Qualcomm 2006 Annual Report Download - page 71

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qualcomm 2006 57
Consolidated Statements of Cash Flows
Year Ended
Sept. 26,
Sept. 24, Sept. 25, 2004
(In millions) 2006 2005 (revised)
Operating Activities:
Net income $ 2,470 $ 2,143 $ 1,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 272 200 171
Net realized gains on marketable securities and other investments (136) (179) (88)
Share-based compensation expense 495 — —
Incremental tax benets from stock options exercised (403) — —
Losses (gains) on derivative instruments 29 (33) (7)
Other-than-temporary losses on marketable securities and other investments 24 14 12
Equity in losses of investees 29 28 72
Non-cash income tax expense 514 498 419
Gain on disposal of discontinued operations (Note 12) — — (7)
Other items, net (28) — 23
Changes in assets and liabilities, net of effects of acquisitions (Note 11):
Accounts receivable, net (133) 35 (96)
Inventories (71) (23) (48)
Other assets 15 (74) 56
Trade accounts payable 51 57 154
Payroll, benets and other liabilities 96 49 146
Unearned revenue 29 (29) (58)
Net cash provided by operating activities 3,253 2,686 2,469
Investing Activities:
Capital expenditures (685) (576) (333)
Purchases of available-for-sale securities (12,517) (8,055) (8,372)
Proceeds from sale of available-for-sale securities 10,853 8,072 5,026
Purchases of held-to-maturity securities — — (184)
Maturities of held-to-maturity securities 130 10 401
Collection of nance receivables — 2 196
Cash paid in connection with sale of Vésper Operating Companies (Note 12) — — (48)
Proceeds from sale of the Vésper Towers (Note 12) — — 45
Other investments and acquisitions, net of cash acquired (407) (249) (70)
Other items, net 3 20 12
Net cash used by investing activities (2,623) (776) (3,327)
Financing Activities:
Proceeds from issuance of common stock 692 386 330
Incremental tax benets from stock options exercised 403 — —
Repurchase and retirement of common stock (1,500) (953) —
Proceeds from put options 11 37 5
Dividends paid (698) (524) (308)
Net cash (used) provided by nancing activities (1,092) (1,054) 27
Effect of exchange rate changes on cash (1) — —
Net (decrease) increase in cash and cash equivalents (463) 856 (831)
Cash and cash equivalents at beginning of year 2,070 1,214 2,045
Cash and cash equivalents at end of year $ 1,607 $ 2,070 $ 1,214
See accompanying notes.