v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net earnings $ 2,774 $ 2,397
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 361 334
Amortization of intangible assets 530 543
Goodwill and other impairments 294 163
Share-based compensation 208 195
Sale of inventory stepped-up to fair value at acquisition 0 160
Deferred income tax (benefit) expense 166 191
Changes in operating assets and liabilities:    
Accounts receivable 320 524
Inventories (468) (373)
Accounts payable (154) (205)
Accrued expenses and other liabilities (279) (78)
Income taxes (395) (577)
Other, net (54) (373)
Net cash provided by operating activities 3,303 2,901
Investing activities    
Acquisitions, net of cash acquired (481) (4,950)
Purchases of marketable securities (23) (32)
Proceeds/(Purchases) of short-term investments 0 750
Proceeds from sales of marketable securities 112 40
Purchases of property, plant and equipment (605) (493)
Proceeds from the sale of the Spinal Implants business 0 165
Other investing, net (14) (41)
Net cash used in investing activities (1,011) (4,561)
Financing activities    
Proceeds (payments) on short-term borrowings, net 247 1
Proceeds from issuance of long-term debt 0 2,979
Payments on long-term debt (1,000) (650)
Payments of dividends (1,012) (963)
Repurchases of common stock (1,000) 0
Cash paid for taxes from withheld shares (156) (132)
Other financing, net (77) (29)
Net cash provided by (used in) financing activities (2,998) 1,206
Effect of exchange rate changes on cash and cash equivalents (34) 58
Change in cash and cash equivalents (740) (396)
Cash and cash equivalents at beginning of period 4,011 3,652
Cash and cash equivalents at end of period $ 3,271 $ 3,256