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CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 509 $ 733
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 372 346
Loss on debt extinguishment 0 11
Restructuring and other, net 32 (75)
Pension expense 50 21
Pension contributions (10) 55
Stock-based compensation 27 23
Equity earnings, net of distributions 9 (35)
Working capital changes and other (157) (945)
Net cash provided by operating activities 832 134
Cash flows from investing activities    
Capital expenditures (614) (607)
Net investment hedge 25 26
Proceeds from sale of businesses, net of cash received 0 182
Acquisition of businesses, net of cash acquired 0 (31)
Proceeds from sale of property, plant and equipment 5 15
Distribution from equity method investment 56 7
Other 8 (4)
Net cash used for investing activities (520) (412)
Cash flows from financing activities    
Net change in revolving credit facility and short-term debt (362) 415
Proceeds from long-term debt 558 2,954
Payments of long-term debt (80) (2,263)
Debt issuance costs (8) (25)
Premiums paid to retire debt 0 (4)
Foreign exchange derivatives related to debt 0 (8)
Payments of finance leases (2) (2)
Dividends paid to noncontrolling interests (44) (34)
Dividends paid to shareholders (86) (80)
Common stock issued 1 1
Common stock repurchased (12) (722)
Net cash (used for) / provided by financing activities (35) 232
Effect of exchange rate changes on cash, cash equivalents and restricted cash (14) (95)
Net change in cash, cash equivalents and restricted cash 263 (141)
Cash, cash equivalents and restricted cash at January 1 639 593
Cash, cash equivalents and restricted cash at September 30 $ 902 $ 452