Apple 2006 Annual Report Download - page 77

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(1)
See Note 2, “Restatement of Consolidated Financial Statements,” in Notes to Consolidated Financial Statements.
See accompanying Notes to Consolidated Financial Statements.
76
Three fiscal years ended September 30, 2006
2006
2005
2004
As Restated (1)
As Restated (1)
Cash and cash equivalents, beginning of the year
$
3,491
$
2,969
$
3,396
Operating Activities:
Net income
1,989
1,328
266
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
225
179
150
Stock
-
based compensation expense
163
49
46
Provision for deferred income taxes
53
50
19
Excess tax benefits from stock options
—
428
83
Gain on sale of PowerSchool net assets
(4
)
—
—
Loss on disposition of property, plant, and equipment
15
9
7
Gains on sales of investments, net
—
—
(
5
)
Changes in operating assets and liabilities:
Accounts receivable
(357
)
(121
)
(8
)
Inventories
(105
)
(64
)
(45
)
Other current assets
(1,626
)
(150
)
(176
)
Other assets
(1,040
)
(35
)
(25
)
Accounts payable
1,611
328
297
Other liabilities
1,296
534
325
Cash generated by operating activities
2,220
2,535
934
Investing Activities:
Purchases of short
-
term investments
(7,255
)
(11,470
)
(3,270
)
Proceeds from maturities of short
-
term investments
7,226
8,609
1,141
Proceeds from sales of investments
1,086
586
806
Purchases of long
-
term investments
(25
)
—
—
Proceeds from sale of PowerSchool net assets
40
—
—
Purchases of property, plant, and equipment
(657
)
(260
)
(176
)
Other
(58
)
(21
)
11
Cash generated by (used for) investing activities
357
(2,556
)
(1,488
)
Financing Activities:
Payment of long
-
term debt
—
—
(
300
)
Proceeds from issuance of common stock
318
543
427
Excess tax benefits from stock
-
based compensation
361
—
—
Repurchases of common stock
(355
)
—
—
Cash generated by financing activities
324
543
127
Increase (decrease) in cash and cash equivalents
2,901
522
(427
)
Cash and cash equivalents, end of the year
$
6,392
$
3,491
$
2,969
Supplemental cash flow disclosures:
Cash paid during the year for interest
$
—
$
—
$
10
Cash paid (received) for income taxes, net
$
194
$
17
$
(7
)