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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net earnings (loss) $ (89) $ (52)
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:    
Depreciation and amortization 178 226
Impairment of goodwill and other intangibles 0 384
(Gain) loss on sale and disposal of businesses 240 346
Changes in assets and liabilities:    
Accounts receivable (161) 262
Inventories (384) (626)
Accounts payable (146) (241)
Accrued advertising and promotions (182) (177)
Accrued expenses and current liabilities 50 (94)
Taxes deferred and payable, net 113 14
Accrued pension and postretirement benefits (29) (53)
Employee compensation 47 (261)
Other (7) 92
Cash provided by (used in) operating activities (370) (180)
Investing activities    
Capital expenditures (217) (217)
Proceeds from sale of assets and businesses 9 75
Acquisition of businesses, net of cash acquired (14) 0
Cash provided by (used in) investing activities (222) (142)
Financing activities    
Net proceeds from borrowings of long-term debt 303 300
Net proceeds (repayments) of long-term debt (250) (300)
Net proceeds (repayments) from short-term borrowings 28 9
Dividends paid (193) (200)
Repurchase of common stock 0 (833)
Common stock issued 4 2
Other (2) 0
Cash provided by (used in) financing activities (110) (1,022)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 55 12
Less: decrease in cash classified as held for sale (2) (70)
Increase (decrease) in cash, cash equivalents and restricted cash (649) (1,402)
Cash, cash equivalents and restricted cash at beginning of year 1,958 3,044
Cash, cash equivalents and restricted cash at end of period $ 1,309 $ 1,642