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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Operating activities    
Net income $ 704 $ 577
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 234 243
Postretirement benefit plan expense (benefit) (58) (65)
Deferred income taxes 23 23
Stock compensation 37 29
Other (17) 1
Postretirement benefit plan contributions (12) (12)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (165) (239)
Inventories (33) (6)
Accounts payable 105 29
All other current assets and liabilities 153 (60)
Net cash provided by (used in) operating activities 971 520
Investing activities    
Additions to properties (218) (294)
Purchase of marketable securities (200) 0
Acquisitions, net of cash acquired 0 (8)
Acquisition of cost method investments (4) 0
Purchases of available for sale securities (70) (16)
Sales of available for sale securities 7 16
Other (30) (25)
Net cash provided by (used in) investing activities (515) (327)
Financing activities    
Net issuances (reductions) of notes payable 13 391
Issuances of long-term debt 554 28
Reductions of long-term debt (40) 0
Net issuances of common stock 60 12
Common stock repurchases 0 (220)
Cash dividends (390) (380)
Collateral received on derivative instruments 38 0
Other (1) (8)
Net cash provided by (used in) financing activities 234 (177)
Effect of exchange rate changes on cash and cash equivalents (40) 3
Increase (decrease) in cash and cash equivalents 650 19
Cash and cash equivalents at beginning of period 397 321
Cash and cash equivalents at end of period 1,047 340
Supplemental cash flow disclosures    
Interest paid 140 154
Income taxes paid 33 157
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 78 $ 100