Cisco 2011 Annual Report Download - page 90

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Consolidated Statements of Cash Flows
(in millions)
Years Ended July 30, 2011 July 31, 2010 July 25, 2009
Cash flows from operating activities:
Net income ........................................................ $ 6,490 $ 7,767 $ 6,134
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other ................................ 2,486 2,030 1,768
Share-based compensation expense ................................. 1,620 1,517 1,231
Provision for doubtful accounts .................................... 744 54
Deferred income taxes ........................................... (157) (477) (574)
Excess tax benefits from share-based compensation .................... (71) (211) (22)
In-process research and development ............................... ——63
Net (gains) losses on investments .................................. (213) (223) 80
Change in operating assets and liabilities, net of effects of acquisitions and
divestitures:
Accounts receivable ......................................... 298 (1,528) 610
Inventories ................................................ (147) (158) 187
Financing receivables, net .................................... (1,534) (928) (835)
Other assets ............................................... 275 (98) (167)
Accounts payable ........................................... (28) 139 (208)
Income taxes payable ........................................ (156) 55 768
Accrued compensation ....................................... (64) 565 175
Deferred revenue ........................................... 1,028 1,531 572
Other liabilities ............................................. 245 148 61
Net cash provided by operating activities .................... 10,079 10,173 9,897
Cash flows from investing activities:
Purchases of investments ............................................. (37,130) (48,690) (41,225)
Proceeds from sales of investments ..................................... 17,538 19,300 20,473
Proceeds from maturities of investments ................................. 18,117 23,697 12,352
Acquisition of property and equipment .................................. (1,174) (1,008) (1,005)
Acquisition of businesses, net of cash and cash equivalents acquired .......... (266) (5,279) (426)
Change in investments in privately held companies ........................ (41) (79) (89)
Other ............................................................ 22 128 (39)
Net cash used in investing activities ........................ (2,934) (11,931) (9,959)
Cash flows from financing activities:
Issuances of common stock ........................................... 1,831 3,278 863
Repurchases of common stock ......................................... (6,896) (7,864) (3,611)
Short-term borrowings, maturities less than 90 days, net .................... 512 41 —
Issuances of debt, maturities greater than 90 days .......................... 4,109 4,944 3,991
Repayments of debt, maturities greater than 90 days ....................... (3,113) — (500)
Excess tax benefits from share-based compensation ........................ 71 211 22
Dividends paid ..................................................... (658) ——
Other ............................................................ 80 11 (176)
Net cash (used in) provided by financing activities ............. (4,064) 621 589
Net increase (decrease) in cash and cash equivalents ........................... 3,081 (1,137) 527
Cash and cash equivalents, beginning of fiscal year ............................ 4,581 5,718 5,191
Cash and cash equivalents, end of fiscal year ................................. $ 7,662 $ 4,581 $ 5,718
Cash paid for:
Interest ............................................................... $ 777 $ 692 $ 333
Income taxes .......................................................... $ 1,649 $ 2,068 $ 1,364
See Notes to Consolidated Financial Statements.
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