Apple 1997 Annual Report Download - page 37

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS)
See accompanying notes to consolidated financial statements.
34
THREE FISCAL YEARS ENDED SEPTEMBER 26, 1997 1997 1996 1995
----------------------------------------------------------------------------------- ------- ------ -------
Cash and cash equivalents, beginning of the period................................. $ 1,552 $ 756 $ 1,203
------- ------ -------
Operating:
Net income (loss).................................................................. (1,045) (816) 424
Adjustments to reconcile net income (loss) to cash generated by (used for)
operating activities:
Depreciation and amortization.................................................... 118 156 127
Net book value of property, plant, and equipment retirements..................... 70 70 6
In-process research and development.............................................. 375 -- --
Changes in operating assets and liabilities, net of effects of the acquisition of
NeXT:
Accounts receivable.............................................................. 469 435 (350)
Inventories...................................................................... 225 1,113 (687)
Deferred tax assets.............................................................. 83 (91) 42
Other current assets............................................................. 36 45 (59)
Accounts payable................................................................. (107) (374) 283
Accrued restructuring costs...................................................... 63 117 (47)
Other current liabilities........................................................ (9) 212 (10)
Deferred tax liabilities......................................................... (90) (348) 31
------- ------ -------
Cash generated by (used for) operating activities.............................. 188 519 (240)
------- ------ -------
Investing:
Purchase of short-term investments................................................. (999) (437) (1,672)
Proceeds from sales and maturities of short-term investments....................... 963 440 1,531
Purchase of property, plant, and equipment......................................... (53) (67) (159)
Cash used to acquire NeXT.......................................................... (384) -- --
Other.............................................................................. (60) (55) (102)
------- ------ -------
Cash used for investing activities............................................. (533) (119) (402)
------- ------ -------
Financing:
Increase (decrease) in notes payable to banks...................................... (161) (275) 169
Increase (decrease) in long-term borrowings........................................ -- 646 (2)
Proceeds from issuance of preferred stock.......................................... 150 -- --
Increases in common stock, net of acquisition of NeXT.............................. 34 39 86
Cash dividends..................................................................... -- (14) (58)
------- ------ -------
Cash generated by financing activities......................................... 23 396 195
------- ------ -------
Total cash generated (used)........................................................ (322) 796 (447)
------- ------ -------
Cash and cash equivalents, end of the period....................................... $ 1,230 $1,552 $ 756
------- ------ -------
------- ------ -------
Supplemental cash flow disclosures:
Cash paid during the year for interest........................................... $ 61 $ 49 $ 49
Cash paid (received) for income taxes, net....................................... $ (11) $ 33 $ 188
Noncash transactions:
Tax benefit from stock options................................................. $ -- $ 2 $ 15
Issuance of common stock for acquisition of NeXT............................... $ 25 $ -- $ --