v3.22.4
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income including noncontrolling interest $ 5,791,000,000 $ 5,929,000,000 $ 5,453,000,000
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities      
Depreciation and amortization 1,831,000,000 1,915,000,000 1,911,000,000
Long-lived and indefinite-lived asset impairment expense 618,000,000 0 6,000,000
Goodwill impairment expense 271,000,000 0 0
Company pension and postretirement contributions (158,000,000) (180,000,000) (156,000,000)
Company pension and postretirement expense 178,000,000 206,000,000 322,000,000
Stock-based compensation expense 263,000,000 274,000,000 262,000,000
Gain on business divestitures (2,724,000,000) 0 (389,000,000)
Deferred income taxes (663,000,000) (166,000,000) (165,000,000)
Changes in assets and liabilities      
Accounts receivable (105,000,000) (122,000,000) 165,000,000
Inventories (629,000,000) (903,000,000) (91,000,000)
Accounts payable 111,000,000 518,000,000 252,000,000
Accrued income taxes (current and long-term) (47,000,000) (244,000,000) 132,000,000
Other — net 854,000,000 227,000,000 411,000,000
Net cash provided by (used in) operating activities 5,591,000,000 7,454,000,000 8,113,000,000
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (PP&E) (1,749,000,000) (1,603,000,000) (1,501,000,000)
Proceeds from sale of PP&E and other assets 200,000,000 51,000,000 128,000,000
Acquisitions, net of cash acquired 0 0 (25,000,000)
Purchases of marketable securities and investments (1,250,000,000) (2,202,000,000) (1,579,000,000)
Proceeds from maturities and sale of marketable securities and investments 1,261,000,000 2,406,000,000 1,811,000,000
Proceeds from sale of businesses, net of cash sold 13,000,000 0 576,000,000
Cash payment from Food Safety business split-off, net of divested cash 478,000,000 0 0
Other — net 1,000,000 31,000,000 10,000,000
Net cash provided by (used in) investing activities (1,046,000,000) (1,317,000,000) (580,000,000)
Cash Flows from Financing Activities      
Change in short-term debt — net 340,000,000 (2,000,000) (143,000,000)
Repayment of debt (maturities greater than 90 days) (1,179,000,000) (1,144,000,000) (3,482,000,000)
Proceeds from debt (maturities greater than 90 days) 1,000,000 1,000,000 1,750,000,000
Purchases of treasury stock (1,464,000,000) (2,199,000,000) (368,000,000)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans 381,000,000 639,000,000 429,000,000
Dividends paid to shareholders (3,369,000,000) (3,420,000,000) (3,388,000,000)
Other — net (60,000,000) (20,000,000) (98,000,000)
Net cash provided by (used in) financing activities (5,350,000,000) (6,145,000,000) (5,300,000,000)
Effect of exchange rate changes on cash and cash equivalents (104,000,000) (62,000,000) 48,000,000
Net increase (decrease) in cash and cash equivalents (909,000,000) (70,000,000) 2,281,000,000
Cash and cash equivalents at beginning of year 4,564,000,000 4,634,000,000 2,353,000,000
Cash and cash equivalents at end of period $ 3,655,000,000 $ 4,564,000,000 $ 4,634,000,000