Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities:      
Net Income $ 4,791 $ 4,905 $ 3,422
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 2,207 2,282 2,224
Pension and postretirement benefit expense 2,242 1,643 3,725
Pension and postretirement benefit contributions (186) (7,794) (2,668)
Self-insurance reserves (86) 0 (21)
Deferred tax expense 758 1,224 117
Stock compensation expense 634 584 591
Other (gains) losses 293 37 (198)
Changes in assets and liabilities, net of effect of acquisitions:      
Accounts receivable (421) (1,022) (704)
Other assets 754 (984) 5
Accounts payable 1,034 599 460
Accrued wages and withholdings 505 200 91
Other liabilities 170 (243) (546)
Other operating activities 16 48 (25)
Net cash from operating activities 12,711 1,479 6,473
Cash Flows From Investing Activities:      
Capital expenditures (6,283) (5,227) (2,965)
Proceeds from disposals of property, plant and equipment 37 24 88
Purchases of marketable securities (973) (1,630) (4,813)
Sales and maturities of marketable securities 886 1,990 5,724
Net decrease in finance receivables 4 5 9
Cash paid for business acquisitions (2) (134) (547)
Other investing activities 1 1 (59)
Net cash used in investing activities (6,330) (4,971) (2,563)
Cash Flows From Financing Activities:      
Net change in short-term debt 63 (250) (88)
Proceeds from long-term borrowings 1,202 12,016 5,927
Repayments of long-term borrowings (2,887) (3,939) (3,805)
Purchases of common stock (1,011) (1,813) (2,678)
Issuances of common stock 240 247 245
Dividends (3,011) (2,771) (2,643)
Other financing activities (288) (203) (98)
Net cash from (used in) financing activities (5,692) 3,287 (3,140)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents (91) 53 (21)
Net Increase (Decrease) In Cash And Cash Equivalents 598 (152) 749
Cash And Cash Equivalents:      
Beginning of period 3,769 3,921 3,172
End of period 4,367 3,769 3,921
Cash Paid During The Period For:      
Interest (net of amount capitalized) 595 428 373
Income taxes (net of refunds and overpayments) $ 2 $ 1,559 $ 2,064