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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income [1] $ 335 $ 266
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 195 192
Deferred income taxes (24) (18)
Undistributed earnings from equity method investments, net of dividends 1 0
Gain on divestiture of property (6) 0
Other, net 16 8
Net change in operating assets and liabilities:    
Receivables and other assets, gross (301) 26
Inventories, gross 26 31
Accounts payable and accrued expenses 92 (21)
Income taxes 19 (22)
Net cash provided by operating activities 355 462
Investing activities    
Expenditures for property, plant and equipment (217) (294)
Proceeds from sale of property, plant and equipment 9 8
Net cash used in investing activities (208) (286)
Financing activities    
Net increase (decrease) in short-term debt 273 (67)
Proceeds from issuance of long-term debt 77 534
Repayment of long-term debt (311) (306)
Dividends paid (108) (111)
Stock repurchased (101) (320)
Common stock options exercised 0 0
Dividend paid to non-controlling interest 0 (1)
Net cash used in financing activities (170) (269)
Effect of exchange rate changes on cash and cash equivalents (71) 3
Decrease in cash and cash equivalents (94) (90)
Cash and cash equivalents at beginning of period 330 498
Cash and cash equivalents at end of period $ 237 $ 408
[1] For the three months periods ended June 30, 2025 and 2024, the aggregate transaction gain (loss) included in net income for the period were a loss of $7 million and a gain of $4 million, respectively. For the six months periods ended June 30, 2025 and 2024, the aggregate transaction gain (loss) included in net income for the period were a loss of $14 million and a loss of $2 million, respectively.