Intel 2003 Annual Report Download - page 57

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Table of Contents
Index to Financial Statements
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Years Ended December 27, 2003
(In Millions)
2003
2002
2001
Cash and cash equivalents, beginning of year
$
7,404
$
7,970
$
2,976
Cash flows provided by (used for) operating activities:
Net income
5,641
3,117
1,291
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
4,651
4,676
4,131
Impairment of goodwill
617
—
98
Amortization of goodwill
—
—
1,612
Amortization and impairment of intangibles and other acquisition
-
related costs
419
668
717
Purchased in
-
process research and development
5
20
198
Losses on equity securities, net
283
372
466
Loss on investment in Convera
—
—
196
Net loss on retirements and impairments of property, plant and equipment
217
301
119
Deferred taxes
391
110
(519
)
Tax benefit from employee stock plans
216
270
435
Changes in assets and liabilities:
Trading assets
(511
)
(444
)
898
Accounts receivable
(430
)
30
1,561
Inventories
(245
)
(26
)
24
Accounts payable
116
(226
)
(673
)
Accrued compensation and benefits
276
107
(524
)
Income taxes payable
(361
)
175
(270
)
Other assets and liabilities
230
(21
)
(971
)
Total adjustments
5,874
6,012
7,498
Net cash provided by operating activities
11,515
9,129
8,789
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment
(3,656
)
(4,703
)
(7,309
)
Acquisitions, net of cash acquired
(61
)
(57
)
(883
)
Purchases of available
-
for
-
sale investments
(11,662
)
(6,309
)
(7,141
)
Maturities and sales of available
-
for
-
sale investments
8,488
5,634
15,398
Other investing activities
(199
)
(330
)
(395
)
Net cash used for investing activities
(7,090
)
(5,765
)
(330
)
Cash flows provided by (used for) financing activities:
Increase (decrease) in short
-
term debt, net
(152
)
(101
)
23
Additions to long
-
term debt
—
55
306
Repayments of debt
(137
)
(18
)
(10
)
Proceeds from sales of shares through employee stock benefit plans and other
967
681
762
Repurchase and retirement of common stock
(4,012
)
(4,014
)
(4,008
)
Payment of dividends to stockholders
(524
)
(533
)
(538
)
Net cash used for financing activities
(3,858
)
(3,930
)
(3,465
)
Net increase (decrease) in cash and cash equivalents
567
(566
)
4,994
Cash and cash equivalents, end of year
$
7,971
$
7,404
$
7,970
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest
$
59
$
66
$
53
Income taxes
$
1,567
$
475
$
1,208