Qualcomm 2011 Annual Report Download - page 60

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QUALCOMM Incorporated
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended
September 25,
2011 September 26,
2010
September 27,
2009
Operating Activities:
Net income
$
4,242
$
3,247
$
1,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,061
666
635
Goodwill impairment
114
—
—
Revenues related to non-monetary exchanges
(123
)
(130
)
(114
)
Income tax provision (less than) in excess of income tax payments
(1,204
)
116
(33
)
Non-cash portion of share-based compensation expense
824
612
584
Incremental tax benefit from stock options exercised
(183
)
(45
)
(79
)
Net realized gains on marketable securities and other investments
(337
)
(405
)
(137
)
Net impairment losses on marketable securities and other investments
52
125
763
Other items, net
12
(64
)
(32
)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net
(140
)
(18
)
3,083
Inventories
(62
)
(80
)
69
Other assets
(70
)
(60
)
(58
)
Trade accounts payable
(26
)
148
57
Payroll, benefits and other liabilities
572
(229
)
984
Unearned revenues
168
193
(142
)
Net cash provided by operating activities
4,900
4,076
7,172
Investing Activities:
Capital expenditures
(593
)
(426
)
(761
)
Advance payment on spectrum (Note 9)
—
(
1,064
)
—
Purchases of available-for-sale securities
(10,948
)
(8,973
)
(10,443
)
Proceeds from sale of available-for-sale securities
10,661
10,440
5,274
Purchases of other marketable securities
—
(
850
)
—
Cash received for partial settlement of investment receivables
18
34
349
Atheros acquisition, net of cash acquired (Note 12)
(3,130
)
—
—
—
Other investments and acquisitions, net of cash acquired
(494
)
(94
)
(54
)
Change in collateral held under securities lending
—
—
173
Other items, net
(3
)
94
5
Net cash used by investing activities
(4,489
)
(839
)
(5,457
)
Financing Activities:
Borrowing under loans payable
1,555
1,064
—
Repayment of loans payable
(1,555
)
—
—
Proceeds from issuance of common stock
2,647
689
642
Proceeds from put option premiums
75
—
—
Proceeds from issuance of subsidiary shares to noncontrolling interests (Note 7)
62
—
—
Incremental tax benefit from stock options exercised
183
45
79
Repurchase and retirement of common stock
(142
)
(3,016
)
(285
)
Dividends paid
(1,346
)
(1,177
)
(1,093
)
Change in obligation under securities lending
46
—
(
173
)
Other items, net
(7
)
(10
)
(3
)
Net cash provided (used) by financing activities
1,518
(2,405
)
(833
)
Effect of exchange rate changes on cash
(14
)
(2
)
(5
)
Net increase in cash and cash equivalents
1,915
830
877
Cash and cash equivalents at beginning of year
3,547
2,717
1,840