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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ (51) $ (14)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:    
Depreciation and amortization 128 124
Amortization of right-of-use assets 21 18
Operating lease right-of-use asset impairment 0 8
Gain on divestiture of a business 0 (72)
Share-based compensation expense 39 30
Benefit for deferred income taxes (16) (7)
Amortization of debt issuance costs 4 4
Loss on managed exit of a business 0 8
Other 4 1
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 6 (77)
Inventories, net (33) 99
Other assets and liabilities (58) (48)
Accounts payable and accrued expenses 14 (63)
Net cash provided by (used for) operating activities 58 11
Cash flows from investing activities:    
Purchases of property and equipment (38) (40)
Payments related to equity investments and business acquisitions, net of cash acquired (81) (13)
Proceeds from divestiture of a business, net 0 104
Proceeds from sale of property and equipment 0 4
Net cash provided by (used for) investing activities (119) 55
Cash flows from financing activities:    
Proceeds from revolving credit facility 0 190
Repayments of Lines of Credit 0 (190)
Principal payments of debt 0 (62)
Debt issuance and amendment costs 0 (5)
Proceeds from share-based awards 4 7
Tax payments related to share-based awards (15) (1)
Proceeds from issuance of Series A preferred stock 0 250
Series A preferred stock issuance costs 0 (6)
Series A preferred stock dividend 0 (6)
Distributions to non-controlling shareholders (2) 0
Deferred payments related to equity investments and business acquisitions (13) (17)
Payments related to the buy-out of non-controlling interests in subsidiaries of Covetrus (11) 0
Net cash provided by (used for) financing activities (37) 160
Effect of exchange rate changes on cash and cash equivalents (5) (1)
Net change in cash and cash equivalents (103) 225
Cash and cash equivalents, beginning of period 290 130
Cash and cash equivalents, end of period 187 355
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of Series A preferred stock 0 156
Right-of-use assets obtained in exchange for new operating lease liabilities 26 60
Deconsolidation of a subsidiary 0 15
Issuance of shares in connection with acquisitions $ 4 $ 0