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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 31 $ 20
Depreciation 92 91
Amortization 5 6
Amortization of deferred financing charges 1 1
Earnings of affiliates, net of dividends received (1) (1)
Stock compensation expense 6 4
Deferred income taxes (8) (25)
Pension expense, net (1)
Change in working capital (304) (211)
Other, net 8 (5)
Net cash used in operating activities (170) (121)
Investing activities    
Purchases of property, plant and equipment (120) (116)
Proceeds from sale of property, plant and equipment 2 2
Purchases of marketable securities (5)
Proceeds from sales of marketable securities   2
Net cash used in investing activities (118) (117)
Financing activities    
Net change in short-term debt 269 278
Proceeds from long-term debt 2
Repayment of long-term debt (2) (3)
Deferred financing payments (2)
Dividends paid to common stockholders (15) (14)
Repurchases of common stock (25)
Distributions to noncontrolling interests (1) (1)
Contributions from redeemable noncontrolling interests 10 2
Payments to acquire noncontrolling interests (3)
Other, net (4) (7)
Net cash provided by financing activities 255 229
Net decrease in cash, cash equivalents and restricted cash (33) (9)
Cash, cash equivalents and restricted cash – beginning of period 442 287
Effect of exchange rate changes on cash balances 10 2
Cash, cash equivalents and restricted cash – end of period (Note 4) 419 280
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 72 $ 74