Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Mar. 27, 2016
Mar. 29, 2015
Operating Activities:    
Net income $ 2,660 $ 3,023
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 736 591
Indefinite and long-lived asset impairment charges 47 138
Income tax provision (less than) in excess of income tax payments (189) 73
Gain on sale of wireless spectrum (380) 0
Non-cash portion of share-based compensation expense 494 522
Incremental tax benefits from share-based compensation (2) (78)
Net realized gains on marketable securities and other investments (73) (277)
Impairment losses on marketable securities and other investments 106 106
Other items, net 47 (30)
Changes in assets and liabilities:    
Accounts receivable, net 254 338
Inventories 79 (403)
Other assets 121 (1,138)
Trade accounts payable 137 (508)
Payroll, benefits and other liabilities (610) (405)
Unearned revenues 49 (246)
Net cash provided by operating activities 3,476 1,706
Investing Activities:    
Capital expenditures (253) (449)
Purchases of available-for-sale securities (7,775) (8,758)
Proceeds from sales and maturities of available-for-sale securities 5,806 8,631
Purchases of trading securities (177) (695)
Proceeds from sales and maturities of trading securities 756 710
Proceeds from sales of other marketable securities 450 0
Acquisitions and other investments, net of cash acquired (623) (191)
Proceeds from sale of wireless spectrum 232 0
Other items, net 149 62
Net cash used by investing activities (1,435) (690)
Financing Activities:    
Proceeds from short-term debt 4,328 1,095
Repayment of short-term debt (3,380) (1)
Proceeds from issuance of common stock 271 417
Repurchases and retirements of common stock (3,598) (3,611)
Dividends paid (1,427) (1,385)
Incremental tax benefits from share-based compensation 2 78
Other items, net (18) (9)
Net cash used by financing activities (3,822) (3,416)
Effect of exchange rate changes on cash and cash equivalents (4) (15)
Net decrease in cash and cash equivalents (1,785) (2,415)
Cash and cash equivalents at beginning of period 7,560 7,907
Cash and cash equivalents at end of period $ 5,775 $ 5,492