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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income including noncontrolling interests $ 2,455 $ 1,967 $ 2,338
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operations:      
Depreciation and amortization 567 545 556
ERISA litigation matter 267 0 0
Restructuring and termination benefits, net of cash (23) 49 (21)
Stock-based compensation expense 122 125 135
Gain on the sale of land 0 (47) 0
Goodwill and intangible assets impairment charges 0 721 571
Loss on early extinguishment of debt 0 0 75
Deferred income taxes (98) (78) (132)
Cash effects of changes in:      
Receivables (37) (227) (84)
Inventories 194 (333) (72)
Accounts payable and other accruals 309 (115) 14
Other non-current assets and liabilities (11) (51) (55)
Net cash provided by operations 3,745 2,556 3,325
Investing Activities      
Capital expenditures (705) (696) (567)
Purchases of marketable securities and investments (506) (470) (141)
Proceeds from sale of marketable securities and investments 502 322 141
Payment for acquisitions, net of cash acquired 0 (809) 0
Proceeds from the sale of land 0 47 0
Other investing activities (33) 5 (25)
Net cash used in investing activities (742) (1,601) (592)
Financing Activities      
Short-term borrowing (repayment) less than 90 days, net (906) 540 (171)
Principal payments on debt [1] (903) (406) (703)
Proceeds from issuance of debt 1,495 1,513 699
Dividends paid (1,749) (1,691) (1,679)
Purchases of treasury shares (1,128) (1,308) (1,320)
Proceeds from exercise of stock options 380 418 424
Other financing activities 18 (18) (24)
Net cash used in financing activities (2,793) (952) (2,774)
Effect of exchange rate changes on Cash and cash equivalents (19) (60) (15)
Net increase (decrease) in Cash and cash equivalents 191 (57) (56)
Cash and cash equivalents at beginning of year 775 832 888
Cash and cash equivalents at end of year 966 775 832
Supplemental Cash Flow Information      
Income taxes paid 937 945 890
Interest paid $ 280 $ 151 $ 194
[1]
(1) For the years ended December 31, 2023, 2022 and 2021, Principal payments on debt includes cash charges of $0 and $0 and $75, respectively, related to the extinguishment of debt prior to maturity. See Note 6, Long-Term Debt and Credit Facilities for additional information.