Equity investment, voting interest

[Table of](#i7d20a63dbc7f4057897188cf4f4b9871_7) [Contents](#i7d20a63dbc7f4057897188cf4f4b9871_7)Supplemental Cash Flow InformationThe following table shows supplemental cash flow information (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months EndedJune 30, |  | Six Months EndedJune 30, |  | Twelve Months EndedJune 30, |
|  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |
| Cash paid for interest on debt | $ | 179  |  |  | $ | 349  |  |  | $ | 455  |  |  | $ | 628  |  |  | $ | 942  |  |  | $ | 1,271  |  |
| Cash paid for operating leases | 1,577  |  |  | 2,088  |  |  | 3,217  |  |  | 4,455  |  |  | 5,577  |  |  | 7,960  |  |
| Cash paid for interest on finance leases | 129  |  |  | 95  |  |  | 286  |  |  | 202  |  |  | 569  |  |  | 437  |  |
| Cash paid for interest on financing obligations | 35  |  |  | 55  |  |  | 68  |  |  | 113  |  |  | 127  |  |  | 198  |  |
| Cash paid for income taxes, net of refunds | 1,803  |  |  | 3,145  |  |  | 2,604  |  |  | 3,598  |  |  | 3,526  |  |  | 4,682  |  |
| Assets acquired under operating leases | 5,578  |  |  | 5,101  |  |  | 9,114  |  |  | 7,276  |  |  | 19,576  |  |  | 23,531  |  |
| Property and equipment acquired under finance leases, net of remeasurements and modifications | 1,642  |  |  | 61  |  |  | 3,709  |  |  | 227  |  |  | 9,976  |  |  | 3,579  |  |
| Property and equipment recognized during the construction period of build-to-suit lease arrangements | 1,193  |  |  | 986  |  |  | 2,080  |  |  | 2,351  |  |  | 3,486  |  |  | 6,117  |  |
| Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating | 99  |  |  | 1,079  |  |  | 99  |  |  | 1,112  |  |  | 99  |  |  | 1,243  |  |

Earnings Per ShareBasic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.The following table shows the calculation of diluted shares (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months EndedJune 30, |  | Six Months EndedJune 30, |
|  | 2021 |  | 2022 |  | 2021 |  | 2022 |
| Shares used in computation of basic earnings per share | 10,103  |  |  | 10,175  |  |  | 10,089  |  |  | 10,173  |  |
| Total dilutive effect of outstanding stock awards | 183  |  |  | —  |  |  | 187  |  |  | —  |  |
| Shares used in computation of diluted earnings per share | 10,286  |  |  | 10,175  |  |  | 10,276  |  |  | 10,173  |  |

Other Income (Expense), NetOther income (expense), net, is as follows (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months EndedJune 30, |  | Six Months EndedJune 30, |
|  | 2021 |  | 2022 |  | 2021 |  | 2022 |
| Marketable equity securities valuation gains (losses) | $ | 157  |  |  | $ | (4,322) |  |  | $ | 81  |  |  | $ | (12,567) |  |
| Equity warrant valuation gains (losses) | 939  |  |  | (1,124) |  |  | 1,244  |  |  | (1,436) |  |
| Upward adjustments relating to equity investments in private companies | 31  |  |  | 58  |  |  | 1,506  |  |  | 65  |  |
| Foreign currency gains (losses) | 110  |  |  | (117) |  |  | 79  |  |  | (103) |  |
| Other, net | 24  |  |  | (40) |  |  | 48  |  |  | (74) |  |
| Total other income (expense), net | 1,261  |  |  | (5,545) |  |  | 2,958  |  |  | (14,115) |  |

Included in other income (expense), net is a marketable equity securities valuation loss of $3.9 billion in Q2 2022, and $11.5 billion for the six months ended June 30, 2022, from our equity investment in Rivian Automotive, Inc. (“Rivian”). Our investment in Rivian’s preferred stock was accounted for at cost, with adjustments for observable changes in prices or impairments, prior to Rivian’s initial public offering in November 2021, which resulted in the conversion of our preferred stock to Class A common stock. As of June 30, 2022, we held 158 million shares of Rivian’s Class A common stock, representing an approximate 18% ownership interest, and an approximate 16% voting interest. We determined that we have the ability to exercise significant influence over Rivian through our equity investment, our commercial arrangement for the purchase of 8
