Apple 2011 Annual Report Download - page 48

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying Notes to Consolidated Financial Statements.
46
Three years ended September 24, 2011
2011
2010
2009
Cash and cash equivalents, beginning of the year
$
11,261
$
5,263
$
11,875
Operating activities:
Net income
25,922
14,013
8,235
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation, amortization and accretion
1,814
1,027
734
Share
-
based compensation expense
1,168
879
710
Deferred income tax expense
2,868
1,440
1,040
Changes in operating assets and liabilities:
Accounts receivable, net
143
(2,142
)
(939
)
Inventories
275
(596
)
54
Vendor non
-
trade receivables
(1,934
)
(2,718
)
586
Other current and non
-
current assets
(1,391
)
(1,610
)
(713
)
Accounts payable
2,515
6,307
92
Deferred revenue
1,654
1,217
521
Other current and non
-
current liabilities
4,495
778
(161
)
Cash generated by operating activities
37,529
18,595
10,159
Investing activities:
Purchases of marketable securities
(102,317
)
(57,793
)
(46,724
)
Proceeds from maturities of marketable securities
20,437
24,930
19,790
Proceeds from sales of marketable securities
49,416
21,788
10,888
Payments made in connection with business acquisitions, net of cash acquired
(244
)
(638
)
0
Payments for acquisition of property, plant and equipment
(4,260
)
(2,005
)
(1,144
)
Payments for acquisition of intangible assets
(3,192
)
(116
)
(69
)
Other
(259
)
(20
)
(175
)
Cash used in investing activities
(40,419
)
(13,854
)
(17,434
)
Financing activities:
Proceeds from issuance of common stock
831
912
475
Excess tax benefits from equity awards
1,133
751
270
Taxes paid related to net share settlement of equity awards
(520
)
(406
)
(82
)
Cash generated by financing activities
1,444
1,257
663
(Decrease)/increase in cash and cash equivalents
(1,446
)
5,998
(6,612
)
Cash and cash equivalents, end of the year
$
9,815
$
11,261
$
5,263
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
3,338
$
2,697
$
2,997