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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income (loss) $ 30 $ 0
Depreciation 96 101
Amortization 5 5
Amortization of deferred financing charges 1 1
Earnings of affiliates, net of dividends received (2) (2)
Stock compensation expense 13 6
Deferred income taxes (20) 2
Pension expense, net (7)
Change in working capital (141) (251)
Change in other noncurrent assets and liabilities (15) (4)
Loss on disposal group previously held for sale 29
Other, net (4) 18
Net cash used in operating activities (37) (102)
Investing activities    
Purchases of property, plant and equipment (75) (70)
Proceeds from sale of property, plant and equipment 11 4
Settlements of undesignated derivatives (1) (1)
Other, net 4
Net cash used in investing activities (65) (63)
Financing activities    
Net change in short-term debt 121 17
Repayment of long-term debt (4) (27)
Dividends paid to common stockholders (15) (15)
Distributions to noncontrolling interests (1) (3)
Collection of note receivable from noncontrolling interest 11
Contributions from redeemable noncontrolling interests 9
Other, net (6) 9
Net cash provided by financing activities 95 1
Net decrease in cash, cash equivalents and restricted cash (7) (164)
Cash, cash equivalents and restricted cash – beginning of period 512 563
Effect of exchange rate changes on cash balances 18 (12)
Cash, cash equivalents and restricted cash – end of period (Note 5) 523 387
Non-cash investing activity    
Purchases of property, plant and equipment held in accounts payable $ 30 $ 44