Cisco 2010 Annual Report Download - page 43

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Consolidated Statements of Cash Flows
(in millions)
Years Ended July 31, 2010 July 25, 2009 July 26, 2008
Cash flows from operating activities:
Net income $ 7,767 $ 6,134 $ 8,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other noncash items 2,030 1,768 1,744
Share-based compensation expense 1,517 1,231 1,112
Provision for doubtful accounts 44 54 34
Deferred income taxes (477) (574) (772)
Excess tax benefits from share-based compensation (211) (22) (413)
In-process research and development —63 3
Net (gains) losses on investments (223) 80 (103)
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (1,528) 610 171
Inventories (158) 187 104
Lease receivables, net (387) (222) (488)
Accounts payable 139 (208) 62
Income taxes payable 55 768 178
Accrued compensation 565 175 351
Deferred revenue 1,531 572 1,812
Other assets (639) (780) (361)
Other liabilities 148 61 603
Net cash provided by operating activities 10,173 9,897 12,089
Cash flows from investing activities:
Purchases of investments (48,690) (41,225) (22,399)
Proceeds from sales of investments 19,300 20,473 16,086
Proceeds from maturities of investments 23,697 12,352 3,904
Acquisition of property and equipment (1,008) (1,005) (1,268)
Acquisition of businesses, net of cash and cash equivalents acquired (5,279) (426) (398)
Change in investments in privately held companies (79) (89) (101)
Other 128 (39) (17)
Net cash used in investing activities (11,931) (9,959) (4,193)
Cash flows from financing activities:
Issuance of common stock 3,278 863 3,117
Repurchase of common stock (7,864) (3,611) (10,441)
Issuance of long-term debt 4,944 3,991 —
Short-term borrowings, net 41 ——
Repayment of long-term debt —(500) —
Settlements of interest rate derivatives related to long-term debt 23 (42) 432
Excess tax benefits from share-based compensation 211 22 413
Other (12) (134) 46
Net cash provided by (used in) financing activities 621 589 (6,433)
Net (decrease) increase in cash and cash equivalents (1,137) 527 1,463
Cash and cash equivalents, beginning of fiscal year 5,718 5,191 3,728
Cash and cash equivalents, end of fiscal year $ 4,581 $ 5,718 $ 5,191
Cash paid for:
Interest $ 692 $ 333 $ 366
Income taxes $ 2,068 $ 1,364 $ 2,787
See Notes to Consolidated Financial Statements.
2010 Annual Report 41