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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net earnings (loss) $ (52) $ 1,020
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:    
Depreciation and amortization 226 259
Impairment of goodwill and other intangibles 384 0
(Gain) loss on sale and disposal of businesses 346 (120)
Accounts receivable 262 (100)
Inventories (626) (527)
Accounts payable (241) 260
Accrued advertising and promotions (177) (100)
Accrued expenses and current liabilities (94) 142
Taxes deferred and payable, net 14 83
Accrued pension and postretirement benefits (53) (61)
Employee compensation (261) (119)
Other 92 (91)
Cash provided by (used in) operating activities (180) 646
Investing activities    
Capital expenditures (217) (184)
Proceeds from sale of assets and businesses 75 298
Cash held by divested businesses 0 (393)
Cash provided by (used in) investing activities (142) (279)
Financing activities    
Net proceeds from borrowings of long-term debt 300 300
Net proceeds (repayments) of long-term debt (300) (300)
Net proceeds (repayments) from short-term borrowings 9 (2)
Dividends paid (200) (167)
Repurchase of common stock (833) (200)
Common stock issued 2 75
Other 0 (38)
Cash provided by (used in) financing activities (1,022) (332)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12 (1)
Less: decrease in cash classified as held for sale (70) 0
Increase (decrease) in cash, cash equivalents and restricted cash (1,402) 34
Cash, cash equivalents and restricted cash at beginning of year 3,044 2,934
Cash, cash equivalents and restricted cash at end of period $ 1,642 $ 2,968