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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Cash received from customers $ 25,737 $ 25,360 $ 24,319
Cash paid to suppliers and employees (19,312) (17,893) (16,708)
Dividends and interest received 100 143 169
Interest paid (138) (134) (96)
Income taxes paid (1,001) (953) (761)
Net cash provided by operating activities 5,386 6,523 6,923
Cash flows from investing activities:      
Additions to property, plant and equipment (902) (979) (943)
Capitalized software development costs (567) (509) (465)
Purchases of short- and long-term available-for-sale securities (7,252) (9,982) (11,250)
Sales of short- and long-term available-for-sale securities 5,205 8,722 5,292
Maturities of short- and long-term available-for-sale securities 1,970 2,651 2,845
Business acquisitions, net of cash acquired (1,336) (1,973) (770)
Purchases of strategic and other related investments (182) (144) (131)
Sales of strategic and other related investments 235 101 35
Joint venture funding 0 (360) (411)
Proceeds from divestiture of business 0 0 38
Decrease (increase) in restricted cash 75 (78) 0
Net cash used in investing activities (2,754) (2,551) (5,760)
Cash flows from financing activities:      
Proceeds from the issuance of common stock 322 503 342
Repurchase of Common Stock (2,063) (2,969) (3,015)
EMC purchase of VMware’s common stock 0 0 (160)
Excess tax benefits from stock-based compensation 55 102 116
Payment of long-term and short-term obligations 0 (1,665) (46)
Net proceeds from the issuance of long-term and short-term obligations 1,295 0 5,460
Contributions from non-controlling interests 5 7 105
Dividend payment (907) (879) (415)
Net cash (used in) provided by financing activities (2,292) (5,437) 2,076
Effect of exchange rate changes on cash and cash equivalents (134) (83) (62)
Net increase (decrease) in cash and cash equivalents 206 (1,548) 3,177
Cash and cash equivalents at beginning of period 6,343 7,891 4,714
Cash and cash equivalents at end of period 6,549 6,343 7,891
Reconciliation of net income to net cash provided by operating activities:      
Net income 2,172 2,894 3,093
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,907 1,864 1,665
Non-cash interest expense on debt 0 1 62
Non-cash restructuring and other special charges 40 19 8
Stock-based compensation expense 1,091 1,031 935
Provision for (recovery of) doubtful accounts 55 10 (1)
Deferred income taxes, net (235) (396) (202)
Excess tax benefits from stock-based compensation (55) (102) (116)
Gain on previously held interests in strategic investments and joint venture 0 (101) 0
Impairment of strategic investment 0 33 0
Other, net 6 20 40
Changes in assets and liabilities, net of acquisitions:      
Accounts and notes receivable 385 (309) (377)
Inventories (196) (149) (408)
Other assets 47 345 269
Accounts payable (75) 167 380
Accrued expenses (333) (286) (162)
Income taxes payable (53) 314 222
Deferred revenue 596 1,126 1,475
Other liabilities 34 42 40
Net cash provided by operating activities 5,386 6,523 6,923
Non-cash investing and financing activity:      
Issuance of common stock and stock options exchanged in business acquisitions 0 35 1
Dividends declared 230 242 213
VMware      
Cash flows from financing activities:      
Proceeds from the issuance of common stock 126 164 197
Repurchase of Common Stock (1,125) (700) (508)
Interest rate swap contract      
Non-cash investing and financing activity:      
Interest rate swap losses $ 22 $ 11 $ 0