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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities      
Net income including noncontrolling interest $ 5,363 $ 4,869 $ 5,058
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization 1,488 1,544 1,474
Company pension and postretirement contributions (370) (967) (383)
Company pension and postretirement expense 410 334 250
Stock-based compensation expense 302 324 298
Gain on sale of businesses (545) (586) (111)
Deferred income taxes (57) 107 7
Changes in assets and liabilities      
Accounts receivable (305) (245) (313)
Inventories (509) (387) 57
Accounts payable 408 24 148
Accrued income taxes (current and long-term) 134 967 101
Other - net 120 256 76
Net cash provided by (used in) operating activities 6,439 6,240 6,662
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (PP&E) (1,577) (1,373) (1,420)
Proceeds from sale of PP&E and other assets 262 49 58
Acquisitions, net of cash acquired 13 (2,023) (16)
Purchases of marketable securities and investments (1,828) (2,152) (1,410)
Proceeds from maturities and sale of marketable securities and investments 2,497 1,354 1,247
Proceeds from sale of businesses, net of cash sold 846 1,065 142
Other - net 9 (6) (4)
Net cash provided by (used in) investing activities 222 (3,086) (1,403)
Cash Flows from Financing Activities      
Change in short-term debt - net (284) 578 (797)
Repayment of debt (maturities greater than 90 days) (1,034) (962) (992)
Proceeds from debt (maturities greater than 90 days) 2,251 1,987 2,832
Purchases of treasury stock (4,870) (2,068) (3,753)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 485 734 804
Dividends paid to shareholders (3,193) (2,803) (2,678)
Other - net (56) (121) (42)
Net cash provided by (used in) financing activities (6,701) (2,655) (4,626)
Effect of exchange rate changes on cash and cash equivalents (160) 156 (33)
Net increase (decrease) in cash and cash equivalents (200) 655 600
Cash and cash equivalents at beginning of year 3,053 2,398 1,798
Cash and cash equivalents at end of period $ 2,853 $ 3,053 $ 2,398