CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
|
Three Months Ended | ||||
|
March 31, |
|
December 31, |
|
March 26, |
|
2012 |
|
2011 |
|
2011 |
|
(in thousands) | ||||
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ 54,517 |
|
$ 88,130 |
|
$ 136,276 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Stock-based compensation |
22,038 |
|
23,474 |
|
21,228 |
Depreciation and amortization |
53,476 |
|
51,995 |
|
50,684 |
Deferred taxes |
(9,942) |
|
(368) |
|
15,733 |
In-process research and development |
1,600 |
|
- |
|
- |
(Gain) Loss from sale of property, plant and equipment |
(6,487) |
|
124 |
|
(51) |
Gain from discontinued operations |
(45,372) |
|
- |
|
- |
Gain from sale of equity investments |
- |
|
(1,811) |
|
- |
Tax shortfall (benefit) related to stock-based compensation plans |
2,957 |
|
(2,581) |
|
33,411 |
Impairment of long-lived assets |
7,712 |
|
- |
|
- |
Excess tax benefit related to stock-based compensation |
(5,172) |
|
(4,242) |
|
(4,229) |
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
(50,026) |
|
82,760 |
|
(11,327) |
Inventories |
12,412 |
|
19,045 |
|
(17,673) |
Other current assets |
2,332 |
|
(1,615) |
|
44,654 |
Accounts payable |
27,228 |
|
(18,397) |
|
10,952 |
Income taxes payable |
98,321 |
|
12,619 |
|
(70,201) |
Deferred income on shipments to distributors |
(2,407) |
|
(3,444) |
|
1,306 |
All other accrued liabilities |
33,312 |
|
3,631 |
|
45,934 |
Net cash provided by operating activities |
196,499 |
|
249,320 |
|
256,697 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Payments for property, plant and equipment |
(70,053) |
|
(68,361) |
|
(29,593) |
Proceeds from sales of property, plant and equipment |
13,774 |
|
1,709 |
|
80 |
Acquisitions |
- |
|
(12,018) |
|
- |
Discontinued operations |
56,607 |
|
- |
|
- |
Purchases of equity investments |
(1,980) |
|
- |
|
(49,787) |
Purchases of available-for-sale securities |
- |
|
(25,108) |
|
- |
Proceeds from sales of equity securities |
- |
|
3,225 |
|
- |
Net cash used in investing activities |
(1,652) |
|
(100,553) |
|
(79,300) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Dividends paid |
(64,384) |
|
(64,158) |
|
(62,323) |
Repayment of notes payable |
- |
|
(4,189) |
|
- |
Repurchase of common stock |
(28,970) |
|
(72,486) |
|
(46,689) |
Issuance of ESPP |
- |
|
14,906 |
|
- |
Proceeds from stock options exercised |
20,395 |
|
12,013 |
|
6,197 |
Other |
(2,497) |
|
(3,734) |
|
(4,003) |
Net cash used in financing activities |
(75,456) |
|
(117,648) |
|
(106,818) |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
119,391 |
|
31,119 |
|
70,579 |
Cash and cash equivalents: |
|
|
|
|
|
Beginning of period |
741,160 |
|
710,041 |
|
798,344 |
End of period |
$ 860,551 |
|
$ 741,160 |
|
$ 868,923 |
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$ 935,956 |
|
$ 816,535 |
|
$ 918,847 |
|
|
|
|
|
|
|
|
|
|
|
|