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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities of Continuing Operations      
Net income from continuing operations $ 12,358 $ 4,523 $ 5,606
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations:      
Amortization 1,636 1,817 1,695
Depreciation 1,578 1,669 1,615
Intangible asset impairment charges 302 1,718 1,040
Income from investments in equity securities, net (1,940) (1,338) (170)
Charge for the acquisition of Pandion Therapeutics, Inc. 1,556 0 0
Charge for the acquisition of VelosBio Inc. 0 2,660 0
Charge for the acquisition of Peloton Therapeutics, Inc. 0 0 993
Deferred income taxes 187 (566) (560)
Share-based compensation 479 441 388
Other 805 1,294 354
Net changes in assets and liabilities:      
Accounts receivable (2,033) (1,002) 92
Inventories (674) (895) (473)
Trade accounts payable 405 684 443
Accrued and other current liabilities 277 (1,152) 413
Income taxes payable (540) 814 (1,889)
Noncurrent liabilities 484 (617) (733)
Other (1,758) (2,433) 70
Net Cash Provided by Operating Activities of Continuing Operations 13,122 7,617 8,884
Cash Flows from Investing Activities of Continuing Operations      
Capital expenditures (4,448) (4,429) (3,369)
Purchase of Seagen Inc. common stock 0 (1,000) 0
Purchases of securities and other investments (1) (95) (3,202)
Proceeds from sales of securities and other investments 1,026 2,812 8,622
Acquisition of Acceleron Pharma Inc., net of cash acquired (11,174) 0 0
Acquisition of Pandion Therapeutics, Inc., net of cash acquired (1,554) 0 0
Acquisition of VelosBio Inc., net of cash acquired 0 (2,696) 0
Acquisition of ArQule, Inc., net of cash acquired 0 (2,545) 0
Acquisition of Antelliq Corporation, net of cash acquired 0 0 (3,620)
Acquisition of Peloton Therapeutics, Inc., net of cash acquired 0 0 (1,040)
Other acquisitions, net of cash acquired (179) (1,365) (294)
Other (91) 125 374
Net Cash Used in Investing Activities of Continuing Operations (16,421) (9,193) (2,529)
Cash Flows from Financing Activities of Continuing Operations      
Net change in short-term borrowings (3,986) 2,549 (3,710)
Payments on debt (2,319) (1,957) 0
Proceeds from issuance of debt 7,936 4,419 4,958
Distribution from Organon & Co. 9,000 0 0
Purchases of treasury stock (840) (1,281) (4,780)
Dividends paid to stockholders (6,610) (6,215) (5,695)
Proceeds from exercise of stock options 202 89 361
Other (286) (436) 5
Net Cash Provided by (Used in) Financing Activities of Continuing Operations 3,097 (2,832) (8,861)
Discontinued Operations      
Net cash provided by operating activities 987 2,636 4,556
Net cash used in investing activities (134) (250) (100)
Net cash used in financing activities (504) 0 0
Net Cash Flows Provided by Discontinued Operations 349 2,386 4,456
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (133) 253 17
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 14 (1,769) 1,967
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (includes $103 of restricted cash at January 1, 2021 included in Other Assets - see Note 7) 8,153 9,934 7,967
Less: Cash and cash equivalents related to discontinued operations 0 12 0
Cash, Cash Equivalents and Restricted Cash at End of Year (includes $71 of restricted cash at December 31, 2021 included in Other Assets - see Note 7) $ 8,167 $ 8,153 $ 9,934