AMD 2011 Annual Report Download - page 78

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Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 31,
2011
December 25,
2010
December 26,
2009
(In millions)
Cash flows from operating activities:
Net income .................................................. $ 491 $ 471 $ 293
Adjustments to reconcile net income (loss) to net cash provided by (used
in) operating activities:
Equity in net (gain) loss of investee ........................... (492) 462 —
Gain on deconsolidation of GLOBALFOUNDRIES .............. — (325) —
Impairment related to the GLOBALFOUNDRIES investment ...... 209 — —
Depreciation and amortization ............................... 317 383 1,128
Deferred income taxes ..................................... (6) (5) 130
Amortization of foreign grant and allowance income ............. (1) (16) (110)
Compensation recognized under employee stock plans ............ 90 87 75
Non-cash interest expense .................................. 21 30 121
Net gain on sale of marketable securities ....................... (4) (17) —
Net (gain) loss on debt redemption ............................ 6 24 (169)
Other ................................................... 3 (11) 44
Changes in operating assets and liabilities:
Accounts receivable ....................................... (347) (1,138) (960)
Inventories ............................................... 157 (144) 89
Prepaid expenses and other current assets ...................... 115 (97) (17)
Other assets .............................................. (1) 11 (18)
Accounts payables, accrued liabilities and other ................. (148) (182) (133)
Accounts payable to GLOBALFOUNDRIES ................... (28) 55 —
Net cash provided by (used in) operating activities ....................... 382 (412) 473
Cash flows from investing activities:
Purchases of available-for-sale securities ........................... (1,586) (1,800) (1,486)
Purchases of property, plant and equipment ......................... (250) (148) (466)
Cash decrease due to deconsolidation of GLOBALFOUNDRIES ....... — (904) —
Proceeds from sale of certain Handheld assets ....................... — — 58
Proceeds from sale and maturity of available-for-sale securities ......... 1,726 1,640 603
Proceeds from sale and maturity of trading securities ................. — 69 14
Proceeds from sale of property, plant and equipment .................. 16 1 —
Other ....................................................... (19) 19 4
Net cash used in investing activities ................................... (113) (1,123) (1,273)
Cash flows from financing activities:
Proceeds from issuance of GLOBALFOUNDRIES convertible notes .... — — 1,269
Proceeds from issuance of preferred securities of
GLOBALFOUNDRIES ...................................... — — 1,091
Proceeds from borrowings, net of issuance cost ...................... 170 1,520 1,060
Proceeds from issuance of AMD common stock ..................... 18 15 125
Net proceeds from foreign grants and allowances .................... 20 19 55
Repurchase of noncontrolling interest ............................. — — (158)
Repayments of debt and capital lease obligations .................... (209) (1,074) (1,820)
Payments on return of noncontrolling interest contributions ............ — — (67)
Payments under silent partner obligation ........................... — — (32)
Other ....................................................... (5) 4 1
Net cash provided by (used in) financing activities ....................... (6) 484 1,524
Net increase (decrease) in cash and cash equivalents ...................... 263 (1,051) 724
Cash and cash equivalents at beginning of year .......................... 606 1,657 933
Cash and cash equivalents at end of year ............................... $ 869 $ 606 $1,657
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest .................................................. $ 152 $ 164 $ 319
Income taxes ............................................. $ 9 $ 12 $ 14
Non-cash financing activities:
Capital leases ............................................ $ — $ — $ 36
See accompanying notes to consolidated financial statements.
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