XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 355 $ (10)
Adjustments to reconcile to net cash (used in) provided by operating activities    
Depreciation and amortization 604 564
Deferred income taxes (178) (137)
(Gains) Losses on sale of assets (2) 0
Stock-based compensation 25 27
Pension contributions (17) (12)
Amortization of inventory step-up 0 377
Impairment of long-lived assets 120 0
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (363) (205)
Inventories (573) (130)
Accounts payable 143 250
Accruals for incentive compensation (62) 7
Other current payables and accrued expenses (67) 32
Other assets/liabilities, net (85) (65)
Net cash (used in) provided by operating activities (100) 698
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash received (123) 0
Additions to property, plant and equipment (236) (165)
Additions to intangible assets (2) 0
Proceeds from disposal of assets 4 2
Cash provided by the Merger with N&B 11 193
Net cash (used in) provided by investing activities (346) 30
Cash flows from financing activities:    
Cash dividends paid to shareholders (402) (274)
Increase (decrease) in revolving credit facility and short-term borrowings 351 (104)
Proceeds from issuance of commercial paper (maturities after three months) 160 0
Repayments of commercial paper (maturities after three months) (230) 0
Net borrowings of commercial paper (maturities less than three months) 532 0
Repayments of long-term debt 0 (24)
Proceeds from issuance of long-term debt 0 3
Contingent consideration paid 0 (14)
Purchases of redeemable noncontrolling interest (15) 0
Purchases of noncontrolling interest (6) 0
Proceeds from issuance of stock in connection with stock options 7 5
Employee withholding taxes paid (20) (19)
Net cash provided by (used in) financing activities 377 (427)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (74) (18)
Net change in cash, cash equivalents and restricted cash (143) 283
Cash, cash equivalents and restricted cash at beginning of year 716 660
Cash, cash equivalents and restricted cash at end of period 573 943
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 143 160
Income taxes paid 227 134
Accrued capital expenditures $ 71 $ 36