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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 June 29, 2007
(In millions)
147
Seagate
Technology
Parent
Company
Guarantor
Maxtor
Subsidiary
Issuer
Combined
Non-
Guarantors
Eliminations
Seagate
Technology
Consolidated
OPERATING ACTIVITIES
Net income (loss)
$
913
$
(359
)
$
1,768
$
(1,409
)
$
913
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
—
61
790
—
851
Stock
-
based compensation
—
25
103
—
128
Allowance for doubtful accounts receivable
—
—
40
—
40
Deferred income taxes
—
1
(366
)
—
(
365
)
Redemption charge on 8% Senior Notes due 2009
—
—
19
—
19
In
-
process research and development
—
—
4
—
4
Non
-
cash portion of restructuring charges and other
—
—
19
—
19
Equity in loss of Maxtor
—
—
359
(359
)
—
Equity in (income) loss of Non
-
Guarantors
(916
)
166
(1,018
)
1,768
—
Other non
-
cash operating activities, net
—
7
10
—
17
Changes in operating assets and liabilities, net
5
(87
)
(601
)
—
(
683
)
Net cash provided by (used in) operating activities
2
(186
)
1,127
—
943
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements
—
(
3
)
(903
)
—
(
906
)
Proceeds from sales of fixed assets
—
27
28
—
55
Purchase of short
-
term investments
—
—
(
322
)
—
(
322
)
Maturities and sales of short
-
term investments
—
—
997
—
997
Acquisitions, net of cash and cash equivalents acquired
—
—
(
178
)
—
(
178
)
Other investing activities, net
—
—
(
48
)
—
(
48
)
Net cash provided by (used in) investing activities
—
24
(426
)
—
(
402
)
FINANCING ACTIVITIES
Net proceeds from issuance of long
-
term debt
—
—
1,477
—
1,477
Repayment of long
-
term debt
—
(
5
)
—
—
(
5
)
Redemption of 8% Senior Notes due 2009
—
—
(
400
)
—
(
400
)
Redemption premium on 8% Senior Notes due 2009
—
—
(
16
)
—
(
16
)
Loan from Non
-
Guarantor to Parent
1,521
—
(
1,521
)
—
—
Loan from Non
-
Guarantor to Maxtor
—
465
(465
)
—
—
Loan repayment to Non
-
Guarantor from Maxtor
—
(
324
)
324
—
—
Distribution from Non
-
Guarantor to HDD
—
—
(
1,071
)
1,071
—
Distribution to HDD from Non
-
Guarantor
—
—
1,071
(1,071
)
—
Investment by Maxtor in Non
-
Guarantor
—
(
38
)
38
—
—
Investment by Non
-
Guarantor in Maxtor
—
38
(38
)
—
—
Proceeds from exercise of employee stock options and employee stock purchase plan
219
—
—
—
219
Dividends to shareholders
(212
)
—
—
—
(
212
)
Repurchases of common shares and payments made under prepaid forward agreements
(1,526
)
—
—
—
(
1,526
)
Net cash provided by (used in) financing activities
2
136
(601
)
—
(
463
)
Increase (decrease) in cash and cash equivalents
4
(26
)
100
—
78
Cash and cash equivalents at the beginning of the period
—
29
881
—
910
Cash and cash equivalents at the end of the period
$
4
$
3
$
981
$
—
$
988