Q4 Fiscal 2017 | Q4 Fiscal 2016 | Year-Over-Year Change | Q3 Fiscal 2017 | Sequential Change | |||||
Revenues | $5.9B | $6.2B | (5%) | $5.4B | +10% | ||||
Operating income | $0.3B | $1.8B | (82%) | $0.8B | (57%) | ||||
Net income 1 | $0.2B | $1.6B | (89%) | $0.9B | (81%) | ||||
Diluted earnings per share 1 | $0.11 | $1.07 | (90%) | $0.58 | (81%) | ||||
Operating cash flow | $2.4B | $2.1B | +16% | $0.1B | N/M |
Fiscal 2017 | Fiscal 2016 | Year-Over-Year Change | |||
Revenues | $22.3B | $23.6B | (5%) | ||
Operating income | $2.6B | $6.5B | (60%) | ||
Net income | $2.5B | $5.7B | (57%) | ||
Diluted earnings per share | $1.65 | $3.81 | (57%) | ||
Operating cash flow | $4.7B | $7.4B | (37%) |
Q4 Fiscal 2017 | Q4 Fiscal 2016 | Year-Over-Year Change | Q3 Fiscal 2017 | Sequential Change | |||||
Revenues | $6.0B | $6.2B | (3%) | $5.3B | +12% | ||||
Operating income | $1.6B | $2.2B | (27%) | $1.2B | +29% | ||||
Net income | $1.4B | $1.9B | (28%) | $1.2B | +11% | ||||
Diluted earnings per share | $0.92 | $1.28 | (28%) | $0.83 | +11% |
Fiscal 2017 | Fiscal 2016 | Year-Over-Year Change | |||
Revenues | $23.2B | $23.5B | (1%) | ||
Operating income | $7.1B | $7.8B | (9%) | ||
Net income | $6.4B | $6.7B | (4%) | ||
Diluted earnings per share | $4.28 | $4.44 | (4%) |
• | Fiscal 2017 GAAP results included the following items: |
◦ | $868 million charge, or ($0.49) per share, for the fine imposed by the Korea Fair Trade Commission (KFTC) in the first quarter of fiscal 2017 (additional impact of $59 million of related foreign exchange losses, resulting in a total charge of $927 million in fiscal 2017); |
◦ | $974 million reduction to revenues, or ($0.48) per share, related to the BlackBerry arbitration decision in the second quarter of fiscal 2017 (subsequent downward adjustment of $34 million to reflect the final award amount, resulting in a total reduction to revenues of $940 million in fiscal 2017); and |
◦ | $778 million charge, or ($0.52) per share, for the fine imposed by the Taiwan Fair Trade Commission (TFTC), which was accrued in the fourth quarter of fiscal 2017. |
• | Fiscal 2016 GAAP results included the following items: |
◦ | $154 million of charges, or ($0.07) per share, that resulted from net restructuring and restructuring-related charges related to our Strategic Realignment Plan in fiscal 2016; and |
◦ | $380 million gain, or $0.20 per share, related to the sale of our wireless spectrum in the United Kingdom in the first quarter of fiscal 2016. |
• | Fiscal 2016 GAAP and Non-GAAP results included: |
◦ | $266 million of revenues, or $0.13 per share, due to the termination of an infrastructure license agreement resulting from the merger of two licensees in the second quarter of fiscal 2016. |
(in millions except percentages) | Q4 Fiscal 2017 | Q4 Fiscal 2016 | Year-Over-Year Change | Q3 Fiscal 2017 | Sequential Change | ||||
QCT | |||||||||
Revenues | $4,650 | $4,124 | +13% | $4,052 | +15% | ||||
Earnings before taxes (EBT) | $973 | $687 | +42% | $575 | +69% | ||||
EBT as % of revenues | 21% | 17% | +4% | 14% | +7% | ||||
MSMTM chip shipments | 220 | 211 | +4% | 187 | +18% | ||||
QTL | |||||||||
Revenues | $1,213 | $1,885 | (36%) | $1,172 | +3% | ||||
EBT | $829 | $1,584 | (48%) | $854 | (3%) | ||||
EBT as % of revenues | 68% | 84% | (16%) | 73% | (5%) |
(in millions except percentages) | Fiscal 2017 | Fiscal 2016 | Year-Over-Year Change | ||
QCT | |||||
Revenues | $16,479 | $15,409 | +7% | ||
Earnings before taxes (EBT) | $2,747 | $1,812 | +52% | ||
EBT as % of revenues | 17% | 12% | +5% | ||
MSMTM chip shipments | 804 | 842 | (5%) | ||
QTL | |||||
Revenues | $6,445 | $7,664 | (16%) | ||
EBT | $5,175 | $6,528 | (21%) | ||
EBT as % of revenues | 80% | 85% | (5%) |
Stock Repurchases | Dividends | Total | |||||||
Shares | Amount | Per Share | Amount | Amount | |||||
Q4 fiscal 2017 | 6.1 | $315 | $0.57 | $841 | $1,156 | ||||
