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, unless otherwise specified
 12 Months Ended
Sep. 28, 2014
Sep. 29, 2013
Sep. 30, 2012
Operating Activities:      
Net income $ 7,964 $ 6,845 $ 6,059
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 1,150 1,017 897
Gain on sale of discontinued operations (665) 0 0
Gain on sale of wireless spectrum 0 0 (1,179)
Long-lived asset and goodwill impairment charges 642 192 84
Income tax provision in excess of income tax payments 298 268 395
Non-cash portion of share-based compensation expense 1,059 1,105 1,035
Incremental tax benefit from share-based compensation (280) (231) (168)
Net realized gains on marketable securities and other investments (826) (369) (369)
Impairment losses on marketable securities and other investments 180 85 83
Other items, net (17) (19) (174)
Changes in assets and liabilities:      
Accounts receivable, net (281) (680) (456)
Inventories (155) (300) (252)
Other assets 108 (209) (240)
Trade accounts payable 619 307 371
Payroll, benefits and other liabilities (617) 752 (341)
Unearned revenues (292) 15 253
Net cash provided by operating activities 8,887 8,778 5,998
Investing Activities:      
Capital expenditures (1,185) (1,048) (1,284)
Purchases of available-for-sale securities (13,581) (13,951) (15,511)
Proceeds from sales and maturities of available-for-sale securities 13,587 13,494 9,858
Purchases of trading securities (3,075) (3,312) (4,009)
Proceeds from sales and maturities of trading securities 2,824 3,367 3,060
Purchases of other marketable securities (220) 0 0
Proceeds from sale of discontinued operations, net of cash sold 788 0 0
Proceeds from sale of wireless spectrum 0 0 1,925
Acquisitions and other investments, net of cash acquired (883) (192) (833)
Other items, net 106 64 (83)
Net cash used by investing activities (1,639) (1,578) (6,877)
Financing Activities:      
Proceeds from issuance of common stock 1,439 1,525 1,714
Incremental tax benefit from share-based compensation 280 231 168
Repurchases and retirements of common stock (4,549) (4,610) (1,313)
Dividends paid (2,586) (2,055) (1,583)
Borrowings under loans and debentures 0 534 710
Repayments of loans and debentures 0 (439) (591)
Other items, net (64) (31) 138
Net cash used by financing activities (5,480) (4,845) (757)
Changes in cash and cash equivalents held for sale 0 (15) 0
Effect of exchange rate changes on cash (3) (5) (19)
Net increase (decrease) in cash and cash equivalents 1,765 2,335 (1,655)
Cash and cash equivalents at beginning of year 6,142 3,807 5,462
Cash and cash equivalents at end of year $ 7,907 $ 6,142 $ 3,807