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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
(In millions)
124
Seagate
Technology
Parent
Company
Guarantor
HDD
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
OPERATING ACTIVITIES
Net Income
$
913
$
916
$
493
$
(1,409
)
$
913
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation and amortization
—
—
851
—
851
Stock
-
based compensation
—
—
128
—
128
Allowance for doubtful accounts receivable
—
—
40
—
40
Deferred income taxes
—
—
(
365
)
—
(
365
)
Redemption charges 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 (income) of HDD
(916
)
—
—
916
—
Equity in (income) loss of Non
-
Guarantors
—
(
1,018
)
525
493
—
Other non
-
cash operating activities, net
—
1
16
—
17
Changes in operating assets and liabilities, net
5
17
(705
)
—
(
683
)
Net cash provided by (used in) operating activities
2
(65
)
1,006
—
943
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
—
—
(
906
)
—
(
906
)
Proceeds from sales of fixed assets
—
—
55
—
55
Purchase of short
-
term investments
—
(
85
)
(237
)
—
(
322
)
Maturities and sales of short
-
term investments
—
85
912
—
997
Acquisitions, net of cash and cash equivalents acquired
—
—
(
178
)
—
(
178
)
Other investing activities, net
—
1
(49
)
—
(
48
)
Net cash provided by (used in) investing activities
—
1
(403
)
—
(
402
)
FINANCING ACTIVITIES
Net proceeds from 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 HDD to Parent
1,521
(1,521
)
—
—
—
Loan repayment to HDD from Non
-
Guarantor
—
324
(324
)
—
—
Loan repayment to Non
-
Guarantor from HDD
—
(
834
)
834
—
—
Distribution from Non
-
Guarantor to HDD
—
1,071
(1,071
)
—
—
Investment by HDD in Non
-
Guarantor
—
(
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
63
(528
)
—
(
463
)
Increase (decrease) in cash and cash equivalents
4
(1
)
75
—
78
Cash and cash equivalents at the beginning of the period
—
1
909
—
910
Cash and cash equivalents at the end of the period
$
4
$
—
$
984
$
—
$
988