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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income $ 38 $ 101
Depreciation 85 74
Amortization 4 3
Amortization of deferred financing charges 2 1
Earnings of affiliates, net of dividends received (2) (5)
Stock compensation expense 4 5
Deferred income taxes (35) (14)
Pension expense, net 1 4
Impairment of goodwill 51  
Change in working capital (183) (175)
Other, net (16) (10)
Net cash used in operating activities (51) (16)
Investing activities    
Purchases of property, plant and equipment (63) (98)
Acquisition of businesses, net of cash acquired (8) (606)
Purchases of marketable securities (12) (5)
Proceeds from sales and maturities of marketable securities 6 6
Settlements of undesignated derivatives (3) (20)
Other, net (5) (1)
Net cash used in investing activities (85) (724)
Financing activities    
Net change in short-term debt 298 (2)
Proceeds from long-term debt 4 675
Repayment of long-term debt (1) (9)
Deferred financing payments   (12)
Dividends paid to common stockholders (15) (14)
Distributions to noncontrolling interests (1) (1)
Contributions from noncontrolling interests 2 1
Repurchases of common stock   (25)
Other, net (4) (3)
Net cash provided by financing activities 283 610
Net increase (decrease) in cash, cash equivalents and restricted cash 147 (130)
Cash, cash equivalents and restricted cash – beginning of period 518 520
Effect of exchange rate changes on cash balances (29) 5
Cash, cash equivalents and restricted cash – end of period (Note 5) 636 395
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 73 $ 84