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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Operating activities    
Net income $ 750 $ 756
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 238 232
Postretirement benefit plan expense (benefit) (137) (137)
Deferred income taxes 32 50
Stock compensation 35 39
Other 8 3
Postretirement benefit plan contributions (12) (10)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (343) (138)
Inventories (306) (89)
Accounts payable 468 139
All other current assets and liabilities 72 (158)
Net cash provided by (used in) operating activities 805 687
Investing activities    
Additions to properties (267) (301)
Issuance of notes receivable 0 (29)
Repayments of notes receivable 10 28
Investments in unconsolidated entities 0 (10)
Purchases of available for sale securities (10) (5)
Sales of available for sale securities 9 6
Settlement of net investment hedges 37 (8)
Collateral paid on derivatives (103) (20)
Other 6 9
Net cash provided by (used in) investing activities (318) (330)
Financing activities    
Net issuances (reductions) of notes payable 183 450
Issuances of long-term debt 0 361
Reductions of long-term debt (28) (616)
Net issuances of common stock 173 38
Common stock repurchases (300) (240)
Cash dividends (394) (392)
Other (17) (2)
Net cash provided by (used in) financing activities (383) (401)
Effect of exchange rate changes on cash and cash equivalents (67) 4
Increase (decrease) in cash and cash equivalents 37 (40)
Cash and cash equivalents at beginning of period 286 435
Cash and cash equivalents at end of period 323 395
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 48 $ 79