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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 3,595 $ 2,986 $ 2,821
Adjustments to Net income:      
Depreciation 605 766 850
Amortization of acquisition-related intangibles 319 319 321
Amortization of capitalized software 31 48 59
Stock compensation 252 286 277
Gains on sales of assets (40) (85) (73)
Deferred income taxes (202) (55) (61)
Increase (decrease) from changes in:      
Accounts receivable (108) 77 (49)
Inventories (99) 93 (53)
Prepaid expenses and other current assets (81) 94 65
Accounts payable and accrued expenses 72 (142) (132)
Accrued compensation 36 7 89
Income taxes payable 333 11 (81)
Changes in funded status of retirement plans (73) (23) (58)
Other (26) 15 79
Cash flows from operating activities 4,614 4,397 4,054
Cash flows from investing activities      
Capital expenditures (531) (551) (385)
Proceeds from asset sales 0 110 142
Purchases of short-term investments (3,503) (2,767) (3,107)
Proceeds from short-term investments 3,390 2,892 2,966
Other (6) 14 7
Cash flows from investing activities (650) (302) (377)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 499 498 498
Repayment of debt (1,000) (1,000) (1,000)
Dividends paid (1,646) (1,444) (1,323)
Stock repurchases (2,132) (2,741) (2,831)
Proceeds from common stock transactions [1] 472 396 554
Other (3) (3) (3)
Cash flows from financing activities (3,810) (4,294) (4,105)
Net change in Cash and cash equivalents 154 (199) (428)
Cash and cash equivalents at beginning of period 1,000 1,199 1,627
Cash and cash equivalents at end of period $ 1,154 $ 1,000 $ 1,199
[1] Net of taxes paid for employee shares withheld of $70 million in 2016, $46 million in 2015 and $62 million in 2014.