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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operations    
Net income $ 580 $ 655
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 401 385
Deferred income taxes (23) (63)
Stock compensation 64 57
Net periodic pension benefit and other postretirement costs 40 7
Intangible asset impairments 17 31
Other 27 44
Changes in balance sheet items:    
Accounts receivable, net (25) (60)
Inventories (261) (91)
Accounts payable and accrued liabilities (48) (299)
Other (124) (86)
Cash flows from operations – continuing operations 648 580
Cash flows from operations – discontinued operations (2) (6)
Cash flows from operations 646 574
Cash flows from investing activities    
Capital expenditures (316) (338)
Acquisitions, net of cash acquired, and investments (453) (111)
Other investing activities, net 11 1
Cash flows from investing activities (758) (448)
Cash flows from financing activities    
Issuances of debt 1,240 1,661
Net decreases in debt with original maturities of three months or less (225) 0
Cash dividends on common stock (223) (198)
Proceeds from stock issued under employee benefit plans 151 262
Purchases of treasury stock 0 (720)
Other financing activities, net (34) (37)
Cash flows from financing activities 909 968
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (38) 2
Increase in cash, cash equivalents and restricted cash 759 1,096
Cash, cash equivalents and restricted cash at beginning of period 3,335 1,838
Cash, cash equivalents and restricted cash at ending of period [1] 4,094 2,934
Cash, cash equivalents and restricted cash $ 4,094 [1] $ 1,838
[1] We did not have any restricted cash balances as of December 31, 2019, June 30, 2019 or December 31, 2018.