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68
For fiscal 2009, net cash used for investing activities of $1.5 billion was primarily due to the acquisition of Omniture,
purchases of short-term investments and property and equipment, offset in part by maturities and sales of short-term investments.
Cash Flows from Financing Activities
For fiscal 2011, net cash used for financing activities of $550.4 million was primarily due to treasury stock repurchases
offset in part by proceeds from our treasury stock issuances. See the section titled “Stock Repurchase Program” discussed below.
In February 2010, we issued $600.0 million of 3.25% senior notes due February 1, 2015 and $900.0 million of 4.75% senior
notes due February 1, 2020. On February 1, 2010, we paid the outstanding balance on our credit facility, and the entire $1.0 billion
credit line under this facility remains available for borrowing.
For fiscal 2009, net cash provided by financing activities of $477.6 million was primarily due to additional borrowing
under our credit facility and proceeds from treasury stock issuances, offset in part by treasury stock repurchases. See section
entitled Stock Repurchase Program discussed below.
We expect to continue our investing activities, including short-term and long-term investments, venture capital, facilities
expansion and purchases of computer systems for research and development, sales and marketing, product support and
administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to
strategically acquire companies, products or technologies that are complementary to our business.
Restructuring
During the past several years, we have initiated various restructuring plans. Currently, we have the following five active
restructuring plans, two of which were the result of large acquisitions:
• Fiscal 2011 Restructuring Plan
• Fiscal 2009 Restructuring Plan
• Fiscal 2008 Restructuring Plan
• Omniture Restructuring Plan
• Macromedia Restructuring Plan
As of December 2, 2011, we have accrued total restructuring charges of approximately $88.4 million of which approximately
$74.4 million relates to ongoing termination benefits and contract terminations that are expected to be paid during fiscal 2012.
The remaining $14.0 million relates to the cost of closing redundant facilities and are expected to be paid under contract through
fiscal 2021of which approximately 75% will be paid through 2014. During fiscal 2011, we made payments related to the above
restructuring plans totaling approximately $13.1 million which consisted of approximately $6.8 million and $6.3 million in
payments related to termination benefits and contract terminations and the closing of redundant facilities, respectively.
As of December 3, 2010, we accrued total restructuring charges of approximately $16.4 million of which approximately
$2.6 million related to ongoing termination benefits and contract terminations which were paid during the first quarter of fiscal
2011. The remaining $13.8 million related to the cost of closing redundant facilities and were expected to be paid under contract
through fiscal 2021 of which over 70% will be paid through 2013. During fiscal 2010, we made payments related to the above
restructuring plans totaling approximately $49.9 million which consisted of approximately $42.3 million related to termination
benefits and contract terminations and approximately $7.6 million related to the cost of closing redundant facilities.
We believe that our existing cash and cash equivalents, short-term investments and cash generated from operations will be
sufficient to meet the cash outlays for the restructuring actions described above.
See Note 11 of our Notes to Consolidated Financial Statements for more detailed information regarding our restructuring
plans.
Other Liquidity and Capital Resources Considerations
Our existing cash, cash equivalents and investment balances may fluctuate during fiscal 2012 due to changes in our planned
cash outlay, including changes in incremental costs such as direct and integration costs related to our acquisitions. Our cash and
investments totaled $2.9 billion as of December 2, 2011. Of this amount, approximately 75% was held by our foreign subsidiaries
and subject to material repatriation tax effects. Our intent is to permanently reinvest a significant portion of our earnings from
foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our
domestic operations. In the event funds from foreign operations are needed to fund operations in the United States and if U.S. tax
has not already been previously provided, we would provide for and pay additional U.S. taxes in connection with repatriating
these funds.
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