Seagate 2011 Annual Report Download - page 61
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Table of Contents
Cash Requirements and Commitments
Our liquidity requirements are primarily to meet our working capital, research and development and capital expenditure needs, to fund
scheduled payments of principal and interest on our indebtedness, and to fund our dividend. Our ability to fund these requirements will depend
on our future cash flows, which are determined by future operating performance, and therefore, subject to prevailing global macroeconomic
conditions and financial, business and other factors, some of which are beyond our control.
On July 25, 2012, our Board of Directors approved a cash dividend of $0.32 per share, which will be payable on August 26, 2012 to
shareholders of record as of the close of business on August 5, 2012.
As of June 29, 2012, we were in compliance with all of the covenants under our debt agreements. Based on our current outlook, we expect
to be in compliance with the covenants of our debt agreements over the next 12 months.
The carrying value of our long-term debt as of June 29, 2012 and July 1, 2011 was $2.9 billion and $3.5 billion, respectively. The table
below presents the principal amounts of our outstanding long-term debt in order of maturity:
During fiscal year 2012, we repurchased approximately 101 million of our ordinary shares. See "Item 5. Market for Registrant's Shares,
Related Shareholder Matters and Issuer Purchases of Equity Securities-Repurchases of Our Equity Securities."
For fiscal year 2013, we expect capital investment to be below the historical targeted range of 6-8% of revenue. We require substantial
amounts of cash to fund scheduled payments of principal and interest on our indebtedness, future capital expenditures and any increased working
capital requirements. We will continue to evaluate and manage the retirement and replacement of existing debt and associated obligations,
including the issuance of new debt securities, exchanging existing debt securities for other debt securities and retiring debt pursuant to privately
negotiated transactions, open market purchases or otherwise. In addition, we may selectively pursue strategic alliances, acquisitions and
investments, which may require additional capital.
57
As of
(Dollars in millions)
June 29,
2012
July 1,
2011
Change
6.375% Senior Notes due October 2011
$
—
$
559
$
(559
)
10.0% Senior Secured Second
-
Priority Notes due
May 2014
319
416
(97
)
6.8% Senior Notes due October 2016
600
600
—
7.75% Senior Notes due December 2018
750
750
—
6.875% Senior Notes due May 2020
600
600
—
7.00% Senior Notes due November 2021
600
600
—
Total
$
2,869
$
3,525
$
(656
)