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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income / (loss) $ 855 $ (411) $ 688
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 460 463 481
Restructuring and other (52) (26) 34
Loss from disposal of discontinued operations 0 101 0
Pension and postretirement expense 12 1,548 76
Pension contributions 53 (236) (27)
Asbestos payments (21) (19) (21)
Stock-based compensation 29 33 32
Loss from early extinguishments of debt 11 68 0
Deferred income taxes 28 (248) 33
Equity earnings, net of distributions (10) 2 (3)
Changes in assets and liabilities:      
Receivables 29 (590) (186)
Inventories (299) (609) (2)
Accounts payable and accrued liabilities (149) 873 121
Prepaids and other assets (44) (40) 54
Other, net (99) (4) 35
Net cash provided by operating activities 803 905 1,315
Cash flows from investing activities      
Capital expenditures (839) (816) (587)
Proceeds from sale of businesses, net of cash 182 2,255 0
Proceeds from sale of property, plant and equipment 15 44 16
Acquisitions of businesses, net of cash (31) 0 0
Net investment hedges 26 25 28
Other 5 (1) 8
Net cash (used for) / provided by investing activities (642) 1,507 (535)
Cash flows from financing activities      
Net change in revolving credit facility and short-term debt 268 12 29
Proceeds from long-term debt 2,953 144 110
Payments of long-term debt (2,278) (1,834) (269)
Premiums paid to retire debt (4) (64) 0
Debt issuance costs (25) 0 0
Foreign exchange derivatives related to debt (11) (25) 43
Dividends paid to noncontrolling interests (100) (122) (87)
Dividends paid to shareholders (106) (105) 0
Common stock repurchased (722) (950) (66)
Other 0 0 1
Net cash used for financing activities (25) (2,944) (239)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (90) (113) 34
Net change in cash, cash equivalents and restricted cash 46 (645) 575
Cash, cash equivalents and restricted cash at January 1 593 1,238 663
Cash, cash equivalents and restricted cash at December 31 $ 639 $ 593 $ 1,238