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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 29, 2017
Sep. 23, 2016
Operating activities:    
Net income $ 400 $ 532
Less: Loss (income) from discontinued operations, net of tax 1 (63)
Income from continuing operations 401 469
Depreciation of property, plant and equipment 128 121
Amortization of intangibles and other assets 37 32
Deferred income tax (benefit) provision (15) 48
Stock-based employee compensation expense 43 34
Contributions to employee savings plans in common stock 96 92
Goodwill impairment charge [1] 187 0
Amortization of pension and postretirement benefit plans net loss and prior service cost 43 37
Amortization of bond discounts and deferred debt issue costs (included in interest expense) 4 6
Gain on sale of property, plant and equipment (42) (6)
Other non-cash items 3 21
Changes in operating assets and liabilities, excluding amounts from acquisitions and divestitures, and discontinued operations:    
Billed receivables (29) (69)
Contracts in process (183) (193)
Inventories (72) (31)
Other assets (6) 21
Accounts payable, trade 112 130
Accrued employment costs 4 8
Accrued expenses 64 3
Advance payments and billings in excess of costs incurred (11) (102)
Income taxes 13 0
Other current liabilities (80) (3)
Pension and postretirement benefits (32) (19)
All other operating activities 2 (13)
Net cash from operating activities from continuing operations 667 586
Investing activities:    
Business acquisitions, net of cash acquired (291) (27)
Proceeds from the sale of businesses, net of closing date cash balances 18 561
Capital expenditures (154) (126)
Dispositions of property, plant and equipment 67 15
Other investing activities (6) 7
Net cash used in from investing activities from continuing operations (366) 430
Financing activities:    
Borrowings under revolving credit facility 1,265 335
Repayments of borrowings under revolving credit facility (1,265) (335)
Redemption of senior notes 0 (305)
Common stock repurchased (91) (326)
Dividends paid (178) (166)
Proceeds from exercises of stock options 36 49
Proceeds from employee stock purchase plan 24 23
Repurchases of common stock to satisfy tax withholding obligations (18) (20)
Other financing activities (12) (8)
Net cash used in financing activities from continuing operations (239) (753)
Effect of foreign currency exchange rate changes on cash and cash equivalents 16 (3)
Net cash used in operating activities from discontinued operations (2) (56)
Net increase in cash and cash equivalents 76 204
Cash and cash equivalents, beginning of the period 363 207
Cash and cash equivalents, end of the period $ 439 $ 411
[1] Represents a goodwill impairment charge recorded during the third quarter of 2017 related to Vertex Aerospace. See Note 8 for additional information.