Microsoft 2010 Annual Report Download - page 38

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37
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30, 2010
2009 2008
Operations
Net income $ 18,760
$ 14,569 $ 17,681
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other noncash items 2,673
2,562 2,056
Stock-based compensation 1,891
1,708 1,479
Net recognized losses (gains) on investments and derivatives (208 )
683 (572)
Excess tax benefits from stock-based compensation (45 )
(52) (120)
Deferred income taxes (220 )
762 935
Deferral of unearned revenue 29,374
24,409 24,532
Recognition of unearned revenue (28,813 )
(25,426) (21,944)
Changes in operating assets and liabilities:
Accounts receivable (2,238 )
2,215 (1,569)
Other current assets 420
(422) 153
Other long-term assets (223 )
(273) (98)
Other current liabilities 1,295
(3,371) (748)
Other long-term liabilities 1,407
1,673 (173)
Net cash from operations 24,073
19,037 21,612
Financing
Short-term borrowings (repayments), maturities of 90 days or less, net (991 )
1,178 0
Proceeds from issuance of debt, maturities longer than 90 days 4,167
4,796 0
Repayments of debt, maturities longer than 90 days (2,986 )
(228) 0
Common stock issued 2,311
579 3,494
Common stock repurchased (11,269 )
(9,353) (12,533)
Common stock cash dividends paid (4,578 )
(4,468) (4,015)
Excess tax benefits from stock-based compensation 45
52 120
Other 10
(19) 0
Net cash used in financing (13,291 )
(7,463) (12,934)
Investing
Additions to property and equipment (1,977 )
(3,119) (3,182)
Acquisition of companies, net of cash acquired (245 )
(868) (8,053)
Purchases of investments (30,168 )
(36,850) (20,954)
Maturities of investments 7,453
6,191 2,597
Sales of investments 15,125
19,806 25,132
Securities lending payable (1,502 )
(930) (127)
Net cash used in investing (11,314 )
(15,770) (4,587)
Effect of exchange rates on cash and cash equivalents (39 )
(67) 137
Net change in cash and cash equivalents (571 )
(4,263) 4,228
Cash and cash equivalents, beginning of period 6,076
10,339 6,111
Cash and cash equivalents, end of period $5,505
$ 6,076 $ 10,339
See accompanying notes.