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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net earnings $ 7,882 $ 5,687 $ 5,309
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation 464 471 425
Amortization of intangible assets 1,553 1,294 1,076
Change in fair value of contingent consideration liabilities 3,091 49 626
Stock-based compensation 430 421 365
Upfront costs and milestones related to collaborations 490 1,061 470
Gain on divestitures (330) 0 0
Intangible asset impairment 1,030 5,070 354
Impacts related to U.S. tax reform 0 424 1,242
Other, net 43 76 84
Changes in operating assets and liabilities:      
Accounts receivable (74) (591) (391)
Inventories (231) (226) 93
Prepaid expenses and other assets 97 (499) (118)
Accounts payable and other liabilities (1,121) 190 425
Cash flows from operating activities 13,324 13,427 9,960
Cash flows from investing activities      
Acquisitions and investments (1,135) (736) (308)
Acquisitions of property and equipment (552) (638) (529)
Purchases of investment securities (583) (1,792) (2,230)
Sales and maturities of investment securities 2,699 2,160 2,793
Other 167 0 0
Cash flows from investing activities 596 (1,006) (274)
Cash flows from financing activities      
Net change in commercial paper borrowings (699) 299 23
Proceeds from issuance of other short-term borrowings 0 3,002 0
Repayments of other short-term borrowings (3,000) 0 0
Proceeds from issuance of long-term debt 31,482 5,963  
Repayments of long-term debt and finance lease obligations (1,536) (6,035) (25)
Debt issuance costs (424) (40) 0
Dividends paid (6,366) (5,580) (4,107)
Purchases of treasury stock (629) (12,014) (1,410)
Proceeds from the exercise of stock options 8 73 254
Payments of contingent consideration liabilities (163) (78) (268)
Other, net 35 14 21
Cash flows from financing activities 18,708 (14,396) (5,512)
Effect of exchange rate changes on cash and equivalents 7 (39) 29
Net change in cash and equivalents 32,635 (2,014) 4,203
Cash and equivalents, beginning of year 7,289 9,303 5,100
Cash and equivalents, end of year 39,924 7,289 9,303
Other supplemental information      
Interest paid, net of portion capitalized 1,794 1,215 1,099
Income taxes paid $ 1,447   $ 1,696
Income taxes received   $ 35