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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net income including noncontrolling interest $ 4,582 $ 5,363 $ 4,869
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization 1,593 1,488 1,544
Company pension and postretirement contributions (210) (370) (967)
Company pension and postretirement expense 357 410 334
Stock-based compensation expense 278 302 324
Gain on sale of businesses (111) (545) (586)
Deferred income taxes (273) (57) 107
Loss on deconsolidation of Venezuelan subsidiary 162    
Changes in assets and liabilities      
Accounts receivable 345 (305) (245)
Inventories 370 (509) (387)
Accounts payable (117) 408 24
Accrued income taxes (current and long-term) 205 134 967
Other - net (111) 120 256
Net cash provided by (used in) operating activities 7,070 6,439 6,240
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (PP&E) (1,699) (1,577) (1,373)
Proceeds from sale of PP&E and other assets 123 262 49
Acquisitions, net of cash acquired (4,984) 13 (2,023)
Purchases of marketable securities and investments (1,635) (1,828) (2,152)
Proceeds from maturities and sale of marketable securities and investments 1,443 2,497 1,354
Proceeds from sale of businesses, net of cash sold 236 846 1,065
Other - net 72 9 (6)
Net cash provided by (used in) investing activities (6,444) 222 (3,086)
Cash Flows from Financing Activities      
Change in short-term debt - net (316) (284) 578
Repayment of debt (maturities greater than 90 days) (2,716) (1,034) (962)
Proceeds from debt (maturities greater than 90 days) 6,281 2,251 1,987
Purchases of treasury stock (1,407) (4,870) (2,068)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 547 485 734
Dividends paid to shareholders (3,316) (3,193) (2,803)
Other - net (197) (56) (121)
Net cash provided by (used in) financing activities (1,124) (6,701) (2,655)
Effect of exchange rate changes on cash and cash equivalents (2) (160) 156
Net increase (decrease) in cash and cash equivalents (500) (200) 655
Cash and cash equivalents at beginning of year 2,853 3,053 2,398
Cash and cash equivalents at end of period $ 2,353 $ 2,853 $ 3,053