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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended June 30, 2006
108
Seagate
Technology
HDD
Combined
Seagate
Parent Company
Subsidiary
Non-
Technology
Guarantor
Issuer
Guarantors
Eliminations
Consolidated
(In millions)
Operating Activities
Net Income
$
840
$
983
$
881
$
(1,864
)
$
840
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation and amortization
—
—
612
—
612
Stock
-
based compensation
—
—
90
—
90
Tax benefit from exercise of stock options
—
—
(
44
)
—
(
44
)
Equity in income of HDD
(983
)
—
—
983
—
Equity in income of Non
-
Guarantors
143
(1,024
)
—
881
—
Other non
-
cash operating activities, net
—
2
33
—
35
Changes in operating assets and liabilities, net
(3
)
(3
)
(70
)
—
(
76
)
Net cash provided by (used in) operating activities
(3
)
(42
)
1,502
—
1,457
Investing Activities
Acquisition of property, equipment and leasehold
improvements
—
—
(
1,008
)
—
(
1,008
)
Purchase of short
-
term investments
—
—
(
3,220
)
—
(
3,220
)
Maturities and sales of short
-
term investments
—
—
3,528
—
3,528
Net cash acquired from Maxtor
—
—
297
—
297
Other investing activities, net
—
1
(159
)
—
(
158
)
Net cash provided by (used in) investing activities
—
1
(562
)
—
(
561
)
Financing Activities
Repayment of long
-
term debt
—
(
243
)
(97
)
—
(
340
)
Issuance of common shares for employee stock plans
118
—
—
—
118
Loan from HDD to Parent
140
(140
)
—
—
—
Loan from HDD to Non
-
Guarantor
—
(
324
)
324
—
—
Loan repayment from Non
-
Guarantor to HDD
—
224
(224
)
—
—
Loan from Non
-
Guarantor to HDD
—
835
(835
)
—
—
Distribution from HDD to Parent
310
(310
)
—
—
—
Investment by Parent in Non
-
Guarantor
(20
)
—
20
—
—
Dividends to shareholders
(155
)
—
—
—
(
155
)
Tax benefit from exercise of stock options
—
—
44
—
44
Repurchases of common shares
(399
)
—
—
—
(
399
)
Net cash provided by (used in) financing activities
(6
)
42
(768
)
—
(
732
)
Increase (decrease) in cash and cash equivalents
(9
)
1
172
—
164
Cash and cash equivalents at the beginning of the
period
9
—
737
—
746
Cash and cash equivalents at the end of the Period
$
—
$
1
$
909
$
—
$
910