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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operations      
Net income $ 1,295,000,000 $ 1,110,000,000 $ 1,011,000,000
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 890,000,000 823,000,000 789,000,000
Pension settlement charges 2,000,000 46,000,000 755,000,000
Net periodic pension benefit and other postretirement costs 99,000,000 81,000,000 22,000,000
Deferred income taxes (146,000,000) (88,000,000) (310,000,000)
Stock compensation 146,000,000 130,000,000 122,000,000
Loss on debt extinguishment 5,000,000 110,000,000 0
Intangible asset impairments 0 17,000,000 31,000,000
Settlement of interest rate derivative contracts 0 (173,000,000) 0
Other 92,000,000 86,000,000 115,000,000
Changes in balance sheet items:      
Accounts receivable, net (170,000,000) (119,000,000) (52,000,000)
Inventories (37,000,000) (162,000,000) 4,000,000
Prepaid expenses and other current assets (41,000,000) (37,000,000) (31,000,000)
Accounts payable 104,000,000 57,000,000 (23,000,000)
Accrued expenses and other current liabilities 108,000,000 86,000,000 (196,000,000)
Other (125,000,000) (97,000,000) (127,000,000)
Cash flows from operations – continuing operations 2,222,000,000 1,870,000,000 2,110,000,000
Cash flows from operations – discontinued operations 0 (2,000,000) (6,000,000)
Cash flows from operations 2,222,000,000 1,868,000,000 2,104,000,000
Cash flows from investing activities      
Capital expenditures (743,000,000) (709,000,000) (696,000,000)
Acquisitions, net of cash acquired, and investments (10,502,000,000) (494,000,000) (418,000,000)
Other investing activities, net 45,000,000 24,000,000 14,000,000
Cash flows from investing activities (11,200,000,000) (1,179,000,000) (1,100,000,000)
Cash flows from financing activities      
Issuances of debt 11,903,000,000 1,885,000,000 1,661,000,000
Repayments of debt (2,823,000,000) (1,181,000,000) 0
Net increase (decrease) in debt with original maturities of three months or less 246,000,000 (226,000,000) 222,000,000
Cash dividends on common stock (530,000,000) (473,000,000) (423,000,000)
Proceeds from stock issued under employee benefit plans 187,000,000 202,000,000 356,000,000
Purchases of treasury stock (600,000,000) (500,000,000) (1,270,000,000)
Debt issuance costs (98,000,000) (5,000,000) (2,000,000)
Other financing activities, net (40,000,000) (47,000,000) (46,000,000)
Cash flows from financing activities 8,245,000,000 (345,000,000) 498,000,000
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (47,000,000) 57,000,000 (5,000,000)
Increase (decrease) in cash, cash equivalents and restricted cash (780,000,000) 401,000,000 1,497,000,000
Cash, cash equivalents and restricted cash at beginning of year [1] 3,736,000,000 3,335,000,000 1,838,000,000
Cash, cash equivalents and restricted cash at end of year [1] 2,956,000,000 3,736,000,000 $ 3,335,000,000
Cash and cash equivalents 2,951,000,000 3,730,000,000  
Restricted cash included in prepaid expenses and other current assets $ 5,000,000 $ 6,000,000  
[1] We did not have restricted cash balances as of December 31, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash amounts as shown in the consolidated statement of cash flows to the amount reported in the consolidated balance sheet as of December 31, 2021 and 2020:
As of December 31 (in millions)20212020
Cash and cash equivalents$2,951 $3,730 
Restricted cash included in prepaid expenses and other current assets
Cash, cash equivalents and restricted cash$2,956 $3,736