Edgar Filing: CANADIAN NATIONAL RAILWAY CO

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of August, 2013

Commission File Number: 001-02413

Canadian National Railway Company
(Translation of registrant’s name into English)

935 de la Gauchetiere Street West
Montreal, Quebec
Canada H3B 2M9
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F

Form 40-F X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

No X

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes

No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Canadian National Railway Company

Table of Contents

Item

1	CN INVESTOR FACT BOOK — 2013 UPDATE

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Canadian National Railway Company

Date: August 12, 2013	By:	/s/ Cristina Circelli
		Name:	Cristina Circelli
		Title:	Deputy Corporate Secretary and General Counsel

Item 1

Ticker symbols

CNR

Toronto Stock Exchange

CNI

New York Stock Exchange

Except where otherwise indicated, all financial information reflected in this document is expressed in Canadian dollars and determined on the basis of United States generally accepted accounting principles (U.S. GAAP). Canadian National Railway Company’s (the Company) objective is to provide meaningful and relevant information reflecting the Company’s financial condition, results of operations and operational performance. In certain instances, the Company may make reference to certain non-GAAP measures that, from management’s perspective, are useful measures of performance. In addition, certain statistical data are based on estimated data available at such time and are subject to change as more complete information becomes available. The reader is advised to read all information provided in this document in conjunction with the Company’s annual and interim Consolidated Financial Statements, Notes thereto and Management’s Discussion and Analysis.

The Company makes reference to non-GAAP measures in this document that do not have any standardized meaning prescribed by U.S. GAAP and are, therefore, not necessarily comparable to similar measures presented by other companies and, as such, should not be considered in isolation. Management believes that non-GAAP measures such as adjusted net income and the resulting adjusted performance measures for such items as operating income, operating ratio and per share data are useful measures of performance that can facilitate period-to-period comparisons, as they exclude items that do not necessarily arise as part of the normal day-to-day operations or that could potentially distort the analysis of trends in business performance. The exclusion of the specified items in the adjusted measures do not, however, imply that such items are necessarily non-recurring. The Company believes that free cash flow is a useful measure of performance as it demonstrates the Company's ability to generate cash after the payment of capital expenditures and dividends. Free cash flow does not have any standardized meaning prescribed by GAAP and may, therefore, not be comparable to similar measures presented by other companies. The Company defines free cash flow as the sum of net cash provided by operating activities, adjusted for changes in the accounts receivable securitization program, if any, and in cash and cash equivalents resulting from foreign exchange fluctuations; and net cash used in investing activities, adjusted for changes in restricted cash and cash equivalents, if any, the impact of major acquisitions, if any, and the payment of dividends. In addition, the Company believes that adjusted debt-to-total capitalization is a useful credit measure that aims to show the true leverage of the Company. Similarly, adjusted debt-to-adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) is another useful credit measure because it reflects the Company’s ability to service its debt. The Company excludes Other income in the calculation of EBITDA. A reconciliation of the various non-GAAP measures presented in this document to their comparable U.S. GAAP measures is provided in the Appendix section of this document.

FINANCIAL & STATISTICAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

$ in millions, except per share data, or unless otherwise indicated
	2010		2011		2012			2012 H1		2013 H1
Financial results
Revenues	$	8,297	$	9,028	$	9,920	$	4,889	$	5,132
Operating income		3,024		3,296		3,685		1,778	$	1,822
Adjusted net income (1)		1,973		2,194		2,456		1,182	$	1,223
Adjusted diluted earnings per share (1)		4.20		4.84		5.61		2.67		2.87
Weighted-average number of diluted shares (millions)		470.1		454.4		437.7		441.5		426.4
Financial ratios (%)
Operating ratio		63.6		63.5		62.9		63.6		64.5
Debt to total capitalization		35.0		38.1		38.5		37.8		39.6
Other information
Dividend per share	$	1.08	$	1.30	$	1.50	$	0.75	$	0.86
Net capital expenditures		1,586		1,625		1,731		613		646
Free cash flow (2)		1,122		1,175		1,006		703		437

(1)	Adjusted to exclude items affecting the comparability of results. See Appendix for a reconciliation of Non-GAAP measures.

