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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES:      
Net income $ 960 $ 905 $ 478
Depreciation and amortization 149 145 151
Fair value adjustment to contingent earnout obligation 0 (24) 16
Deferred income taxes (32) (15) (68)
Employee withholding taxes paid on stock-based compensation 29 17 15
Loss (gain) on investments, net 0 5 (25)
Loss on disposition of businesses, net 0 1 18
Pension and other post-retirement benefits (6) (3) 312
Impairment of goodwill and other intangible assets 15 26 45
Stock-based compensation 31 49 61
Dividends paid-in-kind 0 0 (6)
Decrease (increase) in receivables 42 (15) (64)
Decrease (increase) in inventories 233 (43) (350)
(Decrease) increase in accounts payable and accrued liabilities, net (34) (225) 190
Debt extinguishment costs 0 0 160
Other, net 27 17 (3)
Net cash from operating activities 1,413 840 930 Close
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES:      
Retirement of notes 0 0 (1,326)
Purchase of Company common stock (353) (914) (1,026)
Cash dividends paid (257) (258) (211)
Dividends paid to noncontrolling interest (49) (68) (43)
Issuance of notes, net of issuance costs 0 0 1,481
Proceeds from short-term borrowings 77 0 0
Payment of short-term borrowings (77) 0 0
Proceeds from term loan 0 500 0
Payment of term loan (200) (300) 0
Debt extinguishment costs 0 0 (160)
Proceeds from the exercise of stock options 38 1 5
Employee withholding taxes paid on stock-based compensation (29) (17) (15)
Payment of debt (5) (10) (3)
Net cash for financing activities (854) (1,066) (1,298)
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES:      
Capital expenditures (243) (224) (128)
Acquisition of businesses, net of cash acquired (136) 0 (57)
Proceeds from disposition of:      
Businesses, net of cash disposed 0 0 5
Financial investments 2 1 171
Other, net (6) (7) (3)
Net cash for investing activities (383) (230) (12) Close
Effect of exchange rate changes on cash and cash investments 6 (18) (20) Close
CASH AND CASH INVESTMENTS:      
Increase (decrease) for the year 182 (474) (400)
At January 1 452 926 1,326
At December 31 $ 634 $ 452 $ 926