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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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|
December 28, |
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September 28, |
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December 29, |
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|
2013 |
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2013 |
|
2012 |
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(in thousands) |
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Cash flows from operating activities: |
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|
|
|
|
|
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Net income |
$ 49,322 |
|
$ 103,120 |
|
$ 76,622 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
22,869 |
|
18,740 |
|
22,845 |
|
|
|
Depreciation and amortization |
64,404 |
|
51,133 |
|
51,880 |
|
|
|
Deferred taxes |
(11,705) |
|
25,529 |
|
(12,979) |
|
|
|
Loss (gain) from sale of property, plant and equipment |
265 |
|
36 |
|
(88) |
|
|
|
Tax benefit (shortfall) related to stock-based compensation |
(726) |
|
(3,488) |
|
5,187 |
|
|
|
Impairment of long-lived assets |
5,197 |
|
- |
|
22,222 |
|
|
|
Excess tax benefit from stock-based compensation |
(2,459) |
|
(1,697) |
|
(6,615) |
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
33,056 |
|
(12,450) |
|
51,993 |
|
|
|
Inventories |
14,030 |
|
(2,301) |
|
570 |
|
|
|
Other current assets |
31,362 |
|
(18,546) |
|
4,091 |
|
|
|
Accounts payable |
(3,252) |
|
(9,162) |
|
(9,536) |
|
|
|
Income taxes payable |
19,002 |
|
11,393 |
|
37,477 |
|
|
|
Deferred revenue on shipments to distributors |
(1,637) |
|
622 |
|
(1,663) |
|
|
|
All other accrued liabilities |
14,704 |
|
(67,035) |
|
13,091 |
|
|
|
Net cash provided by (used in) operating activities |
234,432 |
|
95,894 |
|
255,097 |
|
|
|
|
|
|
|
|
|
|
|
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Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(46,133) |
|
(36,329) |
|
(62,102) |
|
|
|
Proceeds from sales of property, plant and equipment |
- |
|
3,048 |
|
4,115 |
|
|
|
Payments in connection with business acquisition, net of cash acquired
|
(453,506) |
|
- |
|
- |
|
|
|
Proceeds from maturity of available-for-sale securities |
27,000 |
|
- |
|
- |
|
|
|
Net cash provided by (used in) investing activities |
(472,639) |
|
(33,281) |
|
(57,987) |
|
|
|
|
|
|
|
|
|
|
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Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
2,459 |
|
1,697 |
|
6,615 |
|
|
|
Contingent consideration paid |
(4,601) |
|
- |
|
(7,476) |
|
|
|
Dividends paid |
(73,325) |
|
(73,744) |
|
(70,063) |
|
|
|
Repayment of notes payable |
(1,839) |
|
- |
|
(74) |
|
|
|
Issuance of debt |
497,795 |
|
100 |
|
- |
|
|
|
Debt issuance cost |
(3,431) |
|
- |
|
- |
|
|
|
Repurchase of common stock |
(59,101) |
|
(154,386) |
|
(50,435) |
|
|
|
Issuance of ESPP shares under employee stock purchase program |
19,096 |
|
- |
|
16,768 |
|
|
|
Net issuance of restricted stock units |
(7,106) |
|
(6,966) |
|
(6,538) |
|
|
|
Proceeds from stock options exercised |
8,622 |
|
5,247 |
|
19,350 |
|
|
|
Net cash provided by (used in) financing activities |
378,569 |
|
(228,052) |
|
(91,853) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
140,362 |
|
(165,439) |
|
105,257 |
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
1,009,547 |
|
1,174,986 |
|
849,850 |
|
|
|
End of period |
$1,149,909 |
|
$ 1,009,547 |
|
$ 955,107 |
|
|
|
|
|
|
|
|
|
|
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|
Total cash, cash equivalents, and short-term investments |
$1,149,909 |
|
$ 1,034,583 |
|
$1,030,299 |
|
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