(2)	See Appendix for a reconciliation of Non-GAAP measures.

STATISTICAL HIGHLIGHTS

	2010		2011		2012			2012 H1		2013 H1
Statistical operating data
Route miles (includes Canada and the U.S.)		20,600		20,000		20,100		20,000		20,000
Carloads (thousands)		4,696		4,873		5,059		2,491		2,547
Gross ton miles (millions)		341,219		357,927		383,754		189,479		197,848
Revenue ton miles (millions)		179,232		187,753		201,496		99,373		103,278
Employees (average for the period)		22,055		23,079		23,466		23,380		23,681
Employees (end of period)		22,444		23,339		23,430		23,667		23,925
Diesel fuel consumed (U.S. gallons in millions)		355.7		367.7		388.7		194.3		205.2
Average price per U.S. gallon	$	2.64	$	3.39	$	3.47	$	3.47	$	3.52

Statistical data and related productivity measures are based on estimated data available at such time and are subject to change as more complete information becomes available, as such certain of the 2012, 2011 and 2010 comparative data and related productivity measures have been restated.

CANADIAN NATIONAL RAILWAY COMPANY

QUARTERLY CONSOLIDATED STATEMENT OF INCOME 2011 – 2013

unaudited
$ in millions, unless otherwise indicated
							2011
		Q1			Q2			Q3			Q4		Year

Total revenues		2,084			2,260			2,307			2,377			9,028

Operating expenses
Labor and fringe benefits		473			432			396			511			1,812
Purchased services and material		286			268			271			295			1,120
Fuel		327			353			350			382			1,412
Depreciation and amortization		218			217			218			231			884
Equipment rents		51			54			60			63			228
Casualty and other		84			62			74			56			276
Total operating expenses		1,439			1,386			1,369			1,538			5,732

Operating income		645			874			938			839			3,296
Interest expense		(86	)		(85	)		(85	)		(85	)		(341	)
Other income (loss)		300			10			70			21			401

Income before income taxes		859			799			923			775			3,356

Income tax expense		(191	)		(261	)		(264	)		(183	)		(899	)

Net income	$	668		$	538		$	659		$	592		$	2,457

Operating ratio		69.0	%		61.3	%		59.3	%		64.7	%		63.5	%


	2012															2013
	Q1			Q2			Q3			Q4		Year				Q1			Q2

	2,346			2,543			2,497			2,534			9,920			2,466			2,666

	509			504			476			463			1,952			569			498
	299			305			304			340			1,248			328			341
	376			379			369			400			1,524			405			402
	230			230			227			237			924			235			250
	62			59			64			64			249			68			68
	77			81			72			108			338			81			65
	1,553			1,558			1,512			1,612			6,235			1,686			1,624

	793			985			985			922			3,685			780			1,042
	(86	)		(86	)		(84	)		(86	)		(342	)		(89	)		(88	)
	293			9			18			(5	)		315			42			28

	1,000			908			919			831			3,658			733			982

	(225	)		(277	)		(255	)		(221	)		(978	)		(178	)		(265	)

$	775		$	631		$	664		$	610		$	2,680		$	555		$	717

	66.2	%		61.3	%		60.6	%		63.6	%		62.9	%		68.4	%		60.9	%

CANADIAN NATIONAL RAILWAY COMPANY

QUARTERLY CONSOLIDATED BALANCE SHEET 2011 – 2013

unaudited
In millions
							2011
		Q1			Q2			Q3			Q4
Assets
Current assets
Cash and cash equivalents	$	593		$	175		$	192		$	101
Restricted cash and cash equivalents		–			467			489			499
Accounts receivable		770			825			801			820
Material and supplies		228			240			272			201
Deferred and receivable income taxes		50			50			52			122
Other		73			84			62			105
Total current assets		1,714			1,841			1,868			1,848

Properties		22,677			22,789			23,800			23,917
Intangible and other assets		821			840			899			261
Total assets	$	25,212		$	25,470		$	26,567		$	26,026

