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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 1,119 $ 1,701
Adjustments to reconcile net income from operations to net cash flows provided by operating activities, net of acquisitions and dispositions    
Depreciation and amortization 241 251
Deferred income tax provision 121 (109)
Stock compensation costs 56 40
Equity method investment net earnings (148) (198)
Distributions from equity method investments 88 80
Impairment charge on minority-owned joint venture investments 72 108
Gain on sale of investment (252) 0
Changes in operating assets and liabilities    
Accounts receivable, net (117) (205)
Contract assets, current (120) (50)
Inventories, net (237) (269)
Other assets, current 52 50
Accounts payable and accrued liabilities 529 (198)
Contract liabilities, current 44 (10)
Defined benefit plan contributions (29) (29)
Other operating activities, net 74 (173)
Net cash flows provided by operating activities 1,493 989
Investing Activities    
Capital expenditures (151) (139)
Proceeds on sale of investment 300 0
Receipt from settlement of derivative contracts 67 0
Other investing activities, net 14 (11)
Net cash flows provided by (used in) investing activities 230 (150)
Financing Activities    
(Decrease) increase in short-term borrowings, net (22) 43
Issuance of long-term debt 11,762 106
Repayment of long-term debt (124) (98)
Dividends paid on common stock (70) 0
Dividends paid to non-controlling interest (17) (4)
Net transfers to UTC (10,359) (1,111)
Other financing activities, net 3 (31)
Net cash flows provided by (used in) financing activities 1,173 (1,095)
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract]    
Effect of foreign exchange rate changes on cash and cash equivalents 0 (12)
Net increase (decrease) in cash and cash equivalents and restricted cash 2,896 (268)
Cash, cash equivalents and restricted cash, beginning of period 957 1,134
Cash, cash equivalents and restricted cash, end of period 3,853 866
Less: restricted cash 5 4
Cash and cash equivalents, end of period $ 3,848 $ 862