|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
| |||||
|
(Unaudited) |
| |||||
|
|
Three Months Ended |
| ||||
|
|
March 25, |
|
December 24, |
|
March 26, |
|
|
|
2017 |
|
2016 |
|
2016 |
|
|
|
(in thousands) |
| ||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ 140,213 |
|
$ 130,477 |
|
$ 139,810 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Stock-based compensation |
18,300 |
|
18,073 |
|
17,875 |
|
|
Depreciation and amortization |
40,473 |
|
42,140 |
|
47,088 |
|
|
Deferred taxes |
(16,967) |
|
(7,520) |
|
(333) |
|
|
Loss (gain) from sale of property, plant and equipment |
4,809 |
|
3,898 |
|
3,098 |
|
|
Loss (gain) on sale of business |
— |
|
— |
|
(58,944) |
|
|
Tax benefit (shortfall) related to stock-based compensation |
— |
|
— |
|
545 |
|
|
Impairment of long-lived assets |
— |
|
383 |
|
506 |
|
|
Impairment of investments in privately-held companies |
1,000 |
|
— |
|
— |
|
|
Excess tax benefit from stock-based compensation |
— |
|
— |
|
(1,491) |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
(33,249) |
|
29,176 |
|
(47,322) |
|
|
Inventories |
(5,505) |
|
(12,512) |
|
22,785 |
|
|
Other current assets |
16,862 |
|
(7,583) |
|
(8,947) |
|
|
Accounts payable |
11,887 |
|
(11,999) |
|
8,683 |
|
|
Income taxes payable |
20,931 |
|
17,138 |
|
29,597 |
|
|
Deferred revenue on shipments to distributors |
(412) |
|
383 |
|
2,390 |
|
|
Accrued salary and related expenses |
26,227 |
|
(1,651) |
|
22,078 |
|
|
All other accrued liabilities |
(3,872) |
|
(7,773) |
|
(9,432) |
|
|
Net cash provided by (used in) operating activities |
220,697 |
|
192,630 |
|
167,986 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(8,286) |
|
(15,775) |
|
(17,530) |
|
|
Proceeds from sales of property, plant and equipment |
787 |
|
2,224 |
|
136 |
|
|
Proceeds from sale of available-for-sale securities |
— |
|
26,454 |
|
— |
|
|
Proceeds from sale of business |
— |
|
— |
|
105,000 |
|
|
Purchases of available-for-sale securities |
(99,398) |
|
(225,622) |
|
(24,861) |
|
|
Purchases of privately-held companies' securities |
(162) |
|
(326) |
|
(1,921) |
|
|
Net cash provided by (used in) investing activities |
(107,059) |
|
(213,045) |
|
60,824 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
— |
|
— |
|
1,491 |
|
|
Repayment of notes payable |
— |
|
(250,000) |
|
— |
|
|
Net issuance of restricted stock units |
(8,268) |
|
(4,239) |
|
(8,853) |
|
|
Proceeds from stock options exercised |
17,502 |
|
7,155 |
|
9,889 |
|
|
Issuance of common stock under employee stock purchase program |
(3,194) |
|
17,658 |
|
— |
|
|
Repurchase of common stock |
(56,999) |
|
(61,235) |
|
(83,801) |
|
|
Dividends paid |
(93,387) |
|
(93,562) |
|
(85,714) |
|
|
Net cash provided by (used in) financing activities |
(144,346) |
|
(384,223) |
|
(166,988) |
|
|
Net increase (decrease) in cash and cash equivalents |
(30,708) |
|
(404,638) |
|
61,822 |
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
Beginning of period |
1,687,435 |
|
2,092,073 |
|
1,648,518 |
|
|
End of period |
$ 1,656,727 |
|
$ 1,687,435 |
|
$ 1,710,340 |
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
$ 2,155,881 |
|
$ 2,086,896 |
|
$ 1,860,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|