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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 20 $ 68
Depreciation 91 88
Amortization 6 7
Amortization of deferred financing charges 1 2
Earnings of affiliates, net of dividends received (1) (14)
Stock compensation expense 4 5
Deferred income taxes (25) (6)
Pension expense, net (1)  
Change in working capital (211) (133)
Other, net (5) 10
Net cash provided by (used in) operating activities (121) 27
Investing activities    
Purchases of property, plant and equipment (116) (53)
Acquisition of businesses, net of cash acquired   (17)
Purchases of marketable securities (5) (11)
Proceeds from sales and maturities of marketable securities 2 6
Other, net 2 2
Net cash used in investing activities (117) (73)
Financing activities    
Net change in short-term debt 278 (1)
Proceeds from long-term debt 2 2
Repayment of long-term debt (3) (1)
Deferred financing payments   (2)
Dividends paid to common stockholders (14) (14)
Repurchases of common stock (25)  
Distributions to noncontrolling interests (1)  
Contributions from redeemable noncontrolling interests 2 1
Payments to acquire noncontrolling interests (3)  
Other, net (7) (1)
Net cash provided by (used in) financing activities 229 (16)
Net decrease in cash, cash equivalents and restricted cash (9) (62)
Cash, cash equivalents and restricted cash – beginning of period 287 567
Effect of exchange rate changes on cash balances 2 (12)
Cash, cash equivalents and restricted cash – end of period (Note 5) 280 493
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 74 $ 56