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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income: $ 480 $ 5,613 $ 4,566
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 381 354 323
Amortization expense 2,386 2,339 1,780
Stock-based compensation expense 835 766 637
Deferred income taxes (1,844) (962) (1,552)
Net loss from equity securities 274 167 657
Acquired in-process research and development expenses 4,663 1,155 944
In-process research and development impairments 4,180 50 2,700
Other 353 826 780
Changes in operating assets and liabilities:      
Accounts receivable, net 139 157 (406)
Inventories (426) (842) (310)
Prepaid expenses and other (259) 39 (134)
Accounts payable 290 (347) 226
Income tax assets and liabilities, net (732) (1,768) (364)
Accrued and other liabilities 108 458 (775)
Net cash provided by operating activities 10,828 8,006 9,072
Investing Activities:      
Purchases of marketable debt securities (244) (1,930) (1,770)
Proceeds from sales of marketable debt securities 2,265 510 412
Proceeds from maturities of marketable debt securities 327 1,334 1,590
Acquisitions, including in-process research and development, net of cash acquired (4,840) (1,152) (1,797)
Purchases of equity securities (492) (442) (172)
Capital expenditures (523) (585) (728)
Other 58 (1) (1)
Net cash used in investing activities (3,449) (2,265) (2,466)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 3,464 1,980 0
Proceeds from issuances of common stock 422 232 309
Repurchases of common stock under repurchase programs (1,150) (1,000) (1,396)
Repayments of debt and other obligations (1,970) (2,250) (1,500)
Payments of dividends (3,918) (3,809) (3,709)
Other (281) (279) (173)
Net cash used in financing activities (3,433) (5,125) (6,469)
Effect of exchange rate changes on cash and cash equivalents (40) 57 (63)
Net change in cash and cash equivalents 3,906 673 74
Cash and cash equivalents at beginning of period 6,085 5,412 5,338
Cash and cash equivalents at end of period 9,991 6,085 5,412
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 951 891 907
Income taxes paid $ 2,779 $ 3,990 $ 3,136