Symantec 2016 Annual Report Download - page 145

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SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
April 1,
2016
April 3,
2015
March 28,
2014
(Dollars in millions)
OPERATING ACTIVITIES:
Net income $ 2,488 $ 878 $ 898
Income from discontinued operations, net of income taxes (3,309) (769) (807)
Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:
Depreciation 213 229 236
Amortization of intangible assets 86 122 131
Amortization of debt issuance costs and discounts 5 4 7
Stock-based compensation expense 161 131 105
Deferred income taxes 1,082 (29) 46
Excess income tax benefit from the exercise of stock options (6) (10) (17)
Net gain from sale of short-term investments - - (32)
Other 13 8 7
Net change in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net 38 (35) 36
Accounts payable (69) (73) (55)
Accrued compensation and benefits (7) 7 (83)
Deferred revenue 20 (83) (161)
Income taxes payable 693 (405) (240)
Other assets (3) 16 16
Other liabilities 51 26 21
Net cash provided by continuing operating activities 1,456 17 108
Net cash provided by (used in) discontinued operating activities (660) 1,295 1,173
Net cash provided by operating activities 796 1,312 1,281
INVESTING ACTIVITIES:
Purchases of property and equipment (272) (303) (194)
Payments for acquisitions, net of cash acquired, and purchases of intangibles (4) (39) (17)
Purchases of short-term investments (378) (1,758) (492)
Proceeds from maturities of short-term investments 1,056 681 117
Proceeds from sales of short-term investments 299 343 69
Proceeds from divestiture of information management business, net of cash contributed and
transaction costs 6,535 - -
Net cash provided by (used in) continuing investing activities 7,236 (1,076) (517)
Net cash used in discontinued investing activities (63) (78) (66)
Net cash provided by (used in) investing activities 7,173 (1,154) (583)
FINANCING ACTIVITIES:
Repayments of debt and other obligations (368) (21) (1,189)
Proceeds from issuance of Convertible Senior Notes 500 - -
Proceeds from convertible note hedge - - 189
Net proceeds from sales of common stock under employee stock benefit plans 65 116 234
Excess income tax benefit from the exercise of stock options 6 10 17
Tax payments related to restricted stock units (39) (36) (33)
Dividends and dividend equivalents paid (3,030) (413) (418)
Repurchases of common stock (1,868) (500) (500)
Proceeds from other financing, net - 44 -
Net cash used in continuing financing activities (4,734) (800) (1,700)
Net cash used in discontinued financing activities (30) (11) (12)
Net cash used in financing activities (4,764) (811) (1,712)
Effect of exchange rate fluctuations on cash and cash equivalents (96) (180) 36
Change in cash and cash equivalents 3,109 (833) (978)
Beginning cash and cash equivalents 2,874 3,707 4,685
Ending cash and cash equivalents 5,983 2,874 3,707
Less: Cash and cash equivalents of discontinued operations - 31 12
Cash and cash equivalents of continuing operations $ 5,983 $ 2,843 $ 3,695
Equity investment in Veritas received as consideration $ 149 $ - $ -
Income taxes paid, net of refunds $ 302 $ 353 $ 224
Interest expense paid $ 70 $ 75 $ 79
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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