Apple 1998 Annual Report Download - page 39

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
See accompanying notes to consolidated financial statements.
36
THREE FISCAL YEARS ENDED SEPTEMBER 25, 1998 1998 1997 1996
----------------------------------------------------------------------------------- --------- --------- ---------
Cash and cash equivalents, beginning of the year................................... $ 1,230 $ 1,552 $ 756
--------- --------- ---------
Operating:
Net income (loss).................................................................. 309 (1,045) (816)
Adjustments to reconcile net income (loss) to cash generated by operating
activities:
Depreciation and amortization.................................................... 111 118 116
Provision for deferred income taxes.............................................. 1 (50) (437)
Loss on sale of property, plant, and equipment................................... -- 37 16
Gains arising from equity investment............................................. (40) -- --
In-process research and development.............................................. 7 375 --
Changes in operating assets and liabilities, net of effects of the acquisition of
NeXT:
Accounts receivable.............................................................. 72 469 435
Inventories...................................................................... 359 225 1,113
Other current assets............................................................. 31 36 45
Other assets..................................................................... 83 (4) (24)
Accounts payable................................................................. 34 (107) (373)
Accrued restructuring costs...................................................... (107) 109 124
Other current liabilities........................................................ (85) (9) 209
--------- --------- ---------
Cash generated by operating activities......................................... 775 154 408
--------- --------- ---------
Investing:
Purchase of short-term investments................................................. (2,313) (999) (437)
Proceeds from sales and maturities of short-term investments....................... 1,723 963 440
Proceeds from sale of property, plant, and equipment............................... 89 47 47
Purchase of property, plant, and equipment......................................... (46) (53) (67)
Cash used for acquisition of technology............................................ (10) (384) --
Proceeds from sale of equity investment............................................ 24 -- --
Other.............................................................................. (10) (73) 9
--------- --------- ---------
Cash used for investing activities........................................... (543) (499) (8)
--------- --------- ---------
Financing:
Decrease in notes payable to banks................................................. (25) (161) (275)
Increase in long-term borrowings................................................... 3 -- 646
Proceeds from issuance of preferred stock.......................................... -- 150 --
Increases in common stock, net of acquisitions..................................... 41 34 39
Cash dividends..................................................................... -- -- (14)
--------- --------- ---------
Cash generated by financing activities....................................... 19 23 396
--------- --------- ---------
Total cash generated (used)........................................................ 251 (322) 796
--------- --------- ---------
Cash and cash equivalents, end of the year......................................... $ 1,481 $ 1,230 $ 1,552
--------- --------- ---------
--------- --------- ---------
Supplemental cash flow disclosures:
Cash paid during the year for interest........................................... $ 59 $ 61 $ 49
Cash paid (received) for income taxes, net....................................... $ (15) $ (11) $ 33
Noncash transactions:
Tax benefit from stock options................................................. $ 14 -- $ 2
Issuance of common stock for acquisition of PCC assets......................... $ 80 -- --
Increase in value of equity investment......................................... $ 16 -- --
Issuance of common stock for acquisition of NeXT............................... -- $ 25 --