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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 725 $ 563
Trade receivables, net of allowances of $28 million and $33 million at December 31, 2021 and 2020, respectively 692 623
Inventories 816 841
Prepaid expenses and other current assets 237 270
Assets held for sale 49  
Total current assets 2,519 2,297
Other assets:    
Equity investments 643 673
Pension assets 150 67
Other assets 577 662
Intangibles, net 286 325
Goodwill 1,840 1,951
Total other assets 3,496 3,678
Property, plant and equipment:    
Land, at cost 237 248
Buildings and equipment, at cost:    
Buildings and building equipment 1,134 1,197
Factory machinery and equipment 5,112 5,285
Transportation, office and miscellaneous equipment 72 79
Construction in progress 300 211
Property, plant and equipment, at cost 6,855 7,020
Less accumulated depreciation 4,038 4,113
Net property, plant and equipment 2,817 2,907
Total assets 8,832 8,882
Current liabilities:    
Accounts payable 1,210 1,126
Salaries and wages 165 145
U.S. and foreign income taxes 41 22
Other accrued liabilities 345 408
Short-term loans 34 55
Long-term debt due within one year 38 142
Liabilities held for sale 13  
Total current liabilities 1,846 1,898
Long-term debt 4,753 4,945
Deferred taxes 102 109
Pension benefits 284 521
Nonpension postretirement benefits 106 113
Other liabilities 289 424
Paddock Support Agreement 625 471
Share owners' equity of the Company:    
Common stock, par value $.01 per share, 250,000,000 shares authorized, 187,752,045 and 189,305,018 shares issued (including treasury shares), respectively 2 2
Capital in excess of par value 3,090 3,129
Treasury stock, at cost, 31,396,951 and 31,911,047 shares, respectively (701) (714)
Retained earnings 301 152
Accumulated other comprehensive loss (1,972) (2,272)
Total share owners' equity of the Company 720 297
Noncontrolling interests 107 104
Total share owners' equity 827 401
Total liabilities and share owners' equity $ 8,832 $ 8,882