CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 30,

December 29,

March 31,

2013

2012

2012

(in thousands)

Cash flows from operating activities: 

Net income

$      131,388

$        76,622

$        54,517

Adjustments to reconcile net income to net cash provided by operating activities: 

      Stock-based compensation 

19,613

22,845

22,038

      Depreciation and amortization 

50,391

51,880

53,476

      Deferred taxes 

18,392

(12,979)

(9,942)

      Loss (gain) from sale of property, plant and equipment

(2,397)

(88)

(6,487)

      Tax benefit (shortfall) related to stock-based compensation 

1,317

5,187

2,957

      Impairment of long-lived assets

-

22,222

7,712

      Excess tax benefit from stock-based compensation

(4,297)

(6,615)

(5,172)

      In-process research and development written-off

2,800

-

1,600

      Loss (gain) on sale of discontinued operations

(3,285)

-

(45,372)

      Changes in assets and liabilities: 

          Accounts receivable 

(35,501)

51,993

(50,026)

          Inventories 

(12,143)

570

12,412

          Other current assets 

(14,653)

4,091

2,332

          Accounts payable 

10,453

(9,536)

27,228

          Income taxes payable 

9,100

37,477

98,321

          Deferred revenue on shipments to distributors 

489

(1,663)

(2,407)

          All other accrued liabilities 

40,026

13,091

33,312

Net cash provided by (used in) operating activities 

211,693

255,097

196,499

Cash flows from investing activities: 

          Payments for property, plant and equipment

(54,945)

(62,102)

(70,053)

          Proceeds from sales of property, plant and equipment

10,199

4,115

13,774

          Proceeds from sale of discontinued operations

-

-

56,607

          Purchases of available-for-sale securities

-

-

(1,980)

          Proceeds from maturity of available-for-sale securities

50,000

-

-

Net cash provided by (used in) investing activities 

5,254

(57,987)

(1,652)

Cash flows from financing activities: 

         Excess tax benefit from stock-based compensation

4,297

6,615

5,172

         Dividends paid

(70,421)

(70,063)

(64,384)

         Repayment of notes payable

(903)

(74)

-

         Issuance of debt, net of issuance costs

491,145

-

-

         Contingent consideration paid

-

(7,476)

-

         Repurchase of common stock

(66,330)

(50,435)

(28,970)

         Issuance of ESPP

-

16,768

-

         Net issuance of restricted stock units

(7,941)

(6,538)

(7,669)

         Proceeds from stock options exercised

26,079

19,350

20,395

Net cash provided by (used in) financing activities 

375,926

(91,853)

(75,456)

Net increase (decrease) in cash and cash equivalents 

592,873

105,257

119,391

Cash and cash equivalents: 

          Beginning of period

955,107

849,850

741,160

          End of period

$   1,547,980

$      955,107

$      860,551

Total cash, cash equivalents, and short-term investments

$   1,573,075

$   1,030,299

$      935,956