NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions)
March 1, May 25,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $777.1 $736.8
Receivables 82.6 137.3
Inventories 149.6 148.6
Deferred tax assets 82.6 82.9
Other current assets 44.1 66.0
Total current assets 1,136.0 1,171.6
Net property, plant and equipment 542.0 557.3
Goodwill 60.5 60.5
Deferred tax assets 273.4 247.5
Other assets 101.5 112.2
Total assets $2,113.4 $2,149.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $187.5 $62.5
Accounts payable 47.6 53.5
Accrued expenses 119.9 180.3
Income taxes payable 33.4 12.3
Total current liabilities 388.4 308.6
Long-term debt 1,244.4 1,414.8
Long-term income taxes payable 158.8 143.4
Other non-current liabilities 69.1 85.4
Total liabilities 1,860.7 1,952.2
Commitments and contingencies
Shareholders' equity:
Common stock of $0.50 par value 114.8 116.3
Additional paid-in-capital 25.7 -
Retained earnings 199.5 167.4
Accumulated other comprehensive loss (87.3) (86.8)
Total shareholders' equity 252.7 196.9
Total liabilities and shareholders' equity $2,113.4 $2,149.1
NATIONAL SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
March 1, Feb. 24,
2009 2008
Cash flows from operating activities:
Net income $137.0 $249.1
Adjustments to reconcile net income with
net cash provided by operating activities:
Depreciation and amortization 92.0 99.7
Share-based compensation 53.8 70.0
Excess tax benefit from share-based payment
arrangements (4.4) (13.8)
Tax benefit associated with stock options 6.8 23.5
Loss on investments 14.1 7.1
Loss (gain) on disposal of equipment 0.3 (0.2)
Non-cash restructuring (release) expenses (2.1) 4.5
Other, net 1.9 2.3
Changes in certain assets and liabilities, net:
Receivables 52.2 (3.0)
Inventories (1.2) 29.8
Other current assets 0.5 21.5
Accounts payable and accrued expenses (56.1) 35.8
Current and deferred income taxes 30.3 20.2
Other non-current liabilities (32.9) (28.4)
Net cash provided by operating activities 292.2 518.1
Cash flows from investing activities:
Purchase of property, plant and equipment (75.7) (79.3)
Proceeds from sale of property, plant,
and equipment 1.0 16.5
Proceeds from sale of investments - 0.2
Funding of benefit plan (6.2) (4.7)
Redemption and net realized losses (gains)
of benefit plan 10.4 (0.8)
Other, net 0.7 (1.9)
Net cash used in investing activities (69.8) (70.0)
Cash flows from financing activities:
Proceeds from unsecured senior notes, net
of issuance costs - 992.9
Proceeds from bank borrowings, net of
issuance costs - 1,996.5
Repayment of bank borrowing (47.0) (1,531.2)
Payment on software license obligations - (8.7)
Excess tax benefit from share-based
payment arrangements 4.4 13.8
Minimum tax withholding paid on behalf of
employees for net share settlements (0.2) (14.2)
Issuance of common stock 35.1 81.2
Purchase and retirement of treasury stock (128.4) (1,899.8)
Cash dividends declared and paid (46.0) (36.2)
Net cash used in financing activities (182.1) (405.7)
Net change in cash and cash equivalents 40.3 42.4
Cash and cash equivalents at beginning of
Period 736.8 828.6
Cash and cash equivalents at end of period $777.1 $871.0
