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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operations    
Net income $ 45 $ 73
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 319 380
Deferred income taxes (50) (55)
Stock compensation 25 32
Net periodic pension and other postretirement costs (4) 14
Other 14 (12)
Changes in balance sheet items:    
Accounts receivable, net 136 153
Inventories (181) (105)
Prepaid expenses and other current assets (39) (13)
Accounts payable 157 5
Accrued expenses and other current liabilities 93 (221)
Other (36) (43)
Cash flows from operations 479 208
Cash flows from investing activities    
Capital expenditures (172) (140)
Acquisitions, net of cash acquired, and investments (3) (174)
Other investing activities, net 5 10
Cash flows from investing activities (170) (304)
Cash flows from financing activities    
Repayments of debt (3) (404)
Net decreases in debt with original maturities of three months or less (249) (45)
Cash dividends on common stock (146) (140)
Proceeds from stock issued under employee benefit plans 36 66
Other financing activities, net (10) (25)
Cash flows from financing activities (372) (548)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 18 (13)
Decrease in cash, cash equivalents and restricted cash (45) (657)
Cash, cash equivalents and restricted cash at beginning of period [1] 1,722 2,956
Cash, cash equivalents and restricted cash at end of period [1] $ 1,677 $ 2,299
[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, 2023, December 31, 2022, and March 31, 2022 (in millions):
March 31, 2023December 31, 2022March 31, 2022
Cash and cash equivalents$1,673 $1,718 $2,294 
Restricted cash included in prepaid expenses and other current assets
Cash, cash equivalents and restricted cash$1,677 $1,722 $2,299