Western Digital 2008 Annual Report Download - page 57

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
June 27,
2008
June 29,
2007
June 30,
2006
Years Ended
Cash flows from operating activities
Net income.................................................... $ 867 $564 $395
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization .................................... 413 210 160
Acquired in-process research and development ......................... 49 — —
Stock-based compensation........................................ 37 48 37
Deferred income taxes .......................................... (2) (126) (22)
Loss on investments . . .......................................... 13 — —
Other non-cash items . .......................................... — — 5
Changes in:
Accounts receivable .......................................... (194) (218) (77)
Inventories ................................................ 8 (53) (52)
Accounts payable . . .......................................... 114 196 30
Accrued expenses . . .......................................... 38 6 (27)
Advances to suppliers ......................................... 54 (7) (80)
Prepaid expenses and other ..................................... 2 (2) (1)
Net cash provided by operating activities ......................... 1,399 618 368
Cash flows from investing activities
Acquisitions, net of cash acquired .................................... (927) — —
Purchases of property and equipment ................................. (615) (324) (268)
Purchases of investments .......................................... (105) (68) (109)
Sales and maturities of investments ................................... 326 9 74
Net cash used in investing activities............................. (1,321) (383) (303)
Cash flows from financing activities
Issuance of common stock under employee plans ......................... 60 30 78
Repurchase of common stock ....................................... (60) (73) (54)
Tax benefit from employee stock plans ................................ 89 — —
Repayment of acquired convertible debentures ........................... (250) — —
Proceeds from debt .............................................. 1,510 — —
Repayment of debt .............................................. (1,023) (43) (23)
Net cash provided by (used in) financing activities .................. 326 (86) 1
Net increase in cash and cash equivalents............................... 404 149 66
Cash and cash equivalents, beginning of year ............................ 700 551 485
Cash and cash equivalents, end of year ................................. $1,104 $ 700 $ 551
Supplemental disclosure of cash flow information:
Cash paid for income taxes ......................................... $ 11 $ 8 $ 5
Cash paid for interest. . . .......................................... $ 33 $ 3 $ 2
Supplemental disclosure of non-cash investing and financing activities:
Equipment acquired under capital lease ................................ — $ 21 $ 15
Acquired convertible debentures ..................................... $ 248 — —
The accompanying notes are an integral part of these consolidated financial statements.
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