Fiscal 2017 | 22.8 | $1,342 | $2.20 | $3,252 | $4,594 |
Q1 FY17 Results | Current Guidance Q1 FY18 Estimates (2) | |||||
Revenues | $6.0B | $5.5B - $6.3B | ||||
Year-over-year change | decrease 8% - increase 5% | |||||
GAAP diluted earnings per share (EPS) | $0.46 | $0.63 - $0.73 | ||||
Year-over-year change | increase 37% - 59% | |||||
Less diluted EPS attributable to QSI | ($0.01) | $0.01 | ||||
Less diluted EPS attributable to share-based compensation | ($0.13) | ($0.14 | ) | |||
Less diluted EPS attributable to other items (1) | ($0.60) | ($0.09 | ) | |||
Non-GAAP diluted EPS | $1.19 | $0.85 - $0.95 | ||||
Year-over-year change | decrease 20% - 29% | |||||
Other Information | ||||||
MSM chip shipments | 217M | 220M - 240M | ||||
Year-over-year change | increase 1% - 11% | |||||
QTL revenues | $1.8B | $1.1B - $1.3B | ||||
Year-over-year change | decrease 28% - 39% |
(1) | Our guidance for diluted EPS attributable to other items for the first quarter of fiscal 2018 is primarily attributable to acquisition-related items. Diluted EPS attributable to other items for the first quarter of fiscal 2017 was primarily attributable to the $868 million charge related to the fine imposed by the KFTC. |
(2) | Our financial guidance for the first quarter of fiscal 2018 excludes QTL revenues related to the sale of Apple products by Apple’s contract manufacturers, as well as the other licensee in dispute as we expect the recent actions taken by these licensees will continue until the respective disputes are resolved. |
GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items (a) (b) | Non-GAAP Results | |||||||||||
Q4 FISCAL 2017 | |||||||||||||||
Revenues | $5,905 | $43 | $— | ($95 | ) | (c) | $5,957 | ||||||||
Operating income (loss) | 333 | 22 | (204) | (1,063) | 1,578 | ||||||||||
EBT | 434 | 28 | (204) | (1,065) | 1,675 | ||||||||||
EBT as % of revenues | 7 | % | 28 | % | |||||||||||
Net income (loss) | 168 | 25 | (153) | (1,079) | 1,375 | ||||||||||
Diluted EPS | $0.11 | $0.02 | ($0.10) | ($0.73) | $0.92 | ||||||||||
Diluted shares | 1,488 | 1,488 | 1,488 | 1,488 | 1,488 | ||||||||||
Q3 FISCAL 2017 | |||||||||||||||
Revenues | $5,371 | $56 | $— | $12 | $5,303 | ||||||||||
Operating income (loss) | 773 | 34 | (227) | (259) | 1,225 | ||||||||||
EBT | 858 | 55 | (227) | (271) | 1,301 | ||||||||||
EBT as % of revenues | 16 | % | 25 | % | |||||||||||
Net income (loss) | 866 | 32 | (199) | (204) | 1,237 | ||||||||||
Diluted EPS | $0.58 | $0.02 | ($0.13) | ($0.14) | $0.83 | ||||||||||
Diluted shares | 1,491 | 1,491 | 1,491 | 1,491 | 1,491 | ||||||||||
Q4 FISCAL 2016 | |||||||||||||||
Revenues | $6,184 | $14 | $— | $— | $6,170 | ||||||||||
Operating income (loss) | 1,804 | (1) | (213) | (158) | 2,176 | ||||||||||
EBT | 1,960 | (14) | (213) | (158) | 2,345 | ||||||||||
EBT as % of revenues | 32 | % | 38 | % | |||||||||||
Net income (loss) | 1,599 | (9) | (150) | (147) | 1,905 | ||||||||||
Diluted EPS | $1.07 | ($0.01) | ($0.10) | ($0.10) | $1.28 | ||||||||||
Diluted shares | 1,491 | 1,491 | 1,491 | 1,491 | 1,491 | ||||||||||
FISCAL 2017 | |||||||||||||||
Revenues | $22,291 | $113 | $— | ($1,057 | ) | (d) | $23,235 | ||||||||
Operating income (loss) | 2,614 | 38 | (914 | ) | (3,604 | ) | 7,094 | ||||||||
EBT | 3,020 | 65 | (914 | ) | (3,641 | ) | 7,510 | ||||||||
EBT as % of revenues | 14 | % | 32 | % | |||||||||||
Net income (loss) | 2,466 | 46 | (753 | ) | (3,213 | ) | 6,386 | ||||||||
Diluted EPS | $1.65 | $0.03 | ($0.51) | ($2.16) | $4.28 | ||||||||||
Diluted shares | 1,490 | 1,490 | 1,490 | 1,490 | 1,490 | ||||||||||
FISCAL 2016 | |||||||||||||||
Revenues | $23,554 | $47 | $— | $— | $23,507 | ||||||||||
Operating income (loss) | 6,495 | 372 | (943 | ) | (768 | ) | 7,834 | ||||||||
EBT | 6,833 | 386 | (943 | ) | (768 | ) | 8,158 | ||||||||
EBT as % of revenues | 29 | % | 35 | % | |||||||||||
Net income (loss) | 5,705 | 252 | (753 | ) | (447 | ) | 6,653 | ||||||||
