AMD 2014 Annual Report Download - page 62

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in operating assets as of December 29, 2012 compared to December 31, 2011 included a decrease in accounts
receivable of $290 million and an increase in inventories of $83 million, which were primarily due to lower sales
during 2012. During 2012, our payable to GF, which included all amounts that we owe to GF, increased by $277
million as compared to 2011. The increase was due to cash obligations of $240 million related to the third
amendment to the WSA and $175 million related to the limited waiver of exclusivity, partially offset by a
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.
Investing Activities
Net cash used in investing activities was $12 million in 2014, which consisted of a cash outflow of $95
million for purchases of property, plant and equipment, offset by a net cash inflow of $83 million from
purchases, sales and maturities of available for sale securities.
Net cash provided by investing activities was $455 million in 2013 and primarily consisted of net proceeds
of $301 million from the purchase, sales and maturities 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 maturities 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.
Financing Activities
Net cash provided by financing activities was $46 million in 2014, primarily due to net proceeds from
borrowings pursuant to our 6.75% Notes of $589 million, our 7.00% Notes of $491 million and our Secured
Revolving Line of Credit of $75 million, partially offset by $518 million in payments to repurchase a portion of
our 6.00% Notes, $522 million in payments to repurchase our 8.125% Notes, $48 million in payments to
repurchase a portion of our 7.75% Notes, $24 million in payments to repurchase a portion of our 7.50% Notes
and $3 million in payments for capital lease obligations. During 2014, we also received $8 million in net
proceeds, primarily from U.S. government grants for research and development activities and $4 million from the
exercise of employee stock options.
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% 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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