Western Digital 2010 Annual Report Download - page 60

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
July 2,
2010
July 3,
2009
June 27,
2008
Years Ended
Cash flows from operating activities
Net income .................................................... $1,382 $ 470 $ 867
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization ..................................... 510 479 413
Stock-based compensation ........................................ 60 47 37
Deferred income taxes........................................... 27 24 (2)
Loss on investments ............................................ — 10 13
Acquired in-process research and development ......................... — 14 49
Non-cash portion of restructuring and other, net ........................ — 63 —
Changes in:
Accounts receivable, net ....................................... (330) 92 (194)
Inventories ................................................. (148) 88 8
Accounts payable ............................................ 270 (33) 114
Accrued expenses ............................................ 67 23 38
Other assets and liabilities ...................................... 104 28 56
Net cash provided by operating activities ......................... 1,942 1,305 1,399
Cash flows from investing activities
Purchases of property and equipment .................................. (737) (519) (615)
Proceeds from the sale of property and equipment ........................ — 29 —
Acquisitions, net of cash acquired .................................... (253) (63) (927)
Purchases of investments .......................................... — — (105)
Sales and maturities of investments ................................... 4 2 326
Net cash used in investing activities . ............................ (986) (551) (1,321)
Cash flows from financing activities
Issuance of stock under employee stock plans ............................ 79 28 65
Taxes paid on vested stock awards under employee stock plans ................ (17) (5) (5)
Increase (decrease) in excess tax benefits from employee stock plans ............ 4 (24) 89
Repurchases of common stock ....................................... — (36) (60)
Repayment of acquired convertible debentures ........................... — — (250)
Proceeds from debt .............................................. — — 1,510
Repayment of debt .............................................. (82) (27) (1,023)
Net cash provided by (used in) financing activities ................... (16) (64) 326
Net increase in cash and cash equivalents . . . ............................ 940 690 404
Cash and cash equivalents, beginning of year ............................ 1,794 1,104 700
Cash and cash equivalents, end of year ................................. $2,734 $1,794 $ 1,104
Supplemental disclosure of cash flow information:
Cash paid for income taxes ......................................... $ 7 $ 11 $ 11
Cash paid for interest ............................................. $ 8 $ 14 $ 33
Supplemental disclosure of non-cash investing and financing activities:
Acquired convertible debentures ..................................... — — $ 248
The accompanying notes are an integral part of these consolidated financial statements.
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