CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	[1]
Cash flows from operating activities:
Net income	$ 2,511	$ 2,125
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	1,047	1,251
Amortization of intangibles	1,104	1,251
Stock-based compensation	556	488
Net (gain)/loss on asset sales and other	(113)	(100)
Changes in operating assets and liabilities, net of acquisitions/divestitures	1,308	(446)
Net cash provided by operating activities	6,412	4,569
Cash flows from investing activities:
Payments for property, plant and equipment	(664)	(620)
Proceeds from disposition of property, plant and equipment	25	90
Investment in software	(305)	(341)
Acquisition of businesses, net of cash acquired	(356)	(958)
Divestitures of businesses, net of cash transferred	6	1,268
Purchases of marketable securities and other investments	(9,260)	(2,336)
Proceeds from disposition of marketable securities and other investments	2,600	1,711
Net cash provided by/(used in) investing activities	(7,953)	(1,186)
Cash flows from financing activities:
Proceeds from new debt	9,432	4,402
Payments to settle debt	(3,260)	(3,959)
Short-term borrowings/(repayments) less than 90 days — net	(3)	(9)
Common stock repurchases for tax withholdings	(240)	(315)
Financing — other	56	25
Cash dividends paid	(3,007)	(2,963)
Net cash provided by/(used in) financing activities	2,978	(2,819)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	(267)
Net change in cash, cash equivalents and restricted cash	1,436	297
Cash, cash equivalents and restricted cash at January 1	7,988	6,957
Cash, cash equivalents and restricted cash at June 30	$ 9,425	$ 7,254

[1] Includes immaterial cash flows from discontinued operations.