v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 13 $ 137
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 135 129
Pension and postretirement benefits 14 15
Stock-based compensation expense 51 49
Deferred income taxes (41) (144)
Changes in assets and liabilities    
Accounts receivable (34) 6
Due from related parties 28 5
Inventories (32) (32)
Accounts payable 23 9
Due to related parties (100) (6)
Accrued compensation (151) (107)
All other operating activities — net (94) (32)
Net cash provided by (used in) operating activities (189) 29
Cash Flows from Investing Activities    
Purchases of property, plant and equipment (84) (109)
Other — net 7 (5)
Net cash used in investing activities (77) (114)
Cash Flows from Financing Activities    
Repayment of debt 0 (100)
Proceeds from debt, net of issuance costs 46 0
Net transfers from (to) 3M 2 (31)
Purchases of treasury stock (67) 0
Other — net (31) (8)
Net cash used in financing activities (50) (139)
Effect of exchange rate changes on cash and cash equivalents (2) 1
Net increase (decrease) in cash and cash equivalents (318) (223)
Cash and cash equivalents at beginning of period 878 762
Less: cash and cash equivalents held for sale 0 (5)
Cash and cash equivalents at end of period 561 534
Supplemental Cash Flow Information    
Right-of-use assets obtained in exchange for finance lease liability $ 207 $ 0