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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED 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
Equity in income of HDD
(651
)
—
—
651
—
Equity in income (loss) of Non
-
Guarantors
9
(673
)
—
664
—
Other non
-
cash operating activities, net
—
—
19
—
19
Changes in operating assets and liabilities, net
18
(148
)
(91
)
—
(
221
)
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 investing activities, 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