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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 2,146 $ 1,415 $ 2,213
Adjustments to reconcile to net cash provided by operating activities      
Depreciation and amortization 922 811 884
Deferred income taxes (111) (86) (71)
Pension and other postretirement benefits expense 53 210 157
Contributions to pension plans (343) (122) (119)
Contributions to other postretirement benefits plans (20) (23) (15)
Loss (gain) on sale of businesses (197) (91) 66
Changes in working capital      
Accounts receivable - net (271) 219 172
Inventory (629) 371 (60)
Accounts payable 832 76 147
Accrued compensation 154 (65) (23)
Accrued income and other taxes (317) (95) 16
Other current assets (116) (67) 12
Other current liabilities 38 196 (21)
Other - net 22 195 93
Net cash provided by operating activities 2,163 2,944 3,451
Investing activities      
Capital expenditures for property, plant and equipment (575) (389) (587)
Cash paid for acquisitions of businesses, net of cash acquired (4,500) (200) (1,180)
Proceeds from (payments for) sales of businesses, net of cash sold 3,129 1,408 (36)
Investments in associate companies (124) (19) (11)
Sales (purchases) of short-term investments - net 379 (441) (70)
Proceeds from (payments for) settlement of currency exchange contracts not designated as hedges - net (27) 94 54
Other - net (46) (56) (36)
Net cash provided by (used in) investing activities (1,764) 397 (1,866)
Financing activities      
Proceeds from borrowings 1,798 0 1,232
Payments on borrowings (1,013) (249) (348)
Short-term debt, net 20 (254) (159)
Cash dividends paid (1,219) (1,175) (1,201)
Exercise of employee stock options 63 71 66
Repurchase of shares (122) (1,608) (1,029)
Employee taxes paid from shares withheld (47) (37) (46)
Other - net (15) (6) (9)
Net cash used in financing activities (535) (3,258) (1,494)
Effect of currency on cash (5) (15) (4)
Total increase (decrease) in cash (141) 68 87
Cash at the beginning of the period 438 370 283
Cash at the end of the period $ 297 $ 438 $ 370