Diluted EPS | $3.81 | $0.17 | ($0.50) | ($0.30) | $4.44 | ||||||||||
Diluted shares | 1,498 | 1,498 | 1,498 | 1,498 | 1,498 | ||||||||||
(a) | At fiscal year end, the quarterly tax provision (benefit) for each column equals the annual tax provision (benefit) for each column computed in accordance with GAAP. In interim quarters, the sum of these provisions (benefits) may not equal the total GAAP tax provision, and this difference is included in the tax provision (benefit) in the “Other Items” column. See the “Reconciliations of GAAP Tax Rates to Non-GAAP Tax Rates” herein for further details. |
(b) | Further details of amounts included in the “Other Items” column for the current period are included in the “Supplemental Information and Reconciliations” and the “Reconciliations of GAAP Tax Rates to Non-GAAP Tax Rates.” Details of amounts included in the “Other Items” column for prior periods are included in the news releases for those periods. |
(c) | In the fourth quarter of fiscal 2017, other items excluded from Non-GAAP results consisted of a $95 million reduction to revenues related to the portion of a business arrangement under negotiation that resolves a legal dispute. |
(d) | In fiscal 2017, other items excluded from Non-GAAP results consisted of a $962 million reduction to revenues related to the BlackBerry arbitration decision, as well as a $95 million reduction to revenues related to the portion of a business arrangement under negotiation that resolves a legal dispute. |
Q4 FISCAL 2017 | ||||||||||||||||||||
($ in millions) | GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items (a) | Non-GAAP Results | |||||||||||||||
Cost of revenues | $2,653 | $17 | $9 | $108 | $2,519 | |||||||||||||||
Research and development (R&D) expenses | 1,397 | — | 133 | 3 | 1,261 | |||||||||||||||
Selling, general and administrative (SG&A) expenses | 742 | 4 | 62 | 77 | 599 | |||||||||||||||
Other expenses | 780 | — | — | 780 | — | |||||||||||||||
Interest expense | 164 | — | — | 2 | 162 | |||||||||||||||
Investment and other income, net | 265 | 6 | — | — | 259 | (b) |
(a) | Other items excluded from Non-GAAP results included a $778 million charge related to the fine imposed by the TFTC, $189 million of acquisition-related charges and $3 million of restructuring and restructuring-related charges. |
(b) | Included $147 million in interest and dividend income, $127 million in net realized gains on investments and $4 million in net foreign currency transaction gains, partially offset by $19 million in other net investment losses. |
FISCAL 2017 | |||||||||||||||||||
($ in millions) | GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items (c) | Non-GAAP Results | ||||||||||||||
Cost of revenues | $9,792 | $60 | $38 | $479 | $9,215 | ||||||||||||||
Research and development (R&D) expenses | 5,485 | 1 | 588 | 53 | 4,843 | ||||||||||||||
Selling, general and administrative (SG&A) expenses | 2,658 | 14 | 288 | 273 | 2,083 | ||||||||||||||
Other expenses | 1,742 | — | — | 1,742 | — | ||||||||||||||
Interest expense | 494 | — | — | 54 | 440 | ||||||||||||||
Investment and other income, net | 900 | 27 | — | 17 | 856 | (d) |
(c) | Other items excluded from Non-GAAP results included a $911 million charge, including net foreign currency losses, related to the fine imposed by the KFTC, $783 million of acquisition-related charges, $778 million charge related to the fine imposed by the TFTC, $74 million of asset impairment charges and $38 million of restructuring and restructuring-related charges primarily related to our Strategic Realignment Plan. |
(d) | Included $601 million in interest and dividend income and $436 million in net realized gains on investments, partially offset by $167 million in other-than-temporary losses on investments and $14 million in net foreign currency transaction losses. |
GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items (c)(d) | Non-GAAP Results | |||||||||||||||||||||||||||
Q4 FISCAL 2017 ($ in millions) | |||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 434 | $ | 28 | $ | (204 | ) | $ | (1,065 | ) | $ | 1,675 | |||||||||||||||||||
Income tax (expense) benefit | (266 | ) | (3 | ) | 51 | (14 | ) | (300 | ) | ||||||||||||||||||||||
Net income (loss) (a) | $ | 168 | $ | 25 | $ | (153 | ) | $ | (1,079 | ) | $ | 1,375 | |||||||||||||||||||
Tax rate | 61 | % | (1 | %) | (b) | 4 | % | (b) | 40 | % | (b) | 18 | % | ||||||||||||||||||
FISCAL 2017 ($ in millions) | |||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 3,020 | $ | 65 | $ | (914 | ) | $ | (3,641 | ) | $ | 7,510 | |||||||||||||||||||
Income tax (expense) benefit | (555 | ) | (20 | ) | 161 | 428 | (1,124 | ) | |||||||||||||||||||||||
Net income (loss) (a) | $ | 2,465 | $ | 45 | $ | (753 | ) | $ | (3,213 | ) | $ | 6,386 | |||||||||||||||||||
Tax rate | 18 | % | 0 | % | (b) | 0 | % | (b) | 3 | % | (b) | 15 | % |
(a) | Before adjustments for noncontrolling interests. |
(b) | The incremental effect of our adjustments to the Non-GAAP tax rate is calculated by allocating the difference between (i) the tax expense (benefit) calculated based on the GAAP tax rate and (ii) the actual or estimated tax expense (benefit) for each column. |
(c) | In the fourth quarter of fiscal 2017, the tax expense in the “Other Items” column included a $98 million tax expense related to an increase in unrecognized tax benefits, partially offset by a $30 million tax benefit for the combined effect of other items in EBT, a $29 million tax benefit for the tax effect of acquisition-related items in EBT and a $25 million tax benefit to reconcile the tax provision for each column to the total GAAP tax provision for the quarter. |
(d) | In fiscal 2017, the tax benefit in the “Other Items” column included a $395 million tax benefit for the combined tax effect of other items in EBT and a $144 million tax benefit for the tax effect of acquisition-related items in EBT, partially offset by a $111 million tax expense related to an increase in unrecognized tax benefits. |
• | QSI is excluded because the Company expects to exit its strategic investments in the foreseeable future, and the effects of fluctuations in the value of such investments and realized gains or losses are viewed by management as unrelated to the Company’s operational performance. |
• | Share-based compensation expense primarily relates to restricted stock units. Management believes that excluding non-cash share-based compensation from the Non-GAAP financial information allows management and investors to make additional comparisons of the operating activities of the Company’s ongoing core businesses over time and with respect to other companies. |
• | Certain other items are excluded because management views such items as unrelated to the operating activities of the Company’s ongoing core businesses, as follows: |
• | Acquisition-related items include amortization of certain intangible assets, recognition of the step-up of inventories to fair value and the related tax effects of these items, as well as any effects from restructuring the ownership of such acquired assets. Additionally, the Company excludes expenses related to the termination of contracts that limit the use of the acquired intellectual property, third-party acquisition and integration services costs and costs related to temporary debt facilities and letters of credit executed prior to the close of an acquisition. Starting with acquisitions in the second quarter of fiscal 2017, the Company excludes recognition of the step-up of property, plant and equipment from the net book value based on the original cost basis to fair value. Such charges related to acquisitions that were completed prior to the second quarter of fiscal 2017 continue to be allocated to the segments, and such amounts are not material. |
