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Annual Report 2020

Our disciplined approach to cost management, including reducing our operating expenses by $500 million, supported operating EBIT of $2.7 billion and operating EBIT margin of 7%. Cash flow from operations improved 9% year-over-year to $6.3 billion, and cash flow conversion was 112%, a more than 30% improvement over the prior year.

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  Annual, Report, Annual report, Management

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