Liabilities and shareholders’ equity

Current liabilities
Accounts payable and other	$	1,341		$	1,452		$	1,565		$	1,580
Current portion of long-term debt		474			530			525			135
Total current liabilities		1,815			1,982			2,090			1,715

Deferred income taxes		5,201			5,301			5,613			5,333
Pension and other postretirement benefits, net of current portion		508			510			530			1,095
Other liabilities and deferred credits		779			774			800			762
Long-term debt		5,451			5,432			5,878			6,441

Shareholders’ equity:
Common shares		4,228			4,211			4,149			4,141
Accumulated other comprehensive loss		(1,736	)		(1,741	)		(1,647	)		(2,839	)
Retained earnings		8,966			9,001			9,154			9,378
Total shareholers’ equity		11,458			11,471			11,656			10,680
Total liabilites and shareholders’ equity	$	25,212		$	25,470		$	26,567		$	26,026

Certain of the 2011 figures have been reclassified in order to be consistent with the 2013 presentation.


2012													2013
	Q1			Q2			Q3			Q4			Q1			Q2

$	182		$	345		$	175		$	155			128			87
	499			472			518			521			512			497
	769			833			845			831			900			876
	261			277			272			230			289			330
	80			47			37			43			75			34
	102			85			78			89			95			81
	1,893			2,059			1,925			1,869			1,999			1,905

	23,681			24,078			24,004			24,541			24,733			25,305
	299			329			349			249			260			335
$	25,873		$	26,466		$	26,278		$	26,659			26,992			27,545

$	1,342		$	1,609		$	1,631		$	1,626			1,332			1,469
	895			784			678			577			1,466			1,322
	2,237			2,393			2,309			2,203			2,798			2,791

	5,494			5,629			5,603			5,555			5,700			5,867
	569			576			553			784			659			594
	683			713			738			776			778			767
	5,892			5,991			5,770			6,323			5,945			6,141

	4,153			4,132			4,120			4,108			4,088			4,063
	(2,834	)		(2,789	)		(2,803	)		(3,257	)		(3,187	)		(3,094	)
	9,679			9,821			9,988			10,167			10,211			10,416
	10,998			11,164			11,305			11,018			11,112			11,385
$	25,873		$	26,466		$	26,278		$	26,659		$	26,992		$	27,545

CANADIAN NATIONAL RAILWAY COMPANY

QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS 2011 – 2013

unaudited
In millions
							2011
		Q1			Q2			Q3			Q4		Year

Operating activities
Net income	$	668		$	538		$	659		$	592		$	2,457
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation and amortization		218			217			218			231			884
Deferred income taxes		104			119			104			204			531
Gain on disposal of property		(288	)		–			(60	)		–			(348	)
Changes in operating assets and liabilities:
Accounts receivable		(18	)		(54	)		55			(34	)		(51	)
Material and supplies		(19	)		(13	)		(27	)		70			11
Accounts payable and other		(64	)		106			60			(68	)		34
Other current assets		(10	)		3			16			(11	)		(2	)
Pensions and other, net		(92	)		(17	)		(38	)		(393	)		(540	)
Net cash provided by operating activities		499			899			987			591			2,976

Investing activities
Property additions		(220	)		(377	)		(415	)		(613	)		(1,625	)
Disposal of property		299			–			70			–			369
Change in restricted cash and cash equivalents		–			(467	)		(22	)		(10	)		(499	)
Other, net		14			3			5			4			26
Net cash used in investing activities		93			(841	)		(362	)		(619	)		(1,729	)

