Western Digital 2012 Annual Report Download - page 61

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended
June 29,
2012
July 1,
2011
July 2,
2010
Cash flows from operating activities
Net income ......................................................... $1,612 $ 726 $1,382
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization ........................................ 825 602 510
Stock-based compensation ........................................... 92 69 60
Deferred income taxes ............................................... 34 20 27
Non-cash portion of charges related to flooding ........................... 119 — —
Non-cash portion of impairment and other charges ......................... 61 — —
Changes in:
Accounts receivable, net ........................................... 162 50 (330)
Inventories ..................................................... 88 (17) (148)
Accounts payable ................................................ 132 178 270
Accrued expenses ................................................ (128) 71 67
Other assets and liabilities ......................................... 70 (44) 104
Net cash provided by operating activities ............................ 3,067 1,655 1,942
Cash flows from investing activities
Purchases of property, plant and equipment ................................ (717) (778) (737)
Acquisitions, net of cash acquired ........................................ (3,526) (15) (253)
Proceeds from the sale of equipment ...................................... 76 — —
Sales and maturities of investments ....................................... — — 4
Net cash used in investing activities ................................ (4,167) (793) (986)
Cash flows from financing activities
Issuance of stock under employee stock plans ............................... 74 58 79
Taxes paid on vested stock awards under employee stock plans .................. (15) (8) (17)
Excess tax benefits from employee stock plans .............................. 82 — 4
Repurchases of common stock ........................................... (604) (50) —
Proceeds from debt, net of issuance costs ................................... 2,775 — —
Repayment of debt ................................................... (908) (106) (82)
Repayment of assumed debt ............................................ (585) — —
Net cash provided by (used in) financing activities ..................... 819 (106) (16)
Effect of exchange rate changes on cash .................................... (1) — —
Net increase (decrease) in cash and cash equivalents .......................... (282) 756 940
Cash and cash equivalents, beginning of year ............................... 3,490 2,734 1,794
Cash and cash equivalents, end of year .................................... $3,208 $3,490 $2,734
Supplemental disclosure of cash flow information:
Cash paid for income taxes ............................................. $ 16 $ 10 $ 7
Cash paid for interest ................................................. $ 22 $ 6 $ 8
Supplemental disclosure of non-cash financing activities:
Common stock issued in connection with acquisition ......................... $ 877 $ — $ —
The accompanying notes are an integral part of these consolidated financial statements.
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