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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Operating activities    
Net income $ 756 $ 704
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 232 234
Postretirement benefit plan expense (benefit) (137) (58)
Deferred income taxes 50 23
Stock compensation 39 37
Other 3 (17)
Postretirement benefit plan contributions (10) (12)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (138) (165)
Inventories (89) (33)
Accounts payable 139 105
All other current assets and liabilities (158) 153
Net cash provided by (used in) operating activities 687 971
Investing activities    
Additions to properties (301) (218)
Issuance of notes receivable (29) (19)
Repayments of notes receivable 28 0
Purchase of marketable securities 0 (200)
Investments in unconsolidated entities (10) 0
Acquisition of cost method investments (1) (4)
Purchases of available for sale securities (5) (70)
Sales of available for sale securities 6 7
Other (18) (11)
Net cash provided by (used in) investing activities (330) (515)
Financing activities    
Net issuances (reductions) of notes payable 450 13
Issuances of long-term debt 361 554
Reductions of long-term debt (616) (40)
Net issuances of common stock 38 60
Common stock repurchases (240) 0
Cash dividends (392) (390)
Collateral received on derivative instruments 0 38
Other (2) (1)
Net cash provided by (used in) financing activities (401) 234
Effect of exchange rate changes on cash and cash equivalents 4 (40)
Increase (decrease) in cash and cash equivalents (40) 650
Cash and cash equivalents at beginning of period 435 397
Cash and cash equivalents at end of period 395 1,047
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 79 $ 78