Financing activities
Issuance of debt		–			64			132			1,165			1,361
Repayment of debt		(22	)		(17	)		(186	)		(858	)		(1,083	)
Issuance of common shares due to exercise of stock
options and related excess tax benefits realized		20			31			5			21			77
Repurchase of common shares		(340	)		(407	)		(417	)		(256	)		(1,420	)
Dividends paid		(149	)		(147	)		(145	)		(144	)		(585	)
Net cash used in financing activities		(491	)		(476	)		(611	)		(72	)		(1,650	)
Effect of foreign exchange fluctuations on US dollar- denominated cash and cash equivalents		2			–			3			9			14
Net increase (decrease) in cash and cash equivalents		103			(418	)		17			(91	)		(389	)
Cash and cash equivalents, beginning of period		490			593			175			192			490
Cash and cash equivalents, end of period	$	593		$	175		$	192		$	101		$	101
Supplemental cash flow information
Net cash receipts from customers and other		2,105			2,228			2,326			2,336			8,995
Net cash payments for:
Employee services, suppliers and other expenses		(1,271	)		(1,156	)		(1,124	)		(1,092	)		(4,643	)
Interest		(87	)		(75	)		(87	)		(80	)		(329	)
Personal injury and other claims		(17	)		(16	)		(15	)		(49	)		(97	)
Pensions		(93	)		(5	)		(5	)		(365	)		(468	)
Income taxes		(138	)		(77	)		(108	)		(159	)		(482	)
Net cash provided by operating activities	$	499		$	899		$	987		$	591		$	2,976


2012															2013
	Q1			Q2			Q3			Q4		Year				Q1			Q2

$	775		$	631		$	664		$	610		$	2,680		$	555		$	717
	230			230			227			237			924			235			250
	194			78			59			120			451			83			73
	(281	)		–			–			–			(281	)		(40	)		(29	)
	44			(56	)		(25	)		17			(20	)		(59	)		39
	(61	)		(15	)		3			43			(30	)		(57	)		(38	)
	(200	)		290			50			(11	)		129			(321	)		118
	(30	)		19			5			(7	)		(13	)		(3	)		14
	(546	)		34			17			(285	)		(780	)		(72	)		(81	)
	125			1,211			1,000			724			3,060			321			1,063

	(224	)		(389	)		(508	)		(610	)		(1,731	)		(228	)		(418	)
	311			–			–			–			311			52			–
	–			27			(46	)		(3	)		(22	)		9			15
	2			(4	)		7			16			21			6			(8	)
	89			(366	)		(547	)		(597	)		(1,421	)		(161	)		(411	)

	1,077			554			230			493			2,354			1,260			872
	(745	)		(723	)		(338	)		(195	)		(2,001	)		(929	)		(1,043	)
	54			19			24			20			117			14			9
	(353	)		(369	)		(373	)		(305	)		(1,400	)		(361	)		(351	)
	(165	)		(163	)		(163	)		(161	)		(652	)		(183	)		(182	)
	(132	)		(682	)		(620	)		(148	)		(1,582	)		(199	)		(695	)

	(1	)		–			(3	)		1			(3	)		12			2
	81			163			(170	)		(20	)		54			(27	)		(41	)
	101			182			345			175			101			155			128
$	182		$	345		$	175		$	155		$	155		$	128		$	87

	2,379			2,541			2,476			2,481			9,877			2,509			2,656
	(1,534	)		(1,233	)		(1,235	)		(1,239	)		(5,241	)		(1,672	)		(1,241	)
	(110	)		(76	)		(89	)		(89	)		(364	)		(90	)		(84	)
	(30	)		(14	)		(13	)		(22	)		(79	)		(14	)		(14	)
	(553	)		(5	)		(29	)		(257	)		(844	)		(101	)		(109	)
	(27	)		(2	)		(110	)		(150	)		(289	)		(311	)		(145	)
$	125		$	1,211		$	1,000		$	724		$	3,060		$	321		$	1,063

CANADIAN NATIONAL RAILWAY COMPANY

QUARTERLY FINANCIAL & STATISTICAL DATA 2011 – 2013

unaudited

			2011
	Q1	Q2		Q3	Q4	Year

Revenues (millions of dollars)
Petroleum and chemicals	342	340		361	377		1,420
Metals and minerals	209	245		274	278		1,006
Forest products	299	317		325	329		1,270
Coal	141	162		166	149		618
Grain and fertilizers	406	368		336	413		1,523
Intermodal	392	454		480	464		1,790
Automotive	115	130		117	122		484
Total rail freight revenues	1,904	2,016		2,059	2,132		8,111
Other revenues	180	244		248	245		917
Total revenues	2,084	2,260		2,307	2,377		9,028

