Nine Months Ended

(In Millions; unaudited)

Oct 1, 2022

Sep 25, 2021

Cash and cash equivalents, beginning of period

$          4,827

$          5,865

Cash flows provided by (used for) operating activities:

Net income

            8,678

          15,245

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

            8,309

            7,357

Share-based compensation

            2,392

            1,587

Restructuring and other charges

               665

            2,597

Amortization of intangibles

            1,439

            1,361

(Gains) losses on equity investments, net

           (4,075)

           (1,113)

(Gains) losses on divestitures

           (1,072)

                —

Changes in assets and liabilities:

Accounts receivable

            1,991

           (1,618)

Inventories

           (2,043)

           (1,212)

Accounts payable

              (485)

            1,095

Accrued compensation and benefits

           (1,912)

               (16)

Prepaid customer supply agreements

               (18)

           (1,577)

Income taxes

           (4,062)

              (570)

Other assets and liabilities

           (2,077)

              917

Total adjustments

             (948)

            8,808

Net cash provided by operating activities

            7,730

          24,053

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

         (19,145)

          (11,579)

Additions to held for sale NAND property, plant and equipment

              (206)

           (1,118)

Purchases of short-term investments

         (31,669)

         (30,326)

Maturities and sales of short-term investments

          35,129

          22,270

Sales of equity investments

            4,880

              444

Proceeds from divestitures

            6,579

                 —

Other investing

           (2,614)

              766

Net cash used for investing activities

           (7,046)

         (19,543)

Cash flows provided by (used for) financing activities:

Payments on finance leases

              (341)

                —

Issuance of long-term debt, net of issuance costs

            6,103

            4,974

Repayment of debt

           (3,088)

              (500)

Proceeds from sales of common stock through employee equity incentive plans

               972

            1,016

Repurchase of common stock

                 —

           (2,415)

Payment of dividends to stockholders

           (4,488)

           (4,231)

Other financing

              (140)

           (1,349)

Net cash used for financing activities

              (982)

           (2,505)

Net increase (decrease) in cash and cash equivalents

              (298)

            2,005

Cash and cash equivalents, end of period

$          4,529

$          7,870