Annual report pursuant to Section 13 and 15(d)

NET CHANGE IN OPERATING ASSETS AND LIABILITIES

v3.24.0.1
NET CHANGE IN OPERATING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2023
Increase (Decrease) in Operating Capital [Abstract]  
NET CHANGE IN OPERATING ASSETS AND LIABILITIES NET CHANGE IN OPERATING ASSETS AND LIABILITIES
Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was composed of the following (in millions):
Year Ended December 31, 2023 2022 2021
(Increase) decrease in trade accounts receivable $ (2) $ (69) $ (225)
(Increase) decrease in inventories1
(597) (960) (135)
(Increase) decrease in prepaid expenses and other current assets (323) 225  (241)
Increase (decrease) in accounts payable and accrued expenses2
841  759  2,843 
Increase (decrease) in accrued income taxes (578) (360) (566)
Increase (decrease) in other noncurrent liabilities (187) (200) (351)
Net change in operating assets and liabilities $ (846) $ (605) $ 1,325 
1The increase in inventories in 2022 was primarily due to improved business performance, higher costs and the buildup of inventory to manage potential supply chain disruptions.
2The increase in accounts payable and accrued expenses in 2021 was primarily due to an increase in trade accounts payable, higher marketing accruals, BodyArmor acquisition-related accruals and higher annual incentive accruals. Refer to Note 2 for additional information regarding the BodyArmor acquisition.