Statistical operating data
Gross ton miles (GTM) (millions)	86,667	89,615		89,517	92,128		357,927
Revenue ton miles (RTM) (millions)	46,153	46,683		46,761	48,156		187,753
Carloads (thousands)	1,146	1,234		1,261	1,232		4,873
Route miles (includes Canada and the U.S.) (1)	20,400	20,500		20,500	20,000		20,000
Employees (end of period)	22,692	23,430		23,441	23,339		23,339
Employees (average during period)	22,389	23,177		23,318	23,433		23,079

Productivity
Rail freight revenue per RTM (cents)	4.13	4.32		4.40	4.43		4.32
Rail freight revenue per carload ($)	1,661	1,634		1,633	1,731		1,664
Operating expenses per GTM (cents)	1.66	1.55		1.53	1.67		1.60
Labor and fringe benefits expense per GTM (cents)	0.55	0.48		0.44	0.55		0.51
GTMs per average number of employees (thousands)	3,871	3,867		3,839	3,932		15,509
Diesel fuel consumed (U.S. gallons in millions)	92.9	91.3		89.2	94.3		367.7
Average fuel price ($/U.S. gallon)	3.20	3.42		3.37	3.55		3.39
GTMs per U.S. gallon of fuel consumed	933	982		1,004	977		973

Safety indicators
Injury frequency rate per 200,000 person hours (2)	1.44	1.71		1.73	1.32		1.55
Accident rate per million train miles (2)	2.28	2.44		2.33	1.96		2.25

(1)	Rounded to the nearest hundred miles.

(2)	Based on Federal Railroad Administation (FRA) reporting criteria.

Statistical data and related productivity measures are based on estimated data available at such time and are subject to change as more complete information becomes available, as such certain of the 2012 and 2011 comparative data and related productivity measures have been restated.


2012							2013
	Q1	Q2	Q3	Q4	Year			Q1	Q2

	392	405	416	427		1,640		457	478
	273	293	293	274		1,133		282	304
	328	344	336	323		1,331		336	358
	167	187	187	171		712		165	187
	397	366	368	459		1,590		401	383
	460	526	510	498		1,994		492	543
	130	153	127	128		538		132	148
	2,147	2,274	2,237	2,280		8,938		2,265	2,401
	199	269	260	254		982		201	265
	2,346	2,543	2,497	2,534		9,920		2,466	2,666

	92,593	96,886	96,402	97,873		383,754		96,301	101,547
	49,049	50,324	49,999	52,124		201,496		50,576	52,702
	1,205	1,286	1,298	1,270		5,059		1,231	1,316
	20,000	20,000	20,000	20,100		20,100		20,100	20,000
	23,303	23,667	23,610	23,430		23,430		23,624	23,925
	23,156	23,603	23,573	23,532		23,466		23,435	23,926

	4.38	4.52	4.47	4.37		4.44		4.48	4.56
	1,782	1,768	1,723	1,795		1,767		1,840	1,824
	1.68	1.61	1.57	1.65		1.62		1.75	1.60
	0.55	0.52	0.49	0.47		0.51		0.59	0.49
	3,999	4,105	4,090	4,159		16,354		4,109	4,244
	96.9	97.4	94.5	99.9		388.7		101.7	103.5
	3.54	3.41	3.40	3.53		3.47		3.61	3.43
	956	995	1,020	980		987		947	981

	1.23	1.35	1.32	1.34		1.31		1.37	1.41
	2.17	2.19	2.30	1.77		2.10		2.12	2.10

CANADIAN NATIONAL RAILWAY COMPANY

RECONCILIATION OF NON-GAAP MEASURES 2 0 1 0 – 2 0 1 3

unaudited
In millions, except per share data, or unless otherwise indicated


Adjusted performance measures
	2010									2011
	Reported			Adjustments (1)			Adjusted			Reported			Adjustments (2)			Adjusted
Revenues	$	8,297			–		$	8,297		$	9,028			–		$	9,028
Operating expenses		5,273			–			5,273			5,732			–			5,732
Operating income		3,024			–			3,024			3,296			–			3,296
Interest expense		(360	)		–			(360	)		(341	)		–			(341	)
Other income (loss)		212			(152	)		60			401			(348	)		53
Income before income taxes		2,876			(152	)		2,724			3,356			(348	)		3,008
Income tax expense		(772	)		21			(751	)		(899	)		85			(814	)
Net income	$	2,104		$	(131	)	$	1,973		$	2,457		$	(263	)	$	2,194
Operating ratio		63.6	%					63.6	%		63.5	%					63.5	%
Diluted earnings per share	$	4.48		$	(0.28	)	$	4.20		$	5.41		$	(0.57	)	$	4.84

