AMD 2013 Annual Report Download - page 64

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decrease of $138 million in the amount of billings related to wafer purchases. Accounts payable, accrued
liabilities and other decreased by $232 million in 2012 as compared to 2011, primarily due to a $94 million
decrease in accrued liabilities, a $92 million decrease in accounts payable and other current liabilities, a $23
million decrease in other liabilities, a $15 million decrease in deferred income on shipments to distributors and a
$6 million decrease in accrued compensation and benefits.
Net cash provided by operating activities was $382 million in 2011. Net income of $491 million in 2011
was adjusted for non-cash charges consisting primarily of $317 million of depreciation and amortization expense,
a $209 million impairment charge on our investment in GF, $90 million of stock based compensation expense,
and $21 million of non-cash interest expense related to our 6.00% Notes and our 8.125% Notes. These charges
were partially offset by recognition of a non-cash gain of $492 million in 2011 due to the dilution of our equity
interest in GF. The net changes in operating assets at December 31, 2011 compared to December 25, 2010
included an increase in accounts receivable of $347 million, which included the non-cash impact of our previous
financing arrangements with International Business Machines Corporation (IBM) and its affiliates. During 2011,
IBM and its affiliates collected approximately $396 million from our distributor customers pursuant to these
arrangements. Without considering the collection by these parties of the accounts receivables that we sold to
them, our accounts receivable decreased $49 million in 2011 as compared to 2010. This decrease was primarily
due to timing of sales and collections during 2011. There was also a decrease in prepaid expenses and other
assets of $115 million primarily due to the receipt of the final settlement payment from Samsung of $117 million.
Investing Activities
Net cash provided by investing activities was $455 million in 2013 and primarily consisted of net proceeds
of $301 million from the purchase, sale and maturity of available-for-sale securities and net proceeds of $154
million from sales and purchases of property, plant and equipment.
Net cash used in investing activities was $19 million in 2012. We had a net cash inflow of $404 million in
2012 from purchases, sales and maturity of available-for-sale securities, partially offset by a net cash outflow of
$281 million related to our SeaMicro acquisition, a cash outflow of $133 million for purchases of property, plant
and equipment and a cash outflow of $9 million related to other investing activities.
Net cash used in investing activities was $113 million in 2011. We had a net cash outflow of $234 million in
2011 from the purchase and sale of property, plant and equipment. The net cash outflows were partially offset by
a net cash inflow of $140 million from purchase, sale, and maturity of available-for-sale securities.
Financing Activities
Net cash provided by financing activities was $13 million in 2013, primarily due to net proceeds from
borrowings pursuant to our Secured Revolving Line of Credit of $55 million, net proceeds from U.S. government
grants for research and development activities and foreign grants from the Canadian government for research and
development activities related to our AMD APU products of $11 million and $3 million from the issuance of
common stock under our stock-based compensation plan, partially offset by the repurchase of $50 million in
principal amount of our 6.00% Notes (which is a portion of our outstanding 6.00% Notes) in open market
transactions and $5 million in payments for capital lease obligations.
Net cash provided by financing activities was $37 million in 2012, primarily due to net proceeds from the
issuance of our 7.50% Senior Notes due 2022 (7.50% Notes) of $491 million, $23 million from foreign grants
from the Canadian government for research and development activities related to our AMD APU products and
from the Malaysian and Chinese governments for our local microprocessor assembly, test and packaging
facilities and $14 million from the issuance of common stock under our stock-based compensation plan, partially
offset by our repayment of outstanding principal and accrued interest on our 5.75% Convertible Senior Notes due
2012 and repayment of capital lease obligations of $489 million.
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