 |
|
|
|
Six Months Ended
|
|
(millions of dollars) |
June 29, 1997 |
June 30, 1996 |
|
| Operating Activities |
|
|
| Net income |
$1,059 |
$ 911 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization of intangibles |
244 |
207 |
| Changes in operating assets and liabilities, net of effect of businesses acquired and divested |
(642) |
(407) |
| Other |
16 |
12 |
|
| Net cash provided by operating activities |
677 |
723 |
|
| Investing Activities |
|
|
| Purchases of property, plant and equipment |
(420) |
(313) |
| Purchases of short-term investments |
(918) |
(1,716) |
| Proceeds from redemptions of short-term investments |
759 |
1,719 |
| Acquisitions, net of cash acquired |
— |
(371) |
| Proceeds from sale of business |
— |
353 |
| Other investing activities |
(1) |
11 |
|
| Net cash used in investing activities |
(580) |
(317) |
|
| Financing Activities |
|
|
| Repayments of long-term debt |
(269) |
(33) |
| Increase in short-term debt |
985 |
314 |
| Purchases of common stock |
(219) |
— |
| Cash dividends paid |
(440) |
(384) |
| Stock option transactions |
159 |
151 |
| Other financing activities |
71 |
23 |
|
| Net cash provided by financing activities |
287 |
71 |
|
| Effect of exchange-rate changes on cash and cash equivalents |
(20) |
(10) |
|
| Net increase in cash and cash equivalents |
364 |
467 |
| Cash and cash equivalents at beginning of period |
1,150 |
403 |
|
| Cash and cash equivalents at end of period |
$1,514 |
$ 870 |
|
