Seagate 2012 Annual Report Download - page 56

Table of Contents
value of our cash equivalents or short-term investments and accordingly, we do not believe the fair value of our short-term investments has
significantly changed from the values reported as of June 28, 2013.
Cash and cash equivalents, short-term investments, and restricted cash and investments
Our cash and cash equivalents, short-term investments and restricted cash and investments increased from June 29, 2012 as a result of net
cash provided by operating activities and the proceeds from the issuance of $1 billion of our 4.75% notes due 2023. These cash inflows were
partially offset by our repurchases of our ordinary shares, capital expenditures, redemption and repurchase of certain of our long-term debt, and
dividends paid to our shareholders.
The following table summarizes results from the statement of cash flows for the periods indicated:
Cash Provided by Operating Activities
Cash provided by operating activities for fiscal year 2013 was approximately $3.0 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, and:
• a decrease of $661 million in accounts receivable, net, primarily due to a decrease in revenue in the fourth quarter of fiscal year
2013 compared to the prior year period;
• a decrease of $538 million in accounts payable, primarily due to a reduction in direct materials purchases due to a decrease in
build volume in the fourth quarter of fiscal year 2013 compared to the prior year period;
• a decrease of $272 million in vendor non-trade receivables primarily due to a decrease in build volumes in the fourth quarter of
fiscal year 2013 compared to the prior year period;
• a decrease of $170 million in accrued expenses, income taxes and warranty, primarily due to decreases in costs related to sales
activities resulting from lower sales volumes; and
• a decrease of $102 million in inventory, due to lower volumes in the fourth quarter of fiscal year 2013 compared to the prior year
period.
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As of
(Dollars in millions)
June 28,
2013
June 29,
2012
Change
Cash and cash equivalents
$
1,708
$
1,707
$
1
Short
-
term investments
480
411
69
Restricted cash and investments
101
93
8
Total
$
2,289
$
2,211
$
78
Fiscal Years Ended
(Dollars in millions)
June 28,
2013
June 29,
2012
July 1,
2011
Net cash flow provided by (used in):
Operating activities
$
3,047
$
3,262
$
1,264
Investing activities
(825
)
(1,114
)
(981
)
Financing activities
(2,222
)
(3,118
)
131
Effect of foreign currency exchange rates
1
—
—
Net increase (decrease) in cash and cash
equivalents
$
1
$
(970
)
$
414