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Whether it's going to be sales acceleration or it's going to be better margins or less investment than people expect in the future, less fixed capitalinvestment and determine when that might hit the books and that's the edge. Their return on investedcapital, I believe is in the '20s.
This resulted in higher realized iron ore premiums, but more importantly, higher margins and returns on investedcapital. We are also laser-focused on optimizing our capital expenditures. billion, leveraging optimization initiatives in certain capitalinvestments.
These offerings illustrate the diversity of debt products available to us and the intentionality of our capital diversification philosophy. Our 30-year offering was our first 30-year issuance since 2017, and our public sterling offering was our fifth non-U.S. Thus, private capital controls more than 90% of the U.S.
The takeaways from these analyses together with our on the ground experiences across our global business continue to shape and evolve our approach to capital allocation. And the criteria we use to support ongoing capitalinvestment and the setting of appropriate risk adjusted rates of return. organic growth in 2023.
The Baytown expansion is the final product solutions component of the Growing the Gulf initiative announced in 2017. If you recall, the initiative committed to investments of $20 billion over 10 years to capitalize on the U.S.' 11 of the 13 projects are up and running. And that's across our entire business.
So, yes, we are still working through with our supplier to enable various coding and capabilities that would result in us not having to make substantial capitalinvestments related to our upgrades for our pure technology. Mark Widmar -- Chief Executive Officer I'll take the first one, and then, Alex, take all the rest of them.
billion in capitalinvestments. This is the final year that we will make a payment related to the Tax Cuts and Jobs Act of 2017. Number two, we expect that part of the timing of working capital initiatives that benefited 2024 free cash flow will reverse and impact 2025 free cash flow. In 2024, we realized $3.5
billion in cash from operations, made $24 billion of gross capitalinvestments and generated capital offsets of approximately $13.4 billion of cash and short-term investments. So, we actually have a lot of capital on the balance sheet that really hasn't been deployed. Full year EPS was minus $0.13 and down $1.18
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