Western Digital 2015 Annual Report Download - page 63

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended
July 3,
2015
June 27,
2014
June 28,
2013
Cash flows from operating activities
Net income ........................................................................... $1,465 $ 1,617 $ 980
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization .......................................................... 1,114 1,244 1,233
Stock-based compensation .............................................................. 162 156 137
Deferred income taxes ................................................................. 28 (13) 35
Gain from insurance recovery ........................................................... (37) (65) —
Loss on disposal of assets ............................................................... 17 40 —
Non-cash portion of employee termination, asset impairment and other charges ..................... 86 62 19
Other non-cash operating activities, net ................................................... — 9 —
Changes in:
Accounts receivable, net ............................................................. 458 (175) 584
Inventories ....................................................................... (143) — 22
Accounts payable .................................................................. (148) (32) (511)
Accrued arbitration award ............................................................ (758) 52 681
Accrued expenses .................................................................. 35 (56) (122)
Accrued compensation .............................................................. (134) 7 77
Other assets and liabilities ........................................................... 97 (30) (16)
Net cash provided by operating activities .............................................. 2,242 2,816 3,119
Cash flows from investing activities
Purchases of property, plant and equipment .................................................. (612) (628) (952)
Acquisitions, net of cash acquired .......................................................... (257) (823) (1)
Purchases of investments ................................................................. (857) (561) (17)
Proceeds from sales and maturities of investments .............................................. 768 72 —
Other investing activities, net ............................................................. 5 4 —
Net cash used in investing activities .................................................. (953) (1,936) (970)
Cash flows from financing activities
Issuance of stock under employee stock plans ................................................. 212 187 185
Taxes paid on vested stock awards under employee stock plans .................................... (64) (32) (25)
Excess tax benefits from employee stock plans ................................................. 19 60 45
Repurchases of common stock ............................................................. (970) (816) (842)
Dividends paid to shareholders ............................................................ (396) (259) (181)
Repayment of debt ..................................................................... (125) (2,517) (230)
Proceeds from debt, net of issuance costs ..................................................... 255 2,992 —
Net cash used in financing activities .................................................. (1,069) (385) (1,048)
Net increase in cash and cash equivalents .................................................... 220 495 1,101
Cash and cash equivalents, beginning of year ................................................. 4,804 4,309 3,208
Cash and cash equivalents, end of year ....................................................... $5,024 $ 4,804 $ 4,309
Supplemental disclosure of cash flow information:
Cash paid for income taxes ............................................................... $ 47 $ 141 $ 146
Cash paid for interest ................................................................... $ 45 $ 46 $ 49
Supplemental disclosure of non-cash financing activities:
Accrual of cash dividend declared .......................................................... $ 116 $ 94 $ 59
The accompanying notes are an integral part of these consolidated financial statements.
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