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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash Flows From Operating Activities:      
Net Earnings $ 3,460 $ 4,947 $ 975
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization, net 1,746 637 789
Deferred income taxes (924) 45 453
Stock-based compensation 441 221 199
Impairment charges 199 126 327
Pension settlements and amortization 1,688 186 236
Divestiture gains and royalties (1,855) (992) (706)
Asset acquisition charges 25 85 760
Loss/(gain) on equity investments (279) 512 (23)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability 523 0 0
Other adjustments (22) (44) 120
Changes in operating assets and liabilities:      
Receivables 752 (429) (431)
Inventories 463 (216) (29)
Accounts payable 229 (59) 320
Deferred income 12 84 (642)
Income taxes payable 907 203 3,154
Other 702 634 (227)
Net Cash Provided by Operating Activities 8,067 5,940 5,275
Cash Flows From Investing Activities:      
Sale and maturities of marketable securities 3,809 2,379 6,398
Purchase of marketable securities (3,961) (2,305) (5,419)
Capital expenditures (836) (951) (1,055)
Divestiture and other proceeds 15,852 1,249 736
Acquisition and other payments (24,634) (1,246) (726)
Net Cash Provided by/(Used in) Investing Activities (9,770) (874) (66)
Cash Flows From Financing Activities:      
Short-term borrowings, net 131 (543) 727
Issuance of long-term debt 26,778 0 1,488
Repayment of long-term debt (9,256) (5) (1,224)
Repurchase of common stock (7,300) (320) (2,469)
Dividends (2,679) (2,613) (2,577)
Other (53) (54) (22)
Net Cash Used in Financing Activities 7,621 (3,535) (4,077)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (9) (41) 52
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 5,909 1,490 1,184
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 12,820 $ 6,911 $ 5,421