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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 927 $ 733 [1]
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation 527 631 [1]
Amortization of intangibles 547 625 [1]
Stock-based compensation 268 234 [1]
Net (gain)/loss on asset sales and other (55) (51) [1]
Changes in operating assets and liabilities, net of acquisitions/divestitures 1,559 1,076 [1]
Net cash provided by operating activities 3,774 3,248 [1]
Cash flows from investing activities    
Payments for property, plant and equipment (300) (281) [1]
Proceeds from disposition of property, plant and equipment 11 72 [1]
Investment in software (168) (169) [1]
Acquisition of businesses, net of cash acquired (22) (698) [1]
Divestiture of businesses, net of cash transferred [1]   61
Purchases of marketable securities and other investments (8,531) (1,025) [1]
Proceeds from disposition of marketable securities and other investments 1,050 682 [1]
Net cash provided by/(used in) investing activities (7,960) (1,358) [1]
Cash flows from financing activities    
Proceeds from new debt 9,432 4,084 [1]
Payments to settle debt (2,125) (1,129) [1]
Short-term borrowings/(repayments) less than 90 days - net (3) (8) [1]
Common stock repurchases for tax withholdings (96) (80) [1]
Financing - other (3) (15) [1]
Cash dividends paid (1,497) (1,475) [1]
Net cash provided by/(used in) financing activities 5,708 1,377 [1]
Effect of exchange rate changes on cash, cash equivalents and restricted cash 24 (5) [1]
Net change in cash, cash equivalents and restricted cash 1,547 3,263 [1]
Cash, cash equivalents and restricted cash at January 1 7,988 6,957 [1]
Cash, cash equivalents and restricted cash at March 31 $ 9,535 $ 10,219 [1]
[1] Includes immaterial cash flows from discontinued operations.