XML 94 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities:    
Net income $ 1,538 $ 1,968
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 68 60
Amortization expense 281 299
Stock-based compensation expense 141 143
Deferred income taxes 56 24
Net unrealized loss (gain) from equity securities 283 (197)
Up-front and milestone expense related to collaborative and other arrangements 111 133
Other 59 40
Changes in operating assets and liabilities:    
Accounts receivable, net (376) 32
Inventories 15 (15)
Prepaid expenses and other 46 (43)
Accounts payable (109) (201)
Income taxes payable (127) (249)
Accrued liabilities and other (550) (417)
Net cash provided by operating activities 1,436 1,577
Investing Activities:    
Purchases of marketable debt securities (13,158) (6,722)
Proceeds from sales of marketable debt securities 9,656 575
Proceeds from maturities of marketable debt securities 3,449 6,511
Up-front and milestone payments related to collaborative and other arrangements (112) (133)
Purchases of equity securities (8) (56)
Capital expenditures (171) (237)
Other 0 (182)
Net cash used in investing activities (344) (244)
Financing Activities:    
Proceeds from issuances of common stock 177 103
Repurchases of common stock (1,328) (834)
Repayments of debt and other obligations (500) (750)
Payments of dividends (874) (817)
Other (86) (68)
Net cash used in financing activities (2,611) (2,366)
Effect of exchange rate changes on cash and cash equivalents (61) 20
Net change in cash and cash equivalents (1,580) (1,013)
Cash and cash equivalents at beginning of period 11,631 17,940
Cash and cash equivalents at end of period $ 10,051 $ 16,927