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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income from operations $ 1,001 $ 3,306
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 407 257
Deferred income tax provision (151) (107)
Stock-based compensation costs 63 58
Equity method investment net earnings (171) (222)
(Gain) loss on extinguishment of debt 0 (36)
(Gain) loss on sale of investments / deconsolidation 278 (1,844)
Changes in operating assets and liabilities    
Accounts receivable, net (297) (433)
Contract assets, current (74) (201)
Inventories, net 7 (492)
Other assets, current (75) (3)
Accounts payable and accrued liabilities 491 180
Contract liabilities, current 55 34
Defined benefit plan contributions (17) (10)
Distributions from equity method investments 45 55
Other operating activities, net (17) 78
Net cash flows provided by (used in) operating activities 1,545 620
Investing Activities    
Capital expenditures (236) (213)
Investment in businesses, net of cash acquired (69) (472)
Dispositions of businesses 54 2,944
Settlement of derivative contracts, net (66) (202)
Kidde-Fenwal, Inc. deconsolidation (134) 0
Other investing activities, net 20 (12)
Net cash flows provided by (used in) investing activities (431) 2,045
Financing Activities    
Increase (decrease) in short-term borrowings, net (35) (125)
Issuance of long-term debt 14 421
Repayment of long-term debt (15) (1,185)
Repurchases of common stock (62) (1,261)
Dividends paid on common stock (465) (384)
Dividends paid to non-controlling interest (46) (22)
Other financing activities, net (79) (28)
Net cash flows provided by (used in) financing activities (688) (2,584)
Effect of foreign exchange rate changes on cash and cash equivalents (45) (115)
Net increase (decrease) in cash and cash equivalents and restricted cash 381 (34)
Cash, cash equivalents and restricted cash, beginning of period 3,527 3,025
Cash, cash equivalents and restricted cash, end of period 3,908 2,991
Less: restricted cash 6 6
Cash and cash equivalents, end of period $ 3,902 $ 2,985