Symantec 2012 Annual Report Download - page 146

SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
March 30,
2012
April 1,
2011
April 2,
2010*
(In millions)
OPERATING ACTIVITIES:
Net income ............................................................... $1,172 $ 593 $ 714
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization .............................................. 656 647 733
Amortization of discount on debt ............................................ 56 96 104
Stock-based compensation expense .......................................... 164 145 155
Loss on early extinguishment of debt ......................................... — 16 —
Impairment of intangible assets ............................................. 4 27 —
Loss and impairment of assets held for sale .................................... — 2 30
Deferred income taxes .................................................... 15 5 (41)
Excess income tax benefit from the exercise of stock options ...................... (8) (7) (13)
Net gain from sale of joint venture ........................................... (526) — —
Loss from joint venture .................................................... 27 31 39
Liquidation of foreign entities .............................................. 3 21 (47)
Other .................................................................. (1) (13) —
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net ............................................ 89 (88) (14)
Inventories ........................................................... 2 (4) 3
Accounts payable ...................................................... 30 2 4
Accrued compensation and benefits ........................................ (31) 72 (34)
Deferred revenue ...................................................... 177 442 114
Income taxes payable ................................................... 39 (128) (95)
Other assets ........................................................... (14) 6 1
Other liabilities ........................................................ 47 (71) 40
Net cash provided by operating activities .......................................... 1,901 1,794 1,693
INVESTING ACTIVITIES:
Purchases of property and equipment ........................................... (286) (268) (248)
Proceeds from sale of property and equipment ................................... — 30 45
Cash payments for acquisitions, net of cash acquired .............................. (508) (1,537) (31)
Purchases of equity investments ............................................... (10) (7) (21)
Proceeds from sale of joint venture ............................................ 530 — —
Purchases of held-to-maturity securities ......................................... (47) — (2)
Proceeds from sale of available-for-sale securities ................................ 3 20 192
Other .................................................................... — 2 —
Net cash used in investing activities .............................................. (318) (1,760) (65)
FINANCING ACTIVITIES:
Net proceeds from sales of common stock under employee stock benefit plans .......... 147 122 124
Excess income tax benefit from the exercise of stock options ........................ 8 7 13
Payments related to restricted stock units activities ................................ (41) (28) (20)
Repurchase of common stock ................................................. (893) (872) (553)
Repayment of debt ......................................................... (600) (510) —
Proceeds from debt issuance, net of discount ..................................... — 1,097 —
Proceeds from sale of bond hedge ............................................. — 13 —
Debt issuance costs ......................................................... — (10) —
Repayment of other obligations ............................................... (7) (3) (5)
Net cash used in financing activities ............................................. (1,386) (184) (441)
Effect of exchange rate fluctuations on cash and cash equivalents ...................... 15 71 49
Change in cash and cash equivalents ............................................. 212 (79) 1,236
Beginning cash and cash equivalents ............................................. 2,950 3,029 1,793
Ending cash and cash equivalents ............................................... $3,162 $ 2,950 $3,029
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) ............................................... $ 234 $ 224 $ 247
Interest expense paid ......................................................... $ 56 $ 38 $ 19
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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