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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 $ 609 $ 355 $ 427
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 193 111 118
Amortization 243 125 127
Deferred income taxes (79) (64) 10
Share-based compensation 60 37 33
Restructuring and asset impairment charges 76 29 7
U.K. pension settlement expense 0 140 0
Loss (gain) from sale of businesses 1 (1) (2)
Other, net 0 (4) 8
Payments for restructuring (30) (11) (25)
Contributions to post-retirement benefit plans (25) (19) (29)
Changes in assets and liabilities (net of acquisitions):      
Changes in receivables (87) (192) (70)
Changes in inventories 41 (147) (167)
Changes in accounts payable 22 117 81
Changes in accrued liabilities (4) 57 7
Changes in accrued and deferred taxes (109) 57 (9)
Net changes in other assets and liabilities (74) 6 22
Net Cash — Operating activities 837 596 538
Investing Activities      
Capital expenditures (271) (208) (208)
Proceeds from the sale of property, plant and equipment 1 4 3
Acquisitions of businesses, net of cash acquired (476) 0 0
Proceeds from sale of businesses 105 1 10
Cash received from investments 1 5 0
Cash paid for investments (1) (11) 0
Cash paid for equity investments (57) (3) (5)
Cash received from interest rate swaps 38 0 0
Cash received from cross-currency swaps 28 28 14
Settlement of currency forward agreement 0 (10) 0
Other, net 4 3 3
Net Cash — Investing activities (628) (191) (183)
Financing Activities      
Long-term debt issued, net 278 0 0
Long-term debt repaid, net (160) (527) (600)
Repurchase of common stock (25) (52) (68)
Proceeds from exercise of employee stock options 62 8 19
Dividends paid (299) (217) (203)
Other, net (13) (2) (3)
Net Cash — Financing activities (157) (790) (855)
Effect of exchange rate changes on cash 23 (20) (26)
Net change in cash and cash equivalents 75 (405) (526)
Cash and cash equivalents at beginning of year 944 1,349 1,875
Cash and cash equivalents at end of year 1,019 944 1,349
Cash paid during the year for:      
Interest 69 76 99
Income taxes (net of refunds received) $ 211 $ 91 $ 83