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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 6,717 $ 6,552 $ 5,893
Depreciation, amortization and other 4,071 3,417 3,398
Stock-based compensation expense 431 401 341
Deferred income taxes (1,273) (1,198) (453)
Acquired in-process research and development 0 0 1,505
Adjustments for equity method investments 11 891 33
Loss on divestiture 0 567 0
(Gains) losses on equity securities (1,565) 127 0
Other items, net 563 (303) (262)
Changes in operating assets and liabilities, net of acquisitions:      
Trade receivables, net (1,015) (746) (429)
Inventories 491 (742) (165)
Other assets (564) 258 (237)
Accounts payable (402) 154 (69)
Accrued income taxes, net (1,031) (647) (854)
Long-term tax liabilities 371 229 204
Accrued sales incentives and allowance 935 846 404
Other liabilities 731 (85) (48)
Net cash provided by operating activities 8,471 9,721 9,261
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (26,989) (3,839) (2,529)
Purchases of marketable securities (1) (2,587) (8,900)
Proceeds from sales of marketable securities 1,123 98 4,403
Proceeds from maturities of marketable securities 550 1,120 8,831
Purchases of property, plant and equipment (1,112) (936) (880)
Other 225 100 (192)
Net cash (used in) provided by investing activities (26,204) (6,044) 733
Cash flows from financing activities:      
Net proceeds from issuance of debt 27,777 6,919 4,945
Extinguishment of debt (647) (297) 0
Repayment of debt (1,454) 0 (4,150)
Repurchases of common stock 0 (6,360) (4,975)
Dividends paid (4,556) (4,196) (4,013)
Other (72) (103) (78)
Net cash provided by (used in) financing activities 21,048 (4,037) (8,271)
Increase (decrease) in cash and cash equivalents 3,315 (360) 1,723
Cash and cash equivalents at beginning of year 7,629 7,989 6,266
Cash and cash equivalents at end of year $ 10,944 $ 7,629 $ 7,989