v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 127 $ 165
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:    
Depreciation and Amortization 131 148
Amortization of Deferred Debt Issuance Costs 1 2
Deferred Income Taxes 9 (16)
Amount of Postretirement Expense Less Than Funding 0 1
Share-Based Compensation Expense, Net (4) 22
Other, Net 6 (10)
Changes in Operating Assets and Liabilities (444) (309)
Net Cash (Used in) Provided by Operating Activities (174) 3
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital Spending (309) (324)
Packaging Machinery Spending (4) (7)
Acquisition of Businesses (12) 0
Beneficial Interest on Sold Receivables 58 48
Beneficial Interest Obtained in Exchange for Proceeds (30) (28)
Other, Net (1) 0
Net Cash Used in Investing Activities (298) (311)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on Debt (3) (10)
Proceeds from Issuance of Debt 0 250
Borrowings under Revolving Credit Facilities 1,203 1,106
Payments on Revolving Credit Facilities (700) (1,006)
Repurchase of Common Stock related to Share-Based Payments (27) (22)
Dividends Paid (30) (31)
Other, Net (4) 0
Net Cash Provided by Financing Activities 439 287
Decrease in Cash and Cash Equivalents (33) (21)
Effect of Exchange Rate Changes on Cash 5 (5)
Net Decrease in Cash and Cash Equivalents (28) (26)
Cash and Cash Equivalents at Beginning of Period   162
Cash and Cash Equivalents at End of Period 129 136
Non-cash Investing Activities:    
Beneficial Interest Obtained in Exchange for Trade Receivables 41 33
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 14 $ 35

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