| (Millions of dollars) |
| Year Ended December 31, |
2016 |
2015 |
2014 |
| Operating activities |
| Net earnings |
928 |
822 |
692 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
655 |
668 |
560 |
| Curtailment gain |
— |
(63) |
— |
| Changes in assets and liabilities (net of effects of acquisitions): |
|
|
|
| Accounts receivable |
(291) |
(89) |
(90) |
| Inventories |
(18) |
(141) |
49 |
| Accounts payable |
37 |
14 |
359 |
| Accrued advertising and promotions |
46 |
74 |
121 |
| Accrued expenses and current liabilities |
46 |
(43) |
(232) |
| Taxes deferred and payable, net |
(116) |
(42) |
49 |
| Accrued pension and postretirement benefits |
(43) |
(129) |
(181) |
| Employee compensation |
(38) |
8 |
(17) |
| Other |
(3) |
146 |
169 |
| Cash provided by operating activities |
1,203 |
1,225 |
1,479 |
| Investing activities |
| Capital expenditures |
(660) |
(689) |
(720) |
| Proceeds from sale of assets and business |
63 |
37 |
21 |
| Change in restricted cash |
24 |
47 |
74 |
| Acquisition of Indesit Company S.p.A. |
— |
— |
(1,356) |
| Acquisition of Hefei Rongshida Sanyo Electric Co., Ltd. |
— |
— |
(453) |
| Investment in related businesses |
(12) |
(70) |
(16) |
| Other |
(3) |
(6) |
(6) |
| Cash used in investing activities |
(588) |
(681) |
(2,456) |
| Financing activities |
| Proceeds from borrowings of long-term debt |
1,012 |
531 |
1,483 |
| Repayments of long-term debt |
(522) |
(283) |
(606) |
| Net proceeds from short-term borrowings |
55 |
(465) |
63 |
| Dividends paid |
(294) |
(269) |
(224) |
| Repurchase of common stock |
(525) |
(250) |
(25) |
| Purchase of noncontrolling interest shares |
(25) |
— |
(5) |
| Common stock issued |
26 |
38 |
38 |
| Other |
(5) |
(9) |
(19) |
| Cash provided by (used in) financing activities |
(278) |
(707) |
705 |
| Effect of exchange rate changes on cash and cash equivalents |
(24) |
(91) |
(82) |
| Increase (decrease) in cash and cash equivalents |
313 |
(254) |
(354) |
| Cash and cash equivalents at beginning of year |
772 |
1,026 |
1,380 |
| Cash and cash equivalents at end of year |
1,085 |
772 |
1,026 |
| Supplemental disclosure of cash flow information |
|
|
|
| Cash paid for interest |
198 |
178 |
172 |
| Cash paid for income taxes |
300 |
251 |
140 |
