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Table of Contents
SEAGATE TECHNOLOGY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
See notes to consolidated financial statements.
65
Fiscal
Year Ended
July 1,
2005
Fiscal
Year Ended
July 2,
2004
Fiscal
Year Ended
June 27,
2003
OPERATING ACTIVITIES
Net income
$
707
$
529
$
641
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
466
422
443
Deferred income taxes
11
16
(15
)
VERITAS tax indemnification
—
(
125
)
—
Other non
-
cash operating activities, net
8
1
34
Changes in operating assets and liabilities:
Accounts receivable
(403
)
(80
)
(8
)
Inventories
18
(130
)
5
Accounts payable
368
89
(99
)
Accrued expenses, employee compensation and warranty
142
(44
)
63
Accrued income taxes
13
(6
)
9
Accrued deferred compensation
—
—
(
147
)
Other assets and liabilities
98
(37
)
(44
)
Net cash provided by operating activities
1,428
635
882
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
(691
)
(605
)
(516
)
Purchases of short
-
term investments
(4,796
)
(4,143
)
(3,408
)
Maturities and sales of short
-
term investments
4,465
3,822
3,194
Sale of Xiotech, net of repayment of intercompany debt
—
—
8
Sale of Reynosa facility
—
—
28
Other investing activities, net
(47
)
(36
)
(60
)
Net cash used in investing activities
(1,069
)
(962
)
(754
)
FINANCING ACTIVITIES
Repayment of long
-
term debt
(3
)
(6
)
(2
)
Issuance of common shares in initial public offering
—
—
270
Proceeds from exercise of employee stock options and employee stock purchase
plan
90
96
29
Dividends to shareholders
(122
)
(90
)
(288
)
Net cash provided by (used in) financing activities
(35
)
—
9
Increase (decrease) in cash and cash equivalents
324
(327
)
137
Cash and cash equivalents at the beginning of the period
422
749
612
Cash and cash equivalents at the end of the period
$
746
$
422
$
749
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
$
48
$
43
$
49
Cash paid for income taxes, net of refunds
9
13
27