Item 6. Selected financial data


	For Years Ended December 31,
(Millions of dollars, except share and per-share amounts)	2019		2018		2017		2016		2015
Cash flow data:
Cash flows from operating activities	$	6,649	$	7,189	$	5,363	$	4,614	$	4,397
Capital expenditures	847		1,131		695		531		551
Free cash flow (a)	5,802		6,058		4,668		4,083		3,846
Dividends paid	3,008		2,555		2,104		1,646		1,444
Stock repurchases	2,960		5,100		2,556		2,132		2,741

Income statement data:
Revenue by segment:
Analog	10,223		10,801		9,900		8,536		8,339
Embedded Processing	2,943		3,554		3,498		3,023		2,787
Other	1,217		1,429		1,563		1,811		1,874
Revenue	14,383		15,784		14,961		13,370		13,000

Gross profit	9,164		10,277		9,614		8,257		7,575
Operating expenses (R&D and SG&A)	3,189		3,243		3,202		3,098		2,995
Acquisition charges	288		318		318		319		329
Restructuring charges/other	(36)		3		11		(15)		(71)
Operating profit	5,723		6,713		6,083		4,855		4,322

Net income	$	5,017	$	5,580	$	3,682	$	3,595	$	2,986

A portion of net income is 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	$	5,017	$	5,580	$	3,682	$	3,595	$	2,986
Income allocated to RSUs	(31)		(42)		(33)		(44)		(42)
Income allocated to common shares for diluted EPS	$	4,986	$	5,538	$	3,649	$	3,551	$	2,944

Average diluted shares outstanding (millions)	952		990		1,012		1,021		1,043
Diluted EPS	$	5.24	$	5.59	$	3.61	$	3.48	$	2.82
Cash dividends declared per common share	$	3.21	$	2.63	$	2.12	$	1.64	$	1.40

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


	December 31,
(Millions of dollars)	2019		2018		2017		2016		2015
Balance sheet data:
Cash, cash equivalents and short-term investments	$	5,387	$	4,233	$	4,469	$	3,490	$	3,218
Total assets	18,018		17,137		17,642		16,431		16,230
Current portion of long-term debt	500		749		500		631		1,000
Long-term debt	5,303		4,319		3,577		2,978		3,120

See Management’s discussion and analysis of financial condition and results of operations and Financial statements and supplementary data.