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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 1,067 $ 825 $ 641
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 503 531 479
Stock-based compensation expense 66 47 41
Below market intangible amortization (44) (54) (53)
Deferred income taxes 51 (58) 36
Net loss on disposal of property, plant and equipment 4 7 3
Changes in operating assets and liabilities, net of acquisitions and dispositions:      
Accounts receivable and unbilled accounts receivable (34) (195) (52)
Inventories (117) (58) (368)
Accounts payable 70 (58) 306
Accrued income taxes 21 1 7
Current and noncurrent customer deposits 113 116 142
Other accrued liabilities 124 57 (36)
Other operating activities 10 40 (108)
Net cash provided by operating activities 1,834 1,201 1,038
Investing Activities      
Purchase of property, plant and equipment (207) (186) (149)
Acquisitions of businesses, net of cash acquired (168) (308) (89)
Proceeds from dispositions of businesses, net of cash disposed 19 0 0
Proceeds from disposal of property, plant and equipment 13 2 3
Net cash used for investing activities (343) (492) (235)
Financing Activities      
Proceeds from debt, net of issuance costs 2,258 5,563 6,087
Payments of debt (2,322) (5,521) (6,117)
Repurchase of stock (1,097) (409) (473)
Cash dividends (140) (123) (111)
Payment of contingent consideration on acquisitions (42) (112) (101)
Payment of income tax withholding on share-based compensation (25) (16) (7)
Distribution to noncontrolling interest (6) (17) 0
Other financing activities 3 2 14
Net cash used for financing activities (1,371) (633) (708)
Effect of changes in currency exchange rates (25) 3 (27)
Increase in cash 95 79 68
Cash, cash equivalents and restricted cash, beginning of year 620 541 473
Cash, cash equivalents and restricted cash, end of year $ 715 $ 620 $ 541