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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash Flows From Operating Activities:      
Net (Loss)/Earnings $ (8,995) $ 3,460 $ 4,947
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization, net 10,380 1,746 637
Deferred income taxes 983 (924) 45
Stock-based compensation 779 441 221
Impairment charges 1,203 199 126
Pension settlements and amortization 43 1,688 186
Divestiture gains and royalties (699) (1,855) (992)
MyoKardia Asset Acquisition IPRD Charge 11,438 0 0
Asset acquisition charges 1,099 63 1,211
Gain (Loss) on Investments, Excluding Other than Temporary Impairments 1,228 275 (513)
Equity investment (gains)/losses (1,228) (275) 513
Contingent consideration fair value adjustments (1,757) 523 0
Other adjustments (177) (26) (45)
Changes in operating assets and liabilities:      
Receivables (646) 752 (429)
Inventories 2,672 463 (216)
Accounts payable 188 229 (59)
Income taxes payable (2,305) 907 203
Other 1,074 819 718
Net Cash Provided by Operating Activities 14,052 8,210 7,066
Cash Flows From Investing Activities:      
Sale and maturities of marketable securities 6,280 3,809 2,379
Purchase of marketable securities (4,172) (3,961) (2,305)
Capital expenditures (753) (836) (951)
Divestiture and other proceeds 870 15,852 1,249
Acquisition and other payments, net of cash acquired (13,084) (24,777) (2,372)
Net Cash Used in Investing Activities (10,859) (9,913) (2,000)
Cash Flows From Financing Activities:      
Short-term borrowings, net (267) 131 (543)
Issuance of long-term debt 6,945 26,778 0
Repayment of long-term debt (2,750) (9,256) (5)
Repurchase of common stock (1,546) (7,300) (320)
Dividends (4,075) (2,679) (2,613)
Other 542 (53) (54)
Net Cash (Used in)/Provided by Financing Activities (1,151) 7,621 (3,535)
Effect of Exchange Rate on Cash, Cash Equivalents and Restricted Cash 111 (9) (41)
Increase in Cash, Cash Equivalents and Restricted Cash 2,153 5,909 1,490
Cash, Cash Equivalents and Restricted Cash $ 14,973 $ 12,820 $ 6,911