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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operations    
Net income (loss) $ (94) $ 328
Less: Income from discontinued operations, net of tax 99 135
Income (loss) from continuing operations (193) 193
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 628 723
Deferred income taxes (156) (109)
Stock compensation 62 77
Net periodic pension and other postretirement costs (8) 28
Property, plant and equipment impairments 271 7
Other 31 (48)
Changes in balance sheet items:    
Accounts receivable, net 102 55
Inventories (209) (296)
Prepaid expenses and other current assets (39) (58)
Accounts payable 157 86
Accrued expenses and other current liabilities 160 (204)
Other (26) (85)
Cash flows from operations – continuing operations 780 369
Cash flows from operations – discontinued operations 50 113
Cash flows from operations 830 482
Cash flows from investing activities    
Capital expenditures (328) (277)
Acquisitions, net of cash acquired, and investments (3) (190)
Other investing activities, net 5 10
Cash flows from investing activities - continuing operations (326) (457)
Cash flows from investing activities - discontinued operations (17) (34)
Cash flows from investing activities (343) (491)
Cash flows from financing activities    
Repayments of debt (142) (749)
Net decreases in debt with original maturities of three months or less (51) (45)
Cash dividends on common stock (292) (281)
Proceeds from stock issued under employee benefit plans 54 88
Other financing activities, net (61) (30)
Cash flows from financing activities (492) (1,017)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 9 (74)
Decrease in cash, cash equivalents and restricted cash 4 (1,100)
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] $ 1,726 $ 1,856
[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 June 30, 2023, December 31, 2022, and June 30, 2022 (in millions):
June 30, 2023December 31, 2022June 30, 2022
Cash and cash equivalents$1,722 $1,718 $1,852 
Restricted cash included in prepaid expenses and other current assets
Cash, cash equivalents and restricted cash$1,726 $1,722 $1,856