Apple 1996 Annual Report Download - page 31

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Consolidated Statements of Cash Flows
(Dollars in millions)
See accompanying notes.
29
Three fiscal years ended September 27, 1996 1996 1995 1994
Cash and cash equivalents, beginning of the period $ 756 $1,203 $ 676
Operating:
Net income (loss) (816) 424 310
Adjustments to reconcile net income (loss) to cash
generated by (used for) operations:
Depreciation and amortization 156 127 168
Net book value of property, plant, and equipment
retirements 70 6 11
Changes in assets and liabilities:
Accounts receivable 435 (350) (199)
Inventories 1,113 (687) 418
Deferred tax assets (91) 42 (25)
Other current assets 45 (59) 34
Accounts payable (374) 283 139
Accrued restructuring costs 117 (47) (250)
Other current liabilities 212 (10) 90
Deferred tax liabilities (348) 31 41
Cash generated by (used for) operating
activities 519 (240) 737
Investing:
Purchase of short-term investments (437) (1,672) (312)
Proceeds from sale of short-term investments 440 1,531 474
Purchase of property, plant, and equipment (67) (159) (160)
Other (55) (102) (4)
Cash used for investing activities (119) (402) (2)
Financing:
Increase (decrease) in notes payable to banks (275) 169 (531)
Increase (decrease) in long-term borrowings 646 (2) 297
Increases in common stock, net of related tax benefits 39 86 82
Cash dividends (14) (58) (56)
Cash generated by (used for) financing
activities 396 195 (208)
Total cash generated (used) 796 (447) 527
Cash and cash equivalents, end of the period $1,552 $ 756 $1,203
Supplemental cash flow disclosures:
Cash paid during the year for:
Interest $ 49 $ 49 $ 34
Income taxes, net $ 33 $ 188 $ 46
Noncash transaction: tax benefit from stock options $ 2 $ 15 $ 12