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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES        
Net income $ 121 $ 12 $ 434 $ 501
Loss from discontinued operations, net of tax 0 0 0 (2)
Net income from continuing operations 121 12 434 503
Adjustments to determine net cash provided by operating activities:        
Depreciation and amortization 139 133 406 405
Gain on unrealized derivatives and other realized derivatives in investing activities, net     (34) (19)
Loss on sale or disposal of assets, net 4 0 4 1
Restructuring and impairment expenses, net     24 5
Loss on extinguishment of debt, net 0 0 5 0
Deferred income taxes, net     12 (7)
Equity in net loss (income) of non-consolidated affiliates 6 (6) (1) (14)
Loss (gain) on foreign exchange remeasurement of debt     14 (8)
Amortization of debt issuance costs and carrying value adjustments     8 12
Other, net     3 0
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from divestitures):        
Accounts receivable     (183) 669
Inventories     61 (96)
Accounts payable     (355) (1,061)
Other assets     43 (4)
Other liabilities     (21) (65)
Net cash provided by operating activities – continuing operations     420 321
Net cash used in operating activities – discontinued operations     0 (12)
Net cash provided by operating activities     420 309
INVESTING ACTIVITIES        
Capital expenditures (342) (178) (960) (462)
Acquisition of business and other investments, net of cash acquired     0 (4)
Proceeds from sales of assets, third party, net of transaction fees and hedging     0 2
Proceeds from the sale of a business     2 3
Proceeds (outflows) from investment in and advances to non-consolidated affiliates, net     3 (37)
Proceeds from the settlement of derivative instruments, net     9 5
Other     11 15
Net cash used in investing activities     (935) (478)
FINANCING ACTIVITIES        
Proceeds from issuance of long-term and short-term borrowings     699 0
Principal payments of long-term and short-term borrowings     (604) (380)
Revolving credit facilities and other, net     (281) 749
Debt issuance costs     (3) (6)
Return of capital to our common shareholder     0 (100)
Net cash (used in) provided by financing activities     (189) 263
Net (decrease) increase in cash, cash equivalents and restricted cash     (704) 94
Effect of exchange rate changes on cash     (6) (39)
Cash, cash equivalents and restricted cash – beginning of period     1,511 1,084
Cash, cash equivalents and restricted cash – end of period 801 1,139 801 1,139
Cash and cash equivalents 787 1,126 787 1,126
Restricted cash (included in other long-term assets) 14 13 14 13
Cash, cash equivalents and restricted cash – end of period $ 801 $ 1,139 801 1,139
Supplemental Disclosures:        
Accrued capital expenditures as of December 31     176 125
Leased assets obtained in exchange for new operating lease liabilities     $ 7 $ 27