Intel 2013 Annual Report Download - page 58

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53
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Years Ended December 28, 2013
(In Millions) 2013 2012 2011
Cash and cash equivalents, beginning of year $ 8,478 $ 5,065 $ 5,498
Cash flows provided by (used for) operating activities:
Net income 9,620 11,005 12,942
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 6,790 6,357 5,141
Share-based compensation 1,118 1,102 1,053
Restructuring and asset impairment charges 240 — —
Excess tax benefit from share-based payment arrangements (49) (142) (37)
Amortization of intangibles 1,242 1,165 923
(Gains) losses on equity investments, net (425) (141) (112)
(Gains) losses on divestitures —— (164)
Deferred taxes (900) (242) 790
Changes in assets and liabilities:
Accounts receivable 271 (176) (678)
Inventories 563 (626) (243)
Accounts payable 267 67 596
Accrued compensation and benefits 155 192 (95)
Income taxes payable and receivable 1,019 229 660
Other assets and liabilities 865 94 187
Total adjustments 11,156 7,879 8,021
Net cash provided by operating activities 20,776 18,884 20,963
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (10,711) (11,027) (10,764)
Acquisitions, net of cash acquired (925) (638) (8,721)
Purchases of available-for-sale investments (12,493) (8,694) (11,230)
Sales of available-for-sale investments 934 2,282 9,076
Maturities of available-for-sale investments 8,336 5,369 11,029
Purchases of trading assets (16,718) (16,892) (11,314)
Maturities and sales of trading assets 13,677 15,786 11,771
Collection of loans receivable 132 149 134
Origination of loans receivable (200) (216) (206)
Investments in non-marketable equity investments (440) (475) (693)
Proceeds from the sale of IM Flash Singapore, LLP assets and certain
IM Flash Technologies, LLC assets —605 —
Return of equity method investments 45 137 263
Purchases of licensed technology and patents (36) (815) (66)
Proceeds from divestitures —— 50
Other investing 326 369 370
Net cash used for investing activities (18,073) (14,060) (10,301)
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net (31) 65 209
Proceeds from government grants 129 63 124
Excess tax benefit from share-based payment arrangements 49 142 37
Issuance of long-term debt, net of issuance costs —6,124 4,962
Repayment of debt —(125) —
Proceeds from sales of shares through employee equity incentive plans 1,588 2,111 2,045
Repurchase of common stock (2,440) (5,110) (14,340)
Payment of dividends to stockholders (4,479) (4,350) (4,127)
Other financing (314) (328) (10)
Net cash used for financing activities (5,498) (1,408) (11,100)
Effect of exchange rate fluctuations on cash and cash equivalents (9) (3) 5
Net increase (decrease) in cash and cash equivalents (2,804) 3,413 (433)
Cash and cash equivalents, end of year $ 5,674 $ 8,478 $ 5,065
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 204 $ 71 $ —
Income taxes, net of refunds $ 2,874 $ 3,930 $ 3,338
See accompanying notes.
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