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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operations    
Net income $ 601 $ 580
Adjustments to reconcile net income to cash flows from operations:    
Depreciation and amortization 439 401
Deferred income taxes (36) (23)
Stock compensation 59 64
Net periodic pension and other postretirement costs 51 40
Intangible asset impairments 0 17
Other 10 27
Changes in balance sheet items:    
Accounts receivable, net (42) (14)
Inventories (155) (261)
Prepaid expenses and other current assets (24) (74)
Accounts payable (9) 116
Accrued expenses and other current liabilities (9) (164)
Other (31) (61)
Cash flows from operations – continuing operations 854 648
Cash flows from operations – discontinued operations 0 (2)
Cash flows from operations 854 646
Cash flows from investing activities    
Capital expenditures (329) (316)
Acquisitions, net of cash acquired, and investments (417) (453)
Other investing activities, net 20 11
Cash flows from investing activities (726) (758)
Cash flows from financing activities    
Issuances of debt 0 1,240
Net increase (decrease) in debt with original maturities of three months or less 51 (225)
Cash dividends on common stock (249) (223)
Proceeds from stock issued under employee benefit plans 93 151
Purchases of treasury stock (565) 0
Other financing activities, net (37) (34)
Cash flows from financing activities (707) 909
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (17) (38)
Increase (decrease) in cash, cash equivalents and restricted cash (596) 759
Cash, cash equivalents and restricted cash at beginning of period 3,736 3,335
Cash, cash equivalents and restricted cash at end of period [1] $ 3,140 $ 4,094
[1] We did not have any restricted cash balances as of December 31, 2019. The following table provides a reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the condensed consolidated balance sheet as of June 30, 2021, December 31, 2020, and June 30, 2020 (in millions):
June 30, 2021December 31, 2020June 30, 2020
Cash and cash equivalents$3,136 $3,730 $4,085 
Restricted cash included in prepaid expenses and other current assets4 6 9 
Cash, cash equivalents and restricted cash$3,140 $3,736 $4,094