Dell 2003 Annual Report Download - page 36

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Table of Contents
DELL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Fiscal Year Ended
January 30, January 31, February 1,
2004 2003 2002
Cash flows from operating activities:
Net income $ 2,645 $ 2,122 $ 1,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 263 211 239
Tax benefits of employee stock plans 181 260 487
Special charges — — 742
(Gains)/losses on investments (16) 6 17
Other, primarily effects of exchange rate changes on monetary assets and liabilities denominated in
foreign currencies (548) (483) 178
Changes in:
Operating working capital 872 1,210 826
Non-current assets and liabilities 273 212 62
Net cash provided by operating activities 3,670 3,538 3,797
Cash flows from investing activities:
Investments:
Purchases (12,099) (8,736) (5,382)
Maturities and sales 10,078 7,660 3,425
Cash assumed in consolidation of Dell Financial Services L.P. 172 — —
Capital expenditures (329) (305) (303)
Purchase of assets held in master lease facilities (636) — —
Net cash used in investing activities (2,814) (1,381) (2,260)
Cash flows from financing activities:
Purchase of common stock (2,000) (2,290) (3,000)
Issuance of common stock under employee plans and other 617 265 298
Net cash used in financing activities (1,383) (2,025) (2,702)
Effect of exchange rate changes on cash and cash equivalents 612 459 (104)
Net increase (decrease) in cash and cash equivalents 85 591 (1,269)
Cash and cash equivalents at beginning of period 4,232 3,641 4,910
Cash and cash equivalents at end of period $ 4,317 $ 4,232 $ 3,641
The accompanying notes are an integral part of these consolidated financial statements.
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