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Statement of Consolidated Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 509 $ 341
Adjustments to reconcile net income to cash provided from operations:    
Depreciation and amortization 136 136
Deferred income taxes 67 57
Restructuring and other charges 22 4
Net realized and unrealized losses 13 11
Net periodic pension cost (E) 20 19
Stock-based compensation 38 26
Loss on debt redemption (N) 0 1
Other 7 0
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:    
Increase in receivables (J) (100) (141)
Increase in inventories (109) (99)
Decrease (increase) in prepaid expenses and other current assets 5 (9)
Increase (decrease) in accounts payable, trade 6 (80)
Decrease in accrued expenses (17) (15)
Increase in taxes, including income taxes 13 31
Pension contributions (17) (12)
(Increase) decrease in noncurrent assets (7) 1
Decrease in noncurrent liabilities (12) (19)
Cash provided from operations 574 252
Financing Activities    
Repurchases and payments on debt (N) (23) (176)
Premiums paid on early redemption of debt (N) 0 (1)
Repurchases of common stock (210) (125)
Proceeds from exercise of employee stock options 6 9
Dividends paid to shareholders (42) (35)
Taxes paid for net share settlement of equity awards (32) (75)
Cash used for financing activities (301) (403)
Investing Activities    
Capital expenditures (C) (137) (105)
Proceeds from the sale of assets and businesses (D and P) 8 0
Cash used for investing activities (129) (105)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2) 0
Net change in cash, cash equivalents and restricted cash 142 (256)
Cash, cash equivalents and restricted cash at beginning of period 610 792
Cash, cash equivalents and restricted cash at end of period $ 752 $ 536