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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities    
Net income including noncontrolling interest $ 2,571 $ 2,504
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities    
Depreciation and amortization 722 683
Company pension and postretirement contributions (97) (185)
Company pension and postretirement expense 118 283
Stock-based compensation expense 193 187
Deferred income taxes (134) 295
Excess tax benefits from stock-based compensation   (129)
Changes in assets and liabilities    
Accounts receivable (419) (446)
Inventories (42) (269)
Accounts payable (57) (34)
Accrued income taxes (current and long-term) (102) (421)
Other - net (208) (50)
Net cash provided by operating activities 2,545 2,418
Cash Flows from Investing Activities    
Purchases of property, plant and equipment (PP&E) (637) (661)
Proceeds from sale of PP&E and other assets 18 14
Acquisitions, net of cash acquired (4) (153)
Purchases of marketable securities and investments (510) (341)
Proceeds from maturities and sale of marketable securities and investments 449 1,269
Proceeds from sale of businesses 56 19
Other investing (2) 19
Net cash provided by (used in) investing activities (630) 166
Cash Flows from Financing Activities    
Change in short-term debt - net (337) (39)
Repayment of debt (maturities greater than 90 days)   (10)
Proceeds from debt (maturities greater than 90 days) 1,112 1,925
Purchases of treasury stock (2,055) (2,581)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 612 450
Dividends paid to shareholders (1,344) (1,298)
Excess tax benefits from stock-based compensation   129
Other - net (16) (50)
Net cash used in financing activities (2,028) (1,474)
Effect of exchange rate changes on cash and cash equivalents 3 (24)
Net increase (decrease) in cash and cash equivalents (110) 1,086
Cash and cash equivalents at beginning of year 1,798 1,897
Cash and cash equivalents at end of period $ 1,688 $ 2,983