CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[2]
Cash flows from operating activities:
Net income/(loss)	$ 4,214	$ (1,071)	[1]
Adjustments to reconcile net income/(loss) to cash provided by operating activities:
Pension settlement charge	0	5,894
Depreciation	1,568	1,837
Amortization of intangibles	1,676	1,828
Stock-based compensation	843	739
Net (gain)/loss on asset sales and other	(89)	(60)
Changes in operating assets and liabilities, net of acquisitions/divestitures	1,257	(2,695)	[3]
Net cash provided by operating activities	9,468	6,470
Cash flows from investing activities:
Payments for property, plant and equipment	(945)	(937)
Proceeds from disposition of property, plant and equipment	137	98
Investment in software	(417)	(479)
Acquisition of businesses, net of cash acquired	(4,945)	(1,020)
Divestitures of businesses, net of cash transferred	(4)	1,271
Purchases of marketable securities and other investments	(10,374)	(4,474)
Proceeds from disposition of marketable securities and other investments	6,642	2,655
Net cash provided by/(used in) investing activities	(9,906)	(2,883)
Cash flows from financing activities:
Proceeds from new debt	9,586	7,797
Payments to settle debt	(4,973)	(5,446)
Short-term borrowings/(repayments) less than 90 days — net	6	221
Common stock repurchases for tax withholdings	(338)	(329)
Financing — other	86	106
Cash dividends paid	(4,522)	(4,454)
Net cash provided by/(used in) financing activities	(154)	(2,106)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(120)	(463)
Net change in cash, cash equivalents and restricted cash	(713)	1,018
Cash, cash equivalents and restricted cash at January 1	7,988	6,957
Cash, cash equivalents and restricted cash at September 30	$ 7,275	$ 7,975

[1] Includes the impact of a one-time, non-cash pension settlement charge. Refer to note 18, "Retirement-Related Benefits," for additional information.

[2] ncludes immaterial cash flows from discontinued operations.

[3] Refer to note 1, "Basis of Presentation," for additional information.