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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jul. 04, 2021
Jun. 28, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 1,223 $ 797
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 337 333
Deferred income taxes 17 (11)
Equity in income of investees, net of dividends (114) (124)
Pension and OPEB expense (Note 3) 41 54
Pension contributions and OPEB payments (Note 3) (68) (82)
Share-based compensation expense 18 12
Restructuring payments (1) (81)
Loss (gain) on corporate owned life insurance 12 (38)
Foreign currency remeasurement and transaction exposure 10 (2)
Changes in current assets and liabilities    
Accounts and notes receivable (331) 170
Inventories (628) (224)
Other current assets (18) 95
Accounts payable 377 (220)
Accrued expenses 169 (422)
Changes in other liabilities (34) 199
Other, net (55) (99)
Net cash provided by operating activities 955 357
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (212) (152)
Investments in internal use software (22) (21)
Proceeds from sale of land 20 0
Investments in and advances to equity investees 10 (17)
Investments in marketable securities—acquisitions (362) (285)
Investments in marketable securities—liquidations (Note 6) 381 254
Cash flows from derivatives not designated as hedges 12 (22)
Other, net 27 9
Net cash used in investing activities (146) (234)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net (payments) borrowings of commercial paper (123) 1,367
Payments on borrowings and finance lease obligations (33) (25)
Net (payments) borrowings under short-term credit agreements (102) 4
Distributions to noncontrolling interests (13) (13)
Dividend payments on common stock (394) (388)
Repurchases of common stock (1,090) (550)
Proceeds from issuing common stock 26 32
Other, net 7 33
Net cash (used in) provided by financing activities (1,722) 460
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (7) 39
Net (decrease) increase in cash and cash equivalents (920) 622
Cash and cash equivalents at beginning of year 3,401 1,129
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,481 $ 1,751

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