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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (116) $ 183
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization 20 29
Pension income (43) (45)
Change in fair value of embedded derivatives in the Series A Preferred Stock and Convertible Notes [1] (49) (2)
Net gain on sales of assets (9) (209)
Asset impairments [2] 3  
Stock based compensation 1 5
Provision for deferred income taxes 160 4
Decrease in trade receivables 64 22
Increase in inventories (17) (14)
(Decrease) increase in trade payables (50) 9
Decrease in liabilities excluding borrowings and trade payables (31) (5)
Other items, net 3 10
Total adjustments 52 (196)
Net cash used in operating activities (64) (13)
Cash flows from investing activities:    
Additions to properties (9) (5)
Net proceeds from sales of assets/businesses 2 302
Net proceeds from return on equity investment 2  
Net cash (used in) provided by investing activities (5) 297
Cash flows from financing activities:    
Repayment of Term Credit Agreement   (395)
Proceeds from Convertible Notes   98
Proceeds from borrowings   14
Repayment of finance leases   (1)
Preferred stock dividend payments (6)  
Payment of contingent consideration related to the sale of a business   (10)
Net cash used in financing activities (6) (294)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3) 1
Net decrease in cash, cash equivalents, restricted cash and cash in assets held for sale (78) (9)
Cash, cash equivalents, restricted cash and cash in assets held for sale, beginning of period 290 267
Cash, cash equivalents, restricted cash and cash in assets held for sale, end of period $ 212 $ 258
[1] Refer to Note 24, “Financial Instruments”.
[2] Refer to Note 5, “Goodwill and Other Intangible Assets”.