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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net (loss) income $ (23) $ 69
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:    
Depreciation 31 29
Amortization of intangible assets 53 55
Fixed asset impairment 4 0
Deferred income taxes (21) (14)
Stock based compensation expense 17 11
Restructuring and other costs 48 (2)
Other non-cash expense 9 2
Changes in operating assets and liabilities, net of acquisitions:    
Accounts and notes receivable-trade, net (15) 34
Inventories, net (30) (41)
Prepaid expenses and other current assets, net (17) (17)
Other noncurrent assets (1) 3
Accounts payable (14) 19
Accrued liabilities (31) (51)
Income taxes (37) 3
Other noncurrent liabilities 6 (7)
Net cash (used in) provided by operating activities (21) 93
Cash flows from investing activities:    
Capital expenditures (39) (44)
Cash received on derivative contracts 2 1
Net cash used in investing activities (37) (43)
Cash flows from financing activities:    
Cash paid for treasury stock (150) (150)
Proceeds on short-term borrowings 198 163
Cash dividends paid (27) (24)
Proceeds from long-term borrowings, net of deferred financing costs 0 5
Repayments on long-term borrowings 0 (2)
Proceeds from exercised stock options 0 5
Other financing activities, net (4) (7)
Net cash provided by (used in) financing activities 17 (10)
Effect of exchange rate changes on cash and cash equivalents (6) (5)
Net (decrease) increase in cash and cash equivalents (47) 35
Cash and cash equivalents at beginning of period 365 339
Cash and cash equivalents at end of period $ 318 $ 374