v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net earnings $ 4,286 $ 4,873 $ 11,845
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation 764 752 778
Amortization of intangible assets 7,622 7,946 7,689
Deferred income taxes (1,449) (2,889) (1,931)
Change in fair value of contingent consideration liabilities 3,771 5,128 2,761
Payments of contingent consideration liabilities (1,995) (870) (164)
Stock-based compensation 911 747 671
Acquired IPR&D and milestones 2,757 778 697
Gain on divestitures 0 0 (172)
Non-cash litigation reserve adjustments, net of cash payments 508 (443) 2,243
Impairment of intangible assets 4,476 4,229 770
Other, net (63) (225) (150)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 207 66 (1,455)
Inventories (319) (417) (686)
Prepaid expenses and other assets 361 (188) (264)
Accounts payable and other liabilities 177 3,840 1,769
Income tax assets and liabilities, net (3,208) (488) 542
Cash flows from operating activities 18,806 22,839 24,943
Cash flows from investing activities      
Acquisition of businesses, net of cash acquired (17,493) 0 (255)
Other acquisitions and investments (3,024) (1,223) (539)
Acquisitions of property and equipment (974) (777) (695)
Purchases of investment securities (73) (77) (1,438)
Sales and maturities of investment securities 555 55 1,530
Other, net 189 13 774
Cash flows from investing activities (20,820) (2,009) (623)
Cash flows from financing activities      
Proceeds from Short-Term Debt 5,008 0 0
Repayments of Other Short-Term Debt (5,008) 0 0
Proceeds from issuance of long-term debt 16,963   2,000
Repayments of long-term debt and finance lease obligations (9,613) (4,149) (14,433)
Debt issuance costs (99) (38) 0
Dividends paid (11,025) (10,539) (10,043)
Purchases of treasury stock (1,708) (1,972) (1,487)
Proceeds from the exercise of stock options 214 180 262
Payments of contingent consideration liabilities 0 (752) (1,132)
Other, net 57 48 30
Cash flows from financing activities (5,211) (17,222) (24,803)
Effect of exchange rate changes on cash and equivalents (65) 5 (62)
Net change in cash and equivalents (7,290) 3,613 (545)
Cash and equivalents, beginning of year 12,814 9,201 9,746
Cash and equivalents, end of year 5,524 12,814 9,201
Other supplemental information      
Interest paid, net of portion capitalized 2,811 2,469 2,546
Income taxes paid $ 4,064 $ 4,702 $ 2,988