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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating Activities        
Net Income $ 99 $ 196 $ 187 $ 366
Adjustments to reconcile net income to cash provided by operating activities —        
Depreciation and amortization of other intangibles 58 53 165 159
Deferred income taxes (1) (86) (1) (74)
Stock-based compensation 1 3 12 13
Loss on sale of assets 1 1 2 2
Changes in components of working capital —        
(Increase) decrease in receivables 41 (10) (135) (189)
(Increase) decrease in inventories (56) (12) (116) (61)
(Increase) decrease in prepayments and other current assets (8) (34) (76) (69)
Increase (decrease) in payables (29) (5) 57 59
Increase (decrease) in accrued taxes 16 0 (22) 9
Increase (decrease) in accrued interest (3) 9 (5) 9
Increase (decrease) in other current liabilities (51) 10 101 (7)
Changes in long-term assets (10) 1 (10) 5
Changes in long-term liabilities (6) 11 1 13
Other 1 (7) 3 (2)
Net cash provided by operating activities 53 130 163 233
Investing Activities        
Proceeds from sale of assets 0 1 6 4
Proceeds from sale of equity interest 0 0 9 0
Cash payments for plant, property, and equipment (90) (74) (283) (213)
Cash payments for software related intangible assets (5) (6) (17) (15)
Changes in restricted cash 0 1 0 (1)
Other (1) 0 (5) 0
Net cash used by investing activities (96) (78) (290) (225)
Financing Activities        
Issuance (repurchase) of common shares 1 5 (2) 7
Cash dividends (14) 0 (40) 0
Retirement of long-term debt - net (1) (179) (9) (527)
Issuance of long-term debt - net 0 2 136 508
Debt issuance cost of long-term debt 0 0 (8) (8)
Purchase of common stock under the share repurchase program (71) (89) (131) (146)
Net increase (decrease) in bank overdrafts (3) (1) (12) 4
Net increase in revolver borrowings and short-term debt excluding current maturities of long-term debt and short-term borrowings secured by accounts receivable 84 198 144 223
Net increase in short-term borrowings secured by accounts receivable 0 50 20 20
Distributions to noncontrolling interest partners (12) (28) (45) (55)
Net cash provided (used) by financing activities (16) (42) 53 26
Effect of foreign exchange rate changes on cash and cash equivalents 3 3 4 3
Increase (decrease) in cash and cash equivalents (56) 13 (70) 37
Cash and cash equivalents, July 1 and January 1, respectively 333 311 347 287
Cash and cash equivalents, September 30 (Note) 277 324 277 324
Supplemental Cash Flow Information        
Cash paid during the period for interest (net of interest capitalized) 23 14 61 62
Cash paid during the period for income taxes (net of refunds) 31 30 74 88
Non-cash Investing and Financing Activities        
Period end balance of trade payables for plant, property, and equipment $ 53 $ 51 $ 53 $ 51