XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 2,465 $ 2,146 $ 1,415
Adjustments to reconcile to net cash provided by operating activities      
Depreciation and amortization 954 922 811
Deferred income taxes (128) (111) (86)
Pension and other postretirement benefits expense 54 53 210
Contributions to pension plans (116) (343) (122)
Contributions to other postretirement benefits plans (24) (20) (23)
Gain on sale of businesses (24) (197) (91)
Changes in working capital      
Accounts receivable - net (743) (271) 219
Inventory (490) (629) 371
Accounts payable 334 832 76
Accrued compensation (16) 154 (65)
Accrued income and other taxes 170 (317) (95)
Other current assets (179) (116) (67)
Other current liabilities 236 38 196
Other - net 40 22 195
Net cash provided by operating activities 2,533 2,163 2,944
Investing activities      
Capital expenditures for property, plant and equipment (598) (575) (389)
Cash paid for acquisitions of businesses, net of cash acquired (610) (4,500) (200)
Proceeds from sales of businesses, net of cash sold 31 3,129 1,408
Proceeds from sales of property, plant and equipment 163 44 12
Investments in associate companies (42) (124) (19)
Sales (purchases) of short-term investments - net (19) 379 (441)
Proceeds from (payments for) settlement of currency exchange contracts not designated as hedges - net (47) (27) 94
Other - net (79) (90) (68)
Net cash provided by (used in) investing activities (1,200) (1,764) 397
Financing activities      
Proceeds from borrowings 1,995 1,798 0
Payments on borrowings (2,012) (1,013) (249)
Short-term debt, net 317 20 (254)
Cash dividends paid (1,299) (1,219) (1,175)
Exercise of employee stock options 28 63 71
Repurchase of shares (286) (122) (1,608)
Employee taxes paid from shares withheld (60) (47) (37)
Other - net (23) (15) (6)
Net cash used in financing activities (1,340) (535) (3,258)
Effect of currency on cash 4 (5) (15)
Total increase (decrease) in cash (3) (141) 68
Cash at the beginning of the period 297 438 370
Cash at the end of the period $ 294 $ 297 $ 438