(Dollars in Millions)
(Unaudited)
|
Three Months
Ended |
Six Months
Ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| OPERATING | |||||||||||||||
| Net income | $ | 8 | $ | 36 | $ | 24 | $ | 105 | |||||||
| Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||
| Depreciation and amortization | 24 | 23 | 49 | 45 | |||||||||||
| Equity in net income of non-consolidated affiliates, net of dividends remitted | (3 | ) | (4 | ) | (6 | ) | (7 | ) | |||||||
| Non-cash stock-based compensation | 6 | 6 | 11 | — | |||||||||||
| Operating leases, net | — | — | — | — | |||||||||||
| Gains on transactions | — | — | — | (3 | ) | ||||||||||
| Other non-cash items | 2 | 2 | 5 | 2 | |||||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Accounts receivable | 15 | 37 | 18 | 85 | |||||||||||
| Inventories | 8 | (8 | ) | (3 | ) | (14 | ) | ||||||||
| Accounts payable | 11 | (38 | ) | 20 | (8 | ) | |||||||||
| Other assets and other liabilities | (14 | ) | (9 | ) | (57 | ) | (79 | ) | |||||||
| Net cash provided from operating activities | 57 | 45 | 61 | 126 | |||||||||||
| INVESTING | |||||||||||||||
| Capital expenditures, including intangibles | (34 | ) | (25 | ) | (71 | ) | (69 | ) | |||||||
| Loan repayments from non-consolidated affiliates | — | — | 2 | 2 | |||||||||||
| Other | 1 | — | 2 | 1 | |||||||||||
| Net cash used by investing activities | (33 | ) | (25 | ) | (67 | ) | (66 | ) | |||||||
| FINANCING | |||||||||||||||
| Short-term debt, net | (1 | ) | (4 | ) | (3 | ) | (16 | ) | |||||||
| Distribution payments | — | — | — | (14 | ) | ||||||||||
| Repurchase of common stock | (20 | ) | — | (20 | ) | (200 | ) | ||||||||
| Other | — | 1 | — | (3 | ) | ||||||||||
| Net cash used by financing activities | (21 | ) | (3 | ) | (23 | ) | (233 | ) | |||||||
| Effect of exchange rate changes on cash | — | (15 | ) | — | (8 | ) | |||||||||
| Net decrease in cash | 3 | 2 | (29 | ) | (181 | ) | |||||||||
| Cash and restricted cash at beginning of the period | 435 | 526 | 467 | 709 | |||||||||||
| Cash and restricted cash at end of the period | $ | 438 | $ | 528 | 438 | 528 | |||||||||
The Company has combined cash flows from discontinued operations and continuing operations within the operating financing categories.
