Cash Flows Statements
| (In millions) | |||||
| Year Ended June 30, | 2013 | 2012 | 2011 | ||
| Operations | |||||
| Net income | $ 21,863 | $ 16,978 | $ 23,150 | ||
| Adjustments to reconcile net income to net cash from operations: | |||||
| Goodwill impairment | 0 | 6,193 | 0 | ||
| Depreciation, amortization, and other | 3,755 | 2,967 | 2,766 | ||
| Stock-based compensation expense | 2,406 | 2,244 | 2,166 | ||
| Net recognized losses (gains) on investments and derivatives | 80 | (200) | (362) | ||
| Excess tax benefits from stock-based compensation | (209) | (93) | (17) | ||
| Deferred income taxes | (19) | 954 | 2 | ||
| Deferral of unearned revenue | 44,253 | 36,104 | 31,227 | ||
| Recognition of unearned revenue | (41,921) | (33,347) | (28,935) | ||
| Changes in operating assets and liabilities: | |||||
| Accounts receivable | (1,807) | (1,156) | (1,451) | ||
| Inventories | (802) | 184 | (561) | ||
| Other current assets | (129) | 493 | (1,259) | ||
| Other long-term assets | (478) | (248) | 62 | ||
| Accounts payable | 537 | (31) | 58 | ||
| Other current liabilities | 146 | 410 | (1,146) | ||
| Other long-term liabilities | 1,158 | 174 | 1,294 | ||
| Net cash from operations | 28,833 | 31,626 | 26,994 | ||
| Financing | |||||
| Short-term debt repayments, maturities of 90 days or less, net | 0 | 0 | (186) | ||
| Proceeds from issuance of debt | 4,883 | 0 | 6,960 | ||
| Repayments of debt | (1,346) | 0 | (814) | ||
| Common stock issued | 931 | 1,913 | 2,422 | ||
| Common stock repurchased | (5,360) | (5,029) | (11,555) | ||
| Common stock cash dividends paid | (7,455) | (6,385) | (5,180) | ||
| Excess tax benefits from stock-based compensation | 209 | 93 | 17 | ||
| Other | (10) | 0 | (40) | ||
| Net cash used in financing | (8,148) | (9,408) | (8,376) | ||
| Investing | |||||
| Additions to property and equipment | (4,257) | (2,305) | (2,355) | ||
| Acquisition of companies, net of cash acquired, and purchases of intangible and other assets | (1,584) | (10,112) | (71) | ||
| Purchases of investments | (75,396) | (57,250) | (35,993) | ||
| Maturities of investments | 5,130 | 15,575 | 6,897 | ||
| Sales of investments | 52,464 | 29,700 | 15,880 | ||
| Securities lending payable | (168) | (394) | 1,026 | ||
| Net cash used in investing | (23,811) | (24,786) | (14,616) | ||
| Effect of exchange rates on cash and cash equivalents | (8) | (104) | 103 | ||
| Net change in cash and cash equivalents | (3,134) | (2,672) | 4,105 | ||
| Cash and cash equivalents, beginning of period | 6,938 | 9,610 | 5,505 | ||
| Cash and cash equivalents, end of period | $ 3,804 | $ 6,938 | $ 9,610 |
See accompanying notes.
