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
3 Months Ended
Dec. 25, 2016
Dec. 27, 2015
Operating Activities:    
Net income $ 681 $ 1,496
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 329 364
Indefinite and long-lived asset impairment charges 32 2
Income tax provision less than income tax payments (113) (103)
Gain on sale of wireless spectrum 0 (380)
Non-cash portion of share-based compensation expense 239 247
Incremental tax benefits from share-based compensation (35) (2)
Net realized gains on marketable securities and other investments (147) (49)
Impairment losses on marketable securities and other investments 143 63
Other items, net (4) (13)
Changes in assets and liabilities:    
Accounts receivable, net 131 646
Inventories (354) 291
Other assets (16) 66
Trade accounts payable (208) 50
Payroll, benefits and other liabilities 785 98
Unearned revenues (84) (37)
Net cash provided by operating activities 1,379 2,739
Investing Activities:    
Capital expenditures (129) (128)
Purchases of available-for-sale marketable securities (4,117) (3,737)
Proceeds from sales and maturities of available-for-sale marketable securities 6,891 3,113
Purchases of trading securities 0 (149)
Proceeds from sales and maturities of trading securities 0 121
Proceeds from sales of other marketable securities 0 200
Deposit of investments designated as collateral (1,950) 0
Acquisitions and other investments, net of cash acquired (57) (450)
Proceeds from sale of wireless spectrum 0 232
Other items, net 43 82
Net cash provided (used) by investing activities 681 (716)
Financing Activities:    
Proceeds from short-term debt 2,727 1,089
Repayment of short-term debt (2,727) (1,090)
Proceeds from issuance of common stock 131 99
Repurchases and retirements of common stock (444) (2,050)
Dividends paid (784) (717)
Incremental tax benefits from share-based compensation 35 2
Other items, net (42) 2
Net cash used by financing activities (1,104) (2,665)
Effect of exchange rate changes on cash and cash equivalents (17) (5)
Net increase (decrease) in cash and cash equivalents 939 (647)
Cash and cash equivalents at beginning of period 5,946 7,560
Cash and cash equivalents at end of period $ 6,885 $ 6,913