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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 797 $ 1,354
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 333 315
Deferred income taxes (11) 17
Equity in income of investees, net of dividends (124) (43)
Pension and OPEB expense (Note 4) 54 37
Pension contributions and OPEB payments (Note 4) (82) (92)
Stock-based compensation expense 12 28
Restructuring payments (Note 14) (81) 0
Gain on corporate owned life insurance (38) (55)
Foreign currency remeasurement and transaction exposure (2) 46
Changes in current assets and liabilities    
Accounts and notes receivable 170 (312)
Inventories (224) (125)
Other current assets 95 15
Accounts payable (220) 148
Accrued expenses (422) (194)
Changes in other liabilities 199 120
Other, net (99) (39)
Net cash provided by operating activities 357 1,220
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (152) (242)
Investments in internal use software (21) (34)
Investments in and advances to equity investees (17) (18)
Investments in marketable securities—acquisitions (285) (259)
Investments in marketable securities—liquidations (Note 7) 254 153
Cash flows from derivatives not designated as hedges (22) (26)
Other, net 9 15
Net cash used in investing activities (234) (411)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings (payments) of commercial paper (Note 9) 1,367 (346)
Payments on borrowings and finance lease obligations (25) (17)
Net borrowings under short-term credit agreements 4 57
Distributions to noncontrolling interests (13) (13)
Dividend payments on common stock (388) (358)
Repurchases of common stock (550) (100)
Other, net 65 66
Net cash provided by (used in) financing activities 460 (711)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 39 (4)
Net increase in cash and cash equivalents 622 94
Cash and cash equivalents at beginning of year 1,129 1,303
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,751 $ 1,397

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