XML 17 R5.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows (Condensed) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 309 $ 575
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 248 231
Restructuring and other, net 17 (74)
Pension expense 35 16
Pension contributions (4) 33
Stock-based compensation 17 16
Equity earnings, net of distributions 20 (25)
Working capital changes and other (349) (576)
Net cash provided by operating activities 293 196
Cash flows from investing activities    
Capital expenditures (454) (310)
Net investment hedge 13 13
Proceeds from sale of businesses, net of cash received 0 182
Acquisition of businesses, net of cash acquired 0 (31)
Proceeds from sale of property, plant and equipment 2 15
Distribution from equity method investment 56 7
Other 5 (6)
Net cash used for investing activities (378) (130)
Cash flows from financing activities    
Net change in revolving credit facility and short-term debt (311) 122
Proceeds from long-term debt 538 603
Payments of long-term debt (40) (75)
Bond issuance costs (8) (7)
Foreign exchange derivatives related to debt 2 (4)
Payments of finance leases (1) (1)
Dividends paid to noncontrolling interests (11) (24)
Dividends paid to shareholders (57) (53)
Common stock issued 0 1
Common stock repurchased (11) (600)
Net cash provided by / (used) for financing activities 101 (38)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (12) (95)
Net change in cash, cash equivalents and restricted cash 4 (67)
Cash, cash equivalents and restricted cash at January 1 639 593
Cash, cash equivalents and restricted cash at June 30 $ 643 $ 526