Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

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	For Years Ended December 31,
(Millions of dollars, except share and per-share amounts)	2016			2015			2014			2013			2012
Cash flow data:
Cash flows from operating activities (a)	$	4,614		$	4,397		$	4,054		$	3,514		$	3,483
Capital expenditures		531			551			385			412			495
Free cash flow (a) (b)		4,083			3,846			3,669			3,102			2,988
Dividends paid		1,646			1,444			1,323			1,175			819
Stock repurchases		2,132			2,741			2,831			2,868			1,800

Income statement data:
Revenue by segment:
Analog		8,536			8,339			8,104			7,194			6,998
Embedded Processing		3,023			2,787			2,740			2,450			2,257
Other		1,811			1,874			2,201			2,561			3,570
Revenue		13,370			13,000			13,045			12,205			12,825

Gross profit		8,240			7,560			7,427			6,364			6,368
Operating expenses (R&D and SG&A)		3,137			3,028			3,201			3,380			3,681
Acquisition charges		319			329			330			341			450
Restructuring charges/other		(15	)		(71	)		(51	)		(189	)		264
Operating profit		4,799			4,274			3,947			2,832			1,973

Net income (c)	$	3,595		$	2,986		$	2,821		$	2,162		$	1,759

As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted earnings per share (EPS) is calculated using the following:

Net income (c)	$	3,595		$	2,986		$	2,821		$	2,162		$	1,759
Income allocated to RSUs		(44	)		(42	)		(43	)		(36	)		(31	)
Income allocated to common shares for diluted EPS (c)	$	3,551		$	2,944		$	2,778		$	2,126		$	1,728

Average diluted shares outstanding, in millions (c)		1,021			1,043			1,080			1,113			1,146
Diluted EPS (c)	$	3.48		$	2.82		$	2.57		$	1.91		$	1.51
Cash dividends declared per common share	$	1.64		$	1.40		$	1.24		$	1.07		$	0.72

(a)	Prior periods reclassified to conform to the 2016 presentation, having adopted ASU 2016-09. See Note 2.

(b)	Free cash flow is a non-GAAP measure derived by subtracting Capital expenditures from Cash flows from operating activities.

(c)	2016 amounts reflect the adoption of ASU 2016-09. See Note 2.

	December 31,
(Millions of dollars, except Other data items)	2016		2015		2014		2013		2012
Balance sheet data:
Cash, cash equivalents and short-term investments	$	3,490	$	3,218	$	3,541	$	3,829	$	3,965
Total assets		16,431		16,230		17,372		18,554		19,565
Current portion of long-term debt and commercial paper borrowings		631		1,000		1,001		1,000		1,500
Long-term debt		2,978		3,120		3,630		4,145		4,175

Other data - Number of:
Employees		29,865		29,977		31,003		32,209		34,151
Stockholders of record		14,910		15,563		16,361		17,213		18,128

See Notes to the financial statements and Management’s discussion and analysis of financial condition and results of operations.

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