Review the Statement of Cash Flows for your chosen company and provide a brief description of what you discover for each of the items listed below.

Category: Operating Activities

1. Net income versus total for operating activities: Report these values.
2. What are the items of significance between net income and total for operating activities?
3. Is the business providing cash flow from operations?

Category: Investing and Financing Activities

1. Describe significant long-term assets (type and amount) purchased, sold, or retired during the current period as well as last year.
2. Describe significant financing activities used by the corporation to increase cash (or other assets): These would be related to long-term liabilities and stockholders equity.

Category: Analysis Overall Cash Flow (total of three sections): Compare this year to last year. (2018,2019)

Apple Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

	Years ended
	September 28, 2019				September 29, 2018				September 30, 2017
Cash, cash equivalents and restricted cash, beginning balances	$	25,913			$	20,289			$	20,484
Operating activities:
Net income	55,256				59,531				48,351
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	12,547				10,903				10,157
Share-based compensation expense	6,068				5,340				4,840
Deferred income tax expense/(benefit)	(340		)		(32,590		)		5,966
Other	(652		)		(444		)		(166		)
Changes in operating assets and liabilities:
Accounts receivable, net	245				(5,322		)		(2,093		)
Inventories	(289		)		828				(2,723		)
Vendor non-trade receivables	2,931				(8,010		)		(4,254		)
Other current and non-current assets	873				(423		)		(5,318		)
Accounts payable	(1,923		)		9,175				8,966
Deferred revenue	(625		)		(3		)		(593		)
Other current and non-current liabilities	(4,700		)		38,449				1,092
Cash generated by operating activities	69,391				77,434				64,225
Investing activities:
Purchases of marketable securities	(39,630		)		(71,356		)		(159,486		)
Proceeds from maturities of marketable securities	40,102				55,881				31,775
Proceeds from sales of marketable securities	56,988				47,838				94,564
Payments for acquisition of property, plant and equipment	(10,495		)		(13,313		)		(12,451		)
Payments made in connection with business acquisitions, net	(624		)		(721		)		(329		)
Purchases of non-marketable securities	(1,001		)		(1,871		)		(521		)
Proceeds from non-marketable securities	1,634				353				126
Other	(1,078		)		(745		)		(124		)
Cash generated by/(used in) investing activities	45,896				16,066				(46,446		)
Financing activities:
Proceeds from issuance of common stock	781				669				555
Payments for taxes related to net share settlement of equity awards	(2,817		)		(2,527		)		(1,874		)
Payments for dividends and dividend equivalents	(14,119		)		(13,712		)		(12,769		)
Repurchases of common stock	(66,897		)		(72,738		)		(32,900		)
Proceeds from issuance of term debt, net	6,963				6,969				28,662
Repayments of term debt	(8,805		)		(6,500		)		(3,500		)
Proceeds from/(Repayments of) commercial paper, net	(5,977		)		(37		)		3,852
Other	(105		)
Cash used in financing activities	(90,976		)		(87,876		)		(17,974		)
Increase/(Decrease) in cash, cash equivalents and restricted cash	24,311				5,624				(195		)
Cash, cash equivalents and restricted cash, ending balances	$	50,224			$	25,913			$	20,289
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	15,263			$	10,417			$	11,591
Cash paid for interest	$	3,423			$	3,022			$	2,092

See accompanying Notes to Consolidated Financial Statements.