Apple 2000 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 30, 2000 2000 1999 1998
------------------------------------------- -------- -------- --------
Cash and cash equivalents, beginning of the year............ $1,326 $1,481 $1,230
------ ------ ------
Operating:
Net income.................................................. 786 601 309
Adjustments to reconcile net income to cash generated by
operating activities:
Depreciation and amortization............................. 84 85 111
Provision for deferred income taxes....................... 163 (35) 1
Loss on sale of property, plant, and equipment............ 3 -- --
Gains from sales of equity investment..................... (367) (230) (40)
In-process research and development....................... -- -- 7
Changes in operating assets and liabilities:
Accounts receivable....................................... (272) 274 72
Inventories............................................... (13) 58 359
Other current assets...................................... (37) (32) 31
Other assets.............................................. (15) (3) 83
Accounts payable.......................................... 345 93 34
Accrued restructuring costs............................... (27) 2 (107)
Other current liabilities................................. 176 (15) (85)
------ ------ ------
Cash generated by operating activities.................. 826 798 775
------ ------ ------
Investing:
Purchase of short-term investments.......................... (4,267) (4,236) (2,313)
Proceeds from maturities of short-term investments.......... 3,331 3,155 1,723
Purchases of long-term investments.......................... (232) (112) --
Proceeds from sale of property, plant and equipment......... 11 23 89
Purchase of property, plant, and equipment.................. (107) (47) (46)
Proceeds from sales of equity investment.................... 372 245 24
Other....................................................... (38) 8 (20)
------ ------ ------
Cash used for investing activities...................... (930) (964) (543)
------ ------ ------
Financing:
Decrease in notes payable to banks.......................... -- -- (22)
Proceeds from issuance of common stock...................... 85 86 41
Cash used for repurchase of common stock.................... (116) (75) --
------ ------ ------
Cash generated by (used for) financing activities....... (31) 11 19
------ ------ ------
Increase (decrease) in cash and cash equivalents............ (135) (155) 251
------ ------ ------
Cash and cash equivalents, end of the year.................. $1,191 $1,326 $1,481
====== ====== ======
Supplemental cash flow disclosures:
Cash paid during the year for interest.................... $ 10 $ 58 $ 59
Cash paid (received) for income taxes, net................ $ 47 $ 33 $ (15)
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 conversion of Series A
Preferred Stock....................................... $ 74 -- --