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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net earnings $ 316 $ 440
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:    
Depreciation and amortization 112 141
Changes in assets and liabilities:    
Accounts receivable 248 (58)
Inventories (384) (332)
Accounts payable (217) 185
Accrued advertising and promotions (272) (192)
Accrued expenses and current liabilities 186 172
Taxes deferred and payable, net 79 110
Accrued pension and postretirement benefits (28) (28)
Employee compensation (234) (181)
Other (134) (75)
Cash provided by (used in) operating activities (328) 182
Investing activities    
Capital expenditures (87) (73)
Proceeds from sale of assets and businesses 75 13
Cash provided by (used in) investing activities (12) (60)
Financing activities    
Dividends paid (103) (79)
Repurchase of common stock (533) (150)
Common stock issued 2 31
Other 3 (36)
Cash provided by (used in) financing activities (631) (234)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 41 (58)
Increase (decrease) in cash, cash equivalents and restricted cash (930) (170)
Cash, cash equivalents and restricted cash at beginning of year 3,044 2,934
Cash, cash equivalents and restricted cash at end of period $ 2,114 $ 2,764