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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash from operating activities    
Net income $ 218 $ 194
Non-cash charges to net income:    
Depreciation and amortization 53 54
Mechanical stores expense 14 18
Net gain on sale of business (82) 0
Other non-cash charges 32 20
Changes in working capital:    
Accounts receivable and prepaid expenses 6 (44)
Inventories 104 (87)
Accounts payable and accrued liabilities (135) (171)
Margin accounts (11) (19)
Other 10 (16)
Cash provided by (used for) operating activities 209 (51)
Cash from investing activities    
Capital expenditures and mechanical stores purchases (65) (76)
Proceeds from disposal of manufacturing facilities and properties 0 1
Proceeds from sale of business 247 0
Other (1) (6)
Cash provided by (used for) investing activities 181 (81)
Cash from financing activities    
Proceeds from borrowings 149 318
Payments on debt (134) (267)
Commercial paper borrowings, net (312) 107
Repurchases of common stock, net (1) 0
Issuances of common stock for share-based compensation, net 2 2
Dividends paid, including to non-controlling interests (51) (47)
Cash (used for) provided by financing activities (347) 113
Effects of foreign exchange rate changes on cash (6) (1)
Increase (decrease) in cash and cash equivalents 37 (20)
Cash and cash equivalents, beginning of period 401 236
Cash and cash equivalents, end of period $ 438 $ 216