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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Provided by (Used in) Operating Activities    
Net earnings $ 1,787 $ 1,959
Adjustments to reconcile net earnings to operating cash flows:    
Depreciation and amortization 52 52
Deferred income tax provision (benefit) (142) 43
(Income) losses from investments in equity securities 80 (34)
Loss on Cronos-related financial instruments 0 10
Cash effects of changes:    
Receivables (34) 1
Inventories (72) (20)
Accounts payable (115) (59)
Income taxes 409 637
Accrued liabilities and other current assets (369) (372)
Accrued settlement charges 895 880
Pension plan contributions (7) (3)
Pension and postretirement, net (34) (35)
Other, net (1) [1] 534 16
Net cash provided by (used in) operating activities 2,984 3,075
Cash Provided by (Used in) Investing Activities    
Capital expenditures (55) (45)
Other, net (1) 11
Net cash provided by (used in) investing activities (56) (34)
Cash Provided by (Used in) Financing Activities    
Long-term debt repaid (1,348) 0
Repurchases of common stock 0 (576)
Dividends paid on common stock (1,683) (1,645)
Other, net (14) (11)
Net cash provided by (used in) financing activities (3,045) (2,232)
Cash, cash equivalents and restricted cash:    
Increase (decrease) (117) 809
Balance at beginning of period 4,091 4,594
Balance at end of period 3,974 5,403
Cash and cash equivalents 3,913  
Restricted cash included in other current assets [2] 30  
Restricted cash included in other assets [2] 31  
Cash, cash equivalents and restricted cash $ 3,974 $ 5,403
[1] 2023 includes $391 million of unrecognized tax benefit from the ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL, which is substantially offset by a corresponding change included in income taxes. For further discussion, see Note 10. Income Taxes.
[2] Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 11. Contingencies.