Exhibit 99.3
TYCO ELECTRONICS LTD.
COMBINED STATEMENTS OF CASH FLOWS
Fiscal Years Ended September 29, 2006, September 30, 2005, and September 30, 2004
|
| Fiscal |
| |||||||
|
| 2006 |
| 2005 |
| 2004 |
| |||
|
| (in millions) |
| |||||||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
| |||
Net income |
| $ | 1,193 |
| $ | 1,144 |
| $ | 762 |
|
Income from discontinued operations, net of income taxes |
| (13 | ) | (122 | ) | (4 | ) | |||
Cumulative effect of accounting change, net of income taxes |
| 8 |
| (11 | ) | — |
| |||
Income from continuing operations |
| 1,188 |
| 1,011 |
| 758 |
| |||
Adjustments to reconcile net cash provided by operating activities: |
|
|
|
|
|
|
| |||
Non-cash restructuring and other credits, net |
| 6 |
| (16 | ) | (35 | ) | |||
Gain on divestiture |
| — |
| (301 | ) | — |
| |||
Depreciation and amortization |
| 484 |
| 490 |
| 465 |
| |||
Deferred income taxes |
| (51 | ) | (54 | ) | 159 |
| |||
Provision for losses on accounts receivable and inventory |
| 70 |
| 75 |
| 52 |
| |||
Loss on retirement of debt |
| — |
| — |
| 38 |
| |||
Allocated loss on retirement of debt |
| — |
| 365 |
| 64 |
| |||
Goodwill impairment |
| 316 |
| — |
| — |
| |||
Other |
| 9 |
| 10 |
| 14 |
| |||
Changes in assets and liabilities, net of the effects of acquisitions and divestitures: |
|
|
|
|
|
|
| |||
Accounts receivable, net |
| (134 | ) | (484 | ) | (169 | ) | |||
Repurchase of accounts receivable |
| — |
| — |
| (156 | ) | |||
Inventories |
| (334 | ) | 49 |
| (99 | ) | |||
Other current assets |
| (65 | ) | 43 |
| — |
| |||
Accounts payable |
| 262 |
| 188 |
| 104 |
| |||
Accrued and other liabilities |
| 91 |
| 23 |
| (28 | ) | |||
Income taxes |
| (179 | ) | 135 |
| 115 |
| |||
Deferred revenue |
| (5 | ) | 48 |
| 5 |
| |||
Long-term pension and postretirement liabilities |
| 25 |
| 45 |
| (151 | ) | |||
Other |
| (18 | ) | (81 | ) | 4 |
| |||
Net cash provided by operating activities |
| 1,665 |
| 1,546 |
| 1,140 |
| |||
Net cash (used in) provided by discontinued operating activities |
| (2 | ) | (35 | ) | 142 |
| |||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
| |||
Capital expenditures |
| (555 | ) | (476 | ) | (405 | ) | |||
Proceeds from sale of property, plant, and equipment |
| 12 |
| 23 |
| 30 |
| |||
Acquisition of businesses, net of cash acquired |
| (23 | ) | (12 | ) | (3 | ) | |||
Purchase accounting and holdback/earn-out liabilities |
| (3 | ) | (8 | ) | (47 | ) | |||
Divestiture of businesses, net of cash retained by businesses sold |
| — |
| 130 |
| 25 |
| |||
(Increase) decrease in investments |
| (1 | ) | 66 |
| 6 |
| |||
Other |
| 27 |
| (5 | ) | 24 |
| |||
Net cash used in investing activities |
| (543 | ) | (282 | ) | (370 | ) | |||
Net cash used in discontinued investing activities |
| (96 | ) | (4 | ) | (2 | ) | |||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
| |||
Change in short-term debt, net |
| (4 | ) | (1 | ) | 8 |
| |||
Allocated debt activity |
| (731 | ) | (1,330 | ) | (1,202 | ) | |||
Repayment of long-term debt |
| (113 | ) | (114 | ) | (318 | ) | |||
Change in parent company investment |
| (74 | ) | 85 |
| 844 |
| |||
Transfers from (to) discontinued operations |
| 2 |
| (16 | ) | 73 |
| |||
Minority interest distributions paid |
| (12 | ) | (12 | ) | (34 | ) | |||
Net cash used in financing activities |
| (932 | ) | (1,388 | ) | (629 | ) | |||
Net cash provided by (used in) discontinued financing activities |
| 104 |
| 35 |
| (149 | ) | |||
Effect of currency translation on cash |
| (1 | ) | 11 |
| 6 |
| |||
Net increase (decrease) in cash and cash equivalents |
| 195 |
| (117 | ) | 138 |
| |||
Less: net (increase) decrease in cash related to discontinued operations |
| (6 | ) | 4 |
| 9 |
| |||
Cash and cash equivalents at beginning of fiscal year |
| 280 |
| 393 |
| 246 |
| |||
Cash and cash equivalents at end of fiscal year |
| $ | 469 |
| $ | 280 |
| $ | 393 |
|