Symantec 2014 Annual Report Download - page 140
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SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
March 28,
2014
March 29,
2013
March 30,
2012
(Dollars in millions)
OPERATING ACTIVITIES:
Net income $ 898 $ 755 $ 1,187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 281 283 273
Amortization of intangible assets 210 355 380
Amortization of debt issuance costs and discounts 7 60 59
Stock-based compensation expense 156 164 164
Deferred income taxes 47 31 25
Excess income tax benefit from the exercise of stock options (17) (11) (8)
Net gain from sale of short-term investments (32) - -
Impairment of intangible assets - - 4
Net gain from sale of joint venture - - (526)
Loss from joint venture - - 27
Liquidation of foreign entities - 2 3
Other 8 14 (1)
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net 30 (107) 89
Inventories, net 10 4 2
Deferred commissions 26 17 (25)
Accounts payable (75) 33 30
Accrued compensation and benefits (58) 12 (31)
Deferred revenue (223) 119 177
Income taxes payable 7 (31) 39
Other assets (21) (68) (14)
Other liabilities 27 (39) 47
Net cash provided by operating activities 1,281 1,593 1,901
INVESTING ACTIVITIES:
Purchases of property and equipment (260) (336) (286)
Cash payments for acquisitions, net of cash acquired (17) (28) (508)
Purchases of equity investments - - (10)
Proceeds from sale of joint venture - - 530
Purchases of short-term investments (492) - (47)
Proceeds from maturity and sales of short-term investments 186 46 3
Other - (1) -
Net cash used in investing activities (583) (319) (318)
FINANCING ACTIVITIES:
Repayments of debt and other obligations (1,189) - (607)
Proceeds from convertible note hedge 189 - -
Net proceeds from sales of common stock under employee stock benefit plans 234 281 147
Excess income tax benefit from the exercise of stock options 17 11 8
Tax payments related to restricted stock units (45) (36) (41)
Dividends paid, net (418) - -
Repurchases of common stock (500) (826) (893)
Purchase of additional equity interest in subsidiary - (111) -
Proceeds from debt issuance, net of discount - 996 -
Debt issuance costs - (7) -
Net cash (used in) provided by financing activities (1,712) 308 (1,386)
Effect of exchange rate fluctuations on cash and cash equivalents 36 (59) 15
Change in cash and cash equivalents (978) 1,523 212
Beginning cash and cash equivalents 4,685 3,162 2,950
Ending cash and cash equivalents $ 3,707 $4,685 $ 3,162
Income taxes paid (net of refunds) $ 224 $ 252 $ 234
Interest expense paid $ 79 $ 69 $ 56
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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