Western Digital 2007 Annual Report Download - page 55

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
June 29,
2007
June 30,
2006
July 1,
2005
Years Ended
Cash flows from operating activities
Net income ..................................................... $564 $395 $196
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization ...................................... 210 160 131
Stock-based compensation ......................................... 48 37 5
Deferred income taxes ............................................ (126) (22) —
Other non-cash items ............................................ — 5 —
Changes in:
Accounts receivable ............................................ (218) (77) (90)
Inventories .................................................. (53) (52) (4)
Accounts payable ............................................. 196 30 94
Accrued expenses ............................................. 6 (27) 100
Advances to suppliers .......................................... (7) (80) (13)
Prepaid expenses and other....................................... (2) (1) 2
Net cash provided by operating activities .......................... 618 368 421
Cash flows from investing activities
Capital expenditures ............................................... (324) (268) (194)
Purchases of short-term investments.................................... (68) (109) (95)
Redemption of short-term investments .................................. 9 74 15
Net cash used in investing activities .............................. (383) (303) (274)
Cash flows from financing activities
Issuance of common stock under employee plans ........................... 30 78 58
Repurchase of common stock ........................................ (73) (54) (45)
Repayment of long-term debt ........................................ (43) (23) (20)
Net cash provided by (used in) financing activities .................... (86) 1 (7)
Net increase in cash and cash equivalents ................................ 149 66 140
Cash and cash equivalents, beginning of year ............................. 551 485 345
Cash and cash equivalents, end of year .................................. $700 $551 $485
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes ............................. $ 8 $ 5 $ 5
Cash paid during the period for interest ................................. $ 3 $ 2 $ 3
Supplemental disclosure of non-cash investing and financing activities:
Equipment acquired under capital lease ................................. $ 21 $ 15 $ 4
The accompanying notes are an integral part of these consolidated financial statements.
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