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Table of Contents
SEAGATE TECHNOLOGY
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For Fiscal Years Ended July 2, 2004, June 27, 2003 and June 28, 2002
(in millions)
See notes to consolidated financial statements.
65
Number
of
Preferred
Shares
Par
Value
of
Shares
Number
of
Common
Shares
Par
Value
of
Shares
Additional
Paid-in
Capital
Deferred
Stock
Compensation
Retained
Earnings
(Accumulated
Deficit) and
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 29, 2001
400
$
—
—
$
—
$
763
$
—
$ (
110
)
$
653
Distributions to shareholders
(200
)
(200
)
Push down adjustment by New SAC related to FAS 109
14
14
Issuance of common shares related to exercise of employee
stock options
2
4
4
Comprehensive income:
Unrealized loss on interest rate swap agreement
(4
)
(4
)
Recognition of unrealized loss on interest rate swap
agreement upon extinguishment of former senior
secured credit facilities
4
4
Net income
153
153
Comprehensive income
153
Compensation expense related to New SAC
17
17
Balance at June 28, 2002
400
—
2
—
598
—
43
641
Net income and comprehensive Income
642
642
Issuance of common shares related to exercise of employee
stock options
13
29
29
Sale of XIOtech to New SAC in exchange for $32 note
payable distributed to shareholders
(1
)
(1
)
Distributions to shareholders
(288
)
(288
)
Issuance of common shares in initial public offering
24
270
270
Conversion of preferred shares into common shares upon
initial public offering
(400
)
400
Compensation expense related to New SAC
11
11
Deferred compensation
11
(11
)
—
Amortization of deferred compensation
2
2
Compensation expense related to executive terminations
10
10
Balance at June 27, 2003
—
—
439
—
640
(9
)
685
1,316
Comprehensive income:
Unrealized loss on marketable securities
(3
)
(3
)
Net income
529
529
Comprehensive income:
526
Issuance of common shares related to employee stock options
and employee stock purchase plan
21
96
96
Distributions to shareholders
(90
)
(90
)
Compensation expense related to New SAC
2
2
Amortization of deferred compensation
3
3
Compensation expense related to executive terminations
2
2
Balance at July 2, 2004
—
$
—
460
$
—
$
650
$
(6
)
$
1,211
$
1,855