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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities      
Net income including noncontrolling interest $ 5,929 $ 5,453 $ 4,529
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization 1,915 1,911 1,593
Company pension and postretirement contributions (180) (156) (210)
Company pension and postretirement expense 206 322 426
Stock-based compensation expense 274 262 278
Gain on sale of businesses 0 (389) (111)
Deferred income taxes (166) (165) (273)
Loss on deconsolidation of Venezuelan subsidiary 0 0 162
Changes in assets and liabilities      
Accounts receivable (122) 165 345
Inventories (903) (91) 370
Accounts payable 518 252 (117)
Accrued income taxes (current and long-term) (244) 132 205
Other — net 227 417 (127)
Net cash provided by (used in) operating activities 7,454 8,113 7,070
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (PP&E) (1,603) (1,501) (1,699)
Proceeds from sale of PP&E and other assets 51 128 123
Acquisitions, net of cash acquired 0 (25) (4,984)
Purchases of marketable securities and investments (2,202) (1,579) (1,635)
Proceeds from maturities and sale of marketable securities and investments 2,406 1,811 1,443
Proceeds from sale of businesses, net of cash sold 0 576 236
Other — net 31 10 72
Net cash provided by (used in) investing activities (1,317) (580) (6,444)
Cash Flows from Financing Activities      
Change in short-term debt — net (2) (143) (316)
Repayment of debt (maturities greater than 90 days) (1,144) (3,482) (2,716)
Proceeds from debt (maturities greater than 90 days) 1 1,750 6,281
Purchases of treasury stock (2,199) (368) (1,407)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 639 429 547
Dividends paid to shareholders (3,420) (3,388) (3,316)
Other — net (20) (98) (197)
Net cash provided by (used in) financing activities (6,145) (5,300) (1,124)
Effect of exchange rate changes on cash and cash equivalents (62) 48 (2)
Net increase (decrease) in cash and cash equivalents (70) 2,281 (500)
Cash and cash equivalents at beginning of year 4,634 2,353 2,853
Cash and cash equivalents at end of period $ 4,564 $ 4,634 $ 2,353