v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income (loss) $ 164 $ (581)
Income (loss) from discontinued operations 14 (661)
Net income from continuing operations 150 80
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 155 160
Credit for deferred income tax and other tax related items (12) (5)
Losses of nonconsolidated affiliates plus dividends received 2 16
Net periodic pension benefit costs 3 1
Periodic benefit plan contributions (12) (13)
Restructuring and asset related charges – net 46 39
Interest rate swap gain 0 (78)
Stock based compensation 13 7
Donatelle contingent earn-out true-up (6) 0
Other net income (3) (6)
Changes in assets and liabilities, net of effects of acquired and divested companies:    
Accounts and notes receivable 23 (45)
Inventories (48) (49)
Accounts payable (6) (8)
Other assets and liabilities, net (73) (22)
Cash provided by operating activities – continuing operations 232 77
Investing Activities    
Capital expenditures (102) (122)
Other investing activities, net 0 2
Cash used for investing activities – continuing operations (102) (120)
Financing Activities    
Changes in short-term borrowings (20) 0
Proceeds from issuance of Company stock 84 4
Employee taxes paid for share-based payment arrangements (16) (16)
Distributions to noncontrolling interests (11) (5)
Dividends paid to stockholders (82) (172)
Other financing activities, net 1 0
Cash used for financing activities – continuing operations (44) (189)
Cash Flows from Discontinued Operations    
Cash (used for) provided by operating activities – discontinued operations (79) 274
Cash used for investing activities – discontinued operations (6) (127)
Cash used for financing activities – discontinued operations (3) (17)
Cash (used for) provided by discontinued operations (88) 130
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5) 13
Decrease in cash, cash equivalents and restricted cash (7) (89)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period 757 1,834
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period 3 58
Cash, cash equivalents and restricted cash at beginning of period 760 1,892
Cash, cash equivalents and restricted cash from continuing operations, end of period 752 1,752
Cash, cash equivalents and restricted cash from discontinued operations, end of period 1 51
Cash, cash equivalents and restricted cash at end of period $ 753 $ 1,803