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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 233 $ 19
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 524 563
Deferred income taxes (77) (27)
Loss on assets classified as held for sale 282 0
Gains on sale of assets (10) (2)
(Gains) Losses on business disposals (368) 19
Stock-based compensation 43 32
Pension contributions (11) (18)
Inventory write-down 0 44
Changes in assets and liabilities:    
Trade receivables (293) (70)
Inventories 4 333
Accounts payable 54 (92)
Accruals for incentive compensation 18 (77)
Other current payables and accrued expenses (78) (248)
Other assets/liabilities, net (49) (101)
Net cash provided by operating activities 336 375
Cash flows from investing activities:    
Additions to property, plant and equipment (200) (290)
Proceeds from disposal of assets 16 21
Net proceeds received from business divestitures 848 821
Net cash provided by investing activities 664 552
Cash flows from financing activities:    
Cash dividends paid to shareholders (309) (413)
Decrease in revolving credit facility and short-term borrowings 0 (100)
Net borrowings of commercial paper (maturities less than three months) 189 (28)
Principal payments of debt (849) (300)
Deferred and contingent consideration paid (36) (6)
Withholding tax paid on stock-based compensation (14) (11)
Proceeds from (Payments for) Other Financing Activities (4) (8)
Net cash used in financing activities (1,023) (866)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (38) 39
Net change in cash, cash equivalents and restricted cash (61) 100
Cash, cash equivalents and restricted cash at beginning of year 735 552
Cash, cash equivalents and restricted cash at end of period 674 652
Cash, cash equivalents and restricted cash at beginning of year 709  
Cash, cash equivalents and restricted cash at end of period 671  
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 158 191
Income taxes paid, net 185 404
Accrued capital expenditures $ 64 $ 57