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Consolidated Statement 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 (loss) including noncontrolling interest $ (6,979) $ 5,791 $ 5,929
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization 1,987 1,831 1,915
Long-lived and indefinite-lived asset impairment expense 0 618 0
Goodwill impairment expense 0 271 0
Company pension and postretirement contributions (152) (158) (180)
Company pension and postretirement expense 145 178 206
Stock-based compensation expense 274 263 274
Gain on business divestitures (36) (2,724) 0
Deferred income taxes (3,855) (663) (166)
Changes in assets and liabilities      
Accounts receivable (170) (105) (122)
Inventories 567 (629) (903)
Accounts payable 138 111 518
Accrued income taxes (current and long-term) (218) (47) (244)
Other — net 14,979 854 227
Net cash provided by (used in) operating activities 6,680 5,591 7,454
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (PP&E) (1,615) (1,749) (1,603)
Proceeds from sale of PP&E and other assets 119 200 51
Purchases of marketable securities and investments (1,466) (1,250) (2,202)
Proceeds from maturities and sale of marketable securities and investments 1,660 1,261 2,406
Proceeds from sale of businesses, net of cash sold 60 13 0
Cash payment from Food Safety business split-off, net of divested cash 0 478 0
Other — net 35 1 31
Net cash provided by (used in) investing activities (1,207) (1,046) (1,317)
Cash Flows from Financing Activities      
Change in short-term debt — net 205 340 (2)
Repayment of debt (maturities greater than 90 days) (3,086) (1,179) (1,144)
Proceeds from debt (maturities greater than 90 days) 2,835 1 1
Purchases of treasury stock (33) (1,464) (2,199)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 264 381 639
Dividends paid to shareholders (3,311) (3,369) (3,420)
Other — net (21) (60) (20)
Net cash provided by (used in) financing activities (3,147) (5,350) (6,145)
Effect of exchange rate changes on cash and cash equivalents (48) (104) (62)
Net increase (decrease) in cash and cash equivalents 2,278 (909) (70)
Cash and cash equivalents at beginning of year 3,655 4,564 4,634
Cash and cash equivalents at end of period $ 5,933 $ 3,655 $ 4,564