Seagate 2013 Annual Report Download - page 57

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Table of Contents
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 28, 2013 as a result of net
cash provided by operating activities and the proceeds from the issuance of $800 million of our 3.75% Senior Notes due 2018 and $1 billion of
our 4.75% Senior Notes due 2025. These cash inflows were partially offset by repurchases of our ordinary shares, redemption and repurchase of
certain of our long-term debt, capital expenditures, dividends paid to our shareholders and the acquisition of Xyratex.
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 2014 was approximately $2.6 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, and:
• a decrease of $217 million in vendor non-trade receivables primarily related to a change in the contractual relationship with some
of our contract manufacturers which reduced the volume of components we sold to them;
• a decrease of $190 million in accounts payable due to a change in the contractual relationship with some of our contract
manufacturers which resulted in a reduction in direct materials purchased and subsequently sold to our contract manufacturers;
and
• a decrease of $104 million in restricted cash and investments primarily due to the restricted cash and investments held in a rabbi
trust being replaced with a standby letter of credit.
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;
53
As of
(Dollars in millions)
June 27,
2014
June 28,
2013
Change
Cash and cash equivalents
$
2,634
$
1,708
$
926
Short
-
term investments
20
480
(460
)
Restricted cash and investments
101
(97
)
1
1
1
1
1
1
1
1
Total
$
2,658
$
2,289
$
369
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Fiscal Years Ended
(Dollars in millions)
June 27,
2014
June 28,
2013
June 29,
2012
Net cash flow provided by (used in):
Operating activities
$
2,558
$
3,047
$
3,262
Investing activities
(322
)
(825
)
(1,114
)
Financing activities
(1,311
)
(2,222
)
(3,118
)
Effect of foreign currency exchange rates
1
1
—
Net increase (decrease) in cash and cash
equivalents
$
926
$
1
$
(970
)
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1