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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
CONSOLIDATED NET INCOME $ 8,985 $ 6,476 $ 1,283
Depreciation and amortization 1,365 1,086 1,260
Stock-based compensation expense 201 225 219
Deferred income taxes (280) (413) (1,252)
Equity (income) loss - net of dividends (421) (457) (628)
Foreign currency adjustments 91 (50) 292
Significant (gains) losses on sales of assets - net (467) 743 1,459
Other operating charges 127 558 1,218
Other items 504 699 (252)
Net change in operating assets and liabilities 366 (1,240) 3,442
Net cash provided by operating activities 10,471 7,627 7,041
INVESTING ACTIVITIES      
Purchases of investments (4,704) (7,789) (17,296)
Proceeds from disposals of investments 6,973 14,977 16,694
Acquisitions of businesses, equity method investments and nonmarketable securities (5,542) (1,263) (3,809)
Proceeds from disposals of businesses, equity method investments and nonmarkatable securities 429 1,362 3,821
Purchases of property, plant and equipment (2,054) (1,548) (1,750)
Proceeds from disposals of property, plant and equipment 978 248 108
Other investing activities (56) (60) (80)
Net cash provided by (used in) investing activities (3,976) 5,927 (2,312)
FINANCING ACTIVITIES      
Issuances of debt 23,009 27,605 29,926
Payments of debt (24,850) (30,600) (28,871)
Issuances of stock 1,012 1,476 1,595
Purchases of stock for treasury (1,103) (1,912) (3,682)
Dividends (6,845) (6,644) (6,320)
Other financing activities (227) (272) (95)
Net cash provided by (used in) financing activities (9,004) (10,347) (7,447)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (72) (262) 241
CASH AND CASH EQUIVALENTS      
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year (2,581) 2,945 (2,477)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the Beginning of the Year 9,318 6,373 8,850
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at the End of the Year 6,737 9,318 6,373
Restricted Cash and Restricted Cash Equivalents not included in Cash and Cash Equivalents on Balance Sheet 257 241 271
Cash and cash equivalents $ 6,480 $ 9,077 $ 6,102

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