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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Operating Activities    
Net income before allocation to noncontrolling interests $ 2,973 $ 3,123
Discontinued operations––net of tax 0 (5)
Net income from continuing operations before allocation to noncontrolling interests 2,973 3,128
Adjustments to reconcile net income from continuing operations before allocation to noncontrolling interests to net cash provided by/(used in) operating activities:    
Depreciation and amortization [1] 1,618 1,736
Asset write-offs and impairments 344 136
Deferred taxes (663) (441)
Share-based compensation expense 170 220
Benefit plan contributions in excess of expense/income (229) (201)
Other adjustments, net 40 (151)
Other changes in assets and liabilities, net of acquisitions and divestitures (1,919) (3,336)
Net cash provided by/(used in) operating activities 2,335 1,090
Investing Activities    
Purchases of property, plant and equipment (564) (704)
Purchases of short-term investments (2,823) (797)
Proceeds from redemptions/sales of short-term investments 3,955 658
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (3,852) (1,187)
Purchases of long-term investments (134) (35)
Proceeds from redemptions/sales of long-term investments 82 305
Proceeds from partial sales of investment in Haleon [2] 6,311 3,491
Other investing activities, net 300 0
Net cash provided by/(used in) investing activities 3,274 1,732
Financing Activities    
Proceeds from short-term borrowings 0 1,444
Payments on short-term borrowings (2,048) (328)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (386) (2,039)
Payments on long-term debt 0 (1,250)
Cash dividends paid (2,437) (2,372)
Other financing activities, net (356) (386)
Net cash provided by/(used in) financing activities (5,227) (4,931)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (7) (28)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 375 (2,137)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,107 2,917
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 1,481 780
Cash paid during the period for:    
Income taxes 152 184
Interest paid 353 415
Interest rate hedges $ 74 $ 33
[1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production.
[2] See Note 7A.