Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Oct. 01, 2017
Oct. 02, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 1,303 $ 1,060
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 433 391
Deferred income taxes 26 60
Equity in income of investees, net of dividends (166) (94)
Pension contributions in excess of expense (Note 3) (63) (92)
Other post retirement benefits payments in excess of expense (Note 3) (4) (16)
Stock-based compensation expense 34 28
Restructuring payments 0 (53)
Loss contingency (Note 9) 0 138
Translation and hedging activities 61 (39)
Changes in current assets and liabilities, net of acquisitions    
Accounts and notes receivable (722) (112)
Inventories (401) (150)
Other current assets (28) 138
Accounts payable 567 101
Accrued expenses 369 (279)
Changes in other liabilities and deferred revenue 177 188
Other, net (115) 45
Net cash provided by operating activities 1,471 1,314
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (282) (312)
Investments in internal use software (59) (42)
Proceeds from disposals of property, plant and equipment 104 11
Investments in and advances to equity investees (71) (29)
Acquisitions of businesses, net of cash acquired (Note 11) (600) (1)
Investments in marketable securities—acquisitions (Note 5) (106) (447)
Investments in marketable securities—liquidations (Note 5) [1] 218 291
Cash flows from derivatives not designated as hedges 9 (64)
Other, net 1 3
Net cash used in investing activities (786) (590)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 4 111
Net borrowings of commercial paper 302 273
Payments on borrowings and capital lease obligations (38) (156)
Net borrowings under short-term credit agreements 19 25
Distributions to noncontrolling interests (29) (42)
Dividend payments on common stock (522) (505)
Repurchases of common stock (391) (745)
Other, net 55 (6)
Net cash used in financing activities (600) (1,045)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 85 (139)
Net increase (decrease) in cash and cash equivalents 170 (460)
Cash and cash equivalents at beginning of year 1,120 1,711
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,290 $ 1,251
[1] Gross realized gains and losses from the sale of available-for-sale securities were immaterial.