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, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES      
CONSOLIDATED NET INCOME $ 8,626 $ 9,086 $ 8,646
Depreciation and amortization 1,977 1,982 1,954
Stock-based compensation expense 227 259 354
Deferred income taxes 648 632 1,035
Equity (income) loss - net of dividends (201) (426) (269)
Foreign currency adjustments 168 (130) 7
Significant (gains) losses on sales of assets - net (670) (98) (220)
Other operating charges 465 166 214
Other items 234 254 (354)
Net change in operating assets and liabilities (932) (1,080) (1,893)
Net cash provided by operating activities 10,542 10,645 9,474
INVESTING ACTIVITIES      
Purchases of investments (14,782) (14,824) (4,798)
Proceeds from disposals of investments 12,791 7,791 5,811
Acquisitions of businesses, equity method investments and nonmarketable securities (353) (1,486) (971)
Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 872 20 398
Purchases of property, plant and equipment (2,550) (2,780) (2,920)
Proceeds from disposals of property, plant and equipment 111 143 101
Other investing activities (303) (268) (145)
Net cash provided by (used in) investing activities (4,214) (11,404) (2,524)
FINANCING ACTIVITIES      
Issuances of debt 43,425 42,791 27,495
Payments of debt (38,714) (38,573) (22,530)
Issuances of stock 1,328 1,489 1,569
Purchases of stock for treasury (4,832) (4,559) (4,513)
Dividends (4,969) (4,595) (4,300)
Other financing activities 17 100 45
Net cash provided by (used in) financing activities (3,745) (3,347) (2,234)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (611) (255) (430)
CASH AND CASH EQUIVALENTS      
Net increase (decrease) during the year 1,972 (4,361) 4,286
Balance at beginning of year 8,442 12,803 8,517
Balance at end of year $ 10,414 $ 8,442 $ 12,803