Faster, stronger, better. Annual report 2019 creating more smiles with every sip

2019
2018
2017
2019
2018
Net cash provided by operating activities
$ 9,649 $ 9,415 $ 10,030
2.5
(6)
Capital spending
(4,232)
(3,282)
(2,969)
Sales of property, plant and equipment
170
134
180
Free cash flow
$ 5,587 $ 6,267 $ 7,241
(11)
(13)
We use free cash flow primarily for financing activities, including debt repayments, dividends and share 
repurchases. We expect to continue to return free cash flow to our shareholders through dividends and share 
repurchases while maintaining Tier 1 commercial paper access, which we believe will facilitate appropriate 
financial flexibility and ready access to global capital and credit markets at favorable interest rates. However, 
see “Item 1A. Risk Factors” and “Our Business Risks” for certain factors that may impact our credit ratings 
or our operating cash flows.
Any downgrade of our credit ratings by a credit rating agency, especially any downgrade to below investment 
grade, whether or not as a result of our actions or factors which are beyond our control, could increase our 

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future borrowing costs and impair our ability to access capital and credit markets on terms commercially 
acceptable to us, or at all. In addition, any downgrade of our current short-term credit ratings could impair 
our ability to access the commercial paper market with the same flexibility that we have experienced 
historically, and therefore require us to rely more heavily on more expensive types of debt financing. See 
“Item 1A. Risk Factors,” “Our Business Risks” and Note 8 to our consolidated financial statements for further 
discussion.
Credit Facilities and Long-Term Contractual Commitments
See Note 8 to our consolidated financial statements for a description of our credit facilities.
The following table summarizes our long-term contractual commitments by period:
Payments Due by Period
(a)
Total
2020
2021 –
2022
2023 –
2024
2025 and
beyond