Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
CONSOLIDATED NET INCOME $ 6,550 $ 7,366 $ 7,124
Depreciation and amortization 1,787 1,970 1,976
Stock-based compensation expense 258 236 209
Deferred income taxes (856) 73 (40)
Equity (income) loss - net of dividends (449) (122) (371)
Foreign currency adjustments 158 (137) 415
Significant (gains) losses on sales of assets - net 1,146 (374) 831
Other operating charges 647 929 761
Other items (224) 744 149
Net change in operating assets and liabilities (221) (157) (439)
Net cash provided by operating activities 8,796 10,528 10,615
INVESTING ACTIVITIES      
Purchases of investments (15,499) (15,831) (17,800)
Proceeds from disposals of investments 16,624 14,079 12,986
Acquisitions of businesses, equity method investments and nonmarketable securities (838) (2,491) (389)
Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 1,035 565 148
Purchases of property, plant and equipment (2,262) (2,553) (2,406)
Proceeds from disposals of property, plant and equipment 150 85 223
Other investing activities (209) (40) (268)
Net cash provided by (used in) investing activities (999) (6,186) (7,506)
FINANCING ACTIVITIES      
Issuances of debt 27,281 40,434 41,674
Payments of debt (25,615) (37,738) (36,962)
Issuances of stock 1,434 1,245 1,532
Purchases of stock for treasury (3,681) (3,564) (4,162)
Dividends (6,043) (5,741) (5,350)
Other financing activities 79 251 (363)
Net cash provided by (used in) financing activities (6,545) (5,113) (3,631)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (6) (878) (934)
CASH AND CASH EQUIVALENTS      
Net increase (decrease) during the year 1,246 (1,649) (1,456)
Balance at beginning of year 7,309 8,958 10,414
Balance at end of year $ 8,555 $ 7,309 $ 8,958