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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 7,769 $ 5,595 $ 5,017
Adjustments to net income:      
Depreciation 755 733 708
Amortization of acquisition-related intangibles 142 198 288
Amortization of capitalized software 57 61 54
Stock compensation 230 224 217
Gains on sales of assets (57) (4) (23)
Deferred taxes 15 (137) 81
Increase (decrease) from changes in:      
Accounts receivable (287) (340) 133
Inventories 45 46 216
Prepaid expenses and other current assets 57 (79) 265
Accounts payable and accrued expenses 33 63 (93)
Accrued compensation 7 63 (15)
Income taxes payable (20) (181) (193)
Changes in funded status of retirement plans 62 (9) 29
Other (52) (94) (35)
Cash flows from operating activities 8,756 6,139 6,649
Cash flows from investing activities      
Capital expenditures (2,462) (649) (847)
Proceeds from asset sales 75 4 30
Purchases of short-term investments (10,124) (5,786) (3,444)
Proceeds from short-term investments 8,478 5,545 2,309
Other (62) (36) 32
Cash flows from investing activities (4,095) (922) (1,920)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 1,495 1,498 1,491
Repayment of debt (550) (500) (750)
Dividends paid (3,886) (3,426) (3,008)
Stock repurchases (527) (2,553) (2,960)
Proceeds from common stock transactions [1] 377 470 539
Other (46) (36) (42)
Cash flows from financing activities (3,137) (4,547) (4,730)
Net change in cash and cash equivalents 1,524 670 (1)
Cash and cash equivalents at beginning of period 3,107 2,437 2,438
Cash and cash equivalents at end of period $ 4,631 $ 3,107 $ 2,437
[1] Net of taxes paid for employee shares withheld of $53 million, $53 million and $52 million in 2021, 2020 and 2019, respectively.