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, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
CONSOLIDATED NET INCOME $ 7,366 $ 7,124 $ 8,626
Depreciation and amortization 1,970 1,976 1,977
Stock-based compensation expense 236 209 227
Deferred income taxes 73 (40) 648
Equity (income) loss - net of dividends (122) (371) (201)
Foreign currency adjustments (137) 415 168
Significant (gains) losses on sales of assets - net (374) 831 (670)
Other operating charges 929 761 465
Other items 744 149 234
Net change in operating assets and liabilities (157) (439) (932)
Net cash provided by operating activities 10,528 10,615 10,542
INVESTING ACTIVITIES      
Purchases of investments (15,831) (17,800) (14,782)
Proceeds from disposals of investments 14,079 12,986 12,791
Acquisitions of businesses, equity method investments and nonmarketable securities (2,491) (389) (353)
Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 565 148 872
Purchases of property, plant and equipment (2,553) (2,406) (2,550)
Proceeds from disposals of property, plant and equipment 85 223 111
Other investing activities (40) (268) (303)
Net cash provided by (used in) investing activities (6,186) (7,506) (4,214)
FINANCING ACTIVITIES      
Issuances of debt 40,434 41,674 43,425
Payments of debt (37,738) (36,962) (38,714)
Issuances of stock 1,245 1,532 1,328
Purchases of stock for treasury (3,564) (4,162) (4,832)
Dividends (5,741) (5,350) (4,969)
Other financing activities 251 (363) 17
Net cash provided by (used in) financing activities (5,113) (3,631) (3,745)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (878) (934) (611)
CASH AND CASH EQUIVALENTS      
Net increase (decrease) during the year (1,649) (1,456) 1,972
Balance at beginning of year 8,958 10,414 8,442
Balance at end of year $ 7,309 $ 8,958 $ 10,414