Unaudited Consolidated Statements of Cash Flows | ||||||||
Three Months Ended | ||||||||
(in millions USD) | March 31, 2024 | March 31, 2023 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 134 | $ | 254 | ||||
Depreciation and amortization | 392 | 343 | ||||||
Finance (income) expense, net and other | 6 | 7 | ||||||
Deferred income taxes | 23 | 22 | ||||||
Other non-cash operating activities | 30 | 27 | ||||||
Net change in working capital | (97 | ) | (174 | ) | ||||
Net cash provided by operating activities | $ | 488 | $ | 479 | ||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant, equipment, and intangible assets | $ | (227 | ) | $ | (853 | ) | ||
Other investing activities | (373 | ) | 267 | |||||
Net cash used in investing activities | $ | (600 | ) | $ | (586 | ) | ||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of equity instruments and other | $ | 23 | $ | 37 | ||||
Proceeds (repayment) of debt, net | (50 | ) | (30 | ) | ||||
Other financing activities | — | 3 | ||||||
Net cash (used in) provided by financing activities | $ | (27 | ) | $ | 10 | |||
Effect of exchange rate changes | (1 | ) | 1 | |||||
Net change in cash and cash equivalents | $ | (140 | ) | $ | (96 | ) | ||
Cash and cash equivalents at the beginning of the period | 2,387 | 2,352 | ||||||
Cash and cash equivalents at the end of the period | $ | 2,247 | $ | 2,256 |