Apple 2004 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2004 Apple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying notes to consolidated financial statements.
63
Three fiscal years ended September 25, 2004
2004
2003
2002
Cash and cash equivalents, beginning of the year
$
3,396
$
2,252
$
2,310
Operating Activities:
Net income
276
69
65
Cumulative effects of accounting changes, net of taxes
—
(
1
)
—
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
150
113
114
Stock
-
based compensation expense
33
16
5
Non
-
cash restructuring
5
12
8
Provision for (benefit from) deferred income taxes
20
(11
)
(34
)
Loss on disposition of property, plant, and equipment
7
2
7
Gains on sales of short
-
term investments, net
(1
)
(21
)
(7
)
(Gains) losses on non
-
current investments, net
(4
)
(10
)
42
Gain on forward purchase agreement
—
(
6
)
—
Purchased in
-
process research and development
—
—
1
Changes in operating assets and liabilities:
Accounts receivable
(8
)
(201
)
(99
)
Inventories
(45
)
(11
)
(34
)
Other current assets
(176
)
(34
)
(114
)
Other assets
(39
)
(30
)
(11
)
Accounts payable
297
243
110
Other liabilities
419
159
36
Cash generated by operating activities
934
289
89
Investing Activities:
Purchases of short
-
term investments
(3,270
)
(2,648
)
(4,144
)
Proceeds from maturities of short
-
term investments
1,141
2,446
2,846
Proceeds from sales of short
-
term investments
801
1,116
1,254
Proceeds from sales of non
-
current investments
5
45
25
Purchases of property, plant, and equipment
(176
)
(164
)
(174
)
Cash used for business acquisitions
—
—
(
52
)
Other
11
33
(7
)
Cash generated by (used for) investing activities
(1,488
)
828
(252
)
Financing Activities:
Payment of long
-
term debt
(300
)
—
—
Proceeds from issuance of common stock
427
53
105
Cash used for repurchase of common stock
—
(
26
)
—
Cash generated by financing activities
127
27
105
Increase (decrease) in cash and cash equivalents
(427
)
1,144
(58
)
Cash and cash equivalents, end of the year
$
2,969
$
3,396
$
2,252
Supplemental cash flow disclosures:
Cash paid during the year for interest
$
10
$
20
$
20
Cash paid (received) for income taxes, net
$
(7
)
$
45
$
11