v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Apr. 04, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 423 $ 611
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 161 170
Deferred income taxes (66) 8
Equity in income of investees, net of dividends (76) (136)
Pension and OPEB expense (Note 4) 9 20
Pension contributions and OPEB payments (Note 4) (43) (51)
Share-based compensation expense 5 8
Russian suspension costs (Note 3) 158 0
Asset impairments and other charges 36 0
Loss on corporate owned life insurance 37 32
Foreign currency remeasurement and transaction exposure (7) 1
Changes in current assets and liabilities, net of acquisitions    
Accounts and notes receivable (417) (374)
Inventories (289) (336)
Other current assets (57) (24)
Accounts payable 484 465
Accrued expenses (251) (24)
Changes in other liabilities 70  
Other, net (13) (31)
Net cash provided by operating activities 164 339
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (104) (87)
Investments in internal use software (11) (11)
Investments in and advances to equity investees (32) (24)
Acquisition of a business, net of cash acquired (Note 14) 83 0
Investments in marketable securities—acquisitions (197) (143)
Investments in marketable securities—liquidations (Note 7) 254 207
Cash flows from derivatives not designated as hedges (2) 14
Other, net (1) 19
Net cash used in investing activities (10) (25)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net payments of commercial paper (2) (6)
Payments on borrowings and finance lease obligations (24) (16)
Net borrowings (payments) under short-term credit agreements 29 (102)
Distributions to noncontrolling interests (14) (13)
Dividend payments on common stock (207) (197)
Repurchases of common stock (311) (418)
Proceeds from issuing common stock 9 18
Other, net 23 (11)
Net cash used in financing activities (497) (745)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 27 (12)
Net decrease in cash and cash equivalents (316) (443)
Cash and cash equivalents at beginning of year 2,592 3,401
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 2,276 $ 2,958

Source