Twelve Months Ended

(In Millions; unaudited)

Dec 25, 2021

Dec 26, 2020

Cash and cash equivalents, beginning of period

$          5,865

$          4,194

Cash flows provided by (used for) operating activities:

Net income

          19,868

          20,899

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

Depreciation

            9,953

          10,482

Share-based compensation

            2,036

            1,854

Restructuring and other charges

            2,626

               198

Amortization of intangibles

            1,839

            1,757

(Gains) losses on equity investments, net

           (1,458)

           (1,757)

Changes in assets and liabilities:

Accounts receivable

           (2,674)

               883

Inventories

           (2,339)

              (687)

Accounts payable

            1,190

               405

Accrued compensation and benefits

               515

               348

Prepaid supply agreements

           (1,583)

              (181)

Income taxes

              (441)

            1,620

Other assets and liabilities

               459

              (437)

Total adjustments

          10,123

          14,485

Net cash provided by operating activities

          29,991

          35,384

Cash flows provided by (used for) investing activities:

Additions to property, plant and equipment

         (18,733)

         (14,259)

Additions to held for sale NAND property, plant and equipment

           (1,596)

              (194)

Acquisitions, net of cash acquired

              (209)

              (837)

Purchases of available-for-sale debt investments

           (5,051)

           (6,862)

Maturities and sales of available-for-sale debt investments

            6,467

            6,781

Purchases of trading assets

         (35,503)

         (22,377)

Maturities and sales of trading assets

          28,832

          15,377

Purchases of equity investments

              (613)

              (720)

Sales of equity investments

               581

               910

Other investing

               658

            1,385

Net cash used for investing activities

         (25,167)

         (20,796)

Cash flows provided by (used for) financing activities:

Issuance of long-term debt, net of issuance costs

            4,974

          10,247

Repayment of debt and debt conversion

           (2,500)

           (4,525)

Proceeds from sales of common stock through employee equity incentive plans

            1,020

               897

Repurchase of common stock

           (2,415)

         (14,229)

Payment of dividends to stockholders

           (5,644)

           (5,568)

Other financing

           (1,297)

               261

Net cash provided by (used for) financing activities

           (5,862)

         (12,917)

Net increase (decrease) in cash and cash equivalents

           (1,038)

            1,671

Cash and cash equivalents, end of period

$          4,827

$          5,865