Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 27, 2015
Sep. 28, 2014
Sep. 29, 2013
Operating Activities:      
Net income $ 5,268 $ 7,964 $ 6,845
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 1,214 1,150 1,017
Gain on sale of discontinued operations 0 (665) 0
Indefinite and long-lived asset impairment charges 317 642 192
Income tax provision in excess of income tax payments 47 298 268
Non-cash portion of share-based compensation expense 1,026 1,059 1,105
Incremental tax benefits from share-based compensation (103) (280) (231)
Net realized gains on marketable securities and other investments (500) (826) (369)
Impairment losses on marketable securities and other investments 200 180 85
Other items, net (16) (17) (19)
Changes in assets and liabilities:      
Accounts receivable, net 550 (281) (680)
Inventories 93 (155) (300)
Other assets (793) 108 (209)
Trade accounts payable (908) 619 307
Payroll, benefits and other liabilities (328) (617) 752
Unearned revenues (561) (292) 15
Net cash provided by operating activities 5,506 8,887 8,778
Investing Activities:      
Capital expenditures (994) (1,185) (1,048)
Purchases of available-for-sale securities (15,400) (13,581) (13,951)
Proceeds from sales and maturities of available-for-sale securities 15,080 13,587 13,494
Purchases of trading securities (1,160) (3,075) (3,312)
Proceeds from sales and maturities of trading securities 1,658 2,824 3,367
Purchases of other marketable securities 0 (220) 0
Proceeds from sale of discontinued operations, net of cash sold 0 788 0
Proceeds from sales of property, plant and equipment 266 37 4
Acquisitions and other investments, net of cash acquired (2,997) (883) (192)
Other items, net (25) 69 60
Net cash used by investing activities (3,572) (1,639) (1,578)
Financing Activities:      
Proceeds from short-term debt 4,083 0 0
Proceeds from long-term debt 9,937 0 534
Repayment of short-term debt (3,083) 0 0
Repayment of long-term debt 0 0 (439)
Proceeds from issuance of common stock 787 1,439 1,525
Repurchases and retirements of common stock (11,246) (4,549) (4,610)
Dividends paid (2,880) (2,586) (2,055)
Incremental tax benefits from share-based compensation 103 280 231
Other items, net 38 (64) (31)
Net cash used by financing activities (2,261) (5,480) (4,845)
Changes in cash and cash equivalents held for sale 0 0 (15)
Effect of exchange rate changes on cash and cash equivalents (20) (3) (5)
Net (decrease) increase in cash and cash equivalents (347) 1,765 2,335
Cash and cash equivalents at beginning of period 7,907 6,142 3,807
Cash and cash equivalents at end of period $ 7,560 $ 7,907 $ 6,142