Seagate 2002 Annual Report Download - page 68

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SEAGATE TECHNOLOGY AND ITS PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(in millions)
See notes to consolidated and combined financial statements.
63
Seagate Technology
Predecessor
Year Ended
June 27,
2003
Year Ended
June 28,
2002
Period from
November 23,
2000 to
June 29,
2001
Period from
July 1,
2000 to
November 22,
2000
OPERATING ACTIVITIES
Net income (loss)
$
641
$
153
$
(110
)
$
(412
)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization
443
405
182
261
Deferred income taxes
(15
)
62
—
45
In
-
process research and development charge
—
—
52
—
Non
-
cash portion of restructuring charge
(10
)
1
14
7
Deferred compensation charge
—
147
—
—
Debt refinancing charges
—
93
—
—
Gain on sale of SanDisk stock
—
—
—
(
102
)
Loss on certain equity investments, net
—
—
—
134
Compensation expense related to accelerated vesting and exchange of
stock options
—
—
—
567
Other, net
44
8
31
27
Changes in operating assets and liabilities:
Accounts receivable
(8
)
(75
)
(84
)
181
Inventories
5
(57
)
444
(195
)
Accounts payable
(99
)
225
(196
)
40
Accrued expenses, employee compensation and warranty
63
(128
)
(141
)
(218
)
Accrued income taxes
9
6
11
(153
)
Accrued deferred compensation
(147
)
—
—
—
Other assets and liabilities
(44
)
65
66
(61
)
Net cash provided by operating activities
882
905
269
121
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
(516
)
(540
)
(239
)
(265
)
Purchases of short
-
term investments
(3,408
)
(1,037
)
(738
)
(1,612
)
Maturities and sales of short
-
term investments
3,194
989
673
2,628
Purchase of rigid disc drive operating assets and liabilities, net of cash acquired
of $852
—
—
(
800
)
—
Restricted cash (TRA)
—
—
—
(
150
)
Proceeds from sale of certain investments
—
—
—
129
Proceeds from sale of SanDisk stock
—
—
—
105
Sale of XIOtech, net of repayment of intercompany debt
8
—
—
—
Sale of Reynosa facility
28
—
—
—
Other, net
(60
)
(22
)
(36
)
(6
)
Net cash provided by (used in) investing activities
$
(754
)
$
(610
)
$
(1,140
)
$
829