| Adoption of New Standard Impact on Previously Reported Quarterly Results |
Adoption of the new
standard resulted in the recognition of excess tax benefits in our
provision for income taxes rather than paid-in capital of $74
million and $376 million for the three and nine months ended
March 31, 2016, respectively, and impacted our previously
reported quarterly results for fiscal year 2016 as
follows:
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| (In millions, except earnings per share) |
|
Three Months Ended
September 30,
2015
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Three Months Ended
December 31,
2015
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| |
|
As
reported |
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As
adjusted |
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|
As
reported |
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|
As
adjusted |
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|
|
Income statements:
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Provision for income taxes
|
|
$ |
893 |
|
|
$ |
611 |
|
|
$ |
857 |
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|
$ |
837 |
|
|
Net income
|
|
$ |
4,620 |
|
|
$ |
4,902 |
|
|
$ |
4,998 |
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|
$ |
5,018 |
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|
Basic earnings per share
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|
$ |
0.58 |
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|
$ |
0.61 |
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|
$ |
0.63 |
|
|
$ |
0.63 |
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Diluted earnings per share
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|
$ |
0.57 |
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|
$ |
0.61 |
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|
$ |
0.62 |
|
|
$ |
0.62 |
|
|
Diluted weighted average shares
outstanding
|
|
|
8,066 |
|
|
|
8,084 |
|
|
|
8,028 |
|
|
|
8,051 |
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Cash flows
statements:
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Net cash from operations
|
|
$ |
8,594 |
|
|
$ |
8,876 |
|
|
$ |
5,598 |
|
|
$ |
5,618 |
|
|
Net cash used in financing
|
|
$ |
(3,648 |
) |
|
$ |
(3,930 |
) |
|
$ |
(498 |
) |
|
$ |
(518 |
) |
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| (In millions) |
|
September 30,
2015
|
|
|
December 31,
2015
|
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| |
|
As
reported |
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|
As
adjusted |
|
|
As
reported |
|
|
As
adjusted |
|
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|
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Balance sheets:
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Common stock and paid-in
capital
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|
$ |
68,093 |
|
|
$ |
67,811 |
|
|
$ |
68,279 |
|
|
$ |
67,977 |
|
|
Retained earnings
|
|
$ |
7,614 |
|
|
$ |
7,896 |
|
|
$ |
6,728 |
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|
$ |
7,030 |
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