Apple 2009 Annual Report Download - page 61

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Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying Notes to Consolidated Financial Statements.
58
Three years ended September 26, 2009
2009
2008
2007
Cash and cash equivalents, beginning of the year
$
11,875
$
9,352
$
6,392
Operating Activities:
Net income
5,704
4,834
3,496
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
703
473
317
Stock
-
based compensation expense
710
516
242
Deferred income tax (benefit)/expense
(519
)
(368
)
78
Loss on disposition of property, plant and equipment
26
22
12
Changes in operating assets and liabilities:
Accounts receivable, net
(939
)
(785
)
(385
)
Inventories
54
(163
)
(76
)
Other current assets
(1,050
)
(1,958
)
(1,540
)
Other assets
(1,346
)
(492
)
81
Accounts payable
92
596
1,494
Deferred revenue
6,908
5,642
1,139
Other liabilities
(184
)
1,279
612
Cash generated by operating activities
10,159
9,596
5,470
Investing Activities:
Purchases of marketable securities
(46,724
)
(22,965
)
(11,719
)
Proceeds from maturities of marketable securities
19,790
11,804
6,483
Proceeds from sales of marketable securities
10,888
4,439
2,941
Purchases of other long
-
term investments
(101
)
(38
)
(17
)
Payments made in connection with business acquisitions, net of cash acquired
—
(
220
)
—
Payment for acquisition of property, plant and equipment
(1,144
)
(1,091
)
(735
)
Payment for acquisition of intangible assets
(69
)
(108
)
(251
)
Other
(74
)
(10
)
49
Cash used in investing activities
(17,434
)
(8,189
)
(3,249
)
Financing Activities:
Proceeds from issuance of common stock
475
483
365
Excess tax benefits from stock
-
based compensation
270
757
377
Cash used to net share settle equity awards
(82
)
(124
)
(3
)
Cash generated by financing activities
663
1,116
739
(Decrease)/increase in cash and cash equivalents
(6,612
)
2,523
2,960
Cash and cash equivalents, end of the year
$
5,263
$
11,875
$
9,352
Supplemental cash flow disclosures:
Cash paid for income taxes, net
$
2,997
$
1,267
$
863