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Table of Contents
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes.
50
Three Years Ended December 25, 2010
(In Millions)
2010
2009
2008
Cash and cash equivalents, beginning of year
$
3,987
$
3,350
$
7,307
Cash flows provided by (used for) operating activities:
Net income
11,464
4,369
5,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
4,398
4,744
4,360
Share
-
based compensation
917
889
851
Restructuring, asset impairment, and net loss on retirement of assets
67
368
795
Excess tax benefit from share
-
based payment arrangements
(65
)
(9
)
(30
)
Amortization of intangibles
240
308
256
(Gains) losses on equity method investments, net
(117
)
147
1,380
(Gains) losses on other equity investments, net
(231
)
376
(Gains) losses on divestitures
—
—
(
59
)
Deferred taxes
(46
)
271
(790
)
Changes in assets and liabilities:
Trading assets
—
299
193
Accounts receivable
(584
)
(535
)
260
Inventories
(806
)
796
(395
)
Accounts payable
407
(506
)
29
Accrued compensation and benefits
161
247
(569
)
Income taxes payable and receivable
53
110
(834
)
Other assets and liabilities
834
(351
)
(189
)
Total adjustments
5,228
6,801
5,634
Net cash provided by operating activities
16,692
11,170
10,926
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment
(5,207
)
(4,515
)
(5,197
)
Acquisitions, net of cash acquired
(218
)
(853
)
(16
)
Purchases of
available
-
for
-
sale
investments
(17,675
)
(8,655
)
(6,479
)
Maturities and sales of
available
-
for
-
sale
investments
13,133
7,756
7,993
Purchases of trading assets
(8,944
)
(4,186
)
(2,676
)
Maturities and sales of trading assets
8,846
2,543
1,766
Origination of loans receivable
(498
)
(343
)
—
Investments in non
-
marketable equity investments
(393
)
(250
)
(1,691
)
Return of equity method investments
199
449
316
Proceeds from divestitures
—
—
85
Other investing
218
34
Net cash used for investing activities
(10,539
)
(7,965
)
(5,865
)
Cash flows provided by (used for) financing activities:
Increase (decrease) in short
-
term debt, net
23
(87
)
(40
)
Proceeds from government grants
79
—
182
Excess tax benefit from share
-
based payment arrangements
65
9
30
Issuance of long
-
term debt
—
1,980
—
Repayment of debt
(157
)
—
—
Proceeds from sales of shares through employee equity incentive plans
587
400
1,105
Repurchase of common stock
(1,736
)
(1,762
)
(7,195
)
Payment of dividends to stockholders
(3,503
)
(3,108
)
(3,100
)
Net cash used for financing activities
(4,642
)
(2,568
)
(9,018
)
Net increase (decrease) in cash and cash equivalents
1,511
637
(3,957
)
Cash and cash equivalents, end of year
$
5,498
$
3,987
$
3,350
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized of $134 in 2010 ($86 in 2009 and 2008)
$
—
$
4
$
6
Income taxes, net of refunds
$
4,627
$
943
$
4,007