(Dollars in millions)
September 29, 1995, and September 30, 1994 1995 1994
Assets:
Current assets:
Cash and cash equivalents $ 756 $ 1,203
Short-term investments 196 55
Accounts receivable, net of allowance for
doubtful accounts of $87 ($91 in 1994) 1,931 1,581
Inventories:
Purchased parts 841 469
Work in process 291 207
Finished goods 643 412
1,775 1,088
Deferred tax assets 251 293
Other current assets 315 256
Total current assets 5,224 4,476
Property, plant, and equipment:
Land and buildings 504 484
Machinery and equipment 638 573
Office furniture and equipment 145 158
Leasehold improvements 205 237
1,492 1,452
Accumulated depreciation and amortization (781) (785)
Net property, plant, and equipment 711 667
Other assets 296 160
$ 6,231 $ 5,303
Liabilities and Shareholders' Equity:
Current liabilities:
Short-term borrowings $ 461 $ 292
Accounts payable 1,165 882
Accrued compensation and employee benefits 131 137
Accrued marketing and distribution 206 178
Other current liabilities 362 455
Total current liabilities 2,325 1,944
Long-term debt 303 305
Deferred tax liabilities 702 671
Commitments and contingencies
Shareholders' equity:
Common stock, no par value; 320,000,000 shares
authorized;122,921,601 shares issued and
outstanding in 1995 (119,542,527 shares in 1994) 398 298
Retained earnings 2,464 2,096
Other 39 (11)
Total shareholders' equity 2,901 2,383
$ 6,231 $ 5,303
See accompanying notes.
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three fiscal years ended
September 29, 1995 1995 1994 1993
Net sales $ 11,062 $ 9,189 $ 7,977
Costs and expenses:
Cost of sales 8,204 6,846 5,249
Research and development 614 564 665
Selling, general and
administrative 1,583 1,384 1,632
Restructuring costs (23) (127) 321
10,378 8,667 7,867
Operating income 684 522 110
Interest and other income
(expense), net (10) (22) 30
Income before income taxes 674 500 140
Provision for income taxes 250 190 53
Net income $ 424 $ 310 $ 87
Earnings per common and common
equivalent share $ 3.45 $ 2.61 $ 0.73
Common and common equivalent
shares used in the calculations
of earnings per share
(in thousands) 123,047 118,735 119,125
See accompanying notes.
21
Consolidated Statements of Shareholders' Equity
(Dollars in millions, except per share amounts)
Total
Common Stock Share-
Shares Retained holders'
(in Thousands) Amount Earnings Other Equity
Balance at September 25,
1992 118,479 $ 282 $ 1,905 $ -- $ 2,187
Common stock issued under
stock option and purchase
plans, including related
tax benefits 2,693 102 -- -- 102
Repurchase of common stock (5,025) (180) (93) -- (273)
Cash dividends of $0.48
per common share -- -- (56) -- (56)
Accumulated translation
adjustment -- -- -- (20) (20)
Net income -- -- 87 -- 87
Balance at September 24,
1993 116,147 204 1,843 (20) 2,027
Common stock issued under
stock option and purchase
plans, including related
tax benefits 3,396 94 -- -- 94
Cash dividends of $0.48
per common share -- -- (57) -- (57)
Accumulated translation
adjustment -- -- -- 9 9
Net income -- -- 310 -- 310
Balance at September 30,
1994 119,543 298 2,096 (11) 2,383
Common stock issued under
stock option and purchase
plans, including related
tax benefits 3,379 100 -- -- 100
Cash dividends of $0.48
per common share -- -- (58) -- (58)
Accumulated translation
adjustment -- -- -- 6 6
Change in unrealized gains
(losses) on available-for-
sale securities -- -- -- 44 44
Net income -- -- 424 -- 424
Other -- -- 2 -- 2
Balance at September 29,
1995 122,922 $ 398 $ 2,464 $ 39 $ 2,901
See accompanying notes.
22
Consolidated Statements of Cash Flows
(Dollars in millions)
Three fiscal years ended
September 29, 1995 1995 1994 1993
Cash and cash equivalents,
beginning of the period $ 1,203 $ 676 $ 498
Operations:
Net income 424 310 87
Adjustments to reconcile net
income to cash generated by
(used for) operations:
Depreciation and amortization 127 168 166
Net book value of property,
plant, and equipment retirements 6 11 13
Changes in assets and liabilities:
Accounts receivable (350) (199) (295)
Inventories (687) 418 (927)
Deferred tax assets 42 (25) (69)
Other current assets (59) 34 (96)
Accounts payable 283 139 316
Accrued restructuring costs (47) (250) 203
Other current liabilities (10) 90 (68)
Deferred tax liabilities 31 41 19
Cash generated by (used
for) operations (240) 737 (651)
Investments:
Purchase of short-term
investments (1,672) (312) (1,432)
Proceeds from sale of short-term
investments 1,531 474 2,153
Purchase of property, plant, and
equipment (159) (160) (213)
Other (102) (4) (15)
Cash generated by (used
for) investment activities (402) (2) 493
Financing:
Increase (decrease) in short-term
borrowings 169 (531) 639
Increase (decrease) in long-term
borrowings (2) 297 (11)
Increases in common stock, net of
related tax benefits 86 82 85
Repurchase of common stock -- -- (273)
Cash dividends (58) (56) (56)
Other -- -- (48)
Cash generated by (used
for ) financing activities 195 (208) 336
Total cash generated (used) (447) 527 178
Cash and cash equivalents, end of
the period $ 756 $ 1,203 $ 676
Supplemental cash flow disclosures:
Cash paid during the year for:
Interest $ 49 $ 34 $ 12
Income taxes, net $ 188 $ 46 $ 226
Schedule of non-cash transactions:
Tax benefit from stock options $ 15 $ 12 $ 17
See accompanying notes.
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