DELL INC. | |||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
(in millions, unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
July 29, | July 30, | July 29, | July 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 890 | $ | 545 | $ | 1,835 | $ | 886 | |||||||||
Adjustments to reconcile net income to net cash provided by | |||||||||||||||||
operating activities: | |||||||||||||||||
Depreciation and amortization | 230 | 264 | 446 | 511 | |||||||||||||
Stock-based compensation | 82 | 80 | 181 | 156 | |||||||||||||
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies |
(9 | ) | 7 | (9 | ) | 37 | |||||||||||
Deferred Income Taxes | 7 | (24 | ) | (56 | ) | (55 | ) | ||||||||||
Provision for doubtful accounts - including financing receivables | 70 | 95 | 117 | 217 | |||||||||||||
Other | 5 | 4 | - | 4 | |||||||||||||
Changes in assets and liabilities, net of effects from acquisitions: | |||||||||||||||||
Accounts receivable | (566 | ) | (777 | ) | (95 | ) | (896 | ) | |||||||||
Financing receivables | (100 | ) | (205 | ) | (79 | ) | (413 | ) | |||||||||
Inventories | (69 | ) | (186 | ) | (31 | ) | (318 | ) | |||||||||
Other assets | 97 | (33 | ) | 207 | 36 | ||||||||||||
Accounts payable | 1,186 | 1,109 | 261 | 1,131 | |||||||||||||
Deferred services revenue | 212 | 193 | 403 | 265 | |||||||||||||
Accrued and other liabilities | 339 | 263 | (341 | ) | 12 | ||||||||||||
Change in cash from operating activities | 2,374 | 1,335 | 2,839 | 1,573 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Investments: | |||||||||||||||||
Purchases |
(541 | ) | (713 | ) | (781 | ) | (1,063 | ) | |||||||||
Maturities and sales | 210 | 669 | 432 | 838 | |||||||||||||
Capital expenditures | (159 | ) | (145 | ) | (296 | ) | (191 | ) | |||||||||
Proceeds from sale of facility and land | - | 18 | 12 | 18 | |||||||||||||
Collections on purchased financing receivables | 68 | - | 135 | - | |||||||||||||
Acquisition of business, net of cash received |
(428 | ) | (89 | ) | (1,901 | ) | (222 | ) | |||||||||
Change in cash from investing activities |
(850 | ) | (260 | ) | (2,399 | ) | (620 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||||
Repurchase of common stock | (1,130 | ) | (200 | ) | (1,580 | ) | (400 | ) | |||||||||
Issuance of common stock under employee plans | 19 | 2 | 29 | 9 | |||||||||||||
Issuance (repayment) of commercial paper (maturity 90 days or less), net |
- | 490 | - | 724 | |||||||||||||
Proceeds from debt | 503 | 341 | 2,433 | 609 | |||||||||||||
Repayments of debt |
(370 | ) | (253 | ) | (693 | ) | (819 | ) | |||||||||
Other | (1 | ) | (1 | ) | 2 | 2 | |||||||||||
Change in cash from financing activities |
(979 | ) | 379 | 191 | 125 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents |
17 | (15 | ) | 79 | (19 | ) | |||||||||||
Change in cash and cash equivalents |
562 | 1,439 | 710 | 1,059 | |||||||||||||
Cash and cash equivalents at beginning of period |
14,061 | 10,255 | 13,913 | 10,635 | |||||||||||||
Cash and cash equivalents at end of period |
$ | 14,623 | $ | 11,694 | $ | 14,623 | $ | 11,694 |