XML 24 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income / (loss) $ 587 $ 855 $ (411)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 499 460 463
Restructuring and other 114 (52) (26)
Loss from disposal of discontinued operations 0 0 101
Pension and postretirement expense 70 12 1,548
Pension contributions (19) 53 (236)
Asbestos payments (17) (21) (19)
Stock-based compensation 31 29 33
Loss from early extinguishments of debt 1 11 68
Deferred income taxes (53) 28 (248)
Changes in assets and liabilities:      
Receivables 98 29 (590)
Inventories 463 (299) (609)
Accounts payable and accrued liabilities (413) (149) 873
Prepaids and other assets 31 (44) (40)
Other, net 61 (109) (2)
Net cash provided by operating activities 1,453 803 905
Cash flows from investing activities      
Capital expenditures (793) (839) (816)
Proceeds from sale of businesses, net of cash 0 182 2,255
Proceeds from sale of property, plant and equipment 17 15 44
Acquisitions of businesses, net of cash (126) (31) 0
Net investment hedges 25 26 25
Distribution from equity method investment 68 7 0
Other 5 (2) (1)
Net cash (used for) / provided by investing activities (804) (642) 1,507
Cash flows from financing activities      
Net change in revolving credit facility and short-term debt (398) 268 12
Proceeds from long-term debt 1,096 2,953 144
Payments of long-term debt (312) (2,278) (1,834)
Premiums paid to retire debt 0 (4) (64)
Debt issuance costs (16) (25) 0
Foreign exchange derivatives related to debt (1) (11) (25)
Dividends paid to noncontrolling interests (126) (100) (122)
Dividends paid to shareholders (115) (106) (105)
Common stock repurchased (12) (722) (950)
Net cash provided by / (used for) financing activities 116 (25) (2,944)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4) (90) (113)
Net change in cash, cash equivalents and restricted cash 761 46 (645)
Cash, cash equivalents and restricted cash at January 1 639 593 1,238
Cash, cash equivalents and restricted cash at December 31 $ 1,400 $ 639 $ 593