Apple 2014 Annual Report Download - page 51

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 27,
2014 September 28,
2013 September 29,
2012
Cash and cash equivalents, beginning of the year $ 14,259 $ 10,746 $ 9,815
Operating activities:
Net income 39,510 37,037 41,733
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 7,946 6,757 3,277
Share-based compensation expense 2,863 2,253 1,740
Deferred income tax expense 2,347 1,141 4,405
Changes in operating assets and liabilities:
Accounts receivable, net (4,232) (2,172) (5,551)
Inventories (76) (973) (15)
Vendor non-trade receivables (2,220) 223 (1,414)
Other current and non-current assets 167 1,080 (3,162)
Accounts payable 5,938 2,340 4,467
Deferred revenue 1,460 1,459 2,824
Other current and non-current liabilities 6,010 4,521 2,552
Cash generated by operating activities 59,713 53,666 50,856
Investing activities:
Purchases of marketable securities (217,128) (148,489) (151,232)
Proceeds from maturities of marketable securities 18,810 20,317 13,035
Proceeds from sales of marketable securities 189,301 104,130 99,770
Payments made in connection with business acquisitions, net (3,765) (496) (350)
Payments for acquisition of property, plant and equipment (9,571) (8,165) (8,295)
Payments for acquisition of intangible assets (242) (911) (1,107)
Other 16 (160) (48)
Cash used in investing activities (22,579) (33,774) (48,227)
Financing activities:
Proceeds from issuance of common stock 730 530 665
Excess tax benefits from equity awards 739 701 1,351
Taxes paid related to net share settlement of equity awards (1,158) (1,082) (1,226)
Dividends and dividend equivalents paid (11,126) (10,564) (2,488)
Repurchase of common stock (45,000) (22,860) 0
Proceeds from issuance of long-term debt, net 11,960 16,896 0
Proceeds from issuance of commercial paper, net 6,306 0 0
Cash used in financing activities (37,549) (16,379) (1,698)
Increase/(decrease) in cash and cash equivalents (415) 3,513 931
Cash and cash equivalents, end of the year $ 13,844 $ 14,259 $ 10,746
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 10,026 $ 9,128 $ 7,682
Cash paid for interest $ 339 $ 0 $ 0
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2014 Form 10-K | 49