Symantec 2011 Annual Report Download - page 136
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SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
April 1,
2011
April 2,
2010
April 3,
2009*
Year Ended
(In millions)
OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 593 $ 714 $(6,786)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 647 733 836
Amortization of discount on debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 104 97
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 155 157
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 — —
Impairment of intangible assets and goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 — 7,419
Loss and impairment of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 30 46
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (41) (127)
Excess income tax benefit from the exercise of stock options . . . . . . . . . . . . . . . . . . . . . . (7) (13) (18)
Loss from joint venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 39 53
Net loss (gain) on legal liquidation of foreign entities . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 (47) 5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13) — 8
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (88) (14) (85)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) 3 6
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 (49)
Accrued compensation and benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 (34) (55)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 114 141
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128) (95) (15)
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 66
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71) 40 (28)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,794 1,693 1,671
INVESTING ACTIVITIES:
Purchase of property and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (268) (248) (272)
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 45 40
Cash payments for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,537) (31) (1,063)
Purchase of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (21) (2)
Purchases of available-for-sale securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2) (349)
Proceeds from sales of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 192 685
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 — —
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,760) (65) (961)
FINANCING ACTIVITIES:
Net proceeds from sales of common stock under employee stock benefit plans . . . . . . . . . . . . 122 124 229
Excess income tax benefit from the exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . 7 13 18
Tax payments related to restricted stock issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) (20) (16)
Proceeds from debt issuance, net of discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097 — —
Repurchase of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (510) — —
Proceeds from sale of bond hedge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 — —
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) — —
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (872) (553) (700)
Repayment of short-term borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (200)
Repayment of other long-term obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) (5) (8)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (184) (441) (677)
Effect of exchange rate fluctuations on cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 71 49 (130)
Change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (79) 1,236 (97)
Beginning cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,029 1,793 1,890
Ending cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,950 $3,029 $ 1,793
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 224 $ 247 $ 321
Interest expense paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38 $ 19 $ 23
* As adjusted for the retrospective adoption of authoritative guidance on convertible debt instruments.
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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