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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES      
Net earnings $ 3,885 $ 3,395 $ 2,842
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization 1,047 811 816
Stock-based compensation expense 135 128 137
U.S. tax reform transition tax/(benefit) 5 (38) 1,317
Deferred income tax (benefit)/provision (631) 233 (1,228)
Asset impairments and accelerated depreciation 109 141 334
Loss on early extinguishment of debt 0 140 11
Net gain on divestitures (44) 0 (186)
Net loss/(gain) on equity method investment transactions 2 (778) (40)
Equity method investment net earnings (442) (548) (344)
Distributions from equity method investments 250 180 152
Other non-cash items, net 97 381 (225)
Change in assets and liabilities, net of acquisitions and divestitures:      
Receivables, net 124 257 (24)
Inventories, net 31 (204) (18)
Accounts payable 4 236 5
Other current assets (77) (25) 14
Other current liabilities (362) (136) (637)
Change in pension and postretirement assets and liabilities, net (168) (225) (333)
Net cash provided by operating activities 3,965 3,948 2,593
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES      
Capital expenditures (925) (1,095) (1,014)
Acquisitions, net of cash received (284) (528) 0
Proceeds from divestitures, net of disbursements 167 1 604
Proceeds from sale of property, plant and equipment and other 82 398 109
Net cash used in investing activities (960) (1,224) (301)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES      
Issuances of commercial paper, maturities greater than 90 days 1,306 3,981 1,808
Repayments of commercial paper, maturities greater than 90 days (2,367) (2,856) (1,911)
Net issuances/(repayments) of other short-term borrowings 524 (1,413) 1,027
Long-term debt proceeds 3,136 2,948 350
Long-term debt repayments (2,677) (1,821) (1,470)
Repurchases of Common Stock (1,480) (2,020) (2,174)
Dividends paid (1,542) (1,359) (1,198)
Other 313 211 207
Net cash used in financing activities (2,787) (2,329) (3,361)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 10 (56) 89
Cash, cash equivalents and restricted cash:      
Increase/(decrease) 228 339 (980)
Balance at beginning of period 1,100 761 1,741
Balance at end of period 1,328 1,100 761
Cash paid:      
Interest 486 491 398
Income taxes $ 981 $ 864 $ 848