v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 1,301 $ 1,970
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 499 493
Deferred income taxes (7) (14)
Equity in income of investees, net of dividends (136) (44)
Pension and OPEB expense (Note 4) 81 56
Pension contributions and OPEB payments (Note 4) (102) (130)
Stock-based compensation expense 22 37
Restructuring payments (Note 14) (100) 0
Gain on corporate owned life insurance (50) (64)
Foreign currency remeasurement and transaction exposure (7) (54)
Changes in current assets and liabilities, net of acquisitions    
Accounts and notes receivable 47 (101)
Inventories (50) (62)
Other current assets 73 48
Accounts payable 109 (3)
Accrued expenses (236) (74)
Changes in other liabilities 208 168
Other, net (72) 117
Net cash provided by operating activities 1,580 2,343
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (268) (395)
Investments in internal use software (33) (50)
Investments in and advances to equity investees (30) (16)
Acquisitions of businesses, net of cash acquired (Note 15) 0 (237)
Investments in marketable securities—acquisitions (422) (367)
Investments in marketable securities—liquidations (Note 7) 408 296
Cash flows from derivatives not designated as hedges (15) (86)
Other, net 23 26
Net cash used in investing activities (337) (829)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings (Note 9) 1,999 10
Net (payments) borrowings of commercial paper (344) 122
Payments on borrowings and finance lease obligations (41) (47)
Net borrowings under short-term credit agreements 6 53
Distributions to noncontrolling interests (26) (33)
Dividend payments on common stock (582) (562)
Repurchases of common stock (550) (806)
Other, net 102 65
Net cash provided by (used in) financing activities 564 (1,198)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 31 (59)
Net increase in cash and cash equivalents 1,838 257
Cash and cash equivalents at beginning of year 1,129 1,303
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,967 $ 1,560

Source