Cash Flows (Tables)

3 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Cash Payments for Interest on Indebtedness and for Taxes

Cash payments for interest on indebtedness and income taxes and other select non-cash activities are as follows:

	Three Months Ended
(in millions)	June 30, 2023		June 30, 2022
Cash paid for:
Interest	$	51	$	22
Taxes on income, net of refunds (1)	$	52	$	53
Non-cash activities:
Operating:
ROU assets obtained in exchange for lease, net (2)	$	23	$	55
Prepaid assets acquired under long-term financing	$	4	$	34
Investing:
Capital expenditures in accounts payable and accrued expenses	$	3	$	8
Capital expenditures through finance lease obligations	$	17	$	26
Assets acquired under long-term financing	$	27	$	2
Financing:
Shares repurchased but not settled in cash (3)	$	13	$	—

(1) Income tax refunds were $6 million and $13 million for the three months ended June 30, 2023 and June 30, 2022, respectively.

(2) Net of $230 million and $338 million in lease modifications and terminations for the three months ended June 30, 2023 and June 30, 2022, respectively.

(3) On August 16, 2022, the U.S. government enacted the IRA into law. The IRA imposes a 1% excise tax on share repurchases completed after December 31, 2022. In our cash flow statement, we reflect the excise tax as a financing activity relating to the repurchase of common stock.