Item 6. Selected financial data


	For Years Ended December 31,
(Millions of dollars, except share and per-share amounts)	2020		2019		2018		2017		2016
Cash flow data:
Cash flows from operating activities	$	6,139	$	6,649	$	7,189	$	5,363	$	4,614
Capital expenditures	649		847		1,131		695		531
Free cash flow (a)	5,490		5,802		6,058		4,668		4,083
Dividends paid	3,426		3,008		2,555		2,104		1,646
Stock repurchases	2,553		2,960		5,100		2,556		2,132

Income statement data:
Revenue by segment:
Analog	10,886		10,223		10,801		9,900		8,536
Embedded Processing	2,570		2,943		3,554		3,498		3,023
Other	1,005		1,217		1,429		1,563		1,811
Revenue	14,461		14,383		15,784		14,961		13,370

Gross profit	9,269		9,164		10,277		9,614		8,257
Operating expenses (R&D and SG&A)	3,153		3,189		3,243		3,202		3,098
Acquisition charges	198		288		318		318		319
Restructuring charges/other	24		(36)		3		11		(15)
Operating profit	5,894		5,723		6,713		6,083		4,855

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

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	$	5,595	$	5,017	$	5,580	$	3,682	$	3,595
Income allocated to RSUs	(27)		(31)		(42)		(33)		(44)
Income allocated to common shares for diluted EPS	$	5,568	$	4,986	$	5,538	$	3,649	$	3,551

Average diluted shares outstanding (millions)	933		952		990		1,012		1,021
Diluted EPS	$	5.97	$	5.24	$	5.59	$	3.61	$	3.48
Cash dividends declared per common share	$	3.72	$	3.21	$	2.63	$	2.12	$	1.64

(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)	2020		2019		2018		2017		2016
Balance sheet data:
Cash, cash equivalents and short-term investments	$	6,568	$	5,387	$	4,233	$	4,469	$	3,490
Total assets	19,351		18,018		17,137		17,642		16,431
Current portion of long-term debt	550		500		749		500		631
Long-term debt	6,248		5,303		4,319		3,577		2,978

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