|
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
|
(Unaudited) | |||||
|
|
Three Months Ended | ||||
|
|
September 29, |
|
June 30, |
|
September 24, |
|
|
2012 |
|
2012 |
|
2011 |
|
|
(in thousands) | ||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
$ 127,888 |
|
$ 110,634 |
|
$ 133,446 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Stock-based compensation |
22,497 |
|
20,890 |
|
23,465 |
|
Depreciation and amortization |
53,674 |
|
53,554 |
|
52,071 |
|
Deferred taxes |
22,772 |
|
1,224 |
|
39,845 |
|
Loss (Gain) from sale of property, plant and equipment |
(51) |
|
(1,412) |
|
127 |
|
Tax benefit related to stock-based compensation |
1,335 |
|
1,309 |
|
1,428 |
|
Impairment of long-lived assets |
2,707 |
|
22,933 |
|
- |
|
Excess tax benefit related to stock-based compensation |
(5,219) |
|
(5,247) |
|
(2,821) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
923 |
|
(21,206) |
|
(30,790) |
|
Inventories |
(16,015) |
|
(22,090) |
|
(9,799) |
|
Other current assets |
(7,839) |
|
(5,634) |
|
(11,840) |
|
Accounts payable |
(26,466) |
|
11,802 |
|
4,882 |
|
Income taxes payable |
10,461 |
|
20,329 |
|
3,698 |
|
Deferred income on shipments to distributors |
745 |
|
(2,449) |
|
(2,301) |
|
All other accrued liabilities |
(50,667) |
|
5,457 |
|
(80,602) |
|
Net cash provided by operating activities |
136,745 |
|
190,094 |
|
120,809 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Payments of property, plant and equipment |
(50,703) |
|
(76,610) |
|
(49,324) |
|
Proceeds from sales of property, plant and equipment |
344 |
|
1,400 |
|
- |
|
Acquisitions |
- |
|
(2,257) |
|
(154,269) |
|
Investment in privately-held companies |
- |
|
(1,500) |
|
- |
|
Net cash used in investing activities |
(50,359) |
|
(78,967) |
|
(203,593) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Excess tax benefit from stock-based compensation plan |
5,219 |
|
5,247 |
|
2,821 |
|
Dividends paid |
(70,199) |
|
(64,408) |
|
(64,781) |
|
Repayment of notes payable |
(224) |
|
(400) |
|
(16,217) |
|
Repurchase of common stock |
(65,149) |
|
(56,282) |
|
(88,674) |
|
Issuance of ESPP |
- |
|
18,807 |
|
- |
|
Net issuance of restricted stock units |
(7,107) |
|
(6,929) |
|
(7,016) |
|
Proceeds from stock options exercised |
19,864 |
|
13,347 |
|
4,151 |
|
Net cash used in financing activities |
(117,596) |
|
(90,618) |
|
(169,716) |
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(31,210) |
|
20,509 |
|
(252,500) |
|
Cash and cash equivalents: |
|
|
|
|
|
|
Beginning of period |
881,060 |
|
860,551 |
|
962,541 |
|
End of period |
$ 849,850 |
|
$ 881,060 |
|
$ 710,041 |
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$ 925,133 |
|
$ 956,386 |
|
$ 760,340 |
|
|
|
|
|
|
|
