Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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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      
Consolidated Net Income $ 10,703 $ 9,571 $ 9,804
Depreciation and amortization 1,128 1,260 1,452
Stock-based compensation expense 254 356 337
Deferred income taxes (2) (122) 894
Equity (income) loss — net of dividends (1,019) (838) (615)
Foreign currency adjustments 175 203 86
Significant (gains) losses — net (492) (129) (1,365)
Other operating charges 1,741 1,086 506
Other items (43) 236 201
Net change in operating assets and liabilities (846) (605) 1,325
Net Cash Provided by Operating Activities 11,599 11,018 12,625
INVESTING ACTIVITIES      
Purchases of investments (6,698) (3,751) (6,030)
Proceeds from disposals of investments 4,354 4,771 7,059
Acquisitions of businesses, equity method investments and nonmarketable securities (62) (73) (4,766)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities 430 458 2,180
Purchases of property, plant and equipment (1,852) (1,484) (1,367)
Proceeds from disposals of property, plant and equipment 74 75 108
Collateral (paid) received associated with hedging activities — net 366 (1,465) 0
Other investing activities 39 706 51
Net Cash Provided by (Used in) Investing Activities (3,349) (763) (2,765)
FINANCING ACTIVITIES      
Issuances of loans, notes payable and long-term debt 6,891 3,972 13,094
Payments of loans, notes payable and long-term debt (5,034) (4,930) (12,866)
Issuances of stock 539 837 702
Purchases of stock for treasury (2,289) (1,418) (111)
Dividends (7,952) (7,616) (7,252)
Other financing activities (465) (1,095) (353)
Net Cash Provided by (Used in) Financing Activities (8,310) (10,250) (6,786)
CASH AND CASH EQUIVALENTS      
Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents (73) (205) (159)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the year (133) (200) 2,915
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 9,825 10,025 7,110
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 9,692 9,825 10,025
Restricted Cash and Restricted Cash Equivalents 326 306 341
Cash and cash equivalents $ 9,366 $ 9,519 $ 9,684