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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 142 $ 208
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 59 64
Amortization of intangible assets 108 112
Deferred income taxes (13) (6)
Stock based compensation expense 33 32
Other non-cash expense 29 17
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 53 (15)
Inventories, net (95) (80)
Prepaid expenses and other current assets, net (39) (22)
Other noncurrent assets (6) (8)
Accounts payable 49 (24)
Accrued liabilities (47) (5)
Income taxes 2 (7)
Other noncurrent liabilities (9) 10
Net cash provided by operating activities 266 263
Cash flows from investing activities:    
Capital expenditures (85) (66)
Cash paid for acquisitions of businesses and equity investments, net of cash acquired 0 (241)
Cash received on sale of non-strategic businesses or product lines 0 27
Cash received on derivative contracts 5 0
Proceeds from sale of property, plant, and equipment 0 1
Other investing activities (3) 0
Net cash used in investing activities (83) (279)
Cash flows from financing activities:    
Cash paid for accelerated share repurchase (150) 0
Proceeds on short-term borrowings 38 6
Cash paid for treasury stock 0 (90)
Cash dividends paid (51) (44)
Proceeds from long-term borrowings, net of deferred financing costs 5 13
Repayments on long-term borrowings (2) 0
Proceeds from exercised stock options 6 45
Other financing activities, net (8) (8)
Net cash used in financing activities (162) (78)
Effect of exchange rate changes on cash and cash equivalents 2 (12)
Net increase (decrease) in cash and cash equivalents 23 (106)
Cash and cash equivalents at beginning of period 339 438
Cash and cash equivalents at end of period $ 362 $ 332