• | The Company excludes certain other items that management views as unrelated to the Company’s ongoing business, such as major restructuring and restructuring-related costs, goodwill and indefinite- and long-lived asset impairments and awards, settlements and/or damages arising from legal or regulatory matters. |
• | Certain tax items that are unrelated to the fiscal year in which they are recorded are excluded in order to provide a clearer understanding of the Company’s ongoing Non-GAAP tax rate and after tax earnings. |
September 24, 2017 | September 25, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 35,029 | $ | 5,946 | |||
Marketable securities | 2,279 | 12,702 | |||||
Accounts receivable, net | 3,632 | 2,219 | |||||
Inventories | 2,035 | 1,556 | |||||
Other current assets | 618 | 558 | |||||
Total current assets | 43,593 | 22,981 | |||||
Marketable securities | 1,270 | 13,702 | |||||
Deferred tax assets | 2,900 | 2,030 | |||||
Property, plant and equipment, net | 3,216 | 2,306 | |||||
Goodwill | 6,623 | 5,679 | |||||
Other intangible assets, net | 3,737 | 3,500 | |||||
Other assets | 4,147 | 2,161 | |||||
Total assets | $ | 65,486 | $ | 52,359 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 1,971 | $ | 1,858 | |||
Payroll and other benefits related liabilities | 1,183 | 934 | |||||
Unearned revenues | 502 | 509 | |||||
Short-term debt | 2,495 | 1,749 | |||||
Other current liabilities | 4,756 | 2,261 | |||||
Total current liabilities | 10,907 | 7,311 | |||||
Unearned revenues | 2,003 | 2,377 | |||||
Long-term debt | 19,398 | 10,008 | |||||
Other liabilities | 2,432 | 895 | |||||
Total liabilities | 34,740 | 20,591 | |||||
Stockholders’ equity: | |||||||
Qualcomm stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding | — | — | |||||
Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,474 and 1,476 shares issued and outstanding, respectively | 274 | 414 | |||||
Retained earnings | 30,088 | 30,936 | |||||
Accumulated other comprehensive income | 384 | 428 | |||||
Total Qualcomm stockholders’ equity | 30,746 | 31,778 | |||||
Noncontrolling interests | — | (10 | ) | ||||
Total stockholders’ equity | 30,746 | 31,768 | |||||
Total liabilities and stockholders’ equity | $ | 65,486 | $ | 52,359 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Revenues: | |||||||||||||||
Equipment and services | $ | 4,698 | $ | 4,156 | $ | 16,647 | $ | 15,467 | |||||||
Licensing | 1,207 | 2,028 | 5,644 | 8,087 | |||||||||||
Total revenues | 5,905 | 6,184 | 22,291 | 23,554 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues | 2,653 | 2,539 | 9,792 | 9,749 | |||||||||||
Research and development | 1,397 | 1,229 | 5,485 | 5,151 | |||||||||||
Selling, general and administrative | 742 | 568 | 2,658 | 2,385 | |||||||||||
Other | 780 | 44 | 1,742 | (226 | ) | ||||||||||
Total costs and expenses | 5,572 | 4,380 | 19,677 | 17,059 | |||||||||||
Operating income | 333 | 1,804 | 2,614 | 6,495 | |||||||||||
Interest expense | (164 | ) | (76 | ) | (494 | ) | (297 | ) | |||||||
Investment and other income, net | 265 | 232 | 900 | 635 | |||||||||||
Income before income taxes | 434 | 1,960 | 3,020 | 6,833 | |||||||||||
Income tax expense | (266 | ) | (361 | ) | (555 | ) | (1,131 | ) | |||||||
Net income | 168 | 1,599 | 2,465 | 5,702 | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 1 | 3 | |||||||||||
Net income attributable to Qualcomm | $ | 168 | $ | 1,599 | $ | 2,466 | $ | 5,705 | |||||||
Basic earnings per share attributable to Qualcomm | $ | 0.11 | $ | 1.08 | $ | 1.67 | $ | 3.84 | |||||||
Diluted earnings per share attributable to Qualcomm | $ | 0.11 | $ | 1.07 | $ | 1.65 | $ | 3.81 | |||||||
Shares used in per share calculations: | |||||||||||||||
Basic | 1,476 | 1,476 | 1,477 | 1,484 | |||||||||||
Diluted | 1,488 | 1,491 | 1,490 | 1,498 | |||||||||||
