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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 1,175 $ 1,591
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation 1,012 1,143
Amortization of intangibles 622 303
Stock-based compensation 189 113
Net (gain)/loss on asset sales and other 315 (176)
Changes in operating assets and liabilities, net of acquisitions/divestitures 1,162 1,785
Net cash provided by operating activities 4,476 4,759
Cash flows from investing activities:    
Payments for property, plant and equipment (630) (539)
Proceeds from disposition of property, plant and equipment 46 81
Investment in software (153) (156)
Acquisition of businesses, net of cash acquired (13) (1)
Divestiture of businesses, net of cash transferred 26 33
Non-operating finance receivables - net (20) 193
Purchases of marketable securities and other investments (1,096) (1,138)
Proceeds from disposition of marketable securities and other investments 938 674
Net cash provided by/(used in) investing activities (902) (853)
Cash flows from financing activities:    
Proceeds from new debt 6,055 5,979
Payments to settle debt (5,285) (1,768)
Short-term borrowings/(repayments) less than 90 days - net 586 21
Common stock repurchases   (920)
Common stock repurchases for tax withholdings (44) (61)
Financing - other 13 9
Cash dividends paid (1,440) (1,397)
Net cash provided by/(used in) financing activities (115) 1,863
Effect of exchange rate changes on cash, cash equivalents and restricted cash (403) (102)
Net change in cash, cash equivalents and restricted cash 3,057 5,668
Cash, cash equivalents and restricted cash at beginning of period 8,314 11,604
Cash, cash equivalents and restricted cash at end of period $ 11,371 $ 17,272