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Statement of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 1,155 $ 765 $ 469
Adjustments to reconcile net income to cash provided from operations:      
Depreciation and amortization 277 272 265
Deferred income taxes 55 108 79
Restructuring and other charges 21 23 56
Net realized and unrealized losses 25 22 18
Net periodic pension cost (G) 40 37 24
Stock-based compensation 63 50 54
Loss on debt redemption (Q) 6 2 2
Other 1 3 12
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:      
Increase in receivables (L) (57) (164) (161)
Increase in inventories (106) (142) (234)
Increase in prepaid expenses and other current assets (14) (24) (6)
(Decrease) increase in accounts payable, trade (49) (7) 246
Increase in accrued expenses 5 37 23
Decrease in taxes, including income taxes (14) (7) (12)
Pension contributions (79) (36) (43)
(Increase) decrease in noncurrent assets (3) (4) 1
Decrease in noncurrent liabilities (28) (34) (60)
Cash provided from operations 1,298 901 733
Financing Activities      
Net change in short-term borrowings 0 0 (5)
Additions to debt (Q) 500 400 0
Repurchases and payments on debt (Q) (865) (876) (69)
Debt issuance costs (Q) (5) (2) 0
Premiums paid on early redemption of debt (Q) (5) (1) (2)
Repurchases of common stock (I) (500) (250) (400)
Proceeds from exercise of employee stock options 8 11 16
Dividends paid to shareholders (I) (109) (73) (44)
Taxes paid for net share settlement of equity awards (49) (77) (22)
Other (1) 0 0
Cash used for financing activities (1,026) (868) (526)
Investing Activities      
Capital expenditures (C and S) (321) (219) (193)
Acquisitions, net of cash acquired (5) 0 0
Proceeds from the sale of assets and businesses (D and T) 9 2 58
Other 1 2 0
Cash used for investing activities (316) (215) (135)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 0 (2)
Net change in cash, cash equivalents and restricted cash (45) (182) 70
Cash, cash equivalents and restricted cash at beginning of year 610 792 722
Cash, cash equivalents and restricted cash at end of year $ 565 $ 610 $ 792