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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income $ (2,563) $ (1,864) $ 279
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 1,142 1,179 1,156
Deferred income taxes (369) (237) (236)
Gains on sale of assets (3) (3) (1)
Losses (gains) on business divestitures 23 (11) (13)
Stock-based compensation 65 49 54
Pension contributions (36) (36) (37)
Amortization Of Inventory Step-Up 0 0 368
Impairment of goodwill 2,623 2,250 0
Impairment of long-lived assets 0 120 0
Inventory Write-down 72 0 0
Changes in assets and liabilities, net of acquisitions:      
Trade receivables 51 (117) (169)
Inventories 605 (893) (363)
Accounts payable (39) (57) 419
Accruals for incentive compensation (2) (34) 96
Other current payables and accrued expenses 19 92 4
Other assets/liabilities, net (149) (41) (120)
Net cash provided by operating activities 1,439 397 1,437
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash received 0 (110) 0
Additions to property, plant and equipment (503) (504) (393)
Additions to intangible assets 0 (2) (4)
Proceeds from disposal of assets 27 8 18
Proceeds from unwinding of derivative instruments 0 173 0
Cash acquired from acquisition 0 11 246
Net proceeds received from business divestitures 1,050 1,169 115
Net cash provided by (used in) investing activities 574 745 (18)
Cash flows from financing activities:      
Cash dividends paid to shareholders (826) (810) (667)
Payments of Ordinary Dividends, Noncontrolling Interest (13) 0 (2)
(Decrease) increase in revolving credit facility and short term borrowings (99) 104 (105)
Proceeds from issuance of commercial paper (maturities after three months) 0 225 0
Repayments of commercial paper (maturities after three months) 0 (421) 0
Net (repayments) borrowings of commercial paper (maturities less than three months) (187) 48 324
Deferred financing costs (5) 0 (3)
Repayments of long-term debt (655) (300) (828)
Purchases of redeemable non-controlling interests (39) (47) 0
Proceeds from issuance of long-term debt 0 0 (3)
Deferred consideration paid (6) 0 (14)
Employee withholding taxes paid (13) (21) (21)
Other, net (8) (7) 9
Net cash used in financing activities (1,851) (1,229) (1,304)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 21 (77) (59)
Net change in cash, cash equivalents and restricted cash 183 (164) 56
Cash, cash equivalents and restricted cash at beginning of year 552 716 660
Cash, cash equivalents and restricted cash at end of year 735 552 716
Supplemental Disclosures:      
Interest paid, net of amounts capitalized 370 310 310
Income taxes paid 578 329 289
Accrued capital expenditures $ 109 $ 150 $ 117