Crucial 2013 Annual Report Download - page 59

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MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the year ended August 29,
2013 August 30, 2012 September 1, 2011
Cash flows from operating activities
Net income (loss) $ 1,194 $ (1,031) $ 190
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation expense and amortization of intangible assets 1,804 2,141 2,105
Amortization of debt discount and other costs 122 81 57
(Gains) losses from currency hedges, net 222 19 (21)
Noncash restructure and asset impairments 114 4 (86)
Stock-based compensation 91 87 76
Equity in net loss of equity method investees 83 294 158
Loss on extinguishment of debt 31 — 113
Gain from acquisition of Elpida (1,484) — —
Change in operating assets and liabilities, net of amounts from Elpida
acquisition:
Receivables (409) 238 54
Inventories 83 258 (357)
Accounts payable and accrued expenses 143 (82) (88)
Customer prepayments (123) 254 4
Deferred income (7) (56) 146
Deferred income taxes, net (7) 3 103
Other (46) (96) 30
Net cash provided by operating activities 1,811 2,114 2,484
Cash flows from investing activities
Expenditures for property, plant and equipment (1,244) (1,699) (2,550)
Purchases of available-for-sale securities (924) (564) (9)
Payments to settle hedging activities (253) (62) (31)
Proceeds from sales and maturities of available-for-sale securities 678 152 1
Cash acquired from acquisition of Elpida, net of cash paid 69 — —
Proceeds from sales of property, plant and equipment 28 67 127
Proceeds from settlement of hedging activities 27 38 87
Additions to equity method investments — (187) (31)
Decrease in restricted cash — 5 330
Return of equity method investment — 1 48
Other (93) (63) (14)
Net cash used for investing activities (1,712) (2,312) (2,042)
Cash flows from financing activities
Proceeds from issuance of debt 1,121 1,065 690
Proceeds from issuance of common stock under equity plans 150 5 28
Proceeds from equipment sale-leaseback transactions 126 609 268
Cash received from noncontrolling interests 11 197 8
Repayments of debt (743) (203) (1,215)
Payments on equipment purchase contracts (214) (172) (322)
Cash paid for capped call transactions (48) (103) (57)
Distributions to noncontrolling interests (37) (391) (225)
Cash paid to purchase common stock (5) (6) (163)
Acquisition of noncontrolling interests — (466) (159)
Other (39) (38) (48)
Net cash provided by (used for) financing activities 322 497 (1,195)
Net increase (decrease) in cash and equivalents 421 299 (753)
Cash and equivalents at beginning of period 2,459 2,160 2,913
Cash and equivalents at end of period $ 2,880 $ 2,459 $ 2,160
Supplemental disclosures
Income taxes refunded (paid), net $ 4 $ 13 $ (99)
Interest paid, net of amounts capitalized (107) (72) (59)
Noncash investing and financing activities:
Equipment acquisitions on contracts payable and capital leases 443 897 469
Conversion of notes to stock, net of unamortized issuance cost — 138 —
Exchange of convertible notes — — 175
See accompanying notes to consolidated financial statements.