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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 3,492 $ 1,928 $ (10,486)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Impairments and other charges and credits (347) (65) 12,515
Depreciation and amortization [1] 2,147 2,120 2,566
Deferred taxes (39) (31) (1,248)
Stock-based compensation expense 313 324 397
Earnings of equity method investments, less dividends received (96) 10 (28)
Change in assets and liabilities:      
(Increase) decrease in receivables [2] (1,728) (36) 2,345
(Increase) decrease in inventories [2] (737) 75 86
(Increase) decrease in other current assets [2] (44) 387 267
Increase in other assets [2] (45) (2) (25)
Increase (decrease) in accounts payable and accrued liabilities [2] 704 160 (3,330)
Increase (decrease) in estimated liability for taxes on income [2] 96 (154) (201)
Increase (decrease) in other liabilities [2] 23 (26) 19
Other [2] (19) (39) 67
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,720 4,651 2,944
Cash flows from investing activities:      
Capital expenditures (1,618) (1,141) (1,116)
APS investments (587) (474) (303)
Exploration data capitalized (97) (39) (101)
Net proceeds from divestitures     434
Proceeds from sale of Liberty shares 732 109  
Proceeds from sale of ADC shares 223    
Proceeds from sale of real estate 120    
Business acquisitions and investments, net of cash acquired (58) (103) (33)
Sale (purchase) of short-term investments, net 138 787 (1,141)
Purchases of Blue Chip Swap securities (259)    
Proceeds from sales of Blue Chip Swap securities 111    
Other (93) (58) (93)
NET CASH USED IN INVESTING ACTIVITIES (1,388) (919) (2,353)
Cash flows from financing activities:      
Dividends paid (848) (699) (1,734)
Proceeds from employee stock purchase plan 142 137 146
Proceeds from exercise of stock options 81    
Taxes paid on net-settled stock-based compensation awards (93) (24) (28)
Stock repurchase program     (26)
Proceeds from issuance of long-term debt   34 5,837
Repayment of long-term debt (1,650) (2,076) (4,975)
Net increase (decrease) in short-term borrowings 37 (105) 156
Repayment of finance lease-related obligations     (188)
Other (51) (91) (61)
NET CASH USED IN FINANCING ACTIVITIES (2,382) (2,824) (873)
Net increase (decrease) in cash before translation effect (50) 908 (282)
Translation effect on cash (52) 5 (11)
Cash, beginning of period 1,757 844 1,137
Cash, end of period $ 1,655 $ 1,757 $ 844
[1] Includes depreciation of property, plant and equipment and amortization of intangible assets, exploration data costs and APS investments.
[2] Net of the effect of business acquisitions and divestitures.