Seagate 2015 Annual Report Download - page 58
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Infiscalyear2015,weused$1.3billionfornetcashinvestingactivities,whichwasprimarilyduetopaymentsforthepurchaseofproperty,equipmentand
leaseholdimprovementsofapproximately$747millionandtheacquisitionofLSI'sFlashBusinessfor$450million.
Infiscalyear2014,weused$0.3billionfornetcashinvestingactivities,whichwasprimarilyduetopaymentsforproperty,equipmentandleasehold
improvementsofapproximately$559millionandtheacquisitionofXyratexfor$285million,partiallyoffsetby$508millionofproceedsfromsalesofshort-term
investments.
CashUsedinFinancingActivities
Netcashusedinfinancingactivitiesof$1.8billionforfiscalyear2016wasprimarilyattributabletothefollowingactivities:
•$1.1billionpaidtorepurchase24millionofourordinaryshares;and
•$0.7billionindividendspaidtoourshareholders.
Netcashusedinfinancingactivitiesof$1.5billionforfiscalyear2015wasprimarilyattributabletothefollowingactivities:
•$1.1billionpaidtorepurchase19millionofourordinaryshares;
•$1.0billionfortherepurchaseandredemptionoflong-termdebt;
•$0.7billionindividendspaidtoourshareholders;partiallyoffsetby
•proceedsof$1.2billionfromaggregatecashgeneratedfromtheissuanceofour5.75%SeniorNotesdue2034and4.875%SeniorNotesdue2027.
Netcashusedinfinancingactivitiesof$1.3billionforfiscalyear2014wasattributabletothefollowingactivities:
•$1.9billionpaidtorepurchase41millionofourordinaryshares;
•$0.7billionfortherepurchaseandredemptionoflong-termdebt;
•$0.6billionindividendspaidtoourshareholders;partiallyoffsetby
•proceedsof$1.8billionfromaggregatecashgeneratedfromtheissuanceofour3.75%SeniorNotesduein2018and4.75%SeniorNotesduein
2025.
LiquiditySources
OurprimarysourcesofliquidityasofJuly1,2016,consistedof:(1)approximately$1.1billionincashandcashequivalents,andshort-terminvestments,
(2)cashweexpecttogeneratefromoperationsand(3)a$700millionseniorrevolvingcreditfacility.
AsofJuly1,2016,noborrowingshadbeendrawnundertherevolvingcreditfacilityorhadbeenutilizedforlettersofcreditissuedunderthiscreditfacility.
Thelineofcreditisavailableforborrowings,subjecttocompliancewithfinancialcovenantsandothercustomaryconditionstoborrowing.
Thecreditagreementthatgovernsourrevolvingcreditfacility,asamended,containscertaincovenantsthatwemustsatisfyinordertoremainincompliance
withthecreditagreement,asamended.Theagreementincludesthreefinancialcovenants:(1)minimumcash,cashequivalentsandmarketablesecurities;(2)a
fixedchargecoverageratio;and(3)anetleverageratio.OnApril28,2016,theRevolvingCreditAgreementwasamendedinordertoincreasetheallowablenet
leverageratiotoadjustforourcurrentfinancialliquidityposition.WewereincompliancewiththemodifiedcovenantsasofJuly1,2016andexpecttobein
complianceforthenext12months.
AsofJuly1,2016,cashandcashequivalentsheldbynon-Irishsubsidiarieswas$1.1billion.ThisamountispotentiallysubjecttotaxationinIrelandupon
repatriationbymeansofadividendintoourIrishparent.However,itisourintenttoindefinitelyreinvestearningsofnon-Irishsubsidiariesoutsideof
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