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
6 Months Ended
Jul. 01, 2018
Jul. 02, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 879 $ 846
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 308 284
Deferred income taxes (21) 0
Equity in income of investees, net of dividends (163) (132)
Pension contributions under (in excess of) expense, net (Note 4) 25 (44)
Other post retirement benefits payments in excess of expense, net (Note 4) 0 (8)
Stock-based compensation expense 28 23
Loss contingency payments (65) 0
Translation and hedging activities (21) 31
Changes in current assets and liabilities    
Accounts and notes receivable (555) (488)
Inventories (475) (264)
Other current assets (42) 21
Accounts payable 442 403
Accrued expenses 94 132
Changes in other liabilities and deferred revenue 5 103
Other, net 34 (81)
Net cash provided by operating activities 473 826
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (186) (182)
Investments in internal use software (35) (40)
Investments in and advances to equity investees (15) (64)
Investments in marketable securities—acquisitions (Note 7) (143) (69)
Investments in marketable securities—liquidations (Note 7) 116 162
Cash flows from derivatives not designated as hedges (9) 19
Other, net 36 14
Net cash used in investing activities (236) (160)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings (payments) of commercial paper (Note 9) 504 (78)
Payments on borrowings and capital lease obligations (33) (29)
Distributions to noncontrolling interests (11) (10)
Dividend payments on common stock (355) (343)
Repurchases of common stock (379) (120)
Other, net 21 36
Net cash used in financing activities (253) (544)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (35) 51
Net (decrease) increase in cash and cash equivalents (51) 173
Cash and cash equivalents at beginning of year 1,369 1,120
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,318 $ 1,293