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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 5,955 $ 6,960 $ 7,728
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 1,068 986 831
Amortization of acquisition-related intangible assets 2,338 2,395 1,761
Change in deferred income taxes (1,300) (995) (647)
Stock-based compensation 278 307 230
Loss on early extinguishment of debt 0 26 767
Other non-cash expenses 604 524 190
Changes in assets and liabilities, excluding the effects of acquisitions:      
Accounts receivable (43) (430) (204)
Inventories 598 (825) (1,065)
Contract assets/liabilities 252 (354) 221
Accounts payable (500) 648 479
Contributions to retirement plans (42) (41) (34)
Other (802) (47) (945)
Net cash provided by operating activities 8,406 9,154 9,312 Close
Investing activities      
Acquisitions, net of cash acquired (3,660) (39) (19,395)
Purchase of property, plant and equipment (1,479) (2,243) (2,523)
Proceeds from sale of property, plant and equipment 87 24 20
Proceeds from cross-currency interest rate swap interest settlements 70 15 8
Other investing activities, net (160) 84 (42)
Net cash used in investing activities (5,142) (2,159) (21,932) Close
Financing activities      
Net proceeds from issuance of debt 5,942 3,193 18,137
Repayment of debt (5,782) (375) (11,738)
Proceeds from issuance of commercial paper 1,620 1,526 2,512
Repayments of commercial paper (1,935) (3,690) 0
Purchases of company common stock (3,000) (3,000) (2,000)
Dividends paid (523) (455) (395)
Other financing activities, net 56 (9) 65
Net cash (used in) provided by financing activities (3,622) (2,810) 6,581 Close
Exchange rate effect on cash (82) (139) 194 Close
(Decrease) increase in cash, cash equivalents and restricted cash (440) 4,046 (5,845) Close
Cash, cash equivalents and restricted cash at beginning of year 8,537 4,491 10,336
Cash, cash equivalents and restricted cash at end of year $ 8,097 $ 8,537 $ 4,491