v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Apr. 04, 2021
Mar. 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 611 $ 528
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 170 168
Deferred income taxes 8 (11)
Equity in income of investees, net of dividends (136) (78)
Pension and OPEB expense (Note 3) 20 27
Pension contributions and OPEB payments (Note 3) (51) (60)
Share-based compensation expense 8 4
Restructuring payments 0 (48)
Loss (gain) on corporate owned life insurance 32 (17)
Foreign currency remeasurement and transaction exposure 1 3
Changes in current assets and liabilities    
Accounts and notes receivable (374) 107
Inventories (336) (171)
Other current assets (24) 79
Accounts payable 465 171
Accrued expenses (24) (321)
Changes in other liabilities 0 28
Other, net (31) (30)
Net cash provided by operating activities 339 379
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (87) (75)
Investments in internal use software (11) (8)
Investments in and advances to equity investees (24) (7)
Investments in marketable securities—acquisitions (143) (116)
Investments in marketable securities—liquidations (Note 5) 207 95
Cash flows from derivatives not designated as hedges 14 6
Other, net 19 6
Net cash used in investing activities (25) (99)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net (payments) borrowings of commercial paper (6) 957
Payments on borrowings and finance lease obligations (16) (10)
Net (payments) borrowings under short-term credit agreements (102) 25
Distributions to noncontrolling interests (13) (13)
Dividend payments on common stock (197) (195)
Repurchases of common stock (418) (550)
Proceeds from issuing common stock 18 13
Other, net (11) 7
Net cash (used in) provided by financing activities (745) 234
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (12) 48
Net (decrease) increase in cash and cash equivalents (443) 562
Cash and cash equivalents at beginning of year 3,401 1,129
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,958 $ 1,691

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