Apple 1999 Annual Report Download - page 40

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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, 1999 1999 1998 1997
------------------------------------------- -------- -------- --------
Cash and cash equivalents, beginning of the year............ $1,481 $1,230 $1,552
------ ------ ------
Operating:
Net income (loss)........................................... 601 309 (1,045)
Adjustments to reconcile net income (loss) to cash generated
by operating activities:
Depreciation and amortization............................. 85 111 118
Provision for deferred income taxes....................... (35) 1 (50)
Loss on sale of property, plant, and equipment............ -- -- 37
Gains from sales of investment............................ (230) (40) --
In-process research and development....................... -- 7 375
Changes in operating assets and liabilities, net of effects
of the acquisition of NeXT:
Accounts receivable....................................... 274 72 469
Inventories............................................... 58 359 225
Other current assets...................................... (32) 31 36
Other assets.............................................. (3) 83 (4)
Accounts payable.......................................... 93 34 (107)
Accrued restructuring costs............................... 2 (107) 109
Other current liabilities................................. (15) (85) (9)
------ ------ ------
Cash generated by operating activities.................. 798 775 154
------ ------ ------
Investing:
Purchase of short-term investments.......................... (4,236) (2,313) (999)
Proceeds from sales and maturities of short-term
investments............................................... 3,155 1,723 963
Purchases of long-term investments.......................... (112) -- --
Proceeds from property, plant and equipment retirements..... 23 89 47
Purchase of property, plant, and equipment.................. (47) (46) (53)
Cash used for acquisition of technology..................... -- (10) (384)
Proceeds from sales of investment........................... 245 24 --
Other....................................................... 8 (10) (73)
------ ------ ------
Cash used for investing activities...................... (964) (543) (499)
------ ------ ------
Financing:
Decrease in notes payable to banks.......................... -- (22) (161)
Proceeds from issuance of preferred stock................... -- -- 150
Proceeds from issuance of common stock...................... 86 41 34
Cash used for repurchase of common stock.................... (75) -- --
------ ------ ------
Cash generated by financing activities.................. 11 19 23
------ ------ ------
Total cash generated by (used for).......................... (155) 251 (322)
------ ------ ------
Cash and cash equivalents, end of the year.................. $1,326 $1,481 $1,230
====== ====== ======
Supplemental cash flow disclosures:
Cash paid during the year for interest.................... $ 58 $ 59 $ 61
Cash paid (received) for income taxes, net................ $ 33 $ (15) $ (11)
Noncash transactions:
Issuance of common stock for redemption of long-term
debt.................................................. $ 654 -- --
Issuance of common stock for acquisition of PCC
assets................................................ -- $ 80 --
Issuance of common stock for acquisition of NeXT........ -- -- $ 25