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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net earnings (loss) $ (1,511) $ 1,806 $ 1,065
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:      
Depreciation and amortization 475 494 568
Impairment of goodwill and other intangibles 384 0 7
(Gain) loss on sale and disposal of businesses 1,869 (105) (7)
(Gain) loss on previously held equity interest 0 (42) 0
Changes in assets and liabilities:      
Accounts receivable 854 (232) (940)
Inventories (49) (648) 249
Accounts payable (612) 949 341
Accrued advertising and promotions (51) 70 (123)
Accrued expenses and current liabilities 113 125 (287)
Taxes deferred and payable, net 18 130 154
Accrued pension and postretirement benefits (105) (116) (30)
Employee compensation (288) 16 303
Other 293 (271) 200
Cash provided by (used in) operating activities 1,390 2,176 1,500
Investing activities      
Capital expenditures (570) (525) (410)
Proceeds from sale of assets and businesses 77 302 166
Acquisition of businesses, net of cash acquired (3,000) (46) 0
Cash held by divested businesses (75) (393) 0
Other 0 2 7
Cash provided by (used in) investing activities (3,568) (660) (237)
Financing activities      
Net proceeds from borrowings of long-term debt 2,800 300 1,033
Net proceeds (repayments) of long-term debt (300) (300) (569)
Net proceeds (repayments) from short-term borrowings (4) (1) (330)
Dividends paid (390) (338) (311)
Repurchase of common stock (903) (1,041) (121)
Common stock issued 3 76 44
Other 0 (35) 1
Cash provided by (used in) financing activities 1,206 (1,339) (253)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (20) (67) (28)
Less: decrease in cash classified as held for sale (94) 0 0
Increase (decrease) in cash, cash equivalents and restricted cash (1,086) 110 982
Cash, cash equivalents and restricted cash at beginning of year 3,044 2,934 1,952
Cash, cash equivalents and restricted cash at end of period 1,958 3,044 2,934
Supplemental disclosure of cash flow information      
Cash paid for interest 161 169 193
Cash paid for income taxes $ 247 $ 388 $ 229