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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income before allocation to noncontrolling interests $ 1,915 $ 1,817
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization expense [1],[2] 374 365
Share-based compensation expense 55 43
Asset write-offs and asset impairments 16 27
Net gain on sale of businesses, excluding transaction costs 0 (118)
Provision for losses on inventory 71 82
Deferred taxes (186) (40)
Other non-cash adjustments 11 (6)
Other changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable (134) (54)
Inventories (113) (497)
Other assets (14) (119)
Accounts payable 5 (9)
Other liabilities 36 (27)
Other tax accounts, net (10) (8)
Net cash provided by operating activities 2,048 1,456
Investing Activities    
Capital expenditures (439) (534)
Acquisitions, net of cash acquired (8) (155)
Purchase of investments (4) (3)
Proceeds from derivative instrument activity, net 11 23
Proceeds from sale of businesses, net of cash sold 0 96
Net proceeds from sale of assets 1 4
Other investing activities (2) 2
Net cash used in investing activities (441) (567)
Financing Activities    
Decrease in short-term borrowings, net (3) 0
Principal payments on long-term debt 0 (1,350)
Payment of consideration related to previous acquisitions (5) (3)
Share-based compensation-related proceeds, net of taxes paid on withholding shares (10) 18
Purchases of treasury stock, including excise taxes paid (1,305) (857)
Cash dividends paid (592) (520)
Net cash used in financing activities (1,915) (2,712)
Effect of exchange-rate changes on cash and cash equivalents (19) (4)
Net decrease in cash and cash equivalents (327) (1,827)
Cash and cash equivalents at beginning of period 2,041 3,581
Cash and cash equivalents at end of period 1,714 1,754
Cash paid during the period for:    
Income taxes 657 586
Interest, net of capitalized interest 205 225
Amounts included in the measurement of lease liabilities: 46 42
Financing cash flows - finance leases 1 0
Non-cash transactions:    
Capital expenditures 4 4
Excise tax accrued on net share repurchases, not paid 12 7
Lease obligations obtained in exchange for right-of-use assets - operating 39 74
Disposal Group, Held-for-Sale, Not Discontinued Operations    
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:    
Loss on assets held for sale $ 22 $ 0
[1] Certain production facilities are shared. Depreciation and amortization is allocated to the reportable operating segments based on estimates of where the benefits of the related assets are realized.
[2] Defined as income before provision for taxes on income.