UL Solutions Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
ULS$81.56+0.5%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
UL Solutions Inc.
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2024 | 2023 | 2022 |
| Operating activities | |||
| Net income | $345 | $276 | $309 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
| Depreciation and amortization | 172 | 154 | 135 |
| Goodwill impairment | — | 37 | — |
| Gains on divestitures | (24) | (2) | — |
| Stock-based compensation | 23 | — | — |
| Losses on foreign exchange transactions | 11 | 4 | 18 |
| Losses (gains) on investments, net | 6 | (6) | (18) |
| Deferred income taxes | (6) | 11 | 10 |
| Pension settlement losses | — | — | 18 |
| Other, net | 14 | 11 | 8 |
| Changes in assets and liabilities, excluding the effects of acquisitions and divestitures: | |||
| Accounts receivable | (31) | 6 | (15) |
| Contract and other assets | 3 | (33) | (12) |
| Accounts payable | 13 | 1 | (18) |
| Accrued expenses | 7 | (28) | (85) |
| Pension and postretirement benefit plans | (9) | 4 | 19 |
| Contract and other liabilities | — | 32 | 3 |
| Net cash flows provided by operating activities | 524 | 467 | 372 |
| Investing activities | |||
| Capital expenditures | (237) | (215) | (164) |
| Acquisitions, net of cash acquired | (26) | (18) | (66) |
| Proceeds from divestitures | 29 | 4 | — |
| Sales of investments | — | 144 | 155 |
| Purchases of investments | — | (95) | (162) |
| Other investing activities, net | — | 5 | (1) |
| Net cash flows used in investing activities | (234) | (175) | (238) |
| Financing activities | |||
| Proceeds from long-term debt | 181 | 440 | 700 |
| Repayments of long-term debt | (346) | (30) | (200) |
| Dividends to stockholders of UL Solutions | (100) | (680) | (1,600) |
| Dividends to non-controlling interest | (15) | (14) | (13) |
| Other financing activities, net | (4) | (10) | (3) |
| Net cash flows used in financing activities | (284) | (294) | (1,116) |
| Effect of exchange rate changes on cash and cash equivalents | (23) | (5) | (24) |
| Net decrease in cash and cash equivalents | (17) | (7) | (1,006) |
| Cash and cash equivalents | |||
| Beginning of period | 315 | 322 | 1,328 |
| End of period | $298 | $315 | $322 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for interest | $57 | $32 | $17 |
| Cash paid during the period for income taxes | 66 | 57 | 68 |
| Cash paid during the period for stock-based compensation | 19 | 61 | 48 |
| Noncash investing and financing activities | |||
| Capital expenditures funded by liabilities | $43 | $46 | $29 |
| Conversion of stock-based compensation awards to equity (Note 18) | 26 | — | — |
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