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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net earnings $ 1,613 $ 1,330
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 210 194
Amortization of intangible assets 308 322
Asset impairments 19 3
Share-based compensation 133 113
Sale of inventory stepped-up to fair value at acquisition 9 0
Deferred income tax (benefit) expense (31) 2
Changes in operating assets and liabilities:    
Accounts receivable 103 308
Inventories (230) (589)
Accounts payable (205) (97)
Accrued expenses and other liabilities (653) (179)
Income taxes (284) (171)
Other, net (155) (103)
Net cash provided by operating activities 837 1,133 Close
Investing activities    
Acquisitions, net of cash acquired (334) (390)
Purchases of marketable securities (32) (35)
Proceeds from sales of marketable securities 31 42
Purchases of property, plant and equipment (319) (282)
Proceeds from settlement of net investment hedges 99 0
Other investing, net 30 0
Net cash used in investing activities (525) (665) Close
Financing activities    
Proceeds (payments) on short-term borrowings, net 0 (4)
Payments on long-term debt (600) (201)
Payments of dividends (609) (569)
Cash paid for taxes from withheld shares (127) (111)
Other financing, net (48) (1)
Net cash provided by (used in) financing activities (1,384) (886) Close
Effect of exchange rate changes on cash and cash equivalents (25) (25) Close
Change in cash and cash equivalents (1,097) (443) Close
Cash and cash equivalents at beginning of period 2,971 1,844
Cash and cash equivalents at end of period $ 1,874 $ 1,401