Microsoft 2015 Annual Report Download - page 45

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44
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30, 2015
2014 2013
Operations
Net income $ 12,193 $ 22,074 $ 21,863
Adjustments to reconcile net income to net cash from operations:
Goodwill and asset impairments 7,498 0 0
Depreciation, amortization, and other 5,957 5,212 3,755
Stock-based compensation expense 2,574 2,446 2,406
Net recognized losses (gains) on investments and derivatives (443 ) (109) 80
Excess tax benefits from stock-based compensation (588 ) (271) (209)
Deferred income taxes 224 (331) (19)
Deferral of unearned revenue 45,072 44,325 44,253
Recognition of unearned revenue (44,920 ) (41,739) (41,921)
Changes in operating assets and liabilities:
Accounts receivable 1,456 (1,120) (1,807)
Inventories (272 ) (161) (802)
Other current assets 62 (29) (129)
Other long-term assets 346 (628) (478)
Accounts payable (1,054 ) 473 537
Other current liabilities (624 ) 1,075 146
Other long-term liabilities 1,599 1,014 1,158
Net cash from operations 29,080 32,231 28,833
Financing
Proceeds from issuance of short-term debt, maturities of 90 days or
less, net 4,481 500 0
Proceeds from issuance of debt 10,680 10,350 4,883
Repayments of debt (1,500 ) (3,888) (1,346)
Common stock issued 634 607 931
Common stock repurchased (14,443 ) (7,316) (5,360)
Common stock cash dividends paid (9,882 ) (8,879) (7,455)
Excess tax benefits from stock-based compensation 588 271 209
Other 362 (39) (10)
Net cash used in financing (9,080 ) (8,394) (8,148)
Investing
Additions to property and equipment (5,944 ) (5,485) (4,257)
Acquisition of companies, net of cash acquired, and purchases of
intangible and other assets (3,723 ) (5,937) (1,584)
Purchases of investments (98,729 ) (72,690) (75,396)
Maturities of investments 15,013 5,272 5,130
Sales of investments 70,848 60,094 52,464
Securities lending payable (466 ) (87) (168)
Net cash used in investing (23,001 ) (18,833) (23,811)
Effect of exchange rates on cash and cash equivalents (73 ) (139) (8)
Net change in cash and cash equivalents (3,074 ) 4,865 (3,134)
Cash and cash equivalents, beginning of period 8,669 3,804 6,938
Cash and cash equivalents, end of period $5,595 $ 8,669 $3,804
See accompanying notes.