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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
18. Condensed Consolidating Financial Information (Continued)
Consolidating Statement of Cash Flows
Fiscal Year Ended July 3, 2009
(In millions)
134
Seagate
Technology
Parent
Company
Guarantor
HDD
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
OPERATING ACTIVITIES
Net income (loss)
$
(3,086
)
$
(3,086
)
$
(3,079
)
$
6,165
$
(3,086
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
—
—
931
—
931
Stock
-
based compensation
—
—
83
—
83
Impairment of goodwill and other long
-
lived assets
—
—
2,290
—
2,290
Allowance for doubtful accounts receivable, net of recoveries
—
—
4
—
4
Deferred income taxes
—
—
306
—
306
In
-
process research and development
—
—
—
—
—
Equity in (income) loss of HDD
3,086
—
—
(
3,086
)
—
Equity in (income) loss of Non
-
Guarantors
—
2,995
82
(3,077
)
—
Other non
-
cash operating activities, net
—
1
(6
)
—
(
5
)
Changes in operating assets and liabilities, net
(1
)
1
300
—
300
Net cash provided by (used in) operating activities
(1
)
(89
)
911
2
823
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
—
—
(
633
)
—
(
633
)
Proceeds from sales of fixed assets
—
—
7
—
7
Purchase of short
-
term investments
—
—
(
155
)
—
(
155
)
Maturities and sales of short
-
term investments
—
—
192
—
192
Increase in restricted cash and investments
—
—
(
128
)
—
(
128
)
Proceeds from sales of deferred compensation plan investments
—
—
85
—
85
Other investing activities, net
—
—
14
—
14
Net cash provided by (used in) investing activities
—
—
(
618
)
—
(
618
)
FINANCING ACTIVITIES
Proceeds from short
-
term borrowings
—
350
—
—
350
Net proceeds from issuance of long
-
term debt
—
—
399
—
399
Repayment of long
-
term debt
—
—
(
55
)
—
(
55
)
Increase in restricted cash and investments
—
—
(
380
)
—
(
380
)
Loan from HDD to Parent
94
(94
)
—
—
—
Loan from HDD to Non
-
Guarantor
—
(
281
)
281
—
—
Loan from HDD to Non
-
Guarantor
—
—
2
(2
)
—
Distribution from Non
-
Guarantor to HDD
—
124
(124
)
—
—
Investment by HDD in Non
-
Guarantor
—
(
6
)
6
—
—
Proceeds from exercise of employee stock options and employee stock purchase plan
54
—
—
—
54
Dividends to shareholders
(132
)
—
—
—
(
132
)
Other financing activities, net
—
(
4
)
—
—
(
4
)
Net cash provided by (used in) financing activities
16
89
129
(2
)
232
Increase (decrease) in cash and cash equivalents
15
—
422
—
437
Cash and cash equivalents at the beginning of the period
3
—
987
—
990
Cash and cash equivalents at the end of the period
$
18
$
—
$
1,409
$
—
$
1,427