XML 38 R9.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income $ (950) $ 411 $ (73)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 119 124 142
Amortization of intangible assets 209 222 192
Fixed asset impairment 0 0 3
Goodwill impairment 1,187 0 157
Indefinite-lived intangible asset impairment 100 0 39
Deferred income taxes (228) (25) (62)
Stock based compensation expense 59 48 47
Equity in earnings from unconsolidated affiliates 36 10 0
Other non-cash (income) expense 60 24 3
Loss (gain) on sale or disposal of non-strategic businesses and product lines 3 (14) 1
Changes in operating assets and liabilities, net of acquisitions:      
Accounts and notes receivable-trade, net 85 (117) 131
Inventories, net (141) (64) 123
Prepaid expenses and other current assets, net (33) (32) 39
Other noncurrent assets 1 (10) 1
Accounts payable 30 (49) (28)
Accrued liabilities (6) 100 (10)
Income taxes (15) 17 (41)
Other noncurrent liabilities 1 12 (15)
Net cash provided by operating activities 517 657 649
Cash flows from investing activities:      
Cash paid for acquisitions of businesses and equity investments, net of cash acquired 0 (248) (1,078)
Cash received on sale of non-strategic businesses or product lines 0 28 1
Capital expenditures (149) (142) (87)
Cash received on derivative contracts 13 2 58
Other investing activities, net (2) 2 0
Net cash used in investing activities (138) (358) (1,106)
Cash flows from financing activities:      
Proceeds from long-term borrowings, net of deferred financing costs 6 16 1,448
Repayments on long-term borrowings (2) (297) (701)
Net borrowings (repayments) on short-term borrowings (64) 179 2
Payments on terminated derivative instruments 0 0 (30)
Proceeds from exercised stock options 6 51 11
Cash paid for treasury stock (150) (200) (140)
Cash dividends paid (104) (92) (88)
Other financing activities, net (21) (36) (26)
Net cash (used in) provided by financing activities (329) (379) 476
Effect of exchange rate changes on cash and cash equivalents (24) (19) 14
Net increase (decrease) in cash and cash equivalents 26 (99) 33
Cash and cash equivalents at beginning of period 339 438 405
Cash and cash equivalents at end of period 365 339 438
Supplemental disclosures of cash flow information:      
Interest paid, net of amounts capitalized 70 64 45
Income taxes paid, net of refunds 122 148 82
Non-cash investing activities:      
Change in accounts payable related to capital expenditures $ (6) $ 19 $ 0