Intel 1994 Annual Report Download - page 19

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See accompanying notes.
PAGE 3
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three years ended December 31, 1994
-------- --------
Long-term debt 392 426
Deferred tax liabilities 389 297
Put warrants 744 688
Commitments and contingencies
Stockholders' equity:
- ---------------------
Preferred Stock, $.001 par value, 50 shares
authorized; none issued -- --
Common Stock, $.001 par value, 1,400 shares authorized;
413 issued and outstanding in 1994 (418 in 1993) and
capital in excess of par value 2,306 2,194
Retained earnings 6,961 5,306
-------- --------
Total stockholders' equity 9,267 7,500
-------- --------
Total liabilities and stockholders' equity $13,816 $11,344
======== ========
(In millions) 1994 1993 1992
- -----------------------------------------------------------------------------------------
Cash and cash equivalents, beginning of year $ 1,659 $ 1,843 $ 1,519
-------- -------- --------
Cash flows provided by (used for) operating activities:
Net income 2,288 2,295 1,067
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Depreciation 1,028 717 518
Net loss on retirements of property, plant
and equipment 42 36 57
Amortization of debt discount 19 17 16
Change in deferred tax assets and liabilities (150) 12 13
Changes in assets and liabilities:
(Increase) in accounts receivable (530) (379) (371)
(Increase) in inventories (331) (303) (113)
(Increase) in other assets (13) (68) (61)
Increase in accounts payable 148 146 112
Tax benefit from employee stock plans 61 68 55
Increase in income taxes payable 38 32 207
Increase in accrued compensation and benefits 44 109 66
Increase in other liabilities 337 119 70
-------- -------- --------
Total adjustments 693 506 569
-------- -------- --------
Net cash provided by operating activities 2,981 2,801 1,636
-------- -------- --------
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (2,441) (1,933) (1,228)
Purchases of long-term, available-for-sale investments (975) (1,165) (293)
Sales of long-term, available-for-sale investments 10 5 13
Maturities and other changes in available-for-sale
investments, net 503 (244) 28
-------- -------- --------
Net cash (used for) investing activities (2,903) (3,337) (1,480)
-------- -------- --------
Cash flows provided by (used for) financing activities:
(Decrease) increase in short-term debt, net (63) 197 29
Additions to long-term debt 128 148 --
Retirement of long-term debt (98) -- (20)
Proceeds from sales of shares through employee
stock plans and other 150 133 138
Proceeds from sale of Step-Up Warrants, net -- 287 --
Proceeds from sales of put warrants, net of repurchases 76 62 42
Repurchase and retirement of Common Stock (658) (391) --
Payment of dividends to stockholders (92) (84) (21)
-------- -------- --------
Net cash provided by (used for) financing activities (557) 352 168
-------- -------- --------
Net (decrease) increase in cash and cash equivalents (479) (184) 324
-------- -------- --------
Cash and cash equivalents, end of year $ 1,180 $ 1,659 $ 1,843
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