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CONSOLIDATED STATEMENTS OF CASH FLOWS (Condensed) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 300 $ 309
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 230 248
Restructuring and other, net 40 17
Pension and postretirement expense 35 38
Pension contributions (5) (4)
Stock-based compensation 20 17
Equity earnings, net of distributions 8 20
Working capital changes and other (285) (352)
Net cash provided by operating activities 343 293
Cash flows from investing activities    
Capital expenditures (178) (454)
Net investment hedge 13 13
Proceeds from sale of property, plant and equipment 22 2
Distribution from equity method investment 0 56
Other 0 5
Net cash used for investing activities (143) (378)
Cash flows from financing activities    
Net change in revolving credit facility and short-term debt 0 (393)
Proceeds from short-term debt 124 120
Payments of short-term debt (44) (38)
Proceeds from long-term debt 20 538
Payments of long-term debt (60) (40)
Debt issuance costs 0 (8)
Dividends paid to noncontrolling interests (40) (11)
Dividends paid to shareholders (60) (57)
Common stock repurchased (7) (11)
Other (3) 1
Net cash (used for) / provided by financing activities (70) 101
Effect of exchange rate changes on cash, cash equivalents and restricted cash (19) (12)
Net change in cash, cash equivalents and restricted cash 111 4
Cash, cash equivalents and restricted cash at January 1 1,400 639
Cash, cash equivalents and restricted cash at June 30 $ 1,511 $ 643