Seagate 2002 Annual Report Download - page 107

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SEAGATE TECHNOLOGY AND ITS PREDECESSOR
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS—(CONTINUED)
Consolidating Statement of Cash Flows
Fiscal Year Ended June 27, 2003
(in millions)
100
Seagate
Technology
Parent
Company
Guarantor
HDD
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
Net Income
$
641
$
651
$
664
$
(1,315
)
$
641
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation and amortization
—
—
443
—
443
Deferred income taxes
—
—
(
15
)
—
(
15
)
Non
-
cash portion of restructuring charge
—
—
(
10
)
—
(
10
)
Equity in income of HDD
(651
)
—
—
651
—
Equity in income (loss) of Non
-
Guarantors
9
(673
)
—
664
—
Other, net
—
—
44
—
44
Changes in operating assets and liabilities:
Accounts receivable
—
—
(
8
)
—
(
8
)
Intercompany accounts receivable
—
3
—
(
3
)
—
Inventories
—
—
5
—
5
Accounts payable
—
—
(
99
)
—
(
99
)
Intercompany accounts payable
1
(1
)
(3
)
3
—
Accrued expenses, employee compensation and
warranty
9
(3
)
57
—
63
Accrued income taxes
—
—
9
—
9
Accrued deferred compensation
—
(
146
)
(1
)
—
(
147
)
Other assets and liabilities, net
8
(1
)
(51
)
—
(
44
)
Net cash provided by (used in) operating activities
17
(170
)
1,035
—
882
Investing Activities
Acquisition of property, equipment and
leasehold improvements
—
—
(
516
)
—
(
516
)
Purchase of short
-
term investments
—
—
(
3,408
)
—
(
3,408
)
Maturities and sales of short
-
term investments
—
—
3,194
—
3,194
Sale of XIOtech, net of repayment of
intercompany debt
—
—
8
—
8
Sale of Reynosa facility
—
—
28
—
28
Other, net
—
—
(
60
)
—
(
60
)
Net cash used in investing activities
—
—
(
754
)
—
(
754
)
Financing Activities
Repayment of long
-
term debt
—
(
1
)
(1
)
—
(
2
)
Issuance of common shares
299
—
—
—
299
Loan from HDD to Non
-
Guarantor
—
(
310
)
310
—
—
Loan repayment from Non
-
Guarantor to HDD
—
452
(452
)
—
—
Distribution from HDD to Parent
360
(360
)
—
—
—
Investment by Parent in HDD
(343
)
343
—
—
—
Distribution to shareholders
(288
)
—
—
—
(
288
)
Net cash provided by (used in) financing activities
28
124
(143
)
—
9
Increase (decrease) in cash and cash equivalents
45
(46
)
138
—
137
Cash and cash equivalents at the beginning
of the
period
—
46
566
—
612
Cash and cash equivalents at the end of the
Period
$
45
$
—
$
704
$
—
$
749