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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income [1] $ 74 $ 83
Adjustments to reconcile net income to cash (used in) provided by operating activities:    
Depreciation and amortization 92 95
Gain on divestiture of property (80)
Other, net (10) (11)
Net change in operating assets and liabilities (202) (18)
Net cash (used in) provided by operating activities (46) 70
Investing activities    
Expenditures for property, plant and equipment (144) (112)
Proceeds from sale of property, plant and equipment 0 95
Net cash used in investing activities (143) (17)
Financing activities    
Net (decrease) increase in short-term debt (135) 9
Proceeds from long-term debt 533
Repayment of long-term debt (10)
Dividends paid (57) (56)
Stock repurchased (42) (18)
Common stock options exercised 0 0
Net cash provided by (used in) financing activities 300 (74)
Effect of exchange rate changes on cash and cash equivalents 7 (11)
Net increase (decrease) in cash and cash equivalents 119 (31)
Cash and cash equivalents at beginning of period 594 969
Cash and cash equivalents at end of period $ 713 $ 938
[1] For the three months period ended March 31, 2023 and March 31, 2022, the aggregate transaction gain (loss) included in net income for the period were $(5) million and $(6) million, respectively.