Microsoft 2012 Annual Report Download - page 43

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CASH FLOWS STATEMENTS
(In millions)
Year Ended June 30,
2012
2011
2010
Operations
Net income
$
16,978
$
23,150
$
18,760
Adjustments to reconcile net income to net cash from operations:
Goodwill impairment
6,193
0
0
Depreciation, amortization, and other
2,967
2,766
2,673
Stock-based compensation expense
2,244
2,166
1,891
Net recognized gains on investments and derivatives
(200
)
(362
)
(208
)
Excess tax benefits from stock-based compensation
(93
)
(17
)
(45
)
Deferred income taxes
954
2
(220
)
Deferral of unearned revenue
36,104
31,227
29,374
Recognition of unearned revenue
(33,347
)
(28,935
)
(28,813
)
Changes in operating assets and liabilities:
Accounts receivable
(1,156
)
(1,451
)
(2,238
)
Inventories
184
(561
)
(44
)
Other current assets
493
(1,259
)
464
Other long-term assets
(248
)
62
(223
)
Accounts payable
(31
)
58
844
Other current liabilities
410
(1,146
)
451
Other long-term liabilities
174
1,294
1,407
Net cash from operations
31,626
26,994
24,073
Financing
Short-term debt repayments, maturities of 90 days or less, net
0
(186
)
(991
)
Proceeds from issuance of debt, maturities longer than 90 days
0
6,960
4,167
Repayments of debt, maturities longer than 90 days
0
(814
)
(2,986
)
Common stock issued
1,913
2,422
2,311
Common stock repurchased
(5,029
)
(11,555
)
(11,269
)
Common stock cash dividends paid
(6,385
)
(5,180
)
(4,578
)
Excess tax benefits from stock-based compensation
93
17
45
Other
0
(40
)
10
Net cash used in financing
(9,408
)
(8,376
)
(13,291
)
Investing
Additions to property and equipment
(2,305
)
(2,355
)
(1,977
)
Acquisition of companies, net of cash acquired, and purchases of intangible
and other assets
(10,112
)
(71
)
(245
)
Purchases of investments
(57,250
)
(35,993
)
(30,168
)
Maturities of investments
15,575
6,897
7,453
Sales of investments
29,700
15,880
15,125
Securities lending payable
(394
)
1,026
(1,502
)
Net cash used in investing
(24,786
)
(14,616
)
(11,314
)
Effect of exchange rates on cash and cash equivalents
(104
)
103
(39
)
Net change in cash and cash equivalents
(2,672
)
4,105
(571
)
Cash and cash equivalents, beginning of period
9,610
5,505
6,076
Cash and cash equivalents, end of period
$
6,938
$
9,610
$
5,505
See accompanying notes.