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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 26, 2020
Sep. 28, 2019
Operating activities    
Net income $ 1,056 $ 825
Adjustments to reconcile net income to operating cash flows:    
Depreciation and amortization 355 360
Postretirement benefit plan expense (benefit) (113) (158)
Deferred income taxes 57 (206)
Stock compensation 55 42
Multi-employer pension plan exit liability (5) 132
Other (34) (70)
Postretirement benefit plan contributions (19) (19)
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (113) (253)
Inventories (57) 16
Accounts payable 108 0
All other current assets and liabilities 303 256
Net cash provided by (used in) operating activities 1,593 925
Investing activities    
Additions to properties (326) (436)
Purchase of marketable securities (250) 0
Acquisitions, net of cash acquired 0 (8)
Acquisition of cost method investments (4) 0
Divestitures 0 1,332
Purchases of available for sale securities (75) (18)
Sales of available for sale securities 13 83
Other (7) (22)
Net cash provided by (used in) investing activities (649) 931
Financing activities    
Net issuances (reductions) of notes payable 9 9
Issuances of long-term debt 554 40
Reductions of long-term debt (45) (1,000)
Debt redemption costs 0 (17)
Net issuances of common stock 105 40
Common stock repurchases 0 (220)
Cash dividends (586) (574)
Collateral received on derivative instruments (14) 0
Other (2) (9)
Net cash provided by (used in) financing activities 21 (1,731)
Effect of exchange rate changes on cash and cash equivalents (33) 7
Increase (decrease) in cash and cash equivalents 932 132
Cash and cash equivalents at beginning of period 397 321
Cash and cash equivalents at end of period 1,329 453
Supplemental cash flow disclosures    
Interest paid 124 180
Income taxes paid 212 211
Supplemental cash flow disclosures of non-cash investing activities    
Additions to properties included in accounts payable $ 108 $ 93