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Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying Notes to Consolidated Financial Statements.
49
Three years ended September 25, 2010
2010
2009
2008
Cash and cash equivalents, beginning of the year
$
5,263
$
11,875
$
9,352
Operating activities:
Net income
14,013
8,235
6,119
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
1,027
734
496
Stock
-
based compensation expense
879
710
516
Deferred income tax expense
1,440
1,040
398
Loss on disposition of property, plant and equipment
24
26
22
Changes in operating assets and liabilities:
Accounts receivable, net
(2,142
)
(939
)
(785
)
Inventories
(596
)
54
(163
)
Vendor non
-
trade receivables
(2,718
)
586
110
Other current assets
(1,514
)
163
(384
)
Other assets
(120
)
(902
)
289
Accounts payable
6,307
92
596
Deferred revenue
1,217
521
718
Other liabilities
778
(161
)
1,664
Cash generated by operating activities
18,595
10,159
9,596
Investing activities:
Purchases of marketable securities
(57,793
)
(46,724
)
(22,965
)
Proceeds from maturities of marketable securities
24,930
19,790
11,804
Proceeds from sales of marketable securities
21,788
10,888
4,439
Purchases of other long
-
term investments
(18
)
(101
)
(38
)
Payments made in connection with business acquisitions, net of cash acquired
(638
)
0
(220
)
Payments for acquisition of property, plant and equipment
(2,005
)
(1,144
)
(1,091
)
Payments for acquisition of intangible assets
(116
)
(69
)
(108
)
Other
(2
)
(74
)
(10
)
Cash used in investing activities
(13,854
)
(17,434
)
(8,189
)
Financing activities:
Proceeds from issuance of common stock
912
475
483
Excess tax benefits from stock
-
based compensation
751
270
757
Taxes paid related to net share settlement of equity awards
(406
)
(82
)
(124
)
Cash generated by financing activities
1,257
663
1,116
Increase/(decrease) in cash and cash equivalents
5,998
(6,612
)
2,523
Cash and cash equivalents, end of the year
$
11,261
$
5,263
$
11,875
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
2,697
$
2,997
$
1,267