Intel(R) Corp. 1999 Annual Report

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Three years ended December 25, 1999 (In millions)		1999		1998		1997

Cash and cash equivalents, beginning of year		$	2,038	$	4,102	$	4,165

Cash flows provided by (used for) operating activities:

Net income			7,314		6,068		6,945

Adjustments to reconcile net income to net cash
	provided by (used for) operating activities:

	Depreciation		3,186		2,807		2,192

	Amortization of goodwill and other acquisition-related
	intangibles		411		56		—

	Purchased in-process research and development		392		165		—

	Gains on sales of marketable strategic equity
	securities		(883)		(185)		(106)

	Net loss on retirements of property, plant
	and equipment		193		282		130

	Deferred taxes		(219)		77		6

	Changes in assets and liabilities:

	Accounts receivable		153		(38)		285

	Inventories		169		167		(404)

	Accounts payable		79		(180)		438

	Accrued compensation and benefits		127		17		140

	Income taxes payable		726		(211)		179

	Tax benefit from employee stock plans		506		415		224

	Other assets and liabilities		(819)		(249)		(21)

	Total adjustments		4,021		3,123		3,063

Net cash provided by operating activities			11,335		9,191		10,008

Cash flows provided by (used for) investing activities:

	Additions to property, plant and equipment		(3,403)		(3,557)		(4,501)

	Acquisitions, net of cash acquired		(2,979)		(906)		—

	Purchases of available-for-sale investments		(7,055)		(10,925)		(9,224)

	Sales of available-for-sale investments		831		201		153

	Maturities and other changes in available-for-sale
	investments		7,156		8,681		6,713

Net cash used for investing activities			(5,450)		(6,506)		(6,859)

Cash flows provided by (used for) financing activities:

	Increase (decrease) in short-term debt, net		69		(83)		(177)

	Additions to long-term debt		118		169		172

	Retirement of long-term debt		—		—		(300)

	Proceeds from sales of shares through employee
	stock plans and other		543		507		317

	Proceeds from exercise of 1998 step-up warrants		—		1,620		40

	Proceeds from sales of put warrants		20		40		288

	Repurchase and retirement of common stock		(4,612)		(6,785)		(3,372)

	Payment of dividends to stockholders		(366)		(217)		(180)

Net cash used for financing activities			(4,228)		(4,749)		(3,212)

Net increase (decrease) in cash and cash
equivalents			1,657		(2,064)		(63)

Cash and cash equivalents, end of year		$	3,695	$	2,038	$	4,102

Supplemental disclosures of cash flow information:
Cash paid during the year for:
	Interest	$	40	$	40	$	37
	Income taxes	$	2,899	$	2,784	$	3,305
See accompanying notes.