Cash Flows Statements
CASH FLOWS STATEMENTS
(In millions) | |||||
Year Ended June 30, | 2011 | 2010 | 2009 | ||
Operations | |||||
Net income | $ 23,150 | $ 18,760 | $ 14,569 | ||
Adjustments to reconcile net income to net cash from operations: | |||||
Depreciation, amortization, and other | 2,766 | 2,673 | 2,562 | ||
Stock-based compensation expense | 2,166 | 1,891 | 1,708 | ||
Net recognized losses (gains) on investments and derivatives | (362 ) | (208 ) | 683 | ||
Excess tax benefits from stock-based compensation | (17 ) | (45 ) | (52 ) | ||
Deferred income taxes | 2 | (220 ) | 762 | ||
Deferral of unearned revenue | 31,227 | 29,374 | 24,409 | ||
Recognition of unearned revenue | (28,935 ) | (28,813 ) | (25,426 ) | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (1,451 ) | (2,238 ) | 2,215 | ||
Inventories | (561 ) | (44 ) | 255 | ||
Other current assets | (1,259 ) | 464 | (677 ) | ||
Other long-term assets | 62 | (223 ) | (273 ) | ||
Accounts payable | 58 | 844 | (671 ) | ||
Other current liabilities | (1,146 ) | 451 | (2,700 ) | ||
Other long-term liabilities | 1,294 | 1,407 | 1,673 | ||
Net cash from operations | 26,994 | 24,073 | 19,037 | ||
Financing | |||||
Short-term debt borrowings (repayments), maturities of 90 days or less, net | (186 ) | (991 ) | 1,178 | ||
Proceeds from issuance of debt, maturities longer than 90 days | 6,960 | 4,167 | 4,796 | ||
Repayments of debt, maturities longer than 90 days | (814 ) | (2,986 ) | (228 ) | ||
Common stock issued | 2,422 | 2,311 | 579 | ||
Common stock repurchased | (11,555 ) | (11,269 ) | (9,353 ) | ||
Common stock cash dividends paid | (5,180 ) | (4,578 ) | (4,468 ) | ||
Excess tax benefits from stock-based compensation | 17 | 45 | 52 | ||
Other | (40 ) | 10 | (19 ) | ||
Net cash used in financing | (8,376 ) | (13,291 ) | (7,463 ) | ||
Investing | |||||
Additions to property and equipment | (2,355 ) | (1,977 ) | (3,119 ) | ||
Acquisition of companies, net of cash acquired | (71 ) | (245 ) | (868 ) | ||
Purchases of investments | (35,993 ) | (30,168 ) | (36,850 ) | ||
Maturities of investments | 6,897 | 7,453 | 6,191 | ||
Sales of investments | 15,880 | 15,125 | 19,806 | ||
Securities lending payable | 1,026 | (1,502 ) | (930 ) | ||
Net cash used in investing | (14,616 ) | (11,314 ) | (15,770 ) | ||
Effect of exchange rates on cash and cash equivalents | 103 | (39 ) | (67 ) | ||
Net change in cash and cash equivalents | 4,105 | (571 ) | (4,263 ) | ||
Cash and cash equivalents, beginning of period | 5,505 | 6,076 | 10,339 | ||
Cash and cash equivalents, end of period | $ 9,610 | $ 5,505 | $ 6,076 |
See accompanying notes.