Free Cash Flow
As defined by the company, free cash flow is cash provided by (used in) operating activities after capital expenditures, proceeds from the sale of assets and businesses and changes in restricted cash. The reconciliation provided below reconciles twelve months ended December 31, 2018 and 2017 free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.
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Free Cash Flow (FCF) Reconciliation Twelve Months Ended December 31, |
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|
In millions |
2017 |
2018 |
|
Cash provided by operating activities |
$1,264 |
$1,229 |
|
Capital expenditures |
(684) |
(590) |
|
Proceeds from sale of assets and businesses |
61 |
160 |
|
Change in restricted cash(1) |
66 |
54 |
|
Free cash flow |
$ 707 |
$ 853 |
(1) For additional information regarding restricted cash, see Note 3 to the Consolidated Financial Statements in the Whirlpool 2018 Annual Report 10k.