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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities:    
Net earnings $ 6,278 $ 4,320
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization, net 7,296 7,755
Deferred income taxes (1,961) (2,114)
Stock-based compensation 391 338
Impairment charges 226 144
Divestiture gains and royalties (639) (820)
Acquired IPRD 313 763
Equity investment losses 213 966
Other adjustments 260 179
Changes in operating assets and liabilities:    
Receivables (487) (557)
Inventories (554) (28)
Accounts payable (246) (296)
Rebates and discounts 1,115 730
Income taxes payable (1,647) (310)
Other (950) (1,310)
Net cash provided by operating activities 9,608 9,760
Cash Flows From Investing Activities:    
Sale and maturities of marketable debt securities 692 5,205
Purchase of marketable debt securities (1,057) (3,566)
Proceeds from sales of equity investments 215 213
Capital expenditures (879) (772)
Divestiture and other proceeds 668 815
Acquisition and other payments, net of cash acquired (588) (4,170)
Net cash used in investing activities (949) (2,275)
Cash Flows From Financing Activities:    
Short-term debt obligations, net 233 58
Issuance of long-term debt 0 5,926
Repayment of long-term debt (1,879) (11,431)
Repurchase of common stock (5,155) (5,585)
Dividends (3,584) (3,489)
Stock option proceeds and other, net 2 805
Net cash used in financing activities (10,383) (13,716)
Effect of exchange rates on cash, cash equivalents and restricted cash (33) (128)
Decrease in cash, cash equivalents and restricted cash (1,757) (6,359)
Cash, cash equivalents and restricted cash at beginning of period 9,325 14,316
Cash, cash equivalents and restricted cash at end of period $ 7,568 $ 7,957