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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net (loss) income $ (8) $ 246
Adjustments to reconcile to net cash provided by (used in) operating activities    
Depreciation and amortization 276 303
Deferred income taxes (28) (65)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property 5 0
Gain (Loss) on Disposition of Business 14 0
Stock-based compensation 12 9
Pension contributions (7) (8)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (63) (272)
Inventories 219 (311)
Accounts payable (144) 178
Accruals for incentive compensation (70) (101)
Other current payables and accrued expenses (51) 39
Other assets/liabilities, net (18) (22)
Net cash provided by (used in) operating activities 127 (4)
Cash flows from investing activities:    
Additions to property, plant and equipment (175) (132)
Additions to intangible assets 0 (2)
Proceeds from disposal of assets 7 2
Cash provided by the Merger with N&B 0 11
Net cash used in investing activities (167) (121)
Cash flows from financing activities:    
Cash dividends paid to shareholders (206) (201)
Increase (decrease) in revolving credit facility and short-term borrowings (100) 1
Proceeds from issuance of commercial paper (maturities after three months) 0 155
Repayments of commercial paper (maturities after three months) 0 (75)
Net borrowings of commercial paper (maturities less than three months) 393 227
Deferred financing costs (2) 0
Employee withholding taxes paid (6) (13)
Proceeds from (Payments for) Other Financing Activities (1) 1
Net cash provided by financing activities 78 95
Effect of exchange rate changes on cash, cash equivalents and restricted cash 27 (24)
Net change in cash, cash equivalents and restricted cash 65 (54)
Cash, cash equivalents and restricted cash at beginning of year 552 716
Cash, cash equivalents and restricted cash at end of period 617 662
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 66 45
Income taxes paid 227 78
Accrued capital expenditures 71 64
Net proceeds received from business divestiture $ 1 $ 0