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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 5,017 $ 5,580 $ 3,682
Adjustments to net income:      
Depreciation 708 590 539
Amortization of acquisition-related intangibles 288 318 318
Amortization of capitalized software 54 46 47
Stock compensation 217 232 242
Gain (Loss) on Disposition of Assets (23) (3) 0
Deferred taxes 81 (105) 112
Increase (decrease) from changes in:      
Accounts receivable 133 71 (7)
Inventories 216 (282) (167)
Prepaid expenses and other current assets 265 669 76
Accounts payable and accrued expenses (93) (7) 51
Accrued compensation (15) (7) (3)
Income taxes payable (193) 158 468
Changes in funded status of retirement plans 29 36 21
Other (35) (107) (16)
Cash flows from operating activities 6,649 7,189 5,363
Cash flows from investing activities      
Capital expenditures (847) (1,131) (695)
Proceeds from asset sales 30 9 40
Purchases of short-term investments (3,444) (5,641) (4,555)
Proceeds from short-term investments 2,309 6,708 4,095
Other 32 (23) (12)
Cash flows from investing activities (1,920) (78) (1,127)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 1,491 1,500 1,099
Repayment of debt (750) (500) (625)
Dividends paid (3,008) (2,555) (2,104)
Stock repurchases (2,960) (5,100) (2,556)
Proceeds from common stock transactions [1] 539 373 483
Other (42) (47) (31)
Cash flows from financing activities (4,730) (6,329) (3,734)
Net change in cash and cash equivalents (1) 782 502
Cash and cash equivalents at beginning of period 2,438 1,656 1,154
Cash and cash equivalents at end of period $ 2,437 $ 2,438 $ 1,656
[1] Net of taxes paid for employee shares withheld of $52 million, $60 million and $83 million in 2019, 2018 and 2017, respectively.