v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net earnings $ 3,246 $ 2,993 $ 3,165
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation 461 427 393
Amortization of intangible assets 732 623 635
Goodwill and other impairments 170 977 36
Share-based compensation 243 229 205
Sale of inventory stepped up to fair value at acquisition 173 46 0
Deferred income tax (benefit) expense 392 (370) (206)
Changes in operating assets and liabilities:      
Accounts receivable 127 (321) (175)
Inventories (297) (206) (797)
Accounts payable 94 192 77
Accrued expenses and other liabilities 318 74 516
Income taxes (145) (116) (4)
Other, net (470) (306) (134)
Net cash provided by operating activities 5,044 4,242 3,711
Investing activities      
Acquisitions, net of cash acquired (4,960) (1,628) (390)
Proceeds/(Purchases) of short-term investments 750 (750) 0
Purchases of property, plant and equipment (761) (755) (575)
Proceeds from the sale of the Spinal Implants business 165 0 0
Other investing, net (60) 133 3
Net cash used in investing activities (4,866) (3,000) (962)
Financing activities      
Proceeds (payments) on short-term borrowings, net 0 (32) 540
Proceeds from issuance of long-term debt 2,979 3,011 1,241
Payments on long-term debt (1,400) (2,039) (2,058)
Payments of dividends (1,284) (1,219) (1,139)
Cash paid for taxes from withheld shares (149) (195) (155)
Other financing, net (33) (51) (23)
Net cash provided by (used in) financing activities 113 (525) (1,594)
Effect of exchange rate changes on cash and cash equivalents 68 (36) (28)
Change in cash and cash equivalents 359 681 1,127
Cash and cash equivalents at beginning of year 3,652 2,971 1,844
Cash and cash equivalents at end of year 4,011 3,652 2,971
Supplemental cash flow disclosure:      
Cash paid for income taxes, net of refunds 1,002 989 693
Cash paid for interest on debt $ 582 $ 396 $ 356