v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 231 $ 355
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:    
Depreciation and Amortization 261 281
Amortization of Deferred Debt Issuance Costs 3 3
Deferred Income Taxes 16 (70)
Gain (Loss) on Disposition of Business 0 (75)
Share-Based Compensation Expense, Net (1) 37
Other, Net (13) (10)
Changes in Operating Assets and Liabilities (404) (357)
Net Cash Provided by Operating Activities (93) (164)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital Spending (541) (580)
Acquisition of Businesses and Assets (29) 0
Proceeds from the Sale of Business and Properties 12 711
Beneficial Interest on Sold Receivables 110 96
Beneficial Interest Obtained in Exchange for Proceeds (54) (50)
Other, Net (3) (2)
Net Cash (Used in) Provided by Investing Activities (505) 175
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase of Common Stock (110) (200)
Proceeds from Issuance of Debt 99 756
Payments on Debt (6) (19)
Retirement of Long-Term Debt 0 (400)
Borrowings under Revolving Credit Facilities 2,077 2,479
Payments on Revolving Credit Facilities (1,599) (2,892)
Repurchase of Common Stock related to Share-Based Payments (32) (23)
Debt Issuance Costs (1) (14)
Dividends Paid (63) (61)
Other, Net (3) 6
Net Cash Provided by (Used in) Financing Activities 362 (368)
Decrease in Cash and Cash Equivalents (50) (29)
Effect of Exchange Rate Changes on Cash 13 (8)
Net Decrease in Cash and Cash Equivalents (37) (37)
Cash and Cash Equivalents at Beginning of Period 157 162
Cash and Cash Equivalents at End of Period 120 125
Non-cash Investing Activities:    
Beneficial Interest Obtained in Exchange for Trade Receivables 86 74
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 26 $ 30

Source

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