Western Digital 2013 Annual Report Download - page 64

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WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended
June 28,
2013
June 29,
2012
July 1,
2011
Cash flows from operating activities
Net income ...................................................................... $ 980 $1,612 $ 726
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization ..................................................... 1,233 825 602
Stock-based compensation ......................................................... 137 92 69
Deferred income taxes ............................................................ 35 34 20
Non-cash portion of employee termination benefits and other charges ........................ 19 61 —
Non-cash portion of charges related to flooding ......................................... — 119 —
Changes in:
Accounts receivable, net ........................................................ 584 162 50
Inventories .................................................................. 22 88 (17)
Accounts payable .............................................................. (511) 132 178
Accrued arbitration award ....................................................... 681 — 25
Accrued expenses .............................................................. (122) (310) 1
Accrued compensation .......................................................... 77 182 45
Other assets and liabilities ....................................................... (16) 70 (44)
Net cash provided by operating activities ......................................... 3,119 3,067 1,655
Cash flows from investing activities
Purchases of property, plant and equipment ............................................. (952) (717) (778)
Acquisitions, net .................................................................. (1) (3,526) (15)
Purchase of investments ............................................................ (17) — —
Proceeds from the sale of equipment ................................................... — 76 —
Net cash used in investing activities ............................................. (970) (4,167) (793)
Cash flows from financing activities
Issuance of stock under employee stock plans ............................................ 185 74 58
Taxes paid on vested stock awards under employee stock plans ............................... (25) (15) (8)
Excess tax benefits from employee stock plans ............................................ 45 82 —
Repurchases of common stock ........................................................ (842) (604) (50)
Dividends to shareholders ........................................................... (181) — —
Repayment of debt ................................................................ (230) (908) (106)
Proceeds from debt, net of issuance costs ................................................ — 2,775 —
Repayment of assumed debt ......................................................... — (585) —
Net cash provided by (used in) financing activities .................................. (1,048) 819 (106)
Effect of exchange rate changes on cash ................................................. — (1) —
Net increase (decrease) in cash and cash equivalents ........................................ 1,101 (282) 756
Cash and cash equivalents, beginning of year ............................................. 3,208 3,490 2,734
Cash and cash equivalents, end of year .................................................. $4,309 $ 3,208 $3,490
Supplemental disclosure of cash flow information:
Cash paid for income taxes .......................................................... $ 146 $ 16 $ 10
Cash paid for interest ............................................................... $ 49 $ 22 $ 6
Supplemental disclosure of non-cash financing activities:
Common stock issued in connection with acquisition ...................................... $ — $ 877 $ —
Accrual of cash dividend declared ..................................................... $ 59 $ — $ —
The accompanying notes are an integral part of these consolidated financial statements.
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