CASH FLOWS STATEMENTS
| (In millions) | |||
|---|---|---|---|
| Year Ended June 30, | 2008 | 2007 | 2006 |
| Operations | |||
| Net income | $17,681 | $14,065 | $12,599 |
| Depreciation, amortization, and other noncash items | 2,056 | 1,440 | 903 |
| Stock-based compensation | 1,479 | 1,550 | 1,715 |
| Net recognized gains on investments | (572) | (292) | (270) |
| Excess tax benefits from stock-based payment arrangements | (120) | (77) | (89) |
| Deferred income taxes | 935 | 421 | 219 |
| Unearned revenue | 24,532 | 21,032 | 16,453 |
| Recognition of unearned revenue | (21,944) | (19,382) | (14,729) |
| Accounts receivable | (1,569) | (1,764) | (2,071) |
| Other current assets | 153 | 232 | (1,405) |
| Other long-term assets | (98) | (435) | (49) |
| Other current liabilities | (748) | (552) | (145) |
| Other long-term liabilities | (173) | 1,558 | 1,273 |
| Net cash from operations | 21,612 | 17,796 | 14,404 |
| Financing | |||
| Common stock issued | 3,494 | 6,782 | 2,101 |
| Common stock repurchased | (12,533) | (27,575) | (19,207) |
| Common stock cash dividends | (4,015) | (3,805) | (3,545) |
| Excess tax benefits from stock-based payment arrangements | 120 | 77 | 89 |
| Other | – | (23) | – |
| Net cash used in financing | (12,934) | (24,544) | (20,562) |
| Investing | |||
| Additions to property and equipment | (3,182) | (2,264) | (1,578) |
| Acquisition of companies, net of cash acquired | (8,053) | (1,150) | (649) |
| Purchases of investments | (20,954) | (36,308) | (51,117) |
| Maturities of investments | 2,597 | 4,736 | 3,877 |
| Sales of investments | 25,132 | 41,451 | 54,353 |
| Securities lending payable | (127) | (376) | 3,117 |
| Net cash from (used in) investing | (4,587) | 6,089 | 8,003 |
| Effect of exchange rates on cash and cash equivalents | 137 | 56 | 18 |
| Net change in cash and cash equivalents | 4,228 | (603) | 1,863 |
| Cash and cash equivalents, beginning of period | 6,111 | 6,714 | 4,851 |
| Cash and cash equivalents, end of period | $10,339 | $6,111 | $6,714 |
See accompanying notes.