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Statement of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 765 $ 469 $ 258
Adjustments to reconcile net income to cash provided from operations:      
Depreciation and amortization 272 265 270
Deferred income taxes 108 79 38
Restructuring and other charges 23 56 90
Net realized and unrealized losses 22 18 9
Net periodic pension cost (G) 37 24 18
Stock-based compensation 50 54 41
Loss on debt redemption (Q) 2 2 146
Other 3 12 20
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:      
Increase in receivables (164) (161) (337)
(Increase) decrease in inventories (142) (234) 60
(Increase) decrease in prepaid expenses and other current assets (24) (6) 11
(Decrease) increase in accounts payable, trade (7) 246 144
Increase (decrease) in accrued expenses 37 23 (146)
Decrease in taxes, including income taxes (7) (12) (41)
Pension contributions (36) (43) (96)
(Increase) decrease in noncurrent assets (4) 1 (13)
Decrease in noncurrent liabilities (34) (60) (23)
Cash provided from operations 901 733 449
Financing Activities      
Net change in short-term borrowings 0 (5) (9)
Additions to debt (Q) 400 0 700
Repurchases and payments on debt (Q) (876) (69) (1,538)
Debt issuance costs (Q) (2) 0 (11)
Premiums paid on early redemption of debt (Q) (1) (2) (138)
Repurchases of common stock (I) (250) (400) (430)
Proceeds from exercise of employee stock options 11 16 22
Dividends paid to shareholders (I) (73) (44) (19)
Taxes paid for net share settlement of equity awards (77) (22) (21)
Cash used for financing activities (868) (526) (1,444)
Investing Activities      
Capital expenditures (C and S) (219) (193) (199)
Proceeds from the sale of assets and businesses (N and T) 2 58 32
Proceeds from the sale of securities 2 0 6
Cash receipts from sold receivables (L) 0 0 267
Other 0 0 1
Cash (used for) provided from investing activities (215) (135) 107
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (2) (1)
Net change in cash, cash equivalents and restricted cash (182) 70 (889)
Cash, cash equivalents and restricted cash at beginning of year 792 722 1,611
Cash, cash equivalents and restricted cash at end of year $ 610 $ 792 $ 722