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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net earnings (loss) $ (253) $ (176)
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:    
Depreciation and amortization 89 89
Loss (gain) on sale and disposal of businesses 247 222
Changes in assets and liabilities:    
Accounts receivable (266) (155)
Inventories (113) (284)
Accounts payable (236) (24)
Accrued advertising and promotions (199) (229)
Accrued expenses and current liabilities (122) 99
Taxes deferred and payable, net 65 43
Accrued pension and postretirement benefits (8) (14)
Employee compensation (64) 3
Other (13) (51)
Cash provided by (used in) operating activities (873) (477)
Investing activities    
Capital expenditures (115) (96)
Acquisition of businesses, net of cash acquired 0 (14)
Cash provided by (used in) investing activities (115) (110)
Financing activities    
Net proceeds from borrowings of long-term debt 300 303
Net proceeds (repayments) of long-term debt (300) (250)
Net proceeds (repayments) from short-term borrowings 501 9
Dividends paid (95) (97)
Repurchase of common stock (50) 0
Sale of minority interest in subsidiary 462 0
Common stock issued 0 1
Other 0 (4)
Cash provided by (used in) financing activities 818 (38)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (20) 27
Less: change in cash classified as held for sale (149) (1)
Increase (decrease) in cash, cash equivalents and restricted cash (339) (599)
Cash, cash equivalents and restricted cash at beginning of year 1,570 1,958
Cash, cash equivalents and restricted cash at end of period $ 1,231 $ 1,359