XML 21 R8.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 income $ 463 $ 837 $ 504
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 204 187 146
Amortization of debt issuance costs, extinguishment costs and discounts 4 2 3
Share-based compensation 88 76 51
Deferred income taxes (210) (69) (40)
Unrealized (gain) loss on forward interest rate swaps (89) (30) 33
Other, net 1 (1) 1
Changes in operating assets and liabilities:      
Accounts receivable, net (5) (239) 130
Inventories, net (341) 18 (42)
Other assets (48) (23) 11
Accounts payable 92 96 47
Accrued liabilities (51) 110 16
Deferred revenue 60 113 103
Income taxes 108 1 (5)
Legal settlement liability 225 0 0
Other operating activities (13) (9) 4
Net cash provided by operating activities 488 1,069 962
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (881) (452) (548)
Purchases of property, plant and equipment (75) (59) (67)
Proceeds from the sale of long-term investments 0 0 6
Purchases of short-term investments 0 (1) 0
Purchases of long-term investments (12) (34) (32)
Net cash used in investing activities (968) (546) (641)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 1,284 46 302
Payments of long term-debt (247) (303) (342)
Payment of debt issuance costs, extinguishment costs and discounts (8) 0 (1)
Payments for repurchases of common stock (751) (57) (200)
Net payments related to share-based compensation plans (14) (56) (25)
Change in unremitted cash collections from servicing factored receivables (11) (1) 109
Net cash provided by (used in) financing activities 253 (371) (157)
Effect of exchange rate changes on cash and cash equivalents, including restricted cash 0 0 (2)
Net (decrease) increase in cash and cash equivalents, including restricted cash (227) 152 162
Cash and cash equivalents, including restricted cash, at beginning of period 344 192 30
Cash and cash equivalents, including restricted cash, at end of period 117 344 192
Less restricted cash, included in Prepaid expenses and other current assets (12) (12) (24)
Cash and cash equivalents 105 332 168
Supplemental disclosures of cash flow information:      
Income taxes paid 168 199 107
Interest paid $ 58 $ 32 $ 38