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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operations    
Net income $ 73 $ 300
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 380 217
Deferred income taxes (55) (25)
Stock compensation 32 22
Net periodic pension and other postretirement costs 14 26
Other (12) 14
Changes in balance sheet items:    
Accounts receivable, net 153 51
Inventories (105) (129)
Prepaid expenses and other current assets (13) 2
Accounts payable 5 22
Accrued expenses and other current liabilities (221) (124)
Other (43) 1
Cash flows from operations 208 377
Cash flows from investing activities    
Capital expenditures (140) (171)
Acquisitions, net of cash acquired, and investments (174) (381)
Other investing activities, net 10 14
Cash flows from investing activities (304) (538)
Cash flows from financing activities    
Repayments of debt (404) 0
Net decreases in debt with original maturities of three months or less (45) 0
Cash dividends on common stock (140) (125)
Proceeds from stock issued under employee benefit plans 66 48
Purchases of treasury stock 0 (253)
Other financing activities, net (25) (28)
Cash flows from financing activities (548) (358)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (13) (31)
Decrease in cash, cash equivalents and restricted cash (657) (550)
Cash, cash equivalents and restricted cash at beginning of period [1] 2,956 3,736
Cash, cash equivalents and restricted cash at end of period [1] 2,299 3,186
Cash and cash equivalents 2,294 3,182
Restricted cash included in prepaid expenses and other current assets $ 5 $ 4
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of March 31, 2022, December 31, 2021, and March 31, 2021 (in millions):
March 31, 2022December 31, 2021March 31, 2021
Cash and cash equivalents$2,294 $2,951 $3,182 
Restricted cash included in prepaid expenses and other current assets
Cash, cash equivalents and restricted cash$2,299 $2,956 $3,186