Seagate 2010 Annual Report Download - page 64

Table of Contents
Our cash and cash equivalents, short-term investments and restricted cash and investments increased by $624 million from July 2, 2010
primarily as a result of net proceeds from the issuance of long-term debt of $1.3 billion, $1.3 billion in cash provided by operating activities, and
$83 million in cash received from the issuance of ordinary shares under employee stock plans. Partially offsetting this increase were
$822 million of cash paid to repurchase 56.9 million of our ordinary shares, $843 million cash paid for capital expenditures, $377 million for the
redemption of long-term debt and $74 million in dividends paid to our shareholders.
The following table summarizes results of statement of cash flows for the periods indicated:
Cash Provided by Operating Activities
Cash provided by operating activities for fiscal year 2011 was approximately $1.3 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, impairment of long-lived assets, and:
• an increase of $386 million in accounts payable due to higher direct material purchases related to an increase in volume;
• an increase of $168 million related to an increase in vendor non-trade receivables; and
•
an increase of $115 million in inventories related to an increase in volume.
Cash provided by operating activities for fiscal year 2010 was approximately $1.9 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, impairment of long-lived assets, and:
• an increase of $367 million in accounts receivable due to an increase in revenue; and
•
an increase of $170 million in inventories due to an increase in production requirements.
Cash provided by operating activities for fiscal year 2009 was approximately $823 million and includes the effects of a net loss adjusted for
non-cash items including depreciation, amortization, stock-based compensation, impairment of goodwill and other long-lived assets and the
income tax provision related to a change in our valuation allowance for deferred tax assets, and:
•
a decrease of $372 million in accounts receivable due to a decrease in revenue, improved sales linearity and a shift in channel
mix;
• a decrease of $358 million in inventories due to improved inventory and build schedule management and supply chain
improvements; and
• a decrease of $296 million in accrued employee compensation primarily due to no variable performance-based compensation
expense in fiscal year 2009.
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Fiscal Years Ended
(Dollars in millions)
July 1,
2011
July 2,
2010
July 3,
2009
Net cash flow provided by (used
in):
Operating activities
$
1,264
$
1,932
$
823
Investing activities
(981
)
(752
)
(618
)
Financing activities
131
(344
)
232
Net increase in cash and cash
equivalents
$
414
$
836
$
437