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, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities:      
Net Income $ 4,440 $ 4,791 $ 4,905
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 2,360 2,207 2,282
Pension and postretirement benefit expense 3,141 2,242 1,643
Pension and postretirement benefit contributions (2,362) (186) (7,794)
Self-insurance reserves (185) (86) 0
Deferred tax (benefit) expense 100 758 1,224
Stock compensation expense 915 634 584
Other (gains) losses 74 293 37
Changes in assets and liabilities, net of effect of acquisitions:      
Accounts receivable (717) (421) (1,022)
Other assets 698 754 (984)
Accounts payable 419 1,034 599
Accrued wages and withholdings (446) 505 200
Other liabilities 182 170 (243)
Other operating activities 20 16 48
Net cash from operating activities 8,639 12,711 1,479
Cash Flows From Investing Activities:      
Capital expenditures (6,380) (6,283) (5,227)
Proceeds from disposals of property, plant and equipment 65 37 24
Purchases of marketable securities (561) (973) (1,630)
Sales and maturities of marketable securities 883 886 1,990
Net change in finance receivables 13 4 5
Cash paid for business acquisitions, net of cash and cash equivalents acquired (6) (2) (134)
Other investing activities (75) 1 1
Net cash (used in) investing activities (6,061) (6,330) (4,971)
Cash Flows From Financing Activities:      
Net change in short-term debt 310 63 (250)
Proceeds from long-term borrowings 5,205 1,202 12,016
Repayments of long-term borrowings (3,096) (2,887) (3,939)
Purchases of common stock (1,004) (1,011) (1,813)
Issuances of common stock 218 240 247
Dividends (3,194) (3,011) (2,771)
Other financing activities (166) (288) (203)
Net cash (used in)/from financing activities (1,727) (5,692) 3,287
Effect Of Exchange Rate Changes On Cash, Cash Equivalents and Restricted Cash 20 (91) 53
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash 871 598 (152)
Cash And Cash Equivalents:      
Beginning of period 4,367 3,769 3,921
End of period 5,238 4,367 3,769
Cash Paid During The Period For:      
Interest (net of amount capitalized) 628 595 428
Income taxes (net of refunds and overpayments) $ 514 $ 2 $ 1,559