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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income [1] $ 127 $ 74
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 96 92
Other, net 14 (10)
Net change in operating assets and liabilities (114) (202)
Net cash provided by (used in) operating activities 122 (46)
Investing activities    
Expenditures for property, plant and equipment (140) (144)
Proceeds from sale of property, plant and equipment 0 0
Net cash used in investing activities (140) (143)
Financing activities    
Net decrease in short-term debt (227) (135)
Proceeds from long-term debt 534 533
Dividends paid (56) (57)
Stock repurchased (160) (42)
Common stock options exercised 0 0
Net cash provided by financing activities 92 300
Effect of exchange rate changes on cash and cash equivalents (3) 7
Net increase in cash and cash equivalents 71 119
Cash and cash equivalents at beginning of period 498 594
Cash and cash equivalents at end of period $ 569 $ 713
[1] For the three months periods ended March 31, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were $(6) million and $(5) million, respectively.