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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net income $ 1,056 $ 1,267 $ 1,210
Adjustments to reconcile net income to net cash flows provided by operating activities, net of acquisitions:      
Depreciation and amortization 191 180 190
Deferred income tax benefit (51) (8) 127
Stock compensation cost 63 37 38
Loss on fixed asset impairment 71 0 0
Loss on disposal of business 0 26 0
Change in:      
Accounts receivable, net (163) (191) (196)
Contract assets and liabilities, current 282 97 9
Inventories, net (76) 60 24
Other current assets 28 30 (11)
Accounts payable 20 6 124
Accrued liabilities (14) (34) 42
Pension contributions (64) (32) (34)
Other operating activities, net 137 31 27
Net cash flows provided by operating activities 1,480 1,469 1,550
Investing Activities:      
Capital expenditures (183) (145) (172)
Investments in businesses, net of cash acquired (Note 9) (53) (47) (50)
Investments in equity securities (51) 0 0
Receipts (payments) on settlements of derivative contracts (69) (5) 3
Other investing activities, net 3 (6) 18
Net cash flows used in investing activities (353) (203) (201)
Financing Activities:      
Proceeds from issuance of long-term debt 6,300 0 0
Payment of long-term debt issuance costs (43) 0 0
Repayment of long-term debt (1,000) 0 0
Increase in short-term borrowings, net 647 6 11
Net transfers to UTC (6,330) (972) (1,312)
Dividends paid on Common Stock (260) 0 0
Dividends paid to noncontrolling interest (149) (163) (173)
Other financing activities, net (9) (4) (23)
Net cash flows used in financing activities (844) (1,133) (1,497)
Effect of foreign exchange rate changes on cash and cash equivalents 59 (20) (77)
Net increase in cash and cash equivalents 342 113 (225)
Cash, cash equivalents and restricted cash, beginning of year 1,459 1,346 1,571
Cash, cash equivalents and restricted cash, end of year 1,801 1,459 1,346
Less: Restricted cash 19 13 17
Cash and cash equivalents, end of period 1,782 1,446 1,329
Supplemental cash flow information:      
Interest paid (including related party of $0, $18 and $20) 81 18 20
Income taxes paid, net of (refunds) (including related party of $(15), $255 and $186) $ 561 $ 632 $ 607