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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operations    
Net income (loss) $ (15) $ 126
Less: Income (loss) from discontinued operations, net of tax 2 62
Income (loss) from continuing operations (17) 64
Adjustments to reconcile net income (loss) to cash flows from operations:    
Depreciation and amortization 237 247
Deferred income taxes 29 (142)
Stock compensation 10 10
Net periodic pension and other postretirement costs (4) (8)
Other long-lived asset impairments 0 22
Other 13 6
Changes in balance sheet items:    
Accounts receivable, net 152 26
Inventories (95) (122)
Prepaid expenses and other current assets 2 (24)
Accounts payable 102 16
Accrued expenses and other current liabilities (203) (143)
Other (13) (51)
Cash flows from (used in) operations - continuing operations 213 (99)
Cash flows from (used in) operations - discontinued operations 0 (94)
Cash flows from (used in) operations 213 (193)
Cash flows from investing activities    
Capital expenditures (137) (122)
Other investing activities, net 4 (2)
Cash flows from (used in) investing activities - continuing operations (133) (124)
Cash flows from (used in) investing activities - discontinued operations 0 3,389
Cash flows from (used in) investing activities (133) 3,265
Cash flows from financing activities    
Repayments of debt 0 (2,825)
Repayments of debt with original maturities of three months or less 0 (300)
Cash dividends on common stock (5) (87)
Proceeds from stock issued under employee benefit plans 8 10
Other financing activities, net (14) (24)
Cash flows from (used in) financing activities (11) (3,226)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations (18) 36
Increase (decrease) in cash, cash equivalents and restricted cash 51 (118)
Cash, cash equivalents and restricted cash at start of period [1] 1,968 2,414
Cash, cash equivalents and restricted cash at end of period [1] 2,019 2,296
Less cash and cash equivalents of discontinued operations 0 0
Cash, cash equivalents and restricted cash $ 2,019 $ 2,296
[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, 2026, December 31, 2025, and March 31, 2025 (in millions):
March 31, 2026December 31, 2025March 31, 2025
Cash and cash equivalents$2,017 $1,966 $2,294 
Restricted cash included in other non-current assets
Cash, cash equivalents and restricted cash$2,019 $1,968 $2,296