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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings $ 895 $ 823 $ 623
Provision for losses on accounts receivable 12 7 16
Deferred income taxes and tax uncertainties 4 7 (5)
Depreciation and amortization 229 257 264
Impairment of goodwill, intangible and other assets 123 156 28
Net (gains) losses from sales of assets and business divestitures (6) (6) 28
Stock-based compensation 40 47 33
Subtotal 402 468 364
Change in operating assets and liabilities      
Accounts receivable (42) (79) (103)
Inventories (106) (129) (5)
Prepaid expenses and other assets (33) (2) (5)
Trade accounts payable 32 (51) 72
Accrued liabilities (84) 18 113
Income taxes – net (3) 36 4
Other non-current liabilities (19) (27) (6)
Net cash provided by operating activities 1,042 1,057 1,057
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to property, buildings, equipment and intangibles (221) (239) (237)
Proceeds from sales of assets 17 86 120
Equity method proceeds (investment) 2    
Equity method proceeds (investment)   (13) (35)
Other – net 0 0 6
Net cash used in investing activities (202) (166) (146)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net decrease in commercial paper 0 0 (370)
Borrowings under lines of credit 20 26 74
Payments against lines of credit (15) (31) (43)
Proceeds from issuance of long-term debt 0 0 401
Payments of long-term debt (42) (96) (39)
Proceeds from stock options exercised 49 181 47
Payments for employee taxes withheld from stock awards (11) (12) (28)
Purchases of treasury stock (700) (425) (605)
Cash dividends paid (328) (316) (304)
Other – net 4 3 0
Net cash used in financing activities (1,023) (670) (867)
Exchange rate effect on cash and cash equivalents 5 (10) 9
NET CHANGE IN CASH AND CASH EQUIVALENTS: (178) 211 53
Cash and cash equivalents at beginning of year 538 327 274
Cash and cash equivalents at end of year 360 538 327
Supplemental cash flow information:      
Cash payments for interest (net of amounts capitalized) 84 86 78
Cash payments for income taxes $ 322 $ 229 $ 335