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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income before allocation to noncontrolling interests $ 2,158 $ 31,407 $ 22,025
Discontinued operations––net of tax (15) 6 (434)
Net income from continuing operations before allocation to noncontrolling interests 2,172 31,401 22,459
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:      
Depreciation and amortization [1] 6,290 5,064 5,191
Asset write-offs and impairments 3,408 550 276
Deferred taxes (3,442) (3,764) (4,293)
Share-based compensation expense 525 872 1,182
Benefit plan contributions in excess of expense/income (787) (1,158) (3,123)
Inventory write-offs and related charges associated with COVID-19 products [2] 6,199 1,183 0
Other adjustments, net (3,492) 758 (1,573)
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Trade accounts receivable 347 261 (3,811)
Inventories [2] (1,169) (591) (1,125)
Other assets [3] (663) (4,506) (1,057)
Trade accounts payable (300) 1,191 1,242
Other liabilities [4] 595 (1,449) 18,721
Other tax accounts, net (982) (545) (1,166)
Net cash provided by/(used in) operating activities from continuing operations 8,700 29,267 32,922
Net cash provided by/(used in) operating activities from discontinued operations 0 0 (343)
Net cash provided by/(used in) operating activities 8,700 29,267 32,580
Investing Activities      
Purchases of property, plant and equipment (3,907) (3,236) (2,711)
Purchases of short-term investments (30,974) (36,384) (38,457)
Proceeds from redemptions/sales of short-term investments 39,264 44,821 27,447
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less 5,174 (483) (8,088)
Purchases of long-term investments (204) (1,913) (1,068)
Proceeds from redemptions/sales of long-term investments 1,979 641 649
Acquisitions of businesses, net of cash acquired (43,430) (22,997) 0
Dividend received from the Consumer Healthcare JV [5] 0 3,960 0
Other investing activities, net (179) (192) (305)
Net cash provided by/(used in) investing activities from continuing operations (32,278) (15,783) (22,534)
Net cash provided by/(used in) investing activities from discontinued operations 0 0 (12)
Net cash provided by/(used in) investing activities (32,278) (15,783) (22,546)
Financing Activities      
Proceeds from short-term borrowings 4,525 3,891 0
Payments on short-term borrowings (3) (3,887) 0
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less 3,161 (222) (96)
Proceeds from issuances of long-term debt 30,831 0 997
Payments on long-term debt (2,569) (3,298) (2,004)
Purchases of common stock 0 (2,000) 0
Cash dividends paid (9,247) (8,983) (8,729)
Other financing activities, net (631) (335) 16
Net cash provided by/(used in) financing activities 26,066 (14,834) (9,816)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (40) (165) (59)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 2,448 (1,515) 159
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 468 1,983 1,825
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 2,917 468 1,983
Cash paid/(received) during the period for:      
Income taxes 3,147 7,867 7,427
Interest paid 2,215 1,442 1,467
Interest rate hedges 134 54 (2)
Non-cash transaction:      
Right-of-use assets obtained in exchange for lease liabilities $ 614 $ 752 $ 1,943
[1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[2] See Notes 8A and 17A.
[3] See Note 8A.
[4] See Note 17C.
[5] See Note 2C.