CASH FLOWS STATEMENTS
| (In millions) | ||||||
|---|---|---|---|---|---|---|
| Year Ended June 30, | 2010 | 2009 | 2008 | |||
| Operations | ||||||
| Net income | $ | 18,760 | $ | 14,569 | $ | 17,681 |
| Adjustments to reconcile net income to net cash from operations: | ||||||
| Depreciation, amortization, and other noncash items | 2,673 | 2,562 | 2,056 | |||
| Stock-based compensation | 1,891 | 1,708 | 1,479 | |||
| Net recognized losses (gains) on investments and derivatives | (208) | 683 | (572) | |||
| Excess tax benefits from stock-based compensation | (45) | (52) | (120) | |||
| Deferred income taxes | (220) | 762 | 935 | |||
| Deferral of unearned revenue | 29,374 | 24,409 | 24,532 | |||
| Recognition of unearned revenue | (28,813) | (25,426) | (21,944) | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (2,238) | 2,215 | (1,569) | |||
| Other current assets | 420 | (422) | 153 | |||
| Other long-term assets | (223) | (273) | (98) | |||
| Other current liabilities | 1,295 | (3,371) | (748) | |||
| Other long-term liabilities | 1,407 | 1,673 | (173) | |||
| Net cash from operations | 24,073 | 19,037 | 21,612 | |||
| Financing | ||||||
| Short-term borrowings (repayments), maturities of 90 days or less, net | (991) | 1,178 | 0 | |||
| Proceeds from issuance of debt, maturities longer than 90 days | 4,167 | 4,796 | 0 | |||
| Repayments of debt, maturities longer than 90 days | (2,986) | (228) | 0 | |||
| Common stock issued | 2,311 | 579 | 3,494 | |||
| Common stock repurchased | (11,269) | (9,353) | (12,533) | |||
| Common stock cash dividends paid | (4,578) | (4,468) | (4,015) | |||
| Excess tax benefits from stock-based compensation | 45 | 52 | 120 | |||
| Other | 10 | (19) | 0 | |||
| Net cash used in financing | (13,291) | (7,463) | (12,934) | |||
| Investing | ||||||
| Additions to property and equipment | (1,977) | (3,119) | (3,182) | |||
| Acquisition of companies, net of cash acquired | (245) | (868) | (8,053) | |||
| Purchases of investments | (30,168) | (36,850) | (20,954) | |||
| Maturities of investments | 7,453 | 6,191 | 2,597 | |||
| Sales of investments | 15,125 | 19,806 | 25,132 | |||
| Securities lending payable | (1,502) | (930) | (127) | |||
| Net cash used in investing | (11,314) | (15,770) | (4,587) | |||
| Effect of exchange rates on cash and cash equivalents | (39) | (67) | 137 | |||
| Net change in cash and cash equivalents | (571) | (4,263) | 4,228 | |||
| Cash and cash equivalents, beginning of period | 6,076 | 10,339 | 6,111 | |||
| Cash and cash equivalents, end of period | $ | 5,505 | $ | 6,076 | $ | 10,339 |
See accompanying notes.