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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Operating Activities    
Net income (loss) $ 1,072 $ 644
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of acquisition-related intangibles 546 454
Depreciation and other amortization 270 243
Share-based compensation 67 92
Share-based matching contributions under defined contribution plans 172 161
Pension and other postretirement benefit plan income (209) (297)
Impairment of goodwill and other assets 78 802
Sale of asset group and business divestiture-related gains, net (26) (8)
Deferred income taxes (277) (454)
(Increase) decrease in:    
Receivables, net 53 (93)
Contract assets (136) (111)
Inventories (195) (357)
Other current assets (87) 26
Increase (decrease) in:    
Accounts payable (18) 312
Contract liabilities 202 (133)
Compensation and benefits (55) (95)
Other accrued items (27) 2
Income taxes 15 259
Other operating activities (138) (71)
Net cash provided by operating activities 1,307 1,376
Investing Activities    
Net cash paid for acquired businesses (6,688) 0
Additions to property, plant and equipment (312) (181)
Proceeds from sale of property, plant and equipment, net 0 10
Proceeds from sales of businesses, net 71 5
Proceeds from sale of asset group, net 0 18
Cash used for equity investments (11) (47)
Other investing activities 2 7
Net cash used in investing activities (6,938) (188)
Financing Activities    
Proceeds from borrowings, net of issuance cost 7,568 5
Repayments of borrowings (3,159) (12)
Change in commercial paper, net [1] 2,031 0
Proceeds from exercises of employee stock options 18 40
Repurchases of common stock (518) (900)
Cash dividends (652) (650)
Tax withholding payments associated with vested share-based awards (28) (44)
Other financing activities (6) (5)
Net cash provided by (used in) financing activities 5,254 (1,566)
Effect of exchange rate changes on cash and cash equivalents (4) (34)
Net decrease in cash and cash equivalents (381) (412)
Cash and cash equivalents, beginning of period 880 941
Cash and cash equivalents, end of period $ 499 $ 529
[1] (1) See Note H: Debt and Credit Arrangements in the Notes to the Condensed Consolidated Financial Statements.