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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 60 $ 58
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41 36
Foreign exchange (losses) gains 3 0
Deferred income taxes (3) 11
Other, net 6 (3)
Changes in assets and liabilities, excluding the effects of acquisitions:    
Accounts receivable (78) (34)
Contract and other assets (8) (29)
Accounts payable (13) (18)
Accrued expenses (98) (61)
Pension and postretirement benefit plans (1) 4
Contract and other liabilities 232 197
Net cash flows provided by operating activities 141 161
Investing activities    
Capital expenditures (57) (63)
Sales of investments 0 51
Purchases of investments 0 (66)
Other investing activities, net 0 3
Net cash flows used in investing activities (57) (75)
Financing activities    
Proceeds from long-term debt 20 30
Repayment of long-term debt (45) 0
Dividend to stockholder of UL Solutions (25) (20)
Other financing activities, net 1 0
Net cash flows (used in) provided by financing activities (49) 10
Effect of exchange rate changes on cash and cash equivalents (6) 0
Net increase in cash and cash equivalents 29 96
Cash and cash equivalents    
Beginning of period 315 322
End of period 344 418
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 10 8
Cash paid during the period for income taxes 9 10
Cash paid during the period for stock-based compensation 0 7
Noncash investing and financing activities    
Capital expenditures funded by liabilities $ 33 $ 21