Cash Flows Statements
| (In millions) | |||
|---|---|---|---|
| Year Ended June 30, | 2009 | 2008 | 2007 |
| Operations | |||
| Net income | $ 14,569 | $ 17,681 | $ 14,065 |
| Adjustments to reconcile net income to net cash from operations: | |||
| Depreciation, amortization, and other noncash items | 2,562 | 2,056 | 1,440 |
| Stock-based compensation | 1,708 | 1,479 | 1,550 |
| Net recognized losses (gains) on investments and derivatives | 683 | (572) | (292) |
| Excess tax benefits from stock-based compensation | (52) | (120) | (77) |
| Deferred income taxes | 762 | 935 | 421 |
| Deferral of unearned revenue | 24,409 | 24,532 | 21,032 |
| Recognition of unearned revenue | (25,426) | (21,944) | (19,382) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 2,215 | (1,569) | (1,764) |
| Other current assets | (422) | 153 | 232 |
| Other long-term assets | (273) | (98) | (435) |
| Other current liabilities | (3,371) | (748) | (552) |
| Other long-term liabilities | 1,673 | (173) | 1,558 |
| Net cash from operations | 19,037 | 21,612 | 17,796 |
| Financing | |||
| Short-term borrowings, maturities of 90 days or less, net | 1,178 | – | – |
| Proceeds from issuance of debt, maturities longer than 90 days | 4,796 | – | – |
| Repayments of debt, maturities longer than 90 days | (228) | – | – |
| Common stock issued | 579 | 3,494 | 6,782 |
| Common stock repurchased | (9,353) | (12,533) | (27,575) |
| Common stock cash dividends | (4,468) | (4,015) | (3,805) |
| Excess tax benefits from stock-based compensation | 52 | 120 | 77 |
| Other | (19) | – | (23) |
| Net cash used in financing | (7,463) | (12,934) | (24,544) |
| Investing | |||
| Additions to property and equipment | (3,119) | (3,182) | (2,264) |
| Acquisition of companies, net of cash acquired | (868) | (8,053) | (1,150) |
| Purchases of investments | (36,850) | (20,954) | (36,308) |
| Maturities of investments | 6,191 | 2,597 | 4,736 |
| Sales of investments | 19,806 | 25,132 | 41,451 |
| Securities lending payable | (930) | (127) | (376) |
| Net cash from (used in) investing | (15,770) | (4,587) | 6,089 |
| Effect of exchange rates on cash and cash equivalents | (67) | 137 | 56 |
| Net change in cash and cash equivalents | (4,263) | 4,228 | (603) |
| Cash and cash equivalents, beginning of period | 10,339 | 6,111 | 6,714 |
| Cash and cash equivalents, end of period | $(, 6,076 | $ 10,339 | $(, 6,111 |
See accompanying notes.