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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 825 $ 641 $ 565
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 531 479 491
Stock-based compensation expense 47 41 46
Below market intangible amortization (54) (53) (50)
Deferred income taxes (58) 36 88
Net loss (gain) on disposal of property, plant and equipment 7 3 (4)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable and unbilled accounts receivable (195) (52) (76)
Inventories (58) (368) (41)
Accounts payable (58) 306 109
Accrued income taxes 1 7 (4)
Accrued liabilities and customer deposits 126 108 84
Other assets and liabilities 87 (110) (135)
Net cash provided by operating activities 1,201 1,038 1,073
Investing Activities      
Acquisitions of businesses, net of cash acquired (308) (89) (435)
Purchase of property, plant and equipment (186) (149) (130)
Proceeds from disposal of property, plant and equipment 2 3 25
Net cash used for investing activities (492) (235) (540)
Financing Activities      
Proceeds from debt, net of issuance costs 5,563 6,087 5,391
Payments of debt (5,521) (6,117) (5,552)
Repurchase of stock (409) (473) (300)
Cash dividends (123) (111) (92)
Payment of contingent consideration on acquisitions (112) (101) (99)
Distribution to noncontrolling interest (17) 0 0
Payment of income tax withholding on share-based compensation (16) (7) (7)
Other financing activities 2 14 6
Net cash used for financing activities (633) (708) (653)
Effect of changes in currency exchange rates 3 (27) (6)
Increase (decrease) in cash 79 68 (126)
Cash, cash equivalents and restricted cash, beginning of year 541 473 599
Cash, cash equivalents and restricted cash, end of year $ 620 $ 541 $ 473