WESTERN DIGITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Years Ended
June 29,
2012
July 1,
2011
July 2,
2010
Cash flows from operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,612
$ 726
$1,382
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
825
602
510
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92
69
60
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
20
27
Non-cash portion of charges related to flooding . . . . . . . . . . . . . . . . . . . . . . . . . . .
119
--
--
Non-cash portion of impairment and other charges . . . . . . . . . . . . . . . . . . . . . . . . .
61
--
--
Changes in:
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
162
50
(330)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88
(17)
(148)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132
178
270
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(128)
71
67
Other assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
(44)
104
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,067
1,655
1,942
Cash flows from investing activities
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(717)
(778)
(737)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,526)
(15)
(253)
Proceeds from the sale of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
--
--
Sales and maturities of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--
--
4
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,167)
(793)
(986)
Cash flows from financing activities
Issuance of stock under employee stock plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
58
79
Taxes paid on vested stock awards under employee stock plans . . . . . . . . . . . . . . . . . .
(15)
(8)
(17)
Excess tax benefits from employee stock plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
--
4
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(604)
(50)
--
Proceeds from debt, net of issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,775
--
--
Repayment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(908)
(106)
(82)
Repayment of assumed debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(585)
--
--
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . .
819
(106)
(16)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
--
--
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . .
(282)
756
940
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,490
2,734
1,794
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 3,208
$3,490
$2,734
Supplemental disclosure of cash flow information:
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
16
$
10
$
7
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
22
$
6
$
8
Supplemental disclosure of non-cash financing activities:
Common stock issued in connection with acquisition . . . . . . . . . . . . . . . . . . . . . . . . .
$
877
$
--
$
--
The accompanying notes are an integral part of these consolidated financial statements.
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