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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 61 $ (8)
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 278 276
Deferred income taxes (9) (28)
Gain (Loss) on Disposition of Assets 2 5
Losses on business divestitures 0 14
Stock-based compensation 18 12
Pension contributions (7) (7)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (290) (63)
Inventories 34 219
Accounts payable 83 (144)
Accruals for incentive compensation (46) (70)
Other current payables and accrued expenses (28) (51)
Other assets/liabilities, net 7 (18)
Net cash provided by operating activities 99 127
Cash flows from investing activities:    
Additions to property, plant and equipment (118) (175)
Proceeds from disposal of assets 3 7
Net cash used in investing activities (78) (167)
Cash flows from financing activities:    
Cash dividends paid to shareholders (207) (206)
Increase (decrease) in revolving credit facility and short-term borrowings 250 (100)
Net borrowings of commercial paper (maturities less than three months) 833 393
Deferred financing costs 0 (2)
Repayments of long-term debt (833) 0
Employee withholding taxes paid (1) (6)
Proceeds from (Payments for) Other Financing Activities (2) (1)
Net cash provided by financing activities 40 78
Effect of exchange rate changes on cash, cash equivalents and restricted cash (25) 27
Net change in cash, cash equivalents and restricted cash 36 65
Cash, cash equivalents and restricted cash at beginning of year 735 552
Cash, cash equivalents and restricted cash at end of period 771 617
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 61 66
Income taxes paid, net 53 227
Accrued capital expenditures 53 71
Net proceeds received from business divestitures $ 37 $ 1