Seagate 2007 Annual Report Download - page 123
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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
—
(
Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended June 27, 2008
(In millions)
122
Seagate
Technology
Parent
Company
Guarantor
HDD
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
OPERATING ACTIVITIES
Net Income
$
1,262
$
1,263
$
1,279
$
(2,542
)
$
1,262
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation and amortization
—
—
844
—
844
Stock
-
based compensation
—
—
113
—
113
Tax benefit from exercise of stock options
—
—
(
6
)
—
(
6
)
Allowance for doubtful accounts receivable, net of recoveries
—
—
(
3
)
—
(
3
)
Deferred income taxes
—
—
10
—
10
In
-
process research and development
—
—
4
—
4
Non
-
cash portion of restructuring charges and other
—
—
2
—
2
Equity in (income) of HDD
(1,263
)
—
—
1,263
—
Equity in (income) loss of Non
-
Guarantors
—
(
1,356
)
77
1,279
—
Other non
-
cash operating activities, net
—
4
(16
)
—
(
12
)
Changes in operating assets and liabilities, net
(5
)
(4
)
333
—
324
Net cash provided by (used in) operating activities
(6
)
(93
)
2,637
—
2,538
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
—
—
(
930
)
—
(
930
)
Proceeds from sales of fixed assets
—
—
29
—
29
Purchase of short
-
term investments
—
—
(
486
)
—
(
486
)
Maturities and sales of short
-
term investments
—
—
460
—
460
Acquisitions, net of cash and cash equivalents acquired
—
—
(
78
)
—
(
78
)
Other investing activities, net
—
—
14
—
14
Net cash provided by (used in) investing activities
—
—
(
991
)
—
(
991
)
FINANCING ACTIVITIES
Net proceeds from issuance of long
-
term debt
—
—
—
—
—
Repayment of long
-
term debt
—
—
(
34
)
—
(
34
)
Loan from HDD to Parent
1,522
(1,522
)
—
—
—
Distribution from Non
-
Guarantor to HDD
—
1,620
(1,620
)
—
—
Investment by HDD in Non
-
Guarantor
—
(
5
)
5
—
—
Proceeds from exercise of employee stock options and employee stock
purchase plan
178
—
—
—
178
Dividends to shareholders
(216
)
—
—
—
(
216
)
Tax benefit from exercise of stock options
—
—
6
—
6
Repurchases of common shares
(1,479
)
—
—
—
(
1,479
)
Net cash provided by (used in) financing activities
5
93
(1,643
)
—
(
1,545
)
Increase (decrease) in cash and cash equivalents
(1
)
—
3
—
2
Cash and cash equivalents at the beginning of the period
4
—
984
—
988
Cash and cash equivalents at the end of the period
$
3
$
—
$
987
$
—
$
990