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
Jun. 26, 2011
Jun. 27, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 902 $ 440
Adjustments to reconcile consolidated net income to net cash provided by operating activities:    
Depreciation and amortization 159 161
Gain on sale of business (Note 4) (68)  
Gain on fair value adjustment for consolidated investee (Note 4)   (12)
Deferred income taxes 87 43
Equity in income of investees, net of dividends 2 (49)
Pension contributions in excess of expense (Note 10) (47) (116)
Excess tax benefits on stock based awards (4) (7)
Other post-retirement benefits payments in excess of expense (Note 10) (10) (7)
Stock-based compensation expense 18 11
Translation and hedging activities (6) 3
Changes in current assets and liabilities, net of acquisitions and divestitures:    
Accounts and notes receivable (513) (57)
Inventories (290) (301)
Other current assets 11 1
Accounts payable 307 239
Accrued expenses 169 (14)
Changes in other liabilities and deferred revenue 58 66
Other, net (31) 26
Net cash provided by operating activities 744 427
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (215) (91)
Investments in internal use software (22) (22)
Proceeds from disposals of property, plant and equipment 5 42
Investments in and advances to equity investees (20) (1)
Proceeds from sale of business, net of cash sold (Note 4) 111  
Acquisition of businesses, net of cash acquired (Note 4)   (71)
Investments in marketable securities-acquisitions (Note 5) (361) (358)
Investments in marketable securities-liquidations (Note 5) 343 278
Cash flows from derivatives not designated as hedges 6 (18)
Other, net 2 (2)
Net cash used in investing activities (151) (243)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 60 85
Payments on borrowings and capital lease obligations (94) (37)
Net borrowings under short-term credit agreements 11 (1)
Distributions to noncontrolling interests (26) (4)
Dividend payments on common stock (102) (70)
Repurchases of common stock (373) (162)
Excess tax benefits on stock-based awards 4 7
Other, net 7 9
Net cash used in financing activities (513) (173)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 8 (17)
Net increase (decrease) in cash and cash equivalents 88 (6)
Cash and cash equivalents at beginning of year 1,023 930
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,111 $ 924