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Statement of Consolidated Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 278 $ 154
Adjustments to reconcile net income to cash provided from operations:    
Depreciation and amortization 133 135
Deferred income taxes 52 15
Restructuring and other charges 8 14
Net realized and unrealized losses 7 4
Net periodic pension cost 11 9
Stock-based compensation 29 14
Loss on debt redemption (2) (23)
Other 27 23
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:    
Increase in receivables (169) (231)
(Increase) decrease in inventories (191) 19
Decrease in prepaid expenses and other current assets 1 10
Increase in accounts payable, trade 118 48
Decrease in accrued expenses (40) (93)
Increase in taxes, including income taxes 1 24
Pension contributions (20) (61)
Increase in noncurrent assets (1) (4)
Decrease in noncurrent liabilities (33) (24)
Cash provided from operations 213 79
Financing Activities    
Net change in short-term borrowings (original maturities of three months or less) (4) (1)
Payments on debt (original maturities greater than three months) (60) (838)
Debt issuance costs 0 (1)
Premiums paid on early redemption of debt (2) (22)
Repurchase of common stock (235) (200)
Proceeds from exercise of employee stock options 10 15
Dividends paid to shareholders (18) (1)
Other (22) (20)
Cash used for financing activities (331) (1,068)
Investing Activities    
Capital expenditures (106) (91)
Proceeds from the sale of assets and businesses 42 8
Sale of debt securities 0 5
Cash receipts from sold receivables 0 172
Other (1) 0
Cash (used for) provided from investing activities (65) 94
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 0
Net change in cash, cash equivalents and restricted cash (184) (895)
Cash, cash equivalents and restricted cash at beginning of period 722 1,611
Cash, cash equivalents and restricted cash at end of period $ 538 $ 716