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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income [1] $ 6,023 $ 7,502 $ 1,639
Adjustments to reconcile net income to cash provided by operating activities      
Pension settlement charges 3,113 0 5,894
Depreciation [2] 2,168 2,109 2,407
Amortization of capitalized software and acquired intangible assets 2,499 2,287 2,395
Stock-based compensation 1,311 1,133 987
Deferred taxes (2,330) (1,114) (2,726)
Net (gain)/loss on divestitures, asset sales and other (652) (170) (363)
Change in operating assets and liabilities, net of acquisitions/divestitures      
Receivables (including financing receivables) (374) 725 (539)
Retirement related 265 (462) 331
Inventory (166) 390 71
Other assets/other liabilities 1,601 1,466 126
Accounts payable (13) 65 213
Net cash provided by operating activities 13,445 13,931 10,435
Cash flows from investing activities      
Payments for property, plant and equipment (1,048) (1,245) (1,346)
Proceeds from disposition of property, plant and equipment/other 557 321 111
Investment in software (637) (565) (626)
Purchases of marketable securities and other investments (7,762) (11,143) (5,930)
Proceeds from disposition of marketable securities and other investments 6,544 10,647 4,665
Acquisition of businesses, net of cash acquired (3,289) (5,082) (2,348)
Divestiture of businesses, net of cash transferred 698 (4) 1,272
Net cash provided by/(used in) investing activities (4,937) (7,070) (4,202)
Cash flows from financing activities      
Proceeds from new debt 5,705 9,586 7,804
Payments to settle debt (6,615) (5,082) (6,800)
Short-term borrowings/(repayments) less than 90 days—net 30 (7) 217
Common stock repurchases for tax withholdings (651) (402) (407)
Proceeds from issuance of shares [3] 745 414 279
Financing—other [3] (145) (239) (103)
Cash dividends paid (6,147) (6,040) (5,948)
Net cash provided by/(used in) financing activities (7,079) (1,769) (4,958)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (359) 9 (244)
Net change in cash, cash equivalents and restricted cash 1,071 5,101 1,032
Cash, cash equivalents and restricted cash at January 1 13,089 7,988 6,957
Cash, cash equivalents and restricted cash at December 31 14,160 13,089 7,988
Supplemental data      
Income taxes paid—net of refunds received 1,723 1,564 1,865
Interest paid on debt $ 1,978 $ 1,668 $ 1,401
[1] 2024 and 2022 include the impacts of pension settlement charges. Refer to note U, “Retirement-Related Benefits,” for additional information.
[2] Includes operating lease right-of-use assets amortization expense of $0.9 billion in 2024, 2023 and 2022.
[3] Prior-year amounts have been reclassified to conform to the change in 2024 presentation.