Net financial position: resources (debt), represents the balance between our total financial resources and our total financial debt. Our total financial resources include cash and cash equivalents, if any, current and non-current marketable securities excluding Micron shares received in connection with the sales of Numonyx, short-term deposits and non-current restricted cash, and our total financial debt includes if any, bank overdrafts, short-term borrowings, current portion of long-term debt and long-term debt, all as reported in our consolidated balance sheet. We believe our net financial position provides useful information for investors because it gives evidence of our global position either in terms of net indebtedness or net cash position by measuring our capital resources based on cash, cash equivalents and marketable securities and the total level of our financial indebtedness. Net financial position is not a U.S. GAAP measure.
Net Financial Position (in US$ millions) |
December 31, 2011 |
October 1, 2011 |
December 31, 2010 |
Cash and cash equivalents |
1,912 |
1,973 |
1,892 |
Marketable securities, current |
413 |
464 |
891 |
Short-term deposits |
- |
91 |
67 |
Restricted cash |
3 |
3 |
- |
Non-current restricted cash |
5 |
5 |
- |
Marketable securities, non-current |
- |
- |
72 |
Total financial resources |
2,333 |
2,536 |
2,922 |
Bank overdrafts, short-term borrowings and current portion of long-term debt |
(740) |
(840) |
(720) |
Long-term debt |
(826) |
(869) |
(1,050) |
Total financial debt |
(1,566) |
(1,709) |
(1,770) |
Net financial position |
767 |
827 |
1,152 |
|
|
|
|
Net financial position, adjusted to account for 50% investment in ST-Ericsson |
1,167 |
1,134 |
1,227 |