(1)	Adjusted to exclude the gain on sale of the Oakville subdivision of $152 million, or $131 million after-tax ($0.28 per diluted share).

(2)

Adjusted to exclude an income tax recovery of $11 million ($0.02 per diluted share) relating to certain fuel costs attributed to various wholly owned subsidiaries in prior periods; a net income tax expense of $40 million ($0.08 per diluted share) resulting from the enactment of state corporate income tax rate changes and other legislated state tax revisions; a gain on disposal of a segment of the Company’s Kingston subdivision, together with the rail fixtures and certain passenger agreements, of $288 million, or $254 million after-tax ($0.55 per diluted share); and a gain on disposal of substantially all of the assets of IC RailMarine Terminal Company of $60 million, or $38 million after-tax ($0.08 per diluted share).

(3)

Adjusted to exclude a gain on disposal of a segment of the Bala and a segment of the Oakville subdivisions, together with the rail fixtures and certain passenger agreements, of $281 million, or $252 million after-tax ($0.57 per diluted share); and a net income tax expense of $28 million ($0.06 per diluted share) consisting of a $35 million income tax expense resulting from the enactment of higher provincial corporate income tax rates that was partly offset by a $7 million income tax recovery resulting from the recapitalization of a foreign investment.

(4)

Adjusted to exclude an income tax expense of $5 million ($0.01 per diluted share) resulting from the enactment of higher provincial corporate income tax rates; a gain on exchange of perpetual railroad operating easements including the track and roadway assets on specific rail lines in the amount of $29 million, or $18 million after-tax ($0.04 per diluted share); and a gain on disposal of a segment of the Oakville subdivision, together with the rail fixtures and certain passenger agreements, of $40 million, or $36 million after-tax ($0.08 per diluted share).

A P P E N D I X

APPENDIX

2012									2013 H1
Reported			Adjustments (3)			Adjusted			Reported			Adjustments (4)			Adjusted
$	9,920			–		$	9,920		$	5,132			–		$	5,132
	6,235			–			6,235			3,310			–			3,310
	3,685			–			3,685			1,822			–			1,822
	(342	)		–			(342	)		(177	)		–			(177	)
	315			(281	)		34			70			(69	)		1
	3,658			(281	)		3,377			1,715			(69	)		1,646
	(978	)		57			(921	)		(443	)		20			(423	)
$	2,680		$	(224	)	$	2,456		$	1,272		$	(49	)	$	1,223
	62.9	%					62.9	%		64.5	%					64.5	%
$	6.12		$	(0.51	)	$	5.61		$	2.98		$	(0.11	)	$	2.87

A P P E N D I X

APPENDIX

CANADIAN NATIONAL RAILWAY COMPANY

FREE CASH FLOW 2 0 1 0 – 2 0 1 3

unaudited
$ in millions
	2010			2011			2012				2012 H1			2013 H1

Net cash provided by operating activities	$	2,999		$	2,976		$	3,060		$	1,336		$	1,384
Net cash used in investing activities		(1,383	)		(1,729	)		(1,421	)		(277	)		(572	)
Net cash provided before financing activities	$	1,616		$	1,247		$	1,639		$	1,059		$	812
Adjustments:
Dividends paid		(503	)		(585	)		(652	)		(328	)		(365	)
Change in restricted cash and cash equivalents		–			499			22			(27	)		(24	)
Change in accounts receivable securitization		2			–			–			–			–
Effect of foreign exchange fluctuations on
U.S. Dollar-denominated cash and cash equivalents		7			14			(3	)		(1	)		14
Free cash flow	$	1,122		$	1,175		$	1,006		$	703		$	437