Organon & Co.
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 26, 2024
OGN$13.89+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
($ in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities | |||
| Net income from continuing operations | $1,023 | $917 | $1,351 |
| Adjustments to reconcile net income from continuing operations to net cash flows provided by operating activities: | |||
| Depreciation | 120 | 96 | 92 |
| Amortization | 116 | 116 | 103 |
| Impairment of assets | — | 9 | 7 |
| Acquired in-process research and development and milestones | 8 | 107 | 104 |
| Deferred income taxes | (485) | (18) | (288) |
| Stock-based compensation | 101 | 75 | 59 |
| Unrealized foreign exchange loss (gain) | 40 | (18) | 18 |
| Other | 31 | 26 | 12 |
| Net changes in assets and liabilities | |||
| Accounts receivable | (212) | (123) | (277) |
| Inventories | (230) | (220) | (138) |
| Other current assets | (10) | (43) | 353 |
| Trade accounts payable | 163 | (237) | 663 |
| Accrued and other current liabilities | 102 | 172 | 329 |
| Due from/due to related party | — | — | (164) |
| Income taxes payable | 16 | 7 | (119) |
| Other | 16 | (8) | 55 |
| Net Cash Flows Provided by Operating Activities from Continuing Operations | 799 | 858 | 2,160 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (251) | (196) | (192) |
| Proceeds from sale of property, plant and equipment | 1 | 7 | 7 |
| Acquired in-process research and development and milestones | (8) | (107) | (104) |
| Purchase of product rights and asset acquisition, net of cash acquired | (2) | (124) | (192) |
| Net Cash Flows Used in Investing Activities from Continuing Operations | (260) | (420) | (481) |
| Cash Flows from Financing Activities | |||
| Proceeds from debt | 80 | — | 9,470 |
| Repayments of debt | (338) | (108) | (112) |
| Payment of long-term debt issuance costs | — | — | (118) |
| Repayments of short-term borrowings from Merck & Co., Inc., net | — | — | (1,512) |
| Net consideration paid to Merck & Co. Inc. in connection with the Separation | — | — | (9,000) |
| Net transfers to Merck & Co., Inc. | — | (24) | 440 |
| Employee withholding taxes related to stock-based awards | (17) | (11) | — |
| Dividend payments | (294) | (290) | (145) |
| Net Cash Flows Used in Financing Activities from Continuing Operations | (569) | (433) | (977) |
| Discontinued Operations | |||
| Net Cash Provided by (Used in) Operating Activities | — | — | 298 |
| Net Cash Used in Financing Activities | — | — | (356) |
| Net Cash Flows Used in Discontinued Operations | — | — | (58) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents from Continuing Operations | 17 | (36) | 23 |
| Net (Decrease) Increase in Cash and Cash Equivalents | (13) | (31) | 667 |
| Cash and Cash Equivalents, Beginning of Period | 706 | 737 | 12 |
| Cash and Cash Equivalents of Discontinued Operations, Beginning of Period | — | — | 58 |
| Total Cash and Cash Equivalents, End of Period | 693 | 706 | 737 |
| Less: Cash and Cash Equivalents of Discontinued Operations, End of Period | — | — | — |
| Cash and Cash Equivalents, End of Period | $693 | $706 | $737 |
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