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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income [1] $ 404 $ 262
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 289 281
Other, net 1 1
Net change in operating assets and liabilities (54) (8)
Net cash provided by operating activities 639 535
Investing activities    
Expenditures for property, plant and equipment (440) (420)
Proceeds from sale of property, plant and equipment 9 1
Net cash used in investing activities (431) (419)
Financing activities    
Net (decrease) increase in short-term debt 85 115
Proceeds from long-term debt 581 557
Repayment of long-term debt (306) (533)
Dividends paid (164) (169)
Stock repurchased (450) (202)
Common stock options exercised 0 1
Dividend paid to non-controlling interest (5) (1)
Net cash used in financing activities (259) (232)
Effect of exchange rate changes on cash and cash equivalents (33) (3)
Net decrease in cash and cash equivalents (84) (119)
Cash and cash equivalents at beginning of period 498 594
Cash and cash equivalents at end of period $ 415 $ 475
[1] For the three months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $5 million and a loss of $16 million, respectively. For the nine months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $7 million and a loss of $31 million, respectively.