Cisco 2014 Annual Report Download - page 84

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CISCO SYSTEMS, INC.
Consolidated Statements of Cash Flows
(in millions)
Years Ended July 26, 2014 July 27, 2013 July 28, 2012
Cash flows from operating activities:
Net income ......................................................... $ 7,853 $ 9,983 $ 8,041
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other ................................ 2,432 2,451 2,208
Share-based compensation expense .................................. 1,348 1,120 1,401
Provision for receivables .......................................... 79 44 50
Deferred income taxes ............................................ (678) (37) (314)
Excess tax benefits from share-based compensation ..................... (118) (92) (60)
(Gains) losses on investments and other, net ........................... (299) (91) 363
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable .......................................... 340 (1,001) 272
Inventories ................................................. (109) 218 (287)
Financing receivables ......................................... (119) (723) (846)
Other assets ................................................. 33 (27) (674)
Accounts payable ............................................ (23) 164 (7)
Income taxes, net ............................................ 191 (239) 418
Accrued compensation ........................................ (42) 134 (101)
Deferred revenue ............................................ 659 598 727
Other liabilities .............................................. 785 392 300
Net cash provided by operating activities ...................... 12,332 12,894 11,491
Cash flows from investing activities:
Purchases of investments .............................................. (36,317) (36,608) (41,782)
Proceeds from sales of investments ...................................... 18,193 14,799 27,337
Proceeds from maturities of investments .................................. 15,660 17,909 12,103
Acquisition of businesses, net of cash and cash equivalents acquired ............ (2,989) (6,766) (375)
Purchases of investments in privately held companies ....................... (384) (225) (380)
Return of investments in privately held companies .......................... 213 209 242
Acquisition of property and equipment ................................... (1,275) (1,160) (1,126)
Proceeds from sales of property and equipment ............................. 232 141 50
Other .............................................................. 24 (67) 116
Net cash used in investing activities .......................... (6,643) (11,768) (3,815)
Cash flows from financing activities:
Issuances of common stock ............................................ 1,907 3,338 1,372
Repurchases of common stock—repurchase program ........................ (9,413) (2,773) (4,560)
Shares repurchased for tax withholdings on vesting of restricted stock units ...... (430) (330) (200)
Short-term borrowings, original maturities less than 90 days, net ............... (2) (20) (557)
Issuances of debt ..................................................... 8,001 24 —
Repayments of debt .................................................. (3,276) (16) —
Excess tax benefits from share-based compensation ......................... 118 92 60
Dividends paid ...................................................... (3,758) (3,310) (1,501)
Other .............................................................. (35) (5) (153)
Net cash used in financing activities ......................... (6,888) (3,000) (5,539)
Net (decrease) increase in cash and cash equivalents ............................. (1,199) (1,874) 2,137
Cash and cash equivalents, beginning of fiscal year ............................. 7,925 9,799 7,662
Cash and cash equivalents, end of fiscal year ................................... $ 6,726 $ 7,925 $ 9,799
Supplemental cash flow information:
Cash paid for interest ..................................................... $ 682 $ 682 $ 681
Cash paid for income taxes, net ............................................. $ 2,349 $ 1,519 $ 2,014
See Notes to Consolidated Financial Statements.
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