v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Consolidated net income $ 1,811 $ 2,268 $ 2,187
Adjustments to reconcile consolidated net income to net cash provided by operating activities      
Depreciation and amortization 673 672 611
Deferred income taxes (Note 4) 7 (4) (238)
Equity in income of investees, net of dividends (105) (14) (90)
Pension and OPEB expense (Note 13) 108 75 97
Pension contributions and OPEB payments (Note 13) (121) (150) (67)
Share-based compensation expense (Note 18) 31 49 53
Restructuring actions, net of cash payments (Note 21) (110) 115 0
(Gain) loss on corporate owned life insurance 57 61 (26)
Foreign currency remeasurement and transaction exposure 2 (105) (46)
Changes in current assets and liabilities, net of acquisitions      
Accounts and notes receivable (51) 195 (363)
Inventories 46 291 (695)
Other current assets (39) (95) (49)
Accounts Payable 288 (310) 302
Accrued Expenses 121 (112) 378
Changes in other liabilities 189 240 108
Other, net (71) 127 164
Net cash provided by operating activities 2,722 3,181 2,378
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (528) (700) (709)
Investments in internal use software (47) (75) (75)
Investments in and advances to equity investees (51) (20) (37)
Acquisitions of businesses, net of cash acquired (Note 20) 0 (237) (70)
Investments in marketable securities—acquisitions (593) (495) (368)
Investments in marketable securities—liquidations (Note 5) 469 389 331
Cash flows from derivatives not designated as hedges 4 (44) (102)
Other, net 27 32 56
Net cash used in investing activities (719) (1,150) (974)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from borrowings (Note 11) 2,014 11 36
Net (payments) borrowings of commercial paper (Note 11) (337) (120) 482
Payments on borrowings and finance lease obligations (73) (96) (62)
Net borrowings under short-term credit agreements 10 53 1
Distributions to noncontrolling interests (26) (33) (30)
Dividend payments on common stock (Note 15) (782) (761) (718)
Repurchases of common stock (Note 15) (641) (1,271) (1,140)
Proceeds from Issuance of Common Stock 88 76 13
Other, net 27 46 18
Net cash provided by (used in) financing activities 280 (2,095) (1,400)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (11) (110) (70)
Net increase (decrease) in cash and cash equivalents 2,272 (174) (66)
Cash and cash equivalents at beginning of year 1,129 1,303 1,369
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,401 $ 1,129 $ 1,303

Source