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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net income $ 1,158 $ 1,098
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 442 457
Deferred income taxes 7 (109)
Pension and other postretirement benefits expense 75 82
Contributions to pension plans (62) (72)
Contributions to other postretirement benefits plans (6) (12)
Changes in working capital (333) (482)
Other - net 150 (124)
Net cash provided by operating activities 1,431 838
Investing activities    
Capital expenditures for property, plant and equipment (298) (280)
Cash paid for acquisition of a business, net of cash acquired (243) 0
Sales (purchases) of short-term investments - net (221) 284
Proceeds for settlement of currency exchange contracts not designated as hedges - net 50 0
Other - net 2 (41)
Net cash provided by (used in) investing activities (710) (37)
Financing activities    
Proceeds from borrowings 1,232 500
Payments on borrowings (757) (486)
Cash dividends paid (609) (578)
Exercise of employee stock options 25 21
Repurchase of shares (440) (600)
Employee taxes paid from shares withheld (44) (23)
Other - net (6) (2)
Net cash provided by (used in) financing activities (599) (1,168)
Effect of currency on cash 7 62
Total increase (decrease) in cash 129 (305)
Cash at the beginning of the period 283 561
Cash at the end of the period $ 412 $ 256