v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income [1] $ 242 $ 335
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 222 195
Deferred income taxes (32) (24)
Undistributed earnings from equity method investments, net of dividends 1 1
Gain on divestiture of property 0 (6)
Other, net 35 16
Net change in operating assets and liabilities:    
Receivables (gross) (105) (166)
Other operating assets (75) (134)
Inventories, gross 32 26
Accounts payable (23) 67
Accrued expenses 76 25
Income taxes (14) 19
Net cash provided by operating activities 359 355
Investing activities    
Expenditures for property, plant and equipment [2] (180) (217)
Proceeds from sale of property, plant and equipment 1 9
Acquisition of interest in affiliates (2) 0
Net cash used in investing activities (180) (208)
Financing activities    
Net (decrease) increase in short-term debt 215 273
Proceeds from issuance of long-term debt 0 77
Repayment of long-term debt (293) (311)
Dividends paid (130) (108)
Stock repurchased (200) (101)
Common stock options exercised 0 0
Net cash used in financing activities (407) (170)
Effect of exchange rate changes on cash and cash equivalents 2 (71)
Decrease in cash and cash equivalents (227) (94)
Cash and cash equivalents at beginning of period 604 330
Cash and cash equivalents at end of period $ 377 $ 237
[1] For the three months periods ended June 30, 2026 and 2025, the aggregate transaction gain (loss) included in net income for the period was a gain of $0 million and a loss of $7 million, respectively. For the six months periods ended June 30, 2026 and 2025, the aggregate transaction gain (loss) included in net income for the period was a gain of $6 million and a loss of $14 million, respectively.
[2] As of June 30, 2026 and December 31, 2025, $99 million and $104 million, respectively, of the Company's capital expenditures for property, plant and equipment during the period were included in Accounts Payable balance, and therefore represents a noncash investing activity.