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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 2,993 $ 2,411
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs and debt discount 19 51
Depreciation and amortization 2,660 1,616
Pension and other postretirement benefits, net (110) 38
Deferred income taxes 772 42
Net gain on disposal of assets (222) (6)
Income from equity method investments (330) (262)
Distributions from equity method investments 473 345
Changes in the fair value of derivative instruments (34) 13
Changes in operating assets and liabilities, net of effects of businesses acquired:    
Current receivables (1,615) (709)
Inventories 182 215
Current accounts payable and accrued liabilities 1,942 (316)
Right of use assets and operating lease liabilities, net 20 0
All other, net 282 (7)
Net cash provided by operating activities 7,032 3,431
Investing activities:    
Additions to property, plant and equipment (3,823) (2,315)
Acquisitions, net of cash acquired (129) (453)
Disposal of assets 44 19
Investments – acquisitions, loans and contributions (792) (222)
Investments - redemptions, repayments and return of capital 75 16
All other, net 50 60
Net cash used in investing activities (4,575) (2,895)
Financing activities:    
Long-term debt – borrowings 13,774 10,735
Long-term debt – repayments (12,554) (5,401)
Debt issuance costs (22) (53)
Issuance of common stock 6 24
Common stock repurchased (1,885) (2,612)
Dividends paid (1,054) (637)
Distributions to noncontrolling interests (950) (599)
Contributions from noncontrolling interests 95 9
All other, net (64) (22)
Net cash provided by (used in) financing activities (2,654) 1,444
Net increase (decrease) in cash, cash equivalents and restricted cash (197) 1,980
Cash, cash equivalents and restricted cash at beginning of period 1,725 3,015
Cash, cash equivalents and restricted cash at end of period $ 1,528 $ 4,995