XML 113 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net income $ 5,364 $ 5,460 $ 4,644
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 255 226 233
Amortization expense 1,149 1,203 1,053
Stock-based compensation expense 636 845 638
Deferred income taxes (2,098) 289 (82)
Net gains from equity securities (1,241) (115) 0
Up-front and milestone expense related to collaborative and other arrangements 4,346 0 0
In-process research and development impairment 800 820 0
Write-downs for slow moving and excess raw material and work in process inventory 547 440 0
Other 184 171 304
Changes in operating assets and liabilities:      
Accounts receivable, net (218) 480 754
Inventories (95) (310) (253)
Prepaid expenses and other (307) 903 358
Accounts payable (61) (39) (430)
Income taxes payable 272 (1,459) 5,497
Accrued liabilities (389) (514) (818)
Net cash provided by operating activities 9,144 8,400 11,898
Investing Activities:      
Purchases of marketable debt securities (30,455) (10,233) (23,314)
Proceeds from sales of marketable debt securities 7,523 1,522 10,440
Proceeds from maturities of marketable debt securities 22,398 24,336 7,821
Up-front and milestone payments related to collaborative and other arrangements (4,301) 0 0
Purchases of equity securities (1,773) (156) 0
Acquisitions, net of cash acquired 0 0 (10,426)
Capital expenditures (825) (924) (590)
Other (384) (190) 0
Net cash (used in) provided by investing activities (7,817) 14,355 (16,069)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 0 0 8,985
Proceeds from issuances of common stock 209 289 234
Repurchases of common stock (1,749) (2,900) (954)
Repayments of debt and other obligations (2,750) (6,250) (1,811)
Payment of dividends (3,222) (2,971) (2,731)
Other (122) (486) (330)
Net cash (used in) provided by financing activities (7,634) (12,318) 3,393
Effect of exchange rate changes on cash and cash equivalents (2) (85) 137
Net change in cash and cash equivalents (6,309) 10,352 (641)
Cash and cash equivalents at beginning of period 17,940 7,588 8,229
Cash and cash equivalents at end of period 11,631 17,940 7,588
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 982 1,070 1,038
Income taxes paid $ 1,793 $ 3,198 $ 3,342