Seagate 2006 Annual Report Download - page 118
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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended June 29, 2007
115
Seagate
Technology
Parent
Maxtor
Combined
Seagate
Company
Subsidiary
Non
-
Technology
Guarantor
Issuer
Guarantors
Eliminations
Consolidated
(In millions)
Operating Activities
Net Income (Loss)
$
913
$
(359
)
$
1,768
$
(1,409
)
$
913
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization
—
61
790
—
851
Stock
-
based compensation
—
25
103
—
128
Allowance for doubtful accounts receivable
—
—
40
—
40
Deferred income taxes
—
1
(366
)
—
(
365
)
Redemption charge on 8% Senior Notes due 2009
—
—
19
—
19
In
-
process research and development
—
—
4
—
4
Non
-
cash portion of restructuring charges and other
—
—
19
—
19
Equity in loss of Maxtor
—
—
359
359
—
Equity in (income) loss of Non
-
Guarantors
(916
)
166
(1,018
)
1,768
—
Other non
-
cash operating activities, net
—
7
10
—
17
Changes in operating assets and liabilities, net
5
(87
)
(601
)
—
(
683
)
Net cash provided by (used in) operating activities
2
(186
)
1,127
—
943
Investing Activities
Acquisition of property, equipment and leasehold
improvements
—
(
3
)
(903
)
—
(
906
)
Proceeds from sales of fixed assets
—
27
28
—
55
Purchase of short
-
term investments
—
—
(
322
)
—
(
322
)
Maturities and sales of short
-
term investments
—
—
997
—
997
Acquisitions, net of cash and cash equivalents acquired
—
—
(
178
)
—
(
178
)
Other investing activities, net
—
—
(
48
)
—
(
48
)
Net cash (used in) provided by investing activities
—
24
(426
)
—
(
402
)
Financing Activities
Net proceeds form issuance of long
-
term debt
—
—
1,477
—
1,477
Repayment of long
-
term debt
—
(
5
)
—
—
(
5
)
Redemption of 8% Senior Notes due 2009
—
—
(
400
)
—
(
400
)
Redemption premium on 8% Senior Notes due 2009
—
—
(
16
)
—
(
16
)
Loan from Non
-
Guarantor to Parent
1,521
—
(
1,521
)
—
—
Loan from Non
-
Guarantor to Maxtor
—
465
(465
)
—
—
Loan repayment to Non
-
Guarantor from Maxtor
—
(
324
)
324
—
—
Distribution from Non
-
Guarantor to HDD
—
—
(
1,071
)
1,071
—
Distribution to HDD from Non
-
Guarantor
—
—
1,071
(1,071
)
—
Investment by Maxtor in Non
-
Guarantor
—
(
38
)
38
—
—
Investment by Non
-
Guarantor in Maxtor
—
38
(38
)
—
—
Proceeds from exercise of employee stock options and
employee stock purchase plan
219
—
—
—
219
Dividends to shareholders
(212
)
—
—
—
(
212
)
Repurchases of common shares and payments made under
prepaid forward agreements
(1,526
)
—
—
—
(
1,526
)
Net cash provided by (used in) financing activities
2
136
(601
)
—
(
463
)
Increase (decrease) in cash and cash equivalents
4
(26
)
100
—
78
Cash and cash equivalents at the beginning of the period
—
29
881
—
910
Cash and cash equivalents at the end of the period
$
4
$
3
$
981
$
—
$
988