QUEST DIAGNOSTICS INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
DGX$258.44-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $908 | $1,015 | $2,080 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 439 | 437 | 408 |
| Provision for credit losses | 1 | 3 | 4 |
| Deferred income tax (benefit) provision | (49) | 1 | (57) |
| Stock-based compensation expense | 77 | 77 | 79 |
| Gain on disposition of joint venture | — | — | (314) |
| Other, net | 41 | 66 | (54) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (15) | 246 | 81 |
| Accounts payable and accrued expenses | (55) | (149) | 35 |
| Income taxes payable | (2) | (31) | (20) |
| Other assets and liabilities, net | (73) | 53 | (9) |
| Net cash provided by operating activities | 1,272 | 1,718 | 2,233 |
| Cash flows from investing activities: | |||
| Business acquisitions, net of cash acquired | (611) | (144) | (331) |
| Proceeds from disposition of joint venture | — | — | 755 |
| Capital expenditures | (408) | (404) | (403) |
| (Increase) decrease in investments and other assets, net | (42) | 5 | — |
| Net cash (used in) provided by investing activities | (1,061) | (543) | 21 |
| Cash flows from financing activities: | |||
| Proceeds from borrowings | 2,592 | — | — |
| Repayments of debt | (1,844) | (2) | (2) |
| Purchases of treasury stock | (275) | (1,408) | (2,199) |
| Exercise of stock options | 72 | 123 | 129 |
| Employee payroll tax withholdings on stock issued under stock-based compensation plans | (28) | (28) | (22) |
| Dividends paid | (314) | (305) | (309) |
| Distributions to noncontrolling interest partners | (57) | (73) | (99) |
| Other financing activities, net | 14 | (39) | (38) |
| Net cash provided by (used in) financing activities | 160 | (1,732) | (2,540) |
| Net change in cash and cash equivalents and restricted cash | 371 | (557) | (286) |
| Cash and cash equivalents and restricted cash, beginning of year | 315 | 872 | 1,158 |
| Cash and cash equivalents and restricted cash, end of year | $686 | $315 | $872 |
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