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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income $ 854 $ 608
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 375 371
Stock-based compensation expense 44 36
Below market intangible amortization (34) (39)
Net loss on disposal of property, plant and equipment 2 4
Changes in operating assets and liabilities, net of acquisitions and dispositions:    
Accounts receivable and unbilled accounts receivable (92) (214)
Inventories (115) (201)
Accounts payable 87 (50)
Accrued income taxes 33 (6)
Accrued liabilities and customer deposits (172) 12
Other assets and liabilities 129 (6)
Net cash provided by operating activities 1,111 515
Investing Activities    
Purchase of property, plant and equipment (123) (109)
Proceeds from dispositions of businesses 17 0
Proceeds from disposal of property, plant and equipment 13 0
Acquisitions of businesses, net of cash acquired (13) (227)
Net cash used for investing activities (106) (336)
Financing Activities    
Proceeds from debt, net of issuance costs 1,872 4,351
Payments of debt (1,934) (4,302)
Repurchase of stock (974) (252)
Cash dividends (106) (92)
Payment of contingent consideration (42) 0
Payment of income tax withholding on share-based compensation (24) (16)
Distribution to noncontrolling interest (6) (12)
Other financing activities 5 0
Net cash used for financing activities (1,209) (323)
Effect of changes in currency exchange rates (6) (5)
Decrease in cash (210) (149)
Cash, cash equivalents and restricted cash, beginning of period 620 541
Cash, cash equivalents and restricted cash, end of period $ 410 $ 392