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Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows - operating activities    
Net income $ 816 $ 900
Income from discontinued operations, net of taxes 0 12
Net income from continuing operations 816 888
Adjustments to reconcile Net income to Cash from (used for) operating activities    
Depreciation and amortization of property, plant, and equipment 124 112
Amortization of intangible assets 189 204
Gain on fair value remeasurement of contingent consideration (3) 0
Net periodic postretirement benefit plan (income) expense (207) 6
Postretirement plan contributions (180) (12)
Provision for income taxes 300 284
Share-based compensation 52 39
Cash paid during the year for income taxes (271) (443)
Cash paid during the year for interest (250) 0
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:    
Receivables (32) (161)
Due from related parties 10 (1)
Inventories (172) (447)
Contract and other deferred assets (64) (96)
Accounts payable (40) 282
Due to related parties (11) (48)
Contract liabilities 111 84
All other operating activities 29 (242)
Cash from (used for) operating activities – continuing operations 401 449
Cash flows – investing activities    
Additions to property, plant, and equipment (213) (159)
Dispositions of property, plant, and equipment 1 3
Purchases of businesses, net of cash acquired (147) 0
All other investing activities 9 (29)
Cash from (used for) investing activities – continuing operations (350) (185)
Cash flows – financing activities    
Net increase (decrease) in borrowings (maturities of 90 days or less) (12) 0
Newly issued debt, net of debt issuance costs (maturities longer than 90 days) 2,000 0
Repayments and other reductions (maturities longer than 90 days) (6) (1)
Dividends paid to shareholders (14) 0
Redemption of noncontrolling interests (211) 0
Net transfers (to) from GE (1,317) (225)
All other financing activities 6 (54)
Cash from (used for) financing activities – continuing operations 446 (280)
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash (3) (15)
Increase (decrease) in cash, cash equivalents, and restricted cash 494 (31)
Cash, cash equivalents, and restricted cash at beginning of year 1,451 561
Cash, cash equivalents, and restricted cash as of June 30 $ 1,945 $ 530