Intel 1998 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 1998 Intel annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 71

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

Page 16
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE YEARS ENDED DECEMBER 26, 1998
(IN MILLIONS)
1998 1997 1996
------- ------- ------
CASH AND CASH EQUIVALENTS,
BEGINNING OF YEAR $ 4,102 $ 4,165 $ 1,463
Cash flows provided by (used for)
operating activities:
Net income 6,068 6,945 5,157
Adjustments to reconcile net income to
net cash provided by (used for)
operating activities:
Depreciation 2,807 2,192 1,888
Net loss on retirements of
property, plant and equipment 282 130 120
Deferred taxes 77 6 179
Purchased in-process research and
development 165 -- --
Changes in assets and liabilities:
Accounts receivable (38) 285 (607)
Inventories 167 (404) 711
Accounts payable (180) 438 105
Accrued compensation and benefits 17 140 370
Income taxes payable (211) 179 185
Tax benefit from employee stock
plans 415 224 196
Other assets and liabilities (378) (127) 439
------- ------- -------
Total adjustments 3,123 3,063 3,586
------- ------- -------
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,191 10,008 8,743
------- ------- -------
Cash flows provided by (used for) investing activities:
Additions to property, plant and
equipment (3,557) (4,501) (3,024)
Purchase of Chips and Technologies,
Inc., net of cash acquired (321) -- --
Purchase of Digital Equipment
Corporation semiconductor
operations (585) -- --
Purchases of available-for-sale
investments (10,925) (9,224) (4,683)
Sales of available-for-sale
investments 201 153 225
Maturities and other changes in
available-for-sale investments 8,681 6,713 2,214
------- ------- -------
NET CASH (USED FOR) INVESTING ACTIVITIES (6,506) (6,859) (5,268)
------- ------- -------
Cash flows provided by (used for)
financing activities:
(Decrease) increase in short-term
debt, net (83) (177) 43
Additions to long-term debt 169 172 317
Retirement of long-term debt -- (300) --
Proceeds from sales of shares through
employee stock plans and other 507 317 257
Proceeds from exercise of 1998
Step-Up Warrants 1,620 40 4
Proceeds from sales of put warrants 40 288 56
Repurchase and retirement of
Common Stock (6,785) (3,372) (1,302)
Payment of dividends to
stockholders (217) (180) (148)
------- ------- -------
NET CASH (USED FOR) FINANCING ACTIVITIES (4,749) (3,212) (773)
------- ------- -------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (2,064) (63) 2,702
------- ------- -------
CASH AND CASH EQUIVALENTS, END OF YEAR $ 2,038 $ 4,102 $ 4,165
======= ======= =======
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest $ 40 $ 37 $ 51