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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ 92 $ (133)
Depreciation 287 270
Amortization 17 17
Amortization of deferred financing charges 4 4
Write-off of deferred financing costs 1  
Earnings of affiliates, net of dividends received (4) 29
Stock compensation expense 19 13
Deferred income taxes (46) (56)
Pension expense, net 4  
Impairment of goodwill 191
Change in working capital (169) (21)
Other, net (7) (7)
Net cash provided by operating activities 198 307
Investing activities    
Purchases of property, plant and equipment (359) (300)
Acquisition of business, net of cash acquired   (1)
Purchases of marketable securities   (15)
Proceeds from sales of marketable securities   18
Settlements of undesignated derivatives (10) (6)
Other, net (14) 7
Net cash used in investing activities (383) (297)
Financing activities    
Net change in short-term debt (15) 212
Proceeds from long-term debt 458 2
Repayment of long-term debt (207) (19)
Deferred financing payments (9)  
Dividends paid to common stockholders (43) (43)
Repurchases of common stock   (25)
Distributions to noncontrolling interests (10) (8)
Contributions from redeemable noncontrolling interests 18 30
Payments to acquire noncontrolling interests   (4)
Other, net (3) (7)
Net cash provided by financing activities 189 138
Net increase in cash, cash equivalents and restricted cash 4 148
Cash, cash equivalents and restricted cash – beginning of period 442 287
Effect of exchange rate changes on cash balances (6) (45)
Cash, cash equivalents and restricted cash – end of period (Note 4) 440 390
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 68 $ 65