Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CONSOLIDATED CASH FLOWS

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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net Income $ 4,690 $ 4,546
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,986 1,730
Pension and postretirement benefit expense 481 566
Pension and postretirement benefit contributions (1,307) (2,321)
Self-insurance reserves 388 (181)
Deferred tax (benefit) expense 566 43
Stock compensation expense 508 716
Other (gains) losses 164 46
Changes in assets and liabilities, net of effects of business acquisitions:    
Accounts receivable 352 843
Other assets 391 778
Accounts payable (450) (914)
Accrued wages and withholdings 1,330 (506)
Other liabilities 120 393
Other liabilities 64 (46)
Net cash from operating activities 9,283 5,693
Cash Flows From Investing Activities:    
Capital expenditures (3,219) (4,336)
Proceeds from disposals of property, plant and equipment 10 61
Purchases of marketable securities (202) (487)
Sales and maturities of marketable securities 309 817
Net change in finance receivables 24 8
Cash paid for business acquisitions, net of cash and cash equivalents acquired (13) (6)
Other investing activities (15) (84)
Net cash used in investing activities (3,106) (4,027)
Cash Flows From Financing Activities:    
Net change in short-term debt (1,924) (1,100)
Proceeds from long-term borrowings 5,003 4,802
Repayments of long-term borrowings (2,746) (2,411)
Purchases of common stock (224) (751)
Issuances of common stock 214 161
Dividends (2,528) (2,397)
Other financing activities (351) (158)
Net cash used in financing activities (2,556) (1,854)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (19) 6
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,602 (182)
Cash, Cash Equivalents and Restricted Cash:    
Beginning of period 5,238 4,367
End of period $ 8,840 $ 4,185