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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net income: $ 5,613 $ 4,566 $ 6,201
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 354 323 329
Amortization expense 2,339 1,780 1,721
Stock-based compensation expense 766 637 635
Deferred income taxes (962) (1,552) (116)
Net loss from equity securities 167 657 610
Acquired in-process research and development expenses 1,155 944 939
In-process research and development impairments 50 2,700 0
Other 826 780 576
Changes in operating assets and liabilities:      
Accounts receivable, net 157 (406) 313
Inventories (842) (310) 11
Prepaid expenses and other 39 (134) (45)
Accounts payable (347) 226 (118)
Income tax assets and liabilities, net (1,768) (364) (361)
Accrued and other liabilities 458 (775) 689
Net cash provided by operating activities 8,006 9,072 11,384
Investing Activities:      
Purchases of marketable debt securities (1,930) (1,770) (3,517)
Proceeds from sales of marketable debt securities 510 412 730
Proceeds from maturities of marketable debt securities 1,334 1,590 2,180
Acquisitions, including in-process research and development, net of cash acquired (1,152) (1,797) (1,584)
Purchases of equity securities (442) (172) (380)
Capital expenditures (585) (728) (579)
Other (1) (1) 19
Net cash used in investing activities (2,265) (2,466) (3,131)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 1,980 0 0
Proceeds from issuances of common stock 232 309 169
Repurchases of common stock under repurchase programs (1,000) (1,396) (546)
Repayments of debt and other obligations (2,250) (1,500) (4,750)
Payments of dividends (3,809) (3,709) (3,605)
Other (279) (173) (145)
Net cash used in financing activities (5,125) (6,469) (8,877)
Effect of exchange rate changes on cash and cash equivalents 57 (63) (35)
Net change in cash and cash equivalents 673 74 (659)
Cash and cash equivalents at beginning of period 5,412 5,338 5,997
Cash and cash equivalents at end of period 6,085 5,412 5,338
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 891 907 979
Income taxes paid $ 3,990 $ 3,136 $ 2,509