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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 27, |
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June 28, |
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September 28, |
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|
2014 |
|
2014 |
|
2013 |
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|
(in thousands) |
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Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ 99,980 |
|
$ 84,793 |
|
$ 103,120 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
22,420 |
|
21,786 |
|
18,740 |
|
|
|
Depreciation and amortization |
63,693 |
|
64,391 |
|
51,133 |
|
|
|
Deferred taxes |
6,207 |
|
(9,501) |
|
25,529 |
|
|
|
Loss (gain) from sale of property, plant and equipment |
244 |
|
1,068 |
|
36 |
|
|
|
Tax benefit (shortfall) related to stock-based compensation |
1,610 |
|
942 |
|
(3,488) |
|
|
|
Impairment of long-lived assets |
10,226 |
|
6,447 |
|
- |
|
|
|
Excess tax benefit from stock-based compensation |
(2,249) |
|
(4,897) |
|
(1,697) |
|
|
|
Impairment of investments in privately-held companies |
- |
|
6,537 |
|
- |
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
13,896 |
|
8,300 |
|
(12,450) |
|
|
|
Inventories |
(15,650) |
|
1,226 |
|
(2,301) |
|
|
|
Other current assets |
(24,974) |
|
26,579 |
|
(18,546) |
|
|
|
Accounts payable |
4,455 |
|
5,203 |
|
(9,162) |
|
|
|
Income taxes payable |
(12,289) |
|
9,853 |
|
11,393 |
|
|
|
Deferred revenue on shipments to distributors |
1,087 |
|
1,475 |
|
622 |
|
|
|
All other accrued liabilities |
(51,659) |
|
9,882 |
|
(67,035) |
|
|
|
Net cash provided by (used in) operating activities |
116,997 |
|
234,084 |
|
95,894 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(31,686) |
|
(23,654) |
|
(36,329) |
|
|
|
Proceeds from sales of property, plant and equipment |
212 |
|
1,627 |
|
3,048 |
|
|
|
Purchases of available-for-sale securities |
(25,142) |
|
(49,953) |
|
- |
|
|
|
Net cash provided by (used in) investing activities |
(56,616) |
|
(71,980) |
|
(33,281) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
2,249 |
|
4,897 |
|
1,697 |
|
|
|
Repayment of notes payable |
(437) |
|
(2,430) |
|
- |
|
|
|
Issuance of debt |
- |
|
- |
|
100 |
|
|
|
Net issuance of restricted stock units |
(8,038) |
|
(8,922) |
|
(6,966) |
|
|
|
Proceeds from stock options exercised |
9,704 |
|
26,232 |
|
5,247 |
|
|
|
Repurchase of common stock |
(62,685) |
|
(40,744) |
|
(154,386) |
|
|
|
Issuance of ESPP shares under employee stock purchase program |
- |
|
23,713 |
|
- |
|
|
|
Dividends paid |
(79,763) |
|
(73,626) |
|
(73,744) |
|
|
|
Net cash provided by (used in) financing activities |
(138,970) |
|
(70,880) |
|
(228,052) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(78,589) |
|
91,224 |
|
(165,439) |
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
1,322,472 |
|
1,231,248 |
|
1,174,986 |
|
|
|
End of period |
$1,243,883 |
|
$1,322,472 |
|
$1,009,547 |
|
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents and short-term investments |
$1,318,977 |
|
$1,372,425 |
|
$1,034,583 |
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