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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended July 1, 2005
110
Seagate
Technology
Parent
HDD
Combined
Seagate
Company
Subsidiary
Non
-
Technology
Guarantor
Issuer
Guarantors
Eliminations
Consolidated
(In millions)
Operating Activities
Net Income
$
707
$
707
$
741
$
(1,448
)
$
707
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation and amortization
—
—
464
—
464
Equity in income of HDD
(707
)
—
—
707
—
Equity in income of Non
-
Guarantors
—
(
741
)
—
741
—
Other non
-
cash operating activities, net
—
—
21
—
21
Changes in operating assets and liabilities, net
—
(
8
)
244
—
236
Net cash provided by (used in) operating activities
—
(
42
)
1,470
—
1,428
Investing Activities
Acquisition of property, equipment and leasehold
improvements
—
—
(
691
)
—
(
691
)
Purchase of short
-
term investments
—
—
(
4,796
)
—
(
4,796
)
Maturities and sales of short
-
term investments
—
—
4,465
—
4,465
Other investing activities, net
—
2
(49
)
—
(
47
)
Net cash provided by ( used in) investing activities
—
2
(1,071
)
—
(
1,069
)
Financing Activities
Repayment of long
-
term debt
—
(
2
)
(1
)
—
(
3
)
Issuance of common shares for employee stock plans
90
—
—
—
90
Loan from HDD to Non
-
Guarantor
—
(
1
)
1
—
—
Loan repayment from Non
-
Guarantor to HDD
—
70
(70
)
—
—
Distribution from HDD to Parent
37
(37
)
—
—
—
Investment by Parent in HDD
(10
)
10
—
—
—
Dividends to shareholders
(122
)
—
—
—
(
122
)
Net cash provided by (used in) financing activities
(5
)
40
(70
)
—
(
35
)
Increase (decrease) in cash and cash equivalents
(5
)
—
329
—
324
Cash and cash equivalents at the beginning of the period
14
—
408
—
422
Cash and cash equivalents at the end of the Period
$
9
$
—
$
737
$
—
$
746