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, unless otherwise specified
6 Months Ended
Jun. 29, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated net income $ 830 $ 753
Adjustments to reconcile consolidated net income to net cash provided by operating activities    
Depreciation and amortization 217 200
Gain on fair value adjustment for consolidated investees (Note 3) (20) (12)
Deferred income taxes (88) 20
Equity in income of investees, net of dividends (108) (57)
Pension contributions in excess of expense (Note 4) (127) (78)
Other post-retirement benefits payments in excess of expense (Note 4) (14) (15)
Stock-based compensation expense 21 19
Excess tax benefits on stock-based awards (5) (8)
Translation and hedging activities (9) 3
Changes in current assets and liabilities, net of acquisitions:    
Accounts and notes receivable (321) (265)
Inventories (223) (184)
Other current assets 4 214
Accounts payable 289 310
Accrued expenses 120 (87)
Changes in other liabilities and deferred revenue 116 100
Other, net 19 47
Net cash provided by operating activities 701 960
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (245) (275)
Investments in internal use software (26) (24)
Investments in and advances to equity investees (11) (4)
Acquisition of businesses, net of cash acquired (Note 3) (193) (134)
Investments in marketable securities-acquisitions (Note 7) (179) (243)
Investments in marketable securities-liquidations (Note 7) 179 280
Cash flows from derivatives not designated as hedges 4 (23)
Other, net 8 12
Net cash used in investing activities (463) (411)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 17 2
Payments on borrowings and capital lease obligations (39) (51)
Net borrowings (payments) under short-term credit agreements (48) 56
Distributions to noncontrolling interests (32) (28)
Dividend payments on common stock (229) (189)
Repurchases of common stock (430) (289)
Excess tax benefits on stock-based awards 5 8
Other, net    18
Net cash used in financing activities (756) (473)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 38 (63)
Net increase (decrease) in cash and cash equivalents (480) 13
Cash and cash equivalents at beginning of year 2,699 1,369
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,219 $ 1,382