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Statement of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 258 $ 261 $ 470
Adjustments to reconcile net income to cash provided from operations:      
Depreciation and amortization 270 338 536
Deferred income taxes 38 2 (19)
Restructuring and other charges 90 164 620
Net loss from investing activities—asset sales 9 8 7
Net periodic pension benefit cost 18 51 115
Stock-based compensation 41 45 60
Loss on debt redemption (R) 146 64 0
Other 20 (5) 13
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:      
Increase in receivables (337) (238) (977)
Decrease (increase) in inventories 60 74 (3)
Decrease (increase) in prepaid expenses and other current assets 11 (2) 4
Increase (decrease) in accounts payable, trade 144 (381) (1)
Decrease in accrued expenses (146) (217) (42)
(Decrease) increase in taxes, including income taxes (41) 98 (2)
Pension contributions (96) (257) (268)
(Increase) decrease in noncurrent assets (13) 39 (7)
Decrease in noncurrent liabilities (23) (35) (45)
Cash provided from operations 449 9 461
Financing Activities      
Net change in short-term borrowings (original maturities of three months or less) (9) (15) 2
Additions to debt (original maturities greater than three months) 700 2,400 400
Payments on debt (original maturities greater than three months) (1,538) (2,043) (806)
Debt issuance costs (11) (61) 0
Premiums paid on early redemption of debt (138) (59) 0
Proceeds from exercise of employee stock options 22 33 56
Dividends paid to shareholders (J) (19) (11) (57)
Repurchase of common stock (430) (73) (1,150)
Net cash transferred to Arconic Corporation at separation 0 (500) 0
Other (21) (40) (13)
Cash used for financing activities (1,444) (369) (1,568)
Investing Activities      
Capital expenditures (199) (267) (641)
Proceeds from the sale of assets and businesses 32 114 103
Sales of investments 6 0 73
Cash receipts from sold receivables 267 422 995
Other 1 2 (2)
Cash provided from investing activities 107 271 528
Effect of exchange rates on cash, cash equivalents and restricted cash (1) (3) 0
Net change in cash, cash equivalents and restricted cash (889) (92) (579)
Cash, cash equivalents and restricted cash at beginning of year 1,611 1,703 2,282
Cash, cash equivalents and restricted cash at end of year $ 722 $ 1,611 $ 1,703