XML 105 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Consolidated net income $ 199 $ 885 $ 778
Discontinued operations 0 324 (39)
Net income from continuing operations 199 561 817
Adjustments for:      
Sale of emission allowances 0 0 (600)
Depreciation and amortization of assets 1,233 1,120 1,120
Impairment losses of longed-lived assets 43 442 509
Share of profit of equity accounted investees (98) (30) (54)
Results on sale of subsidiaries, other disposal groups and others (39) (116) (23)
Financial expense, financial income and other items, net 498 354 737
Income taxes 1,250 209 137
Changes in working capital, excluding income taxes 192 (390) (143)
Cash flows provided by operating activities from continuing operations 3,278 2,150 2,500
Interest paid (581) (493) (524)
Income taxes paid (538) (188) (170)
Net cash flows provided by operating activities from continuing operations 2,159 1,469 1,806
Net cash flows provided by operating activities from discontinued operations 0 6 37
Net cash flows provided by operating activities after interest and income taxes 2,159 1,475 1,843
INVESTING ACTIVITIES      
Purchase of property, machinery and equipment, net (968) (909) (776)
Acquisition of intangible assets, net (207) (151) (192)
Disposal (acquisition) of subsidiaries, net (189) 341 122
Proceeds from the sale of emission allowances 0 0 600
Non-current assets and others, net 24 (12) (10)
Cash flows used in investing activities from continuing operations (1,340) (731) (256)
Net cash flows used in investing activities from discontinued operations 0 (1) (17)
Net cash flows used in investing activities (1,340) (732) (273)
FINANCING ACTIVITIES      
Proceeds from new debt instruments 2,938 2,006 3,960
Debt repayments (3,840) (2,420) (5,897)
Issuance of subordinated notes 992 0 994
Other financial obligations, net (274) (197) (288)
Own shares repurchase program 0 (111) 0
Shares in trust for future deliveries under share-based compensation (45) (36) 0
Changes in non-controlling interests and repayment of perpetual debentures (62) (14) (447)
Derivative financial instruments (189) 34 (41)
Coupons on subordinated notes and coupons on perpetual debentures (120) (51) (24)
Non-current liabilities, net (101) (172) (109)
Net cash flows used in financing activities (701) (961) (1,852)
Increase (decrease) in cash and cash equivalents from continuing operations 118 (223) (302)
Increase in cash and cash equivalents from discontinued operations 0 5 20
Foreign currency translation effect on cash 11 100 (55)
Cash and cash equivalents at beginning of period 495 613 950
CASH AND CASH EQUIVALENTS AT END OF PERIOD 624 495 613
Changes in working capital, excluding income taxes:      
Trade accounts receivable (27) (208) (20)
Other accounts receivable and other assets 21 (23) 94
Inventories 68 (464) (341)
Trade accounts payable (45) 290 290
Other accounts payable and accrued expenses 175 15 (166)
Changes in working capital, excluding income taxes $ 192 $ (390) $ (143)