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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income $ 939 $ 1,030
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 610 580
Deferred income taxes (45) (45)
Stock compensation 97 92
Net periodic pension and other postretirement costs 59 8
Intangible asset impairments 17 31
Other 54 90
Changes in balance sheet items:    
Accounts receivable, net (126) (23)
Inventories (305) (88)
Accounts payable and accrued liabilities 36 (249)
Other (178) (145)
Cash flows from operations – continuing operations 1,158 1,281
Cash flows from operations – discontinued operations (2) (6)
Cash flows from operations 1,156 1,275
Cash flows from investing activities    
Capital expenditures (472) (505)
Acquisitions, net of cash acquired, and investments (466) (186)
Other investing activities, net 23 12
Cash flows from investing activities (915) (679)
Cash flows from financing activities    
Issuances of debt 1,240 1,661
Net decreases in debt with original maturities of three months or less (226) 0
Cash dividends on common stock (348) (310)
Proceeds from stock issued under employee benefit plans 180 334
Purchases of treasury stock 0 (1,029)
Other financing activities, net (48) (42)
Cash flows from financing activities 798 614
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (8) (39)
Increase in cash, cash equivalents and restricted cash 1,031 1,171
Cash, cash equivalents and restricted cash at beginning of period 3,335 1,838
Cash, cash equivalents and restricted cash at ending of period [1] 4,366 3,009
Cash, cash equivalents and restricted cash [1] $ 4,366 $ 3,009
[1] We did not have any restricted cash balances as of December 31, 2019, September 30, 2019 or December 31, 2018.