v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash and cash equivalents at beginning of year $ 1,192,230 $ 889,900 $ 1,499,142
Cash flows from operating activities:      
Net (loss) income (465,210) (1,135,477) 1,670,543
Adjustments to reconcile net (loss) income to cash flows from operating activities:      
Depreciation and amortization 658,678 588,638 429,944
Non-cash goodwill impairment charges 181,070 0 0
Non-cash long-lived asset impairment charges 245,600 0 0
Non-cash restructuring and asset write-offs 0 1,013,444 0
Gain on change in interest in properties/sale of business, net 0 0 (71,190)
Stock-based compensation and other 40,271 32,141 36,545
Equity in net income of unconsolidated investments (net of tax) (243,744) (715,433) (1,854,082)
Dividends received from unconsolidated investments and nonmarketable securities 93,739 358,933 2,000,862
Pension and postretirement expense (benefit) 23,377 (5,274) (1,658)
Pension and postretirement contributions (20,441) (19,379) (17,866)
Realized loss on investments in marketable securities 0 33,746 0
Unrealized (gain) loss on investments in marketable securities (14,088) 30,073 39,864
Loss on early extinguishment of debt 7,471 0 0
Deferred income taxes 81,169 (230,406) 100,877
Changes in current assets and liabilities, net of effects of acquisitions and divestitures:      
Decrease (increase) in accounts receivable 47,315 555,218 (350,655)
Decrease (increase) in inventories 212,351 1,055,036 (353,564)
Decrease (increase) in other current assets 4,027 244,987 (171,870)
(Decrease) increase in accrued expenses and income taxes payable (36,753) (140,099) 253,518
Noncurrent liability changes and other, net 339,290 (116,035) (101,274)
Net cash provided by operating activities 1,282,267 687,876 1,326,583
Cash flows from investing activities:      
Acquisitions, net of cash acquired 0 0 (426,228)
Capital expenditures (589,801) (1,680,529) (2,154,542)
Proceeds from sale of property and equipment 32,812 29,102 0
Proceeds from sale from investments 290,908 0 0
Proceeds (payments) from settlement of foreign currency forward contracts, net 114,236 (15,595) 221,849
Sales (purchases) of marketable securities, net 6,077 82,520 (204,451)
Investments in equity investments and nonmarketable securities (239) (270) (1,200)
Net cash used in investing activities (146,007) (1,584,772) (2,564,572)
Cash flows from financing activities:      
Proceeds from issuance of mandatory convertible preferred stock, net of issuance costs 0 2,236,750 0
Proceeds from borrowings of long-term debt and credit agreements 56,728 112,439 356,047
Repayments of long-term debt and credit agreements (505,736) (112,439) (28,862)
Other (repayments) borrowings, net (5,657) (631,834) 617,014
Dividends paid to common shareholders (190,530) (188,530) (187,188)
Dividends paid to mandatory convertible preferred shareholders (166,750) (122,746) 0
Dividends paid to noncontrolling interests (18,169) (37,194) (105,631)
Proceeds from exercise of stock options 3,240 374 190
Withholding taxes paid on stock-based compensation award distributions (7,258) (11,891) (27,468)
Other (55) (3,194) (191)
Net cash (used in) provided by financing activities (834,187) 1,241,735 623,911
Net effect of foreign exchange on cash and cash equivalents 123,698 (42,509) 4,836
Increase (decrease) in cash and cash equivalents 425,771 302,330 (609,242)
Cash and cash equivalents at end of year 1,618,001 1,192,230 889,900
Nonrelated Party      
Changes in current assets and liabilities, net of effects of acquisitions and divestitures:      
Increase (decrease) in accounts payable to third parties 144,208 (462,839) (315,220)
Related Party      
Changes in current assets and liabilities, net of effects of acquisitions and divestitures:      
Increase (decrease) in accounts payable to third parties $ (16,063) $ (399,398) $ 31,809