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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 99 $ 82
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 28 28
Amortization 32 30
Share-based compensation 12 9
Restructuring and asset impairment charges 8 0
Gain from sale of business 0 1
Other, net 3 3
Payments for restructuring (6) (3)
Changes in assets and liabilities (net of acquisitions):    
Changes in receivables (28) (64)
Changes in inventories (55) (106)
Changes in accounts payable (14) 20
Other, net (98) (79)
Net Cash – Operating activities (19) (81)
Investing Activities    
Capital expenditures (49) (49)
Proceeds from sale of business 0 1
Proceeds from the sale of property, plant and equipment 0 1
Cash received from investments 2 4
Cash paid for investments 0 (6)
Cash received from cross-currency swaps 11 7
Other, net (1) (1)
Net Cash – Investing activities (37) (43)
Financing Activities    
Repurchase of common stock (8) (51)
Proceeds from exercise of employee stock options 7 1
Dividends paid (60) (55)
Other, net (2) (1)
Net Cash – Financing activities (63) (106)
Effect of exchange rate changes on cash 12 (2)
Net change in cash and cash equivalents (107) (232)
Cash and cash equivalents at beginning of year 944 1,349
Cash and cash equivalents at end of period 837 1,117
Cash paid during the period for:    
Interest 11 23
Income taxes (net of refunds received) $ 49 $ 15