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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 from continuing operations $ 3,380 $ 5,327 $ 4,145
Adjustments to reconcile net income (loss) from continuing operations to net cash flows provided by operating activities:      
Depreciation and amortization 4,211 4,108 4,557
Deferred income tax benefit (402) (1,663) (88)
Stock compensation cost 425 420 442
Net periodic pension and other postretirement income (1,555) (1,413) (1,414)
Debt extinguishment costs 0 0 649
Change in:      
Accounts receivable (1,805) 437 (570)
Contract assets (753) (234) (1,594)
Inventory (1,104) (1,575) 163
Other current assets (1,161) (1,027) (566)
Accounts payable and accrued liabilities 4,016 2,075 917
Contract liabilities 2,322 846 1,372
Other operating activities, net 309 (133) (871)
Net cash flows provided by operating activities from continuing operations 7,883 7,168 7,142
Investing Activities:      
Capital expenditures (2,415) (2,288) (2,134)
Payments on customer financing assets (117) (150) (231)
Receipts from customer financing assets 212 179 389
Investments in businesses 0 (66) (1,088)
Dispositions of businesses, net of cash transferred 6 94 1,879
Increase in other intangible assets (751) (487) (308)
Receipts (payments) from settlements of derivative contracts, net 14 (205) (16)
Other investing activities, net 12 94 145
Net cash flows used in investing activities from continuing operations (3,039) (2,829) (1,364)
Financing Activities:      
Proceeds from long-term debt 12,914 1 4,062
Repayment of long-term debt (578) (3) (4,254)
Proceeds from bridge loan 10,000 0 0
Repayment of bridge loan (10,000) 0 0
Debt extinguishment costs 0 0 (649)
Change in commercial paper, net (Note 9) (524) 518 (160)
Change in other short-term borrowings, net 87 (29) 47
Dividends paid on common stock (3,239) (3,128) (2,957)
Repurchase of Common Stock (12,870) (2,803) (2,327)
Net transfers to discontinued operations 0 0 (71)
Other financing activities, net (317) (415) (447)
Net cash flows used in financing activities from continuing operations (4,527) (5,859) (6,756)
Discontinued Operations:      
Net cash used in operating activities 0 0 (71)
Net cash used in investing activities 0 0 0
Net cash provided by financing activities 0 0 71
Net cash used in discontinued operations 0 0 0
Effect of foreign exchange rate changes on cash and cash equivalents from continuing operations 18 (42) (1)
Net increase (decrease) in cash, cash equivalents and restricted cash 335 (1,562) (979)
Cash, cash equivalents and restricted cash, beginning of year 6,291 7,853 8,832
Cash, cash equivalents and restricted cash, end of year 6,626 6,291 7,853
Less: Restricted cash, included in Other assets, current and Other assets 39 71 21
Cash and cash equivalents, end of year 6,587 6,220 7,832
Supplemental Disclosure of Cash Flow Information:      
Interest paid, net of amounts capitalized 1,464 1,263 1,339
Income taxes paid, net of refunds $ 1,527 $ 2,400 $ 1,124