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. 26, 2017
Mar. 27, 2016
Operating Activities:    
Net income $ 1,431 $ 2,660
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 671 736
Indefinite and long-lived asset impairment charges 34 47
Income tax provision less than income tax payments (230) (189)
Gain on sale of wireless spectrum 0 (380)
Non-cash portion of share-based compensation expense 485 494
Incremental tax benefits from share-based compensation (37) (2)
Net realized gains on marketable securities and other investments (236) (73)
Impairment losses on marketable securities and other investments 148 106
Other items, net 97 47
Changes in assets and liabilities:    
Accounts receivable, net (1,691) 254
Inventories (245) 79
Other assets 107 121
Trade accounts payable (677) 137
Payroll, benefits and other liabilities 2,417 (610)
Unearned revenues (80) 49
Net cash provided by operating activities 2,194 3,476
Investing Activities:    
Capital expenditures (251) (253)
Purchases of available-for-sale marketable securities (8,802) (7,775)
Proceeds from sales and maturities of available-for-sale marketable securities 13,146 5,806
Purchases of trading securities 0 (177)
Proceeds from sales and maturities of trading securities 0 756
Proceeds from sales of other marketable securities 0 450
Deposit of investments designated as collateral (2,000) 0
Acquisitions and other investments, net of cash acquired (1,382) (623)
Proceeds from sale of wireless spectrum 0 232
Other items, net 49 149
Net cash provided (used) by investing activities 760 (1,435)
Financing Activities:    
Proceeds from short-term debt 5,113 4,328
Repayment of short-term debt (4,864) (3,380)
Proceeds from issuance of common stock 290 271
Repurchases and retirements of common stock (727) (3,598)
Dividends paid (1,567) (1,427)
Incremental tax benefits from share-based compensation 37 2
Other items, net (52) (18)
Net cash used by financing activities (1,770) (3,822)
Effect of exchange rate changes on cash and cash equivalents (6) (4)
Net increase (decrease) in cash and cash equivalents 1,178 (1,785)
Cash and cash equivalents at beginning of period 5,946 7,560
Cash and cash equivalents at end of period $ 7,124 $ 5,775