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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 67 $ 30
Depreciation 186 182
Amortization 11 11
Amortization of deferred financing charges 3 3
Write-off of deferred financing costs 1  
Earnings of affiliates, net of dividends received (3) 29
Stock compensation expense 14 8
Deferred income taxes (30) (42)
Pension expense, net 2  
Change in working capital (172) (84)
Other, net 7 (1)
Net cash provided by operating activities 86 136
Investing activities    
Purchases of property, plant and equipment (242) (206)
Proceeds from sale of property, plant and equipment 2  
Acquisition of business, net of cash acquired   (1)
Purchases of marketable securities   (13)
Proceeds from sales of marketable securities   10
Settlements of undesignated derivatives (4) (7)
Other, net (1) 2
Net cash used in investing activities (245) (215)
Financing activities    
Net change in short-term debt (17) 214
Proceeds from long-term debt 458 2
Repayment of long-term debt (204) (5)
Deferred financing payments (9)  
Dividends paid to common stockholders (29) (29)
Repurchases of common stock   (25)
Distributions to noncontrolling interests (3) (2)
Contributions from redeemable noncontrolling interests 17 7
Payments to acquire noncontrolling interests   (4)
Other, net (4) (6)
Net cash provided by financing activities 209 152
Net increase in cash, cash equivalents and restricted cash 50 73
Cash, cash equivalents and restricted cash – beginning of period 442 287
Effect of exchange rate changes on cash balances 11 (20)
Cash, cash equivalents and restricted cash – end of period (Note 4) 503 340
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 75 $ 69