Apple 2005 Annual Report Download - page 65

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying notes to consolidated financial statements.
63
Three fiscal years ended September 24, 2005
2005
2004
2003
Cash and cash equivalents, beginning of the year
$
2,969
$
3,396
$
2,252
Operating Activities:
Net income
1,335
276
69
Cumulative effects of accounting changes, net of taxes
—
—
(
1
)
Adjustments to reconcile net income to cash generated by operating
activities:
Depreciation, amortization and accretion
179
150
113
Stock
-
based compensation expense
42
33
16
Non
-
cash restructuring
—
5
12
Provision for (benefit from) deferred income taxes
52
20
(11
)
Tax benefit from stock options
453
99
7
Loss on disposition of property, plant, and equipment
9
7
2
Gains on sales of short
-
term investments, net
—
(
1
)
(21
)
Gains on non
-
current investments, net
—
(
4
)
(10
)
Gain on forward purchase agreement
—
—
(
6
)
Changes in operating assets and liabilities:
Accounts receivable
(121
)
(8
)
(201
)
Inventories
(64
)
(45
)
(11
)
Other current assets
(150
)
(176
)
(34
)
Other assets
(61
)
(39
)
(30
)
Accounts payable
328
297
243
Other liabilities
533
320
152
Cash generated by operating activities
2,535
934
289
Investing Activities:
Purchases of short
-
term investments
(11,470
)
(3,270
)
(2,648
)
Proceeds from maturities of short
-
term investments
8,609
1,141
2,446
Proceeds from sales of short
-
term investments
586
801
1,116
Proceeds from sales of non
-
current investments
—
5
45
Purchases of property, plant, and equipment
(260
)
(176
)
(164
)
Other
(21
)
11
33
Cash (used for) generated by investing activities
(2,556
)
(1,488
)
828
Financing Activities:
Payment of long
-
term debt
—
(
300
)
—
Proceeds from issuance of common stock
543
427
53
Cash used for repurchase of common stock
—
—
(
26
)
Cash generated by financing activities
543
127
27
Increase (decrease) in cash and cash equivalents
522
(427
)
1,144
Cash and cash equivalents, end of the year
$
3,491
$
2,969
$
3,396
Supplemental cash flow disclosures:
Cash paid during the year for interest
$
—
$
10
$
20
Cash paid (received) for income taxes, net
$
17
$
(7
)
$
45