Apple 2008 Annual Report Download - page 60

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Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying Notes to Consolidated Financial Statements.
57
Three fiscal years ended September 27, 2008
2008
2007
2006
Cash and cash equivalents, beginning of the year
$
9,352
$
6,392
$
3,491
Operating Activities:
Net income
4,834
3,496
1,989
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
473
317
225
Stock
-
based compensation expense
516
242
163
Provision for deferred income taxes
(368
)
78
53
Loss on disposition of property, plant, and equipment
22
12
15
Changes in operating assets and liabilities:
Accounts receivable, net
(785
)
(385
)
(357
)
Inventories
(163
)
(76
)
(105
)
Other current assets
(1,958
)
(1,540
)
(1,626
)
Other assets
(492
)
81
(1,040
)
Accounts payable
596
1,494
1,611
Deferred revenue
5,642
1,139
319
Other liabilities
1,279
612
973
Cash generated by operating activities
9,596
5,470
2,220
Investing Activities:
Purchases of short
-
term investments
(22,965
)
(11,719
)
(7,255
)
Proceeds from maturities of short
-
term investments
11,804
6,483
7,226
Proceeds from sales of short
-
term investments
4,439
2,941
1,086
Purchases of long
-
term investments
(38
)
(17
)
(25
)
Payments made in connection with business acquisitions, net of cash acquired
(220
)
—
—
Payment for acquisition of property, plant, and equipment
(1,091
)
(735
)
(657
)
Payment for acquisition of intangible assets
(108
)
(251
)
(28
)
Other
(10
)
49
10
Cash (used in)/generated by investing activities
(8,189
)
(3,249
)
357
Financing Activities:
Proceeds from issuance of common stock
483
365
318
Excess tax benefits from stock
-
based compensation
757
377
361
Cash used to net share settle equity awards
(124
)
(3
)
(355
)
Cash generated by financing activities
1,116
739
324
Increase in cash and cash equivalents
2,523
2,960
2,901
Cash and cash equivalents, end of the year
$
11,875
$
9,352
$
6,392
Supplemental cash flow disclosures:
Cash paid for income taxes, net
$
1,267
$
863
$
194