CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
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|
Three Months Ended |
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|
September 24, |
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June 25, |
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September 26, |
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|
|
2016 |
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2016 |
|
2015 |
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|
|
(in thousands) |
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Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ 137,614 |
|
$ 92,339 |
|
$ (72,143) |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Stock-based compensation |
17,120 |
|
16,444 |
|
16,963 |
|
|
Depreciation and amortization |
43,485 |
|
46,414 |
|
102,053 |
|
|
Deferred taxes |
14,895 |
|
(13,510) |
|
(53,111) |
|
|
In-process research and development written-off |
- |
|
27,602 |
|
- |
|
|
Loss (gain) from sale of property, plant and equipment |
652 |
|
5,048 |
|
(1,346) |
|
|
Loss (gain) on sale of business |
(26,620) |
|
- |
|
- |
|
|
Tax benefit (shortfall) related to stock-based compensation |
- |
|
3,657 |
|
1,193 |
|
|
Impairment of long-lived assets |
6,134 |
|
- |
|
157,697 |
|
|
Excess tax benefit from stock-based compensation |
- |
|
(1,890) |
|
(2,249) |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
3,013 |
|
21,971 |
|
(3,627) |
|
|
Inventories |
2,517 |
|
7,657 |
|
(2,167) |
|
|
Other current assets |
(12,099) |
|
8,012 |
|
4,796 |
|
|
Accounts payable |
(858) |
|
5,076 |
|
(9,776) |
|
|
Income taxes payable |
110 |
|
19,792 |
|
34,127 |
|
|
Deferred revenue on shipments to distributors |
(3,025) |
|
4,322 |
|
4,764 |
|
|
Accrued salary and related expenses |
(55,572) |
|
15,287 |
|
(60,718) |
|
|
All other accrued liabilities |
(3,964) |
|
(4,150) |
|
883 |
|
|
Net cash provided by (used in) operating activities |
123,402 |
|
254,071 |
|
117,339 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(14,310) |
|
(22,488) |
|
(15,821) |
|
|
Proceeds from sales of property, plant and equipment |
205 |
|
34,691 |
|
606 |
|
|
Proceeds from sale of available-for-sale securities |
24,540 |
|
- |
|
- |
|
|
Proceeds from maturity of available-for-sale securities |
25,000 |
|
50,000 |
|
- |
|
|
Proceeds from sale of business |
42,199 |
|
- |
|
- |
|
|
Purchases of available-for-sale securities |
(75,224) |
|
(25,000) |
|
(25,055) |
|
|
Purchases of privately-held companies' securities |
(2,337) |
|
(1,554) |
|
(1,000) |
|
|
Net cash provided by (used in) investing activities |
73 |
|
35,649 |
|
(41,270) |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
- |
|
1,890 |
|
2,249 |
|
|
Issuance of debt |
- |
|
249,717 |
|
- |
|
|
Net issuance of restricted stock units |
(5,206) |
|
(2,687) |
|
(4,822) |
|
|
Proceeds from stock options exercised |
19,911 |
|
12,272 |
|
8,970 |
|
|
Issuance of common stock under employee stock purchase program |
- |
|
19,625 |
|
- |
|
|
Repurchase of common stock |
(57,709) |
|
(90,438) |
|
(39,697) |
|
|
Dividends paid |
(93,627) |
|
(85,210) |
|
(85,387) |
|
|
Net cash provided by (used in) financing activities |
(136,631) |
|
105,169 |
|
(118,687) |
|
|
Net increase (decrease) in cash and cash equivalents |
(13,156) |
|
394,889 |
|
(42,618) |
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
Beginning of period |
2,105,229 |
|
1,710,340 |
|
1,550,965 |
|
|
End of period |
$ 2,092,073 |
|
$ 2,105,229 |
|
$ 1,508,347 |
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$ 2,267,514 |
|
$ 2,230,668 |
|
$ 1,608,632 |
|
|
|
|
|
|
|
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