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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 551 $ 512
Trade receivables, net of allowances of $32 million and $35 million at December 31, 2019 and 2018, respectively 621 549
Inventories 1,045 1,018
Prepaid expenses and other current assets 271 278
Total current assets 2,488 2,357
Other assets:    
Equity investments 694 698
Pension assets 42 44
Other assets 808 602
Intangibles 371 400
Goodwill 1,934 2,513
Total other assets 3,849 4,257
Property, plant and equipment:    
Land, at cost 275 244
Buildings and equipment, at cost:    
Buildings and building equipment 1,267 1,141
Factory machinery and equipment 5,623 5,193
Transportation, office and miscellaneous equipment 104 102
Construction in progress 359 344
Property, plant and equipment, at cost 7,628 7,024
Less accumulated depreciation 4,355 3,939
Net property, plant and equipment 3,273 3,085
Total assets 9,610 9,699
Current liabilities:    
Accounts payable 1,276 1,321
Salaries and wages 132 157
U.S. and foreign income taxes 32 34
Current portion of asbestos-related liabilities   160
Other accrued liabilities 431 375
Short-term loans 75 127
Long-term debt due within one year 49 33
Total current liabilities 1,995 2,207
Long-term debt 5,435 5,181
Deferred taxes 110 96
Pension benefits 528 534
Nonpension postretirement benefits 135 145
Other liabilities 357 194
Asbestos-related liabilities 486 442
Share owners' equity of the Company:    
Common stock, par value $.01 per share, 250,000,000 shares authorized, 188,447,335 and 186,575,999 shares issued (including treasury shares), respectively 2 2
Capital in excess of par value 3,130 3,124
Treasury stock, at cost, 32,573,359 and 30,917,603 shares, respectively (733) (705)
Retained earnings (accumulated deficit) (89) 333
Accumulated other comprehensive loss (1,843) (1,968)
Total share owners' equity of the Company 467 786
Noncontrolling interests 97 114
Total share owners' equity 564 900
Total liabilities and share owners' equity $ 9,610 $ 9,699