Seagate 2014 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2014 Seagate annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

TableofContents
•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;
•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.
CashUsedinInvestingActivities
Infiscalyear2015,weused$1.3billionfornetcashinvestingactivities,whichwasprimarilyduetopaymentsforproperty,equipmentandleasehold
improvementsofapproximately$747millionandtheacquisitionofLSI'sFlashBusiness,for$450million.
Infiscalyear2014,weused$0.3billionfornetcashinvestingactivities,whichwasprimarilyduetopaymentsforproperty,equipmentandleasehold
improvementsofapproximately$559millionandtheacquisitionofXyratex,for$285million,partiallyoffsetby$508millionofproceedsfromsalesofshort-term
investments.
Infiscalyear2013,weused$0.8billionfornetcashinvestingactivities,whichwasprimarilyduetopaymentsforproperty,equipmentandleasehold
improvements.
CashUsedinFinancingActivities
Netcashusedinfinancingactivitiesof$1.5billionforfiscalyear2015wasprimarilyattributabletothefollowingactivities:
•$1.1billionpaidtorepurchase19millionofourordinaryshares;
•$1.0billionfortherepurchaseandredemptionoflongtermdebt;
•$0.7billionindividendspaidtoourshareholders;partiallyoffsetby
•proceedsof$1.2billionfromaggregatecashgeneratedfromtheissuanceofour5.75%SeniorNotesdue2034and4.875%SeniorNotesdue2027.
Netcashusedinfinancingactivitiesof$1.3billionforfiscalyear2014wasprimarilyattributabletothefollowingactivities:
•$1.9billionpaidtorepurchase41millionofourordinaryshares;
54