Symantec 2013 Annual Report Download - page 163

SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
March 29,
2013
March 30,
2012
April 1,
2011
(In millions)
OPERATING ACTIVITIES:
Net income $ 765 $ 1,172 $ 593
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation ............................................................ 283 273 257
Amortization of intangible assets ............................................ 355 380 385
Amortization of debt issuance costs and discounts .............................. 60 59 101
Stock-based compensation expense .......................................... 164 164 145
Deferred income taxes .................................................... 44 15 5
Excess income tax benefit from the exercise of stock options ...................... (11) (8) (7)
Impairment of intangible assets ............................................. — 4 27
Net gain from sale of joint venture ........................................... — (526) —
Loss from joint venture .................................................... — 27 31
Liquidation of foreign entities .............................................. 2 3 21
Other .................................................................. 14 (1) 5
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net ............................................ (107) 89 (88)
Inventories ........................................................... 4 2 (4)
Accounts payable ...................................................... 33 30 2
Accrued compensation and benefits ........................................ 12 (31) 72
Deferred revenue ...................................................... 119 177 442
Income taxes payable ................................................... (31) 39 (128)
Other assets ........................................................... (68) (14) 6
Other liabilities ........................................................ (45) 47 (71)
Net cash provided by operating activities ........................................ 1,593 1,901 1,794
INVESTING ACTIVITIES:
Purchases of property and equipment ......................................... (336) (286) (268)
Proceeds from sale of property and equipment ................................. — — 30
Cash payments for acquisitions, net of cash acquired ............................ (28) (508) (1,537)
Purchases of equity investments ............................................. — (10) (7)
Proceeds from sale of joint venture .......................................... — 530 —
Purchases of short-term investments ......................................... — (47) —
Proceeds from sale of short-term investments .................................. 46 3 20
Other .................................................................. (1) — 2
Net cash used in investing activities ............................................ (319) (318) (1,760)
FINANCING ACTIVITIES:
Net proceeds from sales of common stock under employee stock benefit plans ........ 281 147 122
Excess income tax benefit from the exercise of stock options ...................... 11 8 7
Tax payments related to restricted stock units .................................. (36) (41) (28)
Repurchases of common stock .............................................. (826) (893) (872)
Purchase of additional equity interest in subsidiary .............................. (111) — —
Repayments of debt and other obligations ..................................... — (607) (513)
Proceeds from debt issuance, net of discount ................................... 996 — 1,097
Proceeds from sale of bond hedge ........................................... — — 13
Debt issuance costs ....................................................... (7) — (10)
Net cash provided by (used in) financing activities ................................ 308 (1,386) (184)
Effect of exchange rate fluctuations on cash and cash equivalents .................... (59) 15 71
Change in cash and cash equivalents ........................................... 1,523 212 (79)
Beginning cash and cash equivalents ........................................... 3,162 2,950 3,029
Ending cash and cash equivalents .............................................. $4,685 $ 3,162 $ 2,950
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) ............................................. $ 252 $ 234 $ 224
Interest expense paid ........................................................ $ 69 $ 56 $ 38
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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