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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net earnings (loss) $ (176) $ 316
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:    
Depreciation and amortization 89 112
(Gain) loss on sale and disposal of businesses 222 0
Changes in assets and liabilities:    
Accounts receivable (155) 248
Inventories (284) (384)
Accounts payable (24) (217)
Accrued advertising and promotions (229) (272)
Accrued expenses and current liabilities 99 186
Taxes deferred and payable, net 43 79
Accrued pension and postretirement benefits (14) (28)
Employee compensation 3 (234)
Other (51) (134)
Cash provided by (used in) operating activities (477) (328)
Investing activities    
Capital expenditures (96) (87)
Proceeds from sale of assets and businesses 0 75
Acquisition of businesses, net of cash acquired (14) 0
Cash provided by (used in) investing activities (110) (12)
Financing activities    
Net proceeds from borrowings of long-term debt 303 0
Net proceeds (repayments) of long-term debt (250) 0
Net proceeds (repayments) from short-term borrowings 9 0
Dividends paid (97) (103)
Repurchase of common stock 0 (533)
Common stock issued 1 2
Other (4) 3
Cash provided by (used in) financing activities (38) (631)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 27 41
Less: decrease in cash classified as held for sale (1) 0
Increase (decrease) in cash, cash equivalents and restricted cash (599) (930)
Cash, cash equivalents and restricted cash at beginning of year 1,958 3,044
Cash, cash equivalents and restricted cash at end of period $ 1,359 $ 2,114