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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income [1] $ 437.0 $ 188.0 $ 463.0
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 394.0 371.0 351.0
Deferred income taxes (20.0) (24.0) (16.0)
Loss from equity method investments, net of dividends (3.0) 0.0 4.0
Other, net 8.0 37.0 (5.0)
Net change in operating working capital:      
EC antitrust payment 0.0 0.0 (203.0)
Receivables and other assets, gross 283.0 (415.0) 25.0
Inventories, gross (19.0) (34.0) 15.0
Accounts payable and accrued expenses (314.0) 672.0 36.0
Income taxes (12.0) 54.0 (29.0)
Net cash provided by operating activities 754.0 849.0 641.0
Investing activities      
Expenditures for property, plant and equipment (458.0) (344.0) (483.0)
Proceeds from sale of property, plant and equipment 4.0 4.0 7.0
Net cash used in investing activities (454.0) (340.0) (476.0)
Financing activities      
Net decrease in short-term debt (286.0) (240.0) (364.0)
Increase in long-term debt 0.0 1,177.0 244.0
Repayment of long-term debt (20.0) (723.0) 0.0
Dividends paid to non-controlling interest (1.0) (1.0) (1.0)
Dividents paid (165.0) (54.0) (217.0)
Common stock options exercised 3.0 1.0 1.0
Net cash (used in) provided by financing activities (469.0) 160.0 (338.0)
Effect of exchange rate changes on cash and cash equivalents (39.0) 64.0 2.0
(Decrease) increase in cash and cash equivalents (209.0) 734.0 (171.0)
Cash and cash equivalents at beginning of year 1,178.0 445.0 616.0
Cash and cash equivalents at end of year $ 969.0 $ 1,178.0 $ 445.0
[1] See Note 14 for further details – includes tax effects where applicable.