QUALCOMM Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Three Months Ended
December 27,
2020
December 29,
2019
Operating Activities: |
|
|
Net income |
$ 2,455 |
$ 925 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization expense |
364 |
351 |
Income tax provision in excess of (less than) income tax payments |
53 |
(131) |
Share-based compensation expense |
392 |
294 |
Net gains on marketable securities and other investments |
(195) |
(79) |
Impairment losses on other investments |
1 |
72 |
Other items, net |
(19) |
(26) |
Changes in assets and liabilities: |
||
Accounts receivable, net |
(141) |
(262) |
Inventories |
62 |
(17) |
Other assets |
(97) |
(119) |
Trade accounts payable |
129 |
396 |
Payroll, benefits and other liabilities |
278 |
(171) |
Unearned revenues |
(107) |
(115) |
Net cash provided by operating activities |
3,175 |
1,118 |
Investing Activities: |
||
Capital expenditures |
(469) |
(296) |
Purchases of debt and equity marketable securities |
(2,248) |
(10) |
Proceeds from sales and maturities of debt and equity marketable securities |
1,612 |
129 |
Acquisitions and other investments, net of cash acquired |
(138) |
(75) |
Other items, net |
41 |
49 |
Net cash used by investing activities |
(1,202) |
(203) |
Financing Activities: |
|
|
Proceeds from short-term debt |
819 |
558 |
Repayment of short-term debt |
(818) |
(558) |
Repurchases and retirements of common stock |
(444) |
(762) |
Dividends paid |
(739) |
(710) |
Payments of tax withholdings related to vesting of share-based awards |
(449) |
(203) |
Other items, net |
(14) |
16 |
Net cash used by financing activities |
(1,645) |
(1,659) |
Effect of exchange rate changes on cash and cash equivalents |
41 |
14 |
Net increase (decrease) in total cash and cash equivalents |
369 |
(730) |
Total cash and cash equivalents at beginning of period |
6,707 |
11,839 |
Total cash and cash equivalents at end of period |
$ 7,076 |
$ 11,109 |