Adobe 2013 Annual Report Download - page 52

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primarily due to the resolution of a Canadian Tax audit offset in part by quarterly increases to the tax provision in excess of taxes
paid.
Cash Flows from Investing Activities
For fiscal 2013, net cash used for investing activities of $1,177.8 million was primarily due to our acquisitions of Neolane
and Behance. Other uses of cash during fiscal 2013 represented purchases of short-term investments, purchases of property and
equipment associated with our construction projects in Oregon and India and purchases of long-term technology licenses. These
cash outflows were offset in part by sales and maturities of short-term investments and the sale of the Waltham Property. See Note
2 of our Notes to the Consolidated Financial Statements for further information regarding our acquisitions of Neolane and Behance.
For fiscal 2012, net cash used for investing activities of $834.7 million was primarily due to our acquisition of Efficient
Frontier in the first quarter of fiscal 2012. Other uses of cash during fiscal 2012 represented purchases of short-term investments
and property and equipment, offset in part by sales and maturities of short-term investments. See Note 2 of our Notes to the
Consolidated Financial Statements for further information regarding our acquisition of Efficient Frontier.
For fiscal 2011, net cash used for investing activities of $757.4 million was primarily due to purchases of short-term
investments and multiple business acquisitions, offset in part by maturities and sales of short-term investments. Other uses of cash
during fiscal 2011 represented purchases of property, plant and equipment and long-term investments, intangibles and other assets.
Cash Flows from Financing Activities
For fiscal 2013, fiscal 2012 and fiscal 2011, net cash used for financing activities of $559.1 million, $234.7 million and
$550.4 million, respectively, 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.
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 two active restructuring
plans that were of significance to us:
• Fiscal 2011 Restructuring Plan
• Fiscal 2009 Restructuring Plan
As of November 29, 2013, we have accrued total restructuring charges of $13.9 million of which approximately $11.7
million relates to cost of closing redundant facilities and are expected to be paid under contract through fiscal 2021. Approximately
54% of these facility closing costs will be paid through 2015. During fiscal 2013, we made payments related to the above
restructuring plans totaling $10.3 million which consisted of $1.3 million and $9.0 million in payments related to termination
benefits and contract terminations and the closing of redundant facilities, respectively.
As of November 30, 2012, we accrued total restructuring charges of $21.6 million of which $2.3 million related to ongoing
termination benefits and contract terminations. The remaining accrued restructuring charges of $19.3 million related to the cost
of closing redundant facilities. During fiscal 2012, we made payments related to restructuring plans totaling $63.1 million which
consisted of $50.5 million and $12.6 million in payments related to termination benefits and contract terminations and the closing
of redundant facilities, respectively.
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 10 of our Notes to Consolidated Financial Statements for additional information regarding our restructuring
plans.
Other Liquidity and Capital Resources Considerations
Our existing cash, cash equivalents and investment balances may fluctuate during fiscal 2014 due to changes in our planned
cash outlay, including changes in incremental costs such as direct and integration costs related to our business acquisitions. Our
cash and investments totaled $3.2 billion as of November 29, 2013. Of this amount, approximately 80% was held by our foreign
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