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|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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Three Months Ended |
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|
September 28, |
|
June 29, |
|
September 29, |
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|
2013 |
|
2013 |
|
2012 |
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|
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|
(in thousands) |
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|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ 103,120 |
|
$ 119,014 |
|
$ 127,888 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
18,740 |
|
18,853 |
|
22,497 |
|
|
|
Depreciation and amortization |
51,133 |
|
51,191 |
|
53,674 |
|
|
|
Deferred taxes |
25,529 |
|
(2,813) |
|
22,772 |
|
|
|
Loss (gain) from sale of property, plant and equipment |
36 |
|
1,380 |
|
(51) |
|
|
|
Tax benefit (shortfall) related to stock-based compensation |
(3,488) |
|
358 |
|
1,335 |
|
|
|
Impairment of long-lived assets |
- |
|
- |
|
2,707 |
|
|
|
Excess tax benefit from stock-based compensation |
(1,697) |
|
(2,792) |
|
(5,219) |
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
(12,450) |
|
14,608 |
|
923 |
|
|
|
Inventories |
(2,301) |
|
(7,657) |
|
(16,015) |
|
|
|
Other current assets |
(18,546) |
|
(2,132) |
|
(7,839) |
|
|
|
Accounts payable |
(9,162) |
|
(6,961) |
|
(26,466) |
|
|
|
Income taxes payable |
11,393 |
|
13,118 |
|
10,461 |
|
|
|
Deferred revenue on shipments to distributors |
622 |
|
706 |
|
745 |
|
|
|
All other accrued liabilities |
(67,035) |
|
17,527 |
|
(50,667) |
|
|
|
Net cash provided by (used in) operating activities |
95,894 |
|
214,400 |
|
136,745 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Payments for property, plant and equipment |
(36,329) |
|
(48,922) |
|
(50,703) |
|
|
|
Proceeds from sales of property, plant and equipment |
3,048 |
|
4,538 |
|
344 |
|
|
|
Proceeds from sales of property, plant and equipment through note receivable |
- |
|
10,786 |
|
- |
|
|
|
Acquisitions |
- |
|
(2,767) |
|
- |
|
|
|
Purchases of privately-held companies securities |
- |
|
(500) |
|
- |
|
|
|
Proceeds from sales of investments of privately-held companies |
- |
|
585 |
|
- |
|
|
|
Net cash provided by (used in) investing activities |
(33,281) |
|
(36,280) |
|
(50,359) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
1,697 |
|
2,792 |
|
5,219 |
|
|
|
Contingent consideration paid |
- |
|
(6,305) |
|
- |
|
|
|
Dividends paid |
(73,744) |
|
(69,532) |
|
(70,199) |
|
|
|
Repayment of notes payable |
- |
|
(302,299) |
|
(224) |
|
|
|
Issuance of debt |
100 |
|
- |
|
- |
|
|
|
Debt issuance cost |
- |
|
(671) |
|
- |
|
|
|
Repurchase of common stock |
(154,386) |
|
(193,221) |
|
(65,149) |
|
|
|
Issuance of ESPP |
- |
|
19,529 |
|
- |
|
|
|
Net issuance of restricted stock units |
(6,966) |
|
(7,456) |
|
(7,107) |
|
|
|
Proceeds from stock options exercised |
5,247 |
|
6,049 |
|
19,864 |
|
|
|
Net cash provided by (used in) financing activities |
(228,052) |
|
(551,114) |
|
(117,596) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(165,439) |
|
(372,994) |
|
(31,210) |
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
1,174,986 |
|
1,547,980 |
|
881,060 |
|
|
|
End of period |
$ 1,009,547 |
|
$ 1,174,986 |
|
$ 849,850 |
|
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$ 1,034,583 |
|
$ 1,200,046 |
|
$ 925,133 |
|
|
|
|
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