Apple 2003 Annual Report Download - page 47

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See accompanying notes to consolidated financial statements.
58
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Common stock issued under stock plans — —
9,299
128
— (
75
)
—
Settlement of forward purchase agreement — — (
1,531
)
(35
) — —
—
Tax benefit related to stock options
—
—
—
7
—
—
—
Balances as of September 27, 2003 — $ —
366,727
$
1,926
$
2,394
$
(62
) $
(35
Three fiscal years ended September 27, 2003
2003
2002
2001
Cash and cash equivalents, beginning of the year
$
2,252
$
2,310
$
1,191
Operating Activities:
Net income (loss)
69
65
(25
)
Cumulative effects of accounting changes, net of taxes
(1
)
—
(
12
)
Adjustments to reconcile net income (loss) to cash generated by operating activities:
Depreciation, amortization and accretion
113
114
100
Stock based compensation expense
16
5
2
Non
-
cash restructuring
12
8
—
Benefit from deferred income taxes
(11
)
(34
)
(36
)
Loss on disposition of property, plant, and equipment
2
7
9
Gains on sales of short
-
term investments, net
(21
)
(7
)
—
(Gains) losses on sales of non
-
current investments, net
(10
)
42
(88
)
Gain on forward purchase agreement
(6
)
—
—
Unrealized loss on convertible securities
—
—
13
Purchased in
-
process research and development
—
1
11
Changes in operating assets and liabilities:
Accounts receivable
(201
)
(99
)
487
Inventories
(11
)
(34
)
22
Other current assets
(34
)
(114
)
106
Other assets
(30
)
(11
)
12
Accounts payable
243
110
(356
)
Other liabilities
159
36
(60
)
Cash generated by operating activities
289
89
185
Investing Activities:
Purchases of short
-
term investments
(2,648
)
(4,144
)
(4,268
)
-
term investments
2,446
2,846
4,811
Proceeds from sales of short
-
term investments
1,116
1,254
278
Proceeds from sales of non
-
current investments
45
25
340
Purchases of property, plant, and equipment
(164
)
(174
)
(232
)
Cash used for business acquisitions
—
(
52
)
(19
)
Other
33
(7
)
(18
)
Cash generated by (used for) investing activities
828
(252
)
892
Financing Activities:
Proceeds from issuance of common stock
53
105
42
Cash used for repurchase of common stock
(26
)
—
—