Dividends per share announced | $ | 0.57 | $ | 0.53 | $ | 2.20 | $ | 2.02 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Operating Activities: | |||||||||||||||
Net income | $ | 168 | $ | 1,599 | $ | 2,465 | $ | 5,702 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization expense | 397 | 336 | 1,461 | 1,428 | |||||||||||
Indefinite and long-lived asset impairment charges | — | 13 | 76 | 107 | |||||||||||
Income tax provision in excess of (less than) income tax payments | 67 | 36 | (400 | ) | (200 | ) | |||||||||
Gain on sale of wireless spectrum | — | — | — | (380 | ) | ||||||||||
Non-cash portion of share-based compensation expense | 204 | 213 | 914 | 943 | |||||||||||
Incremental tax benefits from share-based compensation | (2 | ) | (5 | ) | (40 | ) | (8 | ) | |||||||
Net realized gains on marketable securities and other investments | (156 | ) | (145 | ) | (530 | ) | (288 | ) | |||||||
Impairment losses on marketable securities and other investments | 15 | 35 | 177 | 172 | |||||||||||
Other items, net | 131 | 75 | 146 | 77 | |||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts receivable, net | (83 | ) | (271 | ) | (1,104 | ) | (232 | ) | |||||||
Inventories | (18 | ) | (218 | ) | (200 | ) | (49 | ) | |||||||
Other assets | 58 | 93 | 169 | 246 | |||||||||||
Trade accounts payable | 498 | 278 | (45 | ) | 541 | ||||||||||
Payroll, benefits and other liabilities | 1,220 | 82 | 1,835 | (352 | ) | ||||||||||
Unearned revenues | (82 | ) | (37 | ) | (231 | ) | (307 | ) | |||||||
Net cash provided by operating activities | 2,417 | 2,084 | 4,693 | 7,400 | |||||||||||
Investing Activities: | |||||||||||||||
Capital expenditures | (262 | ) | (150 | ) | (690 | ) | (539 | ) | |||||||
Purchases of available-for-sale securities | (3,553 | ) | (5,055 | ) | (19,062 | ) | (18,015 | ) | |||||||
Proceeds from sales and maturities of available-for-sale securities | 22,072 | 4,083 | 41,715 | 14,386 | |||||||||||
Purchases of trading securities | — | — | — | (177 | ) | ||||||||||
Proceeds from sales and maturities of trading securities | — | — | — | 779 | |||||||||||
Purchases of other marketable securities | (5 | ) | — | (710 | ) | — | |||||||||
Proceeds from sales and maturities of other marketable securities | 706 | — | 706 | 450 | |||||||||||
Deposits of investments designated as collateral | — | — | (2,000 | ) | — | ||||||||||
Acquisitions and other investments, net of cash acquired | (143 | ) | (149 | ) | (1,544 | ) | (812 | ) | |||||||
Proceeds from sale of wireless spectrum | — | — | — | 232 | |||||||||||
Proceeds from sales of property, plant and equipment | 28 | 1 | 28 | 16 | |||||||||||
Other items, net | (38 | ) | 11 | 20 | 192 | ||||||||||
Net cash provided (used) by investing activities | 18,805 | (1,259 | ) | 18,463 | (3,488 | ) | |||||||||
Financing Activities: | |||||||||||||||
Proceeds from short-term debt | 1,710 | 2,316 | 8,558 | 8,949 | |||||||||||
Repayment of short-term debt | (1,711 | ) | (2,315 | ) | (9,309 | ) | (8,200 | ) | |||||||
Proceeds from long-term debt | — | — | 10,953 | — | |||||||||||
Proceeds from issuance of common stock | 166 | 246 | 497 | 668 | |||||||||||
Repurchases and retirements of common stock | (315 | ) | (225 | ) | (1,342 | ) | (3,923 | ) | |||||||
Dividends paid | (841 | ) | (782 | ) | (3,252 | ) | (2,990 | ) | |||||||
Incremental tax benefits from share-based compensation | 2 | 5 | 40 | 8 | |||||||||||
Other items, net | (133 | ) | (2 | ) | (266 | ) | (34 | ) | |||||||
Net cash (used) provided by financing activities | (1,122 | ) | (757 | ) | 5,879 | (5,522 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 20 | (7 | ) | 48 | (4 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | 20,120 | 61 | 29,083 | (1,614 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 14,909 | 5,885 | 5,946 | 7,560 | |||||||||||
Cash and cash equivalents at end of period | $ | 35,029 | $ | 5,946 | $ | 35,029 | $ | 5,946 |