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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 688 $ 625 $ 528
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 481 490 425
Restructuring and other 34 (26) 44
Goodwill impairment 0 25 0
Pension expense 92 66 45
Pension contributions (27) (23) (20)
Stock-based compensation 32 29 27
Deferred income taxes 33 (35) 35
Changes in assets and liabilities:      
Receivables (186) 60 (493)
Inventories (2) 61 (201)
Accounts payable and accrued liabilities 121 (87) 209
Other, net 49 (22) (28)
Net cash provided by operating activities 1,315 1,163 571
Cash flows from investing activities      
Capital expenditures (587) (432) (462)
Beneficial interest in transferred receivables 0 0 490
Acquisition of businesses, net of cash acquired 0 (11) (3,912)
Foreign exchange derivatives related to acquisition 0 0 (25)
Net investment hedges 28 23 34
Proceeds from sale of property, plant and equipment 16 39 36
Other 8 7 (4)
Net cash used for investing activities (535) (374) (3,843)
Cash flows from financing activities      
Net change in revolving credit facility and short-term debt 29 (10) (69)
Proceeds from long-term debt 110 2,216 4,082
Payments of long-term debt (269) (2,845) (333)
Debt issuance costs 0 (18) (70)
Foreign exchange derivatives related to debt 43 (16) (14)
Finance lease payments (3) (15) 0
Dividends paid to noncontrolling interests (87) (101) (60)
Contribution from noncontrolling interests 2 6 0
Common stock issued 2 4 1
Common stock repurchased (66) (7) (4)
Net cash (used for) / provided by financing activities (239) (786) 3,533
Effect of exchange rate changes on cash, cash equivalents and restricted cash 34 1 (37)
Net change in cash, cash equivalents and restricted cash 575 4 224
Cash and cash equivalents at beginning of period 663 659 435
Cash and cash equivalents at end of period $ 1,238 $ 663 $ 659