Apple is to pay off $300 million of debt on February 16, making it a debt free company, according to the company’s chief financial officer Fred Anderson.

A Wall Street Journal report states that, according to Anderson the $300 million will come out of the $4.8 billion in cash that the company was holding when the quarter ended on December 27.

Anderson told Reuters that Apple's first-quarter results were also helped by the sale of its remaining stake in Akamai Technologies, a transaction that resulted in a one-time gain of $3million.