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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Activities      
Net income including noncontrolling interests $ 2,586 $ 1,548 $ 2,339
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:      
Depreciation and amortization 443 449 442
Restructuring and termination benefits, net of cash (9) 69 64
Venezuela remeasurement charges 0 34 327
Charge for a foreign tax matter 0 0 66
Stock-based compensation expense 123 125 131
Gain on sale of land in Mexico (97) 0 0
Gain on sale of South Pacific laundry detergent business 0 (187) 0
Charge for Venezuela accounting change 0 1,084 0
Deferred income taxes 56 (51) 18
Voluntary benefit plan contributions (53) 0 (2)
Cash effects of changes in:      
Receivables (17) (75) (109)
Inventories (4) (13) (60)
Accounts payable and other accruals 100 (67) 57
Other non-current assets and liabilities 13 33 25
Net cash provided by operations 3,141 2,949 3,298
Investing Activities      
Capital expenditures (593) (691) (757)
Sale of property and non-core product lines 0 9 24
Purchases of marketable securities and investments (336) (742) (340)
Proceeds from sale of marketable securities and investments 378 599 283
Proceeds from sale of land in Mexico 60 0 0
Proceeds from sale of South Pacific laundry detergent business 0 221 0
Payment for acquisitions, net of cash acquired (5) (13) (87)
Reduction in cash due to Venezuela accounting change 0 (75) 0
Other (3) 7 18
Net cash used in investing activities (499) (685) (859)
Financing Activities      
Principal payments on debt (7,274) (9,181) (8,525)
Proceeds from issuance of debt 7,438 9,602 8,960
Dividends paid (1,508) (1,493) (1,446)
Purchases of treasury shares (1,335) (1,551) (1,530)
Proceeds from exercise of stock options and excess tax benefits 446 347 371
Net cash used in financing activities (2,233) (2,276) (2,170)
Effect of exchange rate changes on Cash and cash equivalents (64) (107) (142)
Net (decrease) increase in Cash and cash equivalents 345 (119) 127
Cash and cash equivalents at beginning of year 970 [1] 1,089 962
Cash and cash equivalents at end of year 1,315 970 [1] 1,089
Supplemental Cash Flow Information      
Income taxes paid 932 1,259 1,009
Interest paid $ 162 $ 131 $ 133
[1] Prior year amounts have been reclassified to conform to the current year presentation of debt issuance costs required by Accounting Standards Update (“ASU”) No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” See Note 2, Summary of Significant Accounting Policies to the Consolidated Financial Statements for additional information.