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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net Income $ 6,708 $ 11,548 $ 12,890
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 3,366 3,188 2,953
Pension and postretirement benefit (income) expense 1,330 (129) (2,456)
Pension and postretirement benefit contributions (1,393) (2,342) (576)
Self-insurance reserves 57 (20) 178
Deferred tax (benefit) expense 199 531 1,645
Stock compensation expense 220 1,568 878
Other (gains) losses 265 123 137
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable 1,256 (322) (2,147)
Other assets 87 117 312
Accounts payable (1,377) 34 1,265
Accrued wages and withholdings (296) (189) (245)
Other liabilities (42) (9) 151
Other operating activities (142) 6 22
Net cash from operating activities 10,238 14,104 15,007
Cash Flows From Investing Activities:      
Capital expenditures (5,158) (4,769) (4,194)
Proceeds from disposal of businesses, property, plant and equipment 193 12 872
Purchases of marketable securities (3,521) (1,906) (312)
Sales and maturities of marketable securities 2,701 255 366
Acquisitions, net of cash acquired (1,329) (755) (602)
Other investing activities (19) (309) 52
Net cash used in investing activities (7,133) (7,472) (3,818)
Cash Flows From Financing Activities:      
Net change in short-term debt 1,272 0 0
Proceeds from long-term borrowings 3,429 0 0
Repayments of long-term borrowings (2,429) (2,304) (2,773)
Purchases of common stock (2,250) (3,500) (500)
Issuances of common stock 248 262 251
Dividends (5,372) (5,114) (3,437)
Other financing activities (432) (529) (364)
Net cash used in financing activities (5,534) (11,185) (6,823)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 33 (100) (21)
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash (2,396) (4,653) 4,345
Cash, Cash Equivalents and Restricted Cash:      
Beginning of period 5,602 10,255 5,910
End of period 3,206 5,602 10,255
Cash Paid During the Period For:      
Interest (net of amount capitalized) 762 721 697
Income taxes (net of refunds) $ 1,976 $ 2,574 $ 1,869