Seagate 2006 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2006 Seagate annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

Table of Contents
SEAGATE TECHNOLOGY
CONSOLIDATED STATEMENTS OF CASH FLOWS
See notes to consolidated financial statements.
59
Fiscal
Fiscal
Fiscal
Year Ended
Year Ended
Year Ended
June 29,
June 30,
July 1,
2007
2006
2005
(In millions)
OPERATING ACTIVITIES
Net income
$
913
$
840
$
707
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
851
612
464
Stock
-
based compensation
128
90
2
Deferred income taxes
(365
)
23
11
Allowance for doubtful accounts receivable
40
—
—
Redemption charges on 8% Senior Notes due 2009
19
—
—
In
-
process research and development
4
—
—
Tax benefit from exercise of stock options
—
(
44
)
—
Non
-
cash portion of restructuring, and other
19
—
—
Other non
-
cash operating activities, net
17
12
8
Changes in operating assets and liabilities:
Accounts receivable
34
(190
)
(403
)
Inventories
106
(113
)
18
Accounts payable
(391
)
91
368
Accrued expenses, employee compensation and warranty
(465
)
120
142
Accrued income taxes
8
54
13
Other assets and liabilities
25
(38
)
98
Net cash provided by operating activities
943
1,457
1,428
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements, net
(906
)
(1,008
)
(691
)
Proceeds from sale of fixed assets
55
—
—
Purchases of short
-
term investments
(322
)
(3,220
)
(4,796
)
Maturities and sales of short
-
term investments
997
3,528
4,465
Net cash and cash equivalents acquired from Maxtor
—
297
—
Acquisitions, net of cash and cash equivalents acquired
(178
)
(28
)
—
Other investing activities, net
(48
)
(130
)
(47
)
Net cash used in investing activities
(402
)
(561
)
(1,069
)
FINANCING ACTIVITIES
Net proceeds from issuance of long
-
term debt
1,477
—
—
Repayment of long
-
term debt
(5
)
(340
)
(3
)
Redemption of 8% Senior Notes due 2009
(400
)
—
—
Redemption premium on 8% Senior Notes due 2009
(16
)
—
—
Proceeds from exercise of employee stock options and employee stock
purchase plan
219
118
90
Dividends to shareholders
(212
)
(155
)
(122
)
Tax benefit from exercise of stock options
—
44
—
Repurchases of common shares
(1,526
)
(399
)
—
Net cash used in financing activities
(463
)
(732
)
(35
)
Increase in cash and cash equivalents
78
164
324
Cash and cash equivalents at the beginning of the period
910
746
422
Cash and cash equivalents at the end of the period
$
988
$
910
$
746
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
$
88
$
38
$
48
Cash paid for income taxes, net of refunds
38
15
9