Six Months Ended

(In Millions; Unaudited)

Jul 1, 2023

Jul 2, 2022

Cash and cash equivalents, beginning of period

$ 11,144

$ 4,827

Cash flows provided by (used for) operating activities:

Net income (loss)

(1,295)

7,659

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,733

5,528

Share-based compensation

1,661

1,599

Restructuring and other charges

255

73

Amortization of intangibles

909

968

(Gains) losses on equity investments, net

(146)

(4,230)

(Gains) losses on divestitures

—

(1,072)

Changes in assets and liabilities:

Accounts receivable

1,137

3,397

Inventories

1,240

(1,386)

Accounts payable

(1,102)

117

Accrued compensation and benefits

(1,340)

(1,985)

Income taxes

(2,186)

(2,232)

Other assets and liabilities

(1,843)

(1,736)

Total adjustments

2,318

(959)

Net cash provided by (used for) operating activities

1,023

6,700

Cash flows provided by (used for) investing activities:

Additions to property, plant, and equipment

(13,301)

(11,846)

Purchases of short-term investments

(25,696)

(25,514)

Maturities and sales of short-term investments

26,957

25,407

Sales of equity investments

253

4,775

Proceeds from divestitures

—

6,579

Other investing

458

(1,820)

Net cash used for investing activities

(11,329)

(2,419)

Cash flows provided by (used for) financing activities:

Repayment of commercial paper

(3,944)

—

Payments on finance leases

(96)

(299)

Partner contributions

834

—

Proceeds from sales of subsidiary shares

1,573

—

Issuance of long-term debt, net of issuance costs

10,968

—

Repayment of debt

—

(1,688)

Payment of dividends to stockholders

(2,036)

(2,986)

Other financing

212

255

Net cash provided by (used for) financing activities

7,511

(4,718)

Net increase (decrease) in cash and cash equivalents

(2,795)

(437)

Cash and cash equivalents, end of period

$ 8,349

$ 4,390