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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income [1] $ 127 $ 163
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 186 186
Gain on divestiture of property 0 (80)
Other, net (8) 7
Net change in operating assets and liabilities 28 (257)
Net cash provided by operating activities 334 19
Investing activities    
Expenditures for property, plant and equipment (268) (254)
Proceeds from sale of property, plant and equipment 1 98
Net cash used in investing activities (267) (156)
Financing activities    
Net increase (decrease) in short-term debt 5 (277)
Proceeds from long-term debt 556 269
Repayment of long-term debt (533) (302)
Dividends paid (113) (112)
Stock repurchased (82) (40)
Common stock options exercised 0 0
Dividend paid to non-controlling interest (1) 0
Net cash used in financing activities (168) (462)
Effect of exchange rate changes on cash and cash equivalents (17) (43)
Net decrease in cash and cash equivalents (119) (642)
Cash and cash equivalents at beginning of period 594 969
Cash and cash equivalents at end of period $ 475 $ 327
[1] For the three months period ended June 30, 2023 and June 30, 2022, the aggregate transaction gain (loss) included in net income for the period were $(10) million and $(9) million, respectively. For the six months period ended June 30, 2023 and June 30, 2022, the aggregate transaction gain (loss) included in net income for the period were $(15) million and $(15) million, respectively.