Index to Financials
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| Three years ended December
27, 1997 (In millions) |
1997 | 1996 | 1995 | |||||
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| Cash and cash equivalents, beginning of year | $ 4,165 | |||||||
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| Cash flows provided by (used for) operating activities: | ||||||||
| Net income | 6,945 | 5,157 | 3,566 | |||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by (used for) operating activities: | ||||||||
| Depreciation | 2,192 | 1,888 | 1,371 | |||||
| Net loss on retirements of property, | ||||||||
| plant and equipment | 130 | 120 | 75 | |||||
| Amortization of debt discount | - | - | 8 | |||||
| Deferred taxes | 6 | 179 | 346 | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 285 | (607) | (1,138) | |||||
| Inventories | (404) | 711 | (835) | |||||
| Accounts payable | 438 | 105 | 289 | |||||
| Accrued compensation and benefits | 140 | 370 | 170 | |||||
| Income taxes payable | 179 | 185 | 372 | |||||
| Tax benefit from employee stock plans | 224 | 196 | 116 | |||||
| Other assets and liabilities | (127) | 439 | (324) | |||||
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| Total
adjustments |
3,063 | 3,586 | 450 | |||||
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| Net cash provided by operating activities | 10,008 | 8,743 | 4,016 | |||||
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| Cash flows provided by (used for) investing activities: | ||||||||
| Additions to property, plant and equipment | (4,501) | (3,024) | (3,550) | |||||
| Purchases of available-for-sale investments | (9,224) | (4,683) | (685) | |||||
| Sales of available-for-sale investments | 153 | 225 | 114 | |||||
| Maturities and other changes in available-for-sale | ||||||||
| investments | 6,713 | 2,214 | 1,444 | |||||
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| Net cash (used for) investing activities | (6,859) | (5,268) | (2,677) | |||||
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| Cash flows provided by (used for) financing activities: | ||||||||
| (Decrease) increase in short-term debt, net | (177) | 43 | (179) | |||||
| Additions to long-term debt | 172 | 317 | - | |||||
| Retirement of long-term debt | (300) | - | (4) | |||||
| Proceeds from sales of shares through employee | ||||||||
| stock plans and other | 357 | 261 | 192 | |||||
| Proceeds from sales of put warrants | 288 | 56 | 85 | |||||
| Repurchase and retirement of Common Stock | (3,372) | (1,302) | (1,034) | |||||
| Payment of dividends to stockholders | (180) | (148) | (116) | |||||
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| Net cash (used for) financing activities | (3,212) | (773) | (1,056) | |||||
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| Net (decrease) increase in cash | ||||||||
| and cash equivalents | (63) | 2,702 | 283 | |||||
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| Cash and cash equivalents, end of year | $ 4,165 | $ 1,463 | ||||||
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| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid during the year for: | ||||||||
| Interest | $ 37 | $ 51 | $ 182 | |||||
| Income taxes | $ 3,305 | $ 2,217 | $ 1,209 | |||||
Cash paid for interest in 1995 includes approximately $108 million of accumulated interest on Zero Coupon Notes that matured in 1995. Certain 1996 and 1995 amounts have been reclassified to conform to the 1997 presentation. See accompanying notes. |
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Content published April 6, 1998.