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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 69 $ 112
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 29 32
Amortization of intangible assets 55 56
Deferred income taxes (14) (3)
Stock based compensation expense 11 13
Other non-cash expense 2 16
Gain on sale of non-strategic businesses and product lines 0 (13)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts and notes receivable-trade, net 34 13
Inventories, net (41) (51)
Prepaid expenses and other current assets, net (17) (26)
Other noncurrent assets 3 (13)
Accounts payable 19 (16)
Accrued liabilities (53) (79)
Income taxes 3 (5)
Other noncurrent liabilities (7) 13
Net cash provided by operating activities 93 49
Cash flows from investing activities:    
Capital expenditures (44) (30)
Cash paid for acquisitions of businesses and equity investments, net of cash acquired 0 (92)
Cash received on sale of non-strategic businesses or product lines 0 19
Cash received on derivative contracts 1 0
Net cash used in investing activities (43) (103)
Cash flows from financing activities:    
Cash paid for accelerated share repurchase (150) 0
Proceeds on short-term borrowings 163 30
Cash paid for treasury stock 0 (90)
Cash dividends paid (24) (22)
Proceeds from long-term borrowings, net of deferred financing costs 5 4
Repayments on long-term borrowings (2) 0
Proceeds from exercised stock options 5 33
Other financing activities, net (7) (8)
Net cash used in financing activities (10) (53)
Effect of exchange rate changes on cash and cash equivalents (5) (13)
Net increase (decrease) in cash and cash equivalents 35 (120)
Cash and cash equivalents at beginning of period 339 438
Cash and cash equivalents at end of period $ 374 $ 318