|
Year Ended |
| (in millions) |
Sept. 25
2005 |
,
|
Sept. 26
2004 |
,
|
Sept. 28
2003 |
,
|
| Operating Activities: |
| Income from continuing operations |
$ |
2,143 |
|
$ |
1,725 |
|
$ |
1,029 |
|
| Depreciation and amortization |
|
200 |
|
|
163 |
|
|
146 |
|
| Asset impairment and related charges |
|
— |
|
|
— |
|
|
34 |
|
| Net realized gains on marketable securities and other investments |
|
(179 |
) |
|
(88 |
) |
|
(80 |
) |
| (Gains) losses on derivative instruments |
|
(33 |
) |
|
(7 |
) |
|
3 |
|
| Other-than-temporary losses on marketable securities and other investments |
|
14 |
|
|
12 |
|
|
128 |
|
| Equity in losses of investees |
|
28 |
|
|
72 |
|
|
113 |
|
| Non-cash income tax expense |
|
498 |
|
|
419 |
|
|
411 |
|
| Other non-cash charges |
|
— |
|
|
35 |
|
|
13 |
|
| Proceeds from (purchases of) trading securities |
|
— |
|
|
— |
|
|
2 |
|
| Increase (decrease) in cash resulting from changes in: |
| Accounts receivable, net |
|
35 |
|
|
(93 |
) |
|
53 |
|
| Inventories |
|
(23 |
) |
|
(50 |
) |
|
(23 |
) |
| Other assets |
|
(74 |
) |
|
51 |
|
|
(12 |
) |
| Trade accounts payable |
|
57 |
|
|
151 |
|
|
(24 |
) |
| Payroll, benefits and other liabilities |
|
49 |
|
|
148 |
|
|
43 |
|
| Unearned revenue |
|
(29 |
) |
|
(57 |
) |
|
(12 |
) |
| |
| Net cash provided by operating activities |
|
2,686 |
|
|
2,481 |
|
|
1,824 |
|
| |
| Investing Activities: |
| Capital expenditures |
|
(576 |
) |
|
(332 |
) |
|
(202 |
) |
| Purchases of available-for-sale securities |
|
(8,055 |
) |
|
(8,372 |
) |
|
(4,484 |
) |
| Proceeds from sale of available-for-sale securities |
|
8,072 |
|
|
5,026 |
|
|
3,183 |
|
| Purchases of held-to-maturity securities |
|
— |
|
|
(184 |
) |
|
(355 |
) |
| Maturities of held-to-maturity securities |
|
10 |
|
|
401 |
|
|
257 |
|
| Issuance of finance receivables |
|
— |
|
|
(1 |
) |
|
(150 |
) |
| Collection of finance receivables |
|
2 |
|
|
196 |
|
|
813 |
|
| Other investments and acquisitions, net of cash acquired |
|
(249 |
) |
|
(70 |
) |
|
(37 |
) |
| Other items, net |
|
20 |
|
|
10 |
|
|
(17 |
) |
| |
| Net cash used by investing activities |
|
(776 |
) |
|
(3,326 |
) |
|
(992 |
) |
| |
| Financing Activities: |
| Proceeds from issuance of common stock |
|
386 |
|
|
330 |
|
|
191 |
|
| Repurchase and retirement of common stock |
|
(953 |
) |
|
— |
|
|
(166 |
) |
| Proceeds from put options |
|
37 |
|
|
5 |
|
|
7 |
|
| Dividends paid |
|
(524 |
) |
|
(308 |
) |
|
(135 |
) |
| |
| Net cash (used) provided by financing activities |
|
(1,054 |
) |
|
27 |
|
|
(103 |
) |
| |
| Net cash used by discontinued operations |
|
— |
|
|
(13 |
) |
|
(89 |
) |
| |
| Effect of exchange rate changes on cash |
|
— |
|
|
— |
|
|
(2 |
) |
| |
| Net increase (decrease) in cash and cash equivalents |
|
856 |
|
|
(831 |
) |
|
638 |
|
| Cash and cash equivalents at beginning of year |
|
1,214 |
|
|
2,045 |
|
|
1,407 |
|
| |
| Cash and cash equivalents at end of year |
$ |
2,070 |
|
$ |
1,214 |
|
$ |
2,045 |
|
| |
| See accompanying notes. |
