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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 150 $ 156
Adjustments to determine net cash provided by operating activities:    
Depreciation and amortization 140 131
Gain on unrealized derivatives and other realized derivatives in investing activities, net (18) (31)
Loss on sale or disposal of assets, net 1 0
Restructuring and impairment expenses, net 15 0
Deferred income taxes, net (1) 25
Equity in net income of non-consolidated affiliates (1) (3)
(Gain) loss on foreign exchange remeasurement of debt (1) 1
Amortization of debt issuance costs and carrying value adjustments 3 4
Non-cash charges related to Sierre flooding 40 0
Other, net 3 1
Changes in assets and liabilities including assets and liabilities held for sale:    
Accounts receivable (284) (200)
Inventories (264) (155)
Accounts payable 364 125
Other assets 1 (6)
Other liabilities (74) (80)
Net cash provided by (used in) operating activities 74 (32)
INVESTING ACTIVITIES    
Capital expenditures (348) (333)
(Outflows) proceeds from investment in and advances to non-consolidated affiliates, net (7) 6
(Outflows) proceeds from the settlement of derivative instruments, net (2) 6
Other 3 4
Net cash used in investing activities (354) (317)
FINANCING ACTIVITIES    
Proceeds from issuance of long-term and short-term borrowings 50 50
Principal payments of long-term and short-term borrowings (55) (35)
Revolving credit facilities and other, net (134) (115)
Net cash used in financing activities (139) (100)
Net decrease in cash, cash equivalents and restricted cash (419) (449)
Effect of exchange rate changes on cash (8) (8)
Cash, cash equivalents and restricted cash – beginning of period 1,322 1,511
Cash, cash equivalents and restricted cash – end of period 895 1,054
Cash and cash equivalents 886 1,041
Restricted cash (included in other long-term assets) 9 13
Cash, cash equivalents and restricted cash – end of period 895 1,054
Supplemental Disclosures:    
Accrued capital expenditures as of June 30 $ 178 $ 126

Source

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