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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operations      
Income (loss) from continuing operations $ (638,000,000) $ 2,663,000,000 $ (2,421,000,000)
Income (loss) from discontinued operations, net of tax (312,000,000) 2,482,000,000 692,000,000
Income (loss) from continuing operations (326,000,000) 181,000,000 (3,113,000,000)
Adjustments to reconcile net income (loss) to cash flows from operations:      
Depreciation and amortization 997,000,000 984,000,000 1,072,000,000
Pension settlement and curtailment (gains) losses 0 1,000,000 (12,000,000)
Net periodic pension and other postretirement costs (28,000,000) (29,000,000) 42,000,000
Deferred income taxes (262,000,000) (256,000,000) (260,000,000)
Stock compensation 114,000,000 115,000,000 140,000,000
Long-lived asset impairments 50,000,000 0 344,000,000
Other long-lived asset impairments 44,000,000 (11,000,000) 9,000,000
Goodwill impairments 425,000,000 0 2,812,000,000
Loss on product divestiture arrangement 0 0 54,000,000
Reclassification of cumulative translation loss to earnings 0 0 65,000,000
Loss on subsidiary liquidation 0 0 21,000,000
Other 41,000,000 61,000,000 (40,000,000)
Changes in balance sheet items:      
Accounts receivable, net (35,000,000) (38,000,000) (48,000,000)
Inventories (201,000,000) (128,000,000) (198,000,000)
Prepaid expenses and other current assets (125,000,000) (45,000,000) (44,000,000)
Accounts payable 112,000,000 92,000,000 (67,000,000)
Accrued expenses and other current liabilities 44,000,000 293,000,000 (158,000,000)
Other (31,000,000) (13,000,000) (91,000,000)
Cash flows from operations – continuing operations 819,000,000 1,207,000,000 528,000,000
Cash flows from operations – discontinued operations 200,000,000 519,000,000 683,000,000
Cash flows from operations 1,019,000,000 1,726,000,000 1,211,000,000
Cash flows from investing activities      
Capital expenditures (446,000,000) (432,000,000) (377,000,000)
Acquisitions of developed technology and investments (14,000,000) (4,000,000) (258,000,000)
Proceeds from sale of marketable equity securities 34,000,000 0 0
Other investing activities, net 16,000,000 26,000,000 11,000,000
Cash flows from investing activities - continuing operations (410,000,000) (410,000,000) (624,000,000)
Cash flows from investing activities - discontinued operations (216,000,000) 3,623,000,000 (307,000,000)
Cash flows from investing activities - continuing operations (626,000,000) 3,213,000,000 (931,000,000)
Cash flows from financing activities      
Increase in short term debt 1,830,000,000 0 0
Repayments of debt (2,657,000,000) (2,634,000,000) (954,000,000)
Net (decreases) increases in debt with original maturities of three months or less 296,000,000 (301,000,000) 55,000,000
Cash dividends on common stock (590,000,000) (586,000,000) (573,000,000)
Proceeds from stock issued under employee benefit plans 71,000,000 95,000,000 127,000,000
Purchases of treasury stock 0 0 (32,000,000)
Other financing activities, net (31,000,000) (63,000,000) (61,000,000)
Cash flows from financing activities (1,081,000,000) (3,489,000,000) (1,438,000,000)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (96,000,000) 26,000,000 (76,000,000)
Increase (decrease) in cash, cash equivalents and restricted cash (784,000,000) 1,476,000,000 (1,234,000,000)
Cash, cash equivalents and restricted cash at beginning of year [1] 3,198,000,000 1,722,000,000 2,956,000,000
Cash, cash equivalents and restricted cash at end of year [1] 2,414,000,000 3,198,000,000 1,722,000,000
Less cash and cash equivalents of discontinued operations 648,000,000 116,000,000 97,000,000
Cash, cash equivalents and restricted cash of continuing operations $ 1,766,000,000 $ 3,082,000,000 $ 1,625,000,000
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash amounts as shown in the consolidated statement of cash flows to the amount reported in the consolidated balance sheet as of December 31, 2024, 2023, and 2022:
As of December 31 (in millions)202420232022
Cash and cash equivalents$1,764 $3,078 $1,621 
Restricted cash included in prepaid expenses and other current assets
Cash, cash equivalents and restricted cash$1,766 $3,082 $1,625