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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net earnings $ 1,538 $ 1,613
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 214 210
Amortization of intangible assets 354 308
Asset impairments 90 19
Share-based compensation 133 133
Sale of inventory stepped-up to fair value at acquisition 99 9
Deferred income tax (benefit) expense 176 (31)
Changes in operating assets and liabilities:    
Accounts receivable 257 103
Inventories (226) (230)
Accounts payable (269) (205)
Accrued expenses and other liabilities (116) (653)
Income taxes (610) (284)
Other, net (279) (155)
Net cash provided by operating activities 1,361 837
Investing activities    
Acquisitions, net of cash acquired (4,814) (334)
Purchases of marketable securities (27) (32)
Proceeds from maturity of short-term investments 750 0
Proceeds from sales of marketable securities 32 31
Purchases of property, plant and equipment (306) (319)
Proceeds from settlement of net investment hedges 0 99
Proceeds from the sale of the Spinal Implants business 165 0
Other investing, net (40) 30
Net cash used in investing activities (4,240) (525)
Financing activities    
Proceeds (payments) on short-term borrowings, net 2 0
Proceeds from issuance of long-term debt 2,979 0
Payments on long-term debt (650) (600)
Payments of dividends (641) (609)
Cash paid for taxes from withheld shares (115) (127)
Other financing, net (30) (48)
Net cash provided by (used in) financing activities 1,545 (1,384)
Effect of exchange rate changes on cash and cash equivalents 57 (25)
Change in cash and cash equivalents (1,277) (1,097)
Cash and cash equivalents at beginning of period 3,652 2,971
Cash and cash equivalents at end of period $ 2,375 $ 1,874