AMD 2008 Annual Report Download - page 105

Advanced Micro Devices Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Three Years Ended December 27, 2008
2008 2007 2006
(In millions)
Cash flows from operating activities:
Net income (loss) ........................................................................ $(3,098) $(3,379) $ (166)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization ......................................................... 1,223 1,305 837
Impairment of goodwill and acquired intangible assets ...................................... 1,687 1,608 —
Gain on sale of 200 millimeter equipment ................................................ (193) — —
Amortization of foreign grant and allowance income ........................................ (107) (167) (151)
Write off of in-process research and development .......................................... — — 416
Compensation recognized under employee stock plans ...................................... 83 112 77
Minority interest in consolidated subsidiaries .............................................. 33 34 28
Equity in net loss of Spansion and other .................................................. 53 155 45
Provision (benefit) for deferred income taxes .............................................. 26 (16) (2)
Other than temporary impairment on auction rate securities .................................. 24 — —
Net loss (gain) on disposal of property, plant and equipment .................................. 29 (20) 14
Non cash restructuring charges ......................................................... 18 — —
Gain on debt redemption .............................................................. (39) — —
Other ............................................................................. (90) 39 17
Changes in operating assets and liabilities:
Accounts receivable ................................................................. 101 503 (55)
Inventories ......................................................................... 152 4 6
Prepaid expenses and other current assets ................................................. 64 (134) 96
Other assets ........................................................................ (38) 51 (175)
Income taxes payable ................................................................ 46 (76) (1)
Accounts payables and accrued liabilities ................................................. (666) (329) 301
Net cash provided by (used in) operating activities ................................................. (692) (310) 1,287
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment ............................................ 343 73 23
Proceeds from sale and maturity of available-for-sale securities ................................... 416 307 3,066
Proceeds from sale of Digital Television business unit ........................................... 127 — —
Proceeds from sale of Spansion Inc. stock .................................................... — 157 278
Proceeds from Spansion’s repurchase of its 12.75% Senior Subordinated Notes ...................... — — 175
Proceeds from Spansion repayment of intercompany loans ....................................... — — 22
Purchases of property, plant and equipment ................................................... (624) (1,685) (1,857)
Purchases of available-for-sale securities ..................................................... (200) (545) (2,119)
Purchase of limited partner contribution ...................................................... (95) — —
Acquisition of ATI, net of cash and cash equivalents acquired .................................... — — (3,893)
Other ................................................................................. 6 18 2
Net cash used in investing activities ............................................................. (27) (1,675) (4,303)
Cash flows from financing activities:
Proceeds from borrowings, net of issuance cost ................................................ 308 3,649 3,366
Net proceeds from foreign grants and allowances .............................................. 161 223 210
Proceeds from issuance of common stock, net of issuance costs ................................... — 608 495
Proceeds from issuance of common stock under stock-based compensation plans ..................... — 78 231
Repayments of debt and capital lease obligations ............................................... (166) (2,291) (539)
Payments under silent partner obligation ..................................................... (63) (46) —
Payments on return of limited partner contributions ............................................. (19) — —
Purchase of capped call instrument in connection with borrowings ................................. — (182) —
Other ................................................................................. (1) (2) —
Net cash provided by financing activities ......................................................... 220 2,037 3,763
Net increase (decrease) in cash and cash equivalents ................................................ (499) 52 747
Cash and cash equivalents at beginning of year .................................................... 1,432 1,380 633
Cash and cash equivalents at end of year ......................................................... $ 933 $1,432 $ 1,380
Supplemental disclosures of cash flow information:
Cash paid (refunded) during the year for:
Interest ............................................................................ $ 339 $ 314 $ 79
Income taxes ....................................................................... $ 11 $ 26 $ 17
Non-cash investing activities:
Stock, stock options and restricted stock units for ATI ....................................... $ — $ — $1,316
Non-cash financing activities:
Capital leases ....................................................................... $ — $ 57 $ 18
Conversion of senior convertible debt .................................................... $ — $ — $ 500
See accompanying notes to consolidated financial statements.
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