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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Cash provided (used) by operations:      
Net income $ 5,070 $ 6,046 $ 5,727
Adjustments to reconcile net income to net cash provided (used) by operations:      
Depreciation 703 717 744
Deferred income taxes (117) (650) (385)
Stock-based compensation 755 638 611
Amortization, impairment and other 156 123 53
Net foreign currency adjustments (213) (26) (138)
Changes in certain working capital components and other assets and liabilities:      
(Increase) decrease in accounts receivable 489 (504) (1,606)
(Increase) decrease in inventories (133) (1,676) 507
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (644) (845) (182)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (225) 1,365 1,326
Cash provided (used) by operations 5,841 5,188 6,657
Cash provided (used) by investing activities:      
Purchases of short-term investments (6,059) (12,913) (9,961)
Maturities of short-term investments 3,356 8,199 4,236
Sales of short-term investments 4,184 3,967 2,449
Additions to property, plant and equipment (969) (758) (695)
Other investing activities 52 (19) 171
Cash provided (used) by investing activities 564 (1,524) (3,800)
Cash provided (used) by financing activities:      
Increase (decrease) in notes payable, net (4) 15 (52)
Repayment of borrowings (500) 0 (197)
Proceeds from exercise of stock options and other stock issuances 651 1,151 1,172
Repurchase of common stock (5,480) (4,014) (608)
Dividends — common and preferred (2,012) (1,837) (1,638)
Other financing activities (102) (151) (136)
Cash provided (used) by financing activities (7,447) (4,836) (1,459)
Effect of exchange rate changes on cash and equivalents (91) (143) 143
Net increase (decrease) in cash and equivalents (1,133) (1,315) 1,541
Cash and equivalents, beginning of year 8,574 9,889 8,348
CASH AND EQUIVALENTS, END OF YEAR 7,441 8,574 9,889
Cash paid during the year for:      
Interest, net of capitalized interest 347 290 293
Income taxes 1,517 1,231 1,177
Non-cash additions to property, plant and equipment 211 160 179
Dividends declared and not paid $ 524 $ 480 $ 438