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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 2,201 $ 1,753
Adjustments to net income:    
Depreciation 200 179
Amortization of acquisition-related intangibles 0 47
Amortization of capitalized software 14 15
Stock compensation 74 61
Gains on sales of assets (2) (1)
Deferred taxes (1) 8
Increase (decrease) from changes in:    
Accounts receivable (94) (170)
Inventories (150) 65
Prepaid expenses and other current assets 21 73
Accounts payable and accrued expenses 11 69
Accrued compensation (388) (379)
Income taxes payable 284 131
Changes in funded status of retirement plans 21 28
Other (47) (29)
Cash flows from operating activities 2,144 1,850
Cash flows from investing activities    
Capital expenditures (443) (308)
Proceeds from asset sales 2 1
Purchases of short-term investments (3,988) (2,782)
Proceeds from short-term investments 2,774 2,000
Other (13) (20)
Cash flows from investing activities (1,668) (1,109)
Cash flows from financing activities    
Repayment of debt 0 (550)
Dividends paid (1,063) (940)
Stock repurchases (589) (100)
Proceeds from common stock transactions 57 196
Other (7) (12)
Cash flows from financing activities (1,602) (1,406)
Net change in cash and cash equivalents (1,126) (665)
Cash and cash equivalents at beginning of period 4,631 3,107
Cash and cash equivalents at end of period $ 3,505 $ 2,442