Qualcomm 2004 Annual Report Download - page 59

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QUALCOMM 55
Years Ended September 30
(In millions) 2004 2003* 2002*
Operating Activities:
Income from continuing operations $ 1,725 $ 1,029 $ 525
Depreciation and amortization 163 146 349
Asset impairment and related charges —34—
Net realized gains on marketable securities and other investments (88) (80) (2)
(Gains) losses on derivative instruments (7) 3 58
Other-than-temporary losses on marketable securities and other investments 12 128 231
Equity in losses of investees 72 113 57
Non-cash income tax expense 419 411 8
Other non-cash charges 35 13 (4)
Proceeds from (purchases of) trading securities — 2 (2)
Increase (decrease) in cash resulting from changes in:
Accounts receivable, net (93) 53 (1)
Inventories (50) (23) 18
Other assets 51 (12) (9)
Trade accounts payable 151 (24) 47
Payroll, benefits and other liabilities 148 43 25
Unearned revenue (57) (12) (37)
Net cash provided by operating activities 2,481 1,824 1,263
Investing Activities:
Capital expenditures (332) (202) (127)
Purchases of available-for-sale securities (8,372) (4,484) (1,754)
Proceeds from sale of available-for-sale securities 5,026 3,183 1,050
Purchases of held-to-maturity securities (184) (355) (189)
Maturities of held-to-maturity securities 401 257 257
Issuance of finance receivables (1) (150) (141)
Collection of finance receivables 196 813 8
Issuance of notes receivable (37) (28) (4)
Collection of notes receivable 38 4 16
Other investments and acquisitions (70) (37) (199)
Other items, net 9710
Net cash used by investing activities (3,326) (992) (1,073)
Financing Activities:
Proceeds from issuance of common stock 330 191 119
Repurchase and retirement of common stock — (166) (6)
Proceeds from put options 57—
Dividends paid (308) (135) —
Net cash provided (used) by financing activities 27 (103) 113
Net cash used by discontinued operations (13) (89) (300)
Effect of exchange rate changes on cash — (2) 15
Net (decrease) increase in cash and cash equivalents (831) 638 18
Cash and cash equivalents at beginning of year 2,045 1,407 1,389
Cash and cash equivalents at end of year $ 1,214 $ 2,045 $ 1,407
*As adjusted (Note 11).
See accompanying notes.
Consolidated Statements of Cash Flows