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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES    
Net earnings $ 2,246 $ 2,102
Adjustments to reconcile net earnings to operating cash flows:    
Depreciation and amortization expense 367 299
Impairment of other intangibles (Note 4) 27 0
Deferred income tax (benefit) provision 76 (96)
Asset impairment and exit costs, net of cash paid (Note 15) 148 102
Cash effects of changes, net of the effects from acquired companies:    
Receivables, net [1] (890) 245
Inventories 527 (783)
Accounts payable (181) (145)
Accrued liabilities and other current assets (1,797) (2,705)
Income taxes (79) (88)
Pension plan contributions (Note 3) (34) (45)
Other (169) 159
Net cash provided by (used in) operating activities 241 (955)
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES    
Capital expenditures (417) (279)
Equity investments (20) (8)
Collateral posted/settlements for derivatives, (paid)/returned (Note 5) 310 (164)
Other (66) (140)
Net cash provided by (used in) investing activities (193) (591)
Short-term borrowing activity by original maturity:    
Net issuances (repayments) - maturities of 90 days or less (1,475) 3,361
Issuances - maturities longer than 90 days 100 358
Repayments - maturities longer than 90 days (284) (138)
Repayments under credit facilities related to Swedish Match AB acquisition 0 (4,430)
Long-term debt proceeds 4,659 5,203
Long-term debt repaid 0 (682)
Dividends paid (2,037) (1,987)
Collateral received/settlements for derivatives, received/(returned) 260 (2)
Noncontrolling interests activity and Other (Note 18) (88) 64
Net cash provided by (used in) financing activities 1,135 864
Effect of exchange rate changes on cash, cash equivalents and restricted cash (230) (89)
Cash, cash equivalents and restricted cash:    
Increase (Decrease) [2] 953 (771)
Balance at beginning of period [2] 3,146 3,217
Balance at end of period [2] 4,099 2,446
Swedish Match AB    
Short-term borrowing activity by original maturity:    
Payments to acquire Swedish Match AB noncontrolling interests $ 0 $ (883)
[1] Includes amounts from related parties of $(45) million and $(76) million for March 31, 2024 and 2023, respectively
[2] The amounts for cash, cash equivalents and restricted cash shown above include restricted cash of $131 million and $18 million as of March 31, 2024 and 2023, respectively, and $86 million and $10 million as of December 31, 2023 and 2022, respectively, which were included in other current assets in the condensed consolidated balance sheets.