Consolidated Statements of Cash Flows
(Millions of dollars)
| Year Ended December 31, | 2015 | ||
| Operating activities | |||
| Net earnings | $822 | ||
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 668 | ||
| Curtailment gain | (63) | ||
| Changes in assets and liabilities (net of effects of acquisitions): | |||
| Accounts receivable | (89) | ||
| Inventories | (141) | ||
| Accounts payable | 14 | ||
| Accrued advertising and promotions | 74 | ||
| Accrued expenses and current liabilities | (43) | ||
| Taxes deferred and payable, net | (42) | ||
| Accrued pension and postretirement benefits | (129) | ||
| Employee compensation | 8 | ||
| Other | 146 | ||
| Cash provided by operating activities | 1,225 | ||
| Investing activities | |||
| Capital expenditures | (689) | ||
| Proceeds from sale of assets and business | 37 | ||
| Change in restricted cash | 47 | ||
| Acquisition of Indesit Company S.p.A. | — | ||
| Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd. | — | ||
| Investment in related businesses | (70) | ||
| Investment in related businesses | (70) | ||
| Other | (6) | ||
| Cash used in investing activities | (681) | ||
| Financing activities | |||
| Proceeds from borrowings of long-term debt | 531 | ||
| Repayments of long-term debt | (283) | ||
| Net proceeds from short-term borrowings | (465) | ||
| Dividends paid | (269) | ||
| Repurchase of common stock | (250) | ||
| Purchase of noncontrolling interest shares | — | ||
| Common stock issued | 38 | ||
| Other | (9) | ||
| Cash provided by (used in) financing activities | (707) | ||
| Effect of exchange rate changes on cash and cash equivalents | (91) | ||
| Increase (decrease) in cash and cash equivalents | (254) | ||
| Cash and cash equivalents at beginning of year | 1,026 | ||
| Cash and cash equivalents at end of year | $772 | ||
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest | $178 | ||
| Cash paid for income taxes | $251 | ||