Intel 2004 Annual Report Download - page 52

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Table of Contents
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes.
48
Three Years Ended December 25, 2004
(In Millions)
2004
2003
2002
Cash and cash equivalents, beginning of year
$
7,971
$
7,404
$
7,970
Cash flows provided by (used for) operating activities:
Net income
7,516
5,641
3,117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
4,590
4,651
4,676
Impairment of goodwill
—
617
—
Amortization and impairment of intangibles and other acquisition
-
related costs
299
419
668
Purchased in
-
process research and development
—
5
20
Losses on equity securities, net
2
283
372
Net loss on retirements and impairments of property, plant and equipment
91
217
301
Deferred taxes
(207
)
391
110
Tax benefit from employee equity incentive plans
344
216
270
Changes in assets and liabilities:
Trading assets
(468
)
(698
)
(465
)
Accounts receivable
(39
)
(430
)
30
Inventories
(101
)
(245
)
(26
)
Accounts payable
283
116
(226
)
Accrued compensation and benefits
295
276
107
Income taxes payable
378
(361
)
175
Other assets and liabilities
136
417
—
Total adjustments
5,603
5,874
6,012
Net cash provided by operating activities
13,119
11,515
9,129
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment
(3,843
)
(3,656
)
(4,703
)
Acquisitions, net of cash acquired
(53
)
(61
)
(57
)
Purchases of available
-
for
-
sale investments
(16,618
)
(11,662
)
(6,309
)
Maturities and sales of available
-
for
-
sale investments
15,633
8,488
5,634
Other investing activities
(151
)
(199
)
(330
)
Net cash used for investing activities
(5,032
)
(7,090
)
(5,765
)
Cash flows provided by (used for) financing activities:
Increase (decrease) in short
-
term debt, net
24
(152
)
(101
)
Additions to long
-
term debt
—
—
55
Repayments and retirement of debt
(31
)
(137
)
(18
)
Proceeds from sales of shares through employee equity incentive plans
894
967
681
Repurchase and retirement of common stock
(7,516
)
(4,012
)
(4,014
)
Payment of dividends to stockholders
(1,022
)
(524
)
(533
)
Net cash used for financing activities
(7,651
)
(3,858
)
(3,930
)
Net increase (decrease) in cash and cash equivalents
436
567
(566
)
Cash and cash equivalents, end of year
$
8,407
$
7,971
$
7,404
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest
$
52
$
59
$
66
Income taxes, net of refunds
$
2,392
$
1,567
$
475