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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended June 28, 2002
(in millions)
Seagate
Technology
Parent
Company
Guarantor
HDD
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
Net Income
$
153
$
203
$
157
$
(360
)
$
153
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization
—
—
405
—
405
Deferred compensation charge
—
—
147
—
147
Debt refinancing charges
—
—
93
—
93
Equity in income of HDD
(203
)
—
—
203
—
Equity in income of Non
-
Guarantors
50
(207
)
—
157
—
Other non
-
cash operating activities, net
—
—
71
—
71
Change in operating assets and
liabilities, net
—
4
32
—
36
Net cash provided by operating activities
—
—
905
—
905
Investing Activities
Acquisition of property, equipment and
leasehold improvements
—
—
(
540
)
—
(
540
)
Purchase of short
-
term investments
—
—
(
1,037
)
—
(
1,037
)
Maturities and sales of short-term
investments
—
—
989
—
989
Other investing activities, net
—
—
(
22
)
—
(
22
)
Net cash used in investing activities
—
—
(
610
)
—
(
610
)
Financing Activities
Issuance of long-term debt, net of
issuance costs
—
636
100
—
736
Repayment of long
-
term debt
—
—
(
899
)
—
(
899
)
Redemption premium on 12½% senior
notes
—
—
(
50
)
—
(
50
)
Loan from Non
-
Guarantor to HDD
—
33
(33
)
—
—
Repayment of loan from Non-
Guarantor to HDD
—
(
33
)
33
—
—
Loan from HDD to Non
-
Guarantor
—
(
301
)
301
—
—
Loan to Parent
33
(33
)
—
—
—
Loan payment from Parent
(33
)
33
—
—
—
Distributions from HDD to Seagate
Technology
258
(258
)
—
—
—
Distributions to shareholders
(200
)
—
—
—
(
200
)
Exercise of employee stock options
4
—
—
—
4
Capital contributions to HDD
(4
)
4
—
—
—
Capital contributions to Non-
Guarantors
(58
)
(35
)
93
—
—
Net cash provided by (used in) financing
activities
—
46
(455
)
—
(
409
)
Increase (decrease) in cash and cash
equivalents
—
46
(160
)
—
(
114
)
Cash and cash equivalents at the
beginning of the period
—
—
726
—
726
Cash and cash equivalents at the end of