Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 806 $ 423
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 246 161
Deferred income taxes (38) (66)
Equity in income of investees, net of dividends (67) (76)
Pension and OPEB expense (Note 3) 1 9
Pension contributions and OPEB payments (Note 3) (92) (43)
Russian suspension costs (Note 15) 0 158
(Gain) loss on corporate owned life insurance (19) 37
Foreign currency remeasurement and transaction exposure (11) (7)
Changes in current assets and liabilities, net of acquisitions    
Accounts and notes receivable (621) (417)
Inventories (263) (289)
Other current assets (142) (57)
Accounts payable 381 484
Accrued expenses 151 (251)
Changes in other liabilities 64 70
Other, net 99 28
Net cash provided by operating activities 495 164
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (193) (104)
Acquisition of a business, net of cash acquired (Note 16) 0 83
Investments in marketable securities—acquisitions (326) (197)
Investments in marketable securities—liquidations (Note 6) 345 254
Other, net (54) (46)
Net cash used in investing activities (228) (10)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 43 14
Net payments of commercial paper (29) (2)
Payments on borrowings and finance lease obligations (142) (24)
Dividend payments on common stock (222) (207)
Repurchases of common stock 0 (311)
Other, net (13) 33
Net cash used in financing activities (363) (497)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (25) 27
Net decrease in cash and cash equivalents (121) (316)
Cash and cash equivalents at beginning of year 2,101 2,592
Cash and cash equivalents $ 1,980 $ 2,276