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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 4,799 $ 6,510 $ 8,749
Adjustments to net income:      
Depreciation 1,508 1,175 925
Amortization of capitalized software 72 63 54
Stock compensation 387 362 289
Gains on sales of assets (127) 0 (3)
Deferred taxes (210) (299) (191)
Increase (decrease) from changes in:      
Accounts receivable 68 108 (194)
Inventories (528) (1,242) (847)
Prepaid expenses and other current assets 7 46 6
Accounts payable and accrued expenses 125 (33) 106
Accrued compensation (12) 29 22
Income taxes payable 597 (7) 94
Changes in funded status of retirement plans 33 45 114
Other (401) (337) (404)
Cash flows from operating activities 6,318 6,420 8,720
Cash flows from investing activities      
Capital expenditures (4,820) (5,071) (2,797)
Proceeds from asset sales 195 3 3
Purchases of short-term investments (9,716) (12,705) (14,483)
Proceeds from short-term investments 11,187 13,387 13,657
Other (48) 24 37
Cash flows from investing activities (3,202) (4,362) (3,583)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 2,980 3,000 1,494
Repayment of debt (600) (500) (500)
Dividends paid (4,795) (4,557) (4,297)
Stock repurchases (929) (293) (3,615)
Proceeds from common stock transactions [1] 517 263 241
Other (53) (57) (41)
Cash flows from financing activities (2,880) (2,144) (6,718)
Net change in cash and cash equivalents 236 (86) (1,581)
Cash and cash equivalents at beginning of period 2,964 3,050 4,631
Cash and cash equivalents at end of period 3,200 2,964 3,050
Supplemental cash flow information      
Investment tax credit (ITC) used to reduce income taxes payable 588 0 0
Total cash benefit related to the U.S. CHIPS and Science Act $ 588 $ 0 $ 0
[1] Net of taxes paid for employee shares withheld of $39 million, $46 million and $50 million in 2024, 2023 and 2022, respectively.