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Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Statement of cash flows [abstract] |  |  |
Cash flow from operations | $ 17,252 | $ 18,762 | $ 33,414
Interest on loans and borrowings paid | (743) | (785) | (693)
Cash received (paid) on settlement of derivatives, net | 567 | (83) | (197)
Payments related to Brumadinho event | (1,330) | (1,093) | (1,388)
Payments related to de-characterization of dams | (458) | (349) | (338)
Interest on participative shareholders' debentures paid | (233) | (371) | (418)
Income taxes paid (including settlement program) | (1,890) | (4,637) | (4,385)
Net cash generated by operating activities from continuing operations | 13,165 | 11,444 | 25,995
Net cash generated (used) by operating activities from discontinued operations |  | 41 | (316)
Net cash generated by operating activities | 13,165 | 11,485 | 25,679
Cash flow from investing activities: |  |  |
Capital expenditures | (5,920) | (5,446) | (5,033)
Payments related to Samarco dam failure | (553) | (338) | (413)
Additions to investments | (19) |  | (42)
Proceeds (payments) from disposal of investments, net | (139) | 577 | 704
Dividends received from associates and joint ventures | 204 | 219 | 190
Short-term investment | 127 | 260 | 582
Other investing activities, net | (19) | 145 | (129)
Net cash used in investing activities from continuing operations | (6,319) | (4,583) | (4,141)
Net cash used in investing activities from discontinued operations |  | (103) | (2,469)
Net cash used in investing activities | (6,319) | (4,686) | (6,610)
Cash flow from financing activities: |  |  |
Loans and borrowings from third parties | 1,950 | 1,275 | 930
Payments of loans and borrowings from third parties | (658) | (2,300) | (1,927)
Payments of leasing | (233) | (224) | (215)
Dividends and interest on capital paid to Vale’s shareholders | (5,513) | (6,603) | (13,483)
Dividends and interest on capital paid to noncontrolling interest | (41) | (12) | (30)
Shares buyback program | (2,714) | (6,036) | (5,546)
Acquisition of stake in VOPC | (130) |  |
Net cash used in financing activities from continuing operations | (7,339) | (13,900) | (20,271)
Net cash used in financing activities from discontinued operations |  | (11) | (13)
Net cash used in financing activities | (7,339) | (13,911) | (20,284)
Net decrease in cash and cash equivalents | (493) | (7,112) | (1,215)
Cash and cash equivalents in the beginning of the year | 4,736 | 11,721 | 13,487
Effect of exchange rate changes on cash and cash equivalents | 69 | 138 | (551)
Effect of transfer PTVI to non-current assets held for sale | (703) |  |
Cash and cash equivalents from subsidiaries sold, net |  | (11) |
Cash and cash equivalents at end of the year | $ 3,609 | $ 4,736 | $ 11,721

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