CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

Year Ended

June 25,

March 26,

June 27,

June 25,

June 27,

2016

2016

2015

2016

2015

(in thousands)

Cash flows from operating activities: 

Net income (loss)

$           92,339

$         139,810

$           98,659

$         227,475

$         206,038

Adjustments to reconcile net income (loss) to net cash provided by operating activities: 

Stock-based compensation

16,444

17,875

17,709

69,701

79,491

Depreciation and amortization

46,414

47,088

92,639

244,637

299,396

Deferred taxes

(13,510)

(333)

(32,207)

(48,138)

(72,507)

In-process research and development written-off

27,602

-

-

27,602

8,900

Loss (gain) from sale of property, plant and equipment

5,048

3,098

(1,228)

2,283

419

Tax benefit (shortfall) related to stock-based compensation

3,657

545

(861)

7,375

8,155

Excess tax benefit from stock-based compensation

(1,890)

(1,491)

(2,372)

(9,550)

(12,549)

Impairment of long-lived assets

-

506

517

160,153

67,010

Impairment of goodwill and intangible assets

-

-

-

-

84,110

Impairment of investments in privately-held companies

-

-

94

-

94

Loss (gain) on sale of business

-

(58,944)

(35,849)

(58,944)

(35,849)

Changes in assets and liabilities: 

Accounts receivable 

21,971

(47,322)

(417)

22,313

16,984

Inventories 

7,657

22,785

10,105

44,086

2,163

Other current assets 

8,012

(8,947)

15,338

2,943

(8,783)

Accounts payable 

5,076

8,683

2,874

(3,676)

(4,201)

Income taxes payable 

19,792

29,597

39,217

56,641

62,350

Deferred revenue on shipments to distributors 

4,322

2,390

(223)

8,452

4,593

All other accrued liabilities 

11,137

12,646

17,793

(31,468)

(12,110)

Net cash provided by (used in) operating activities 

254,071

167,986

221,788

721,885

693,704

Cash flows from investing activities: 

Payments for property, plant and equipment

(22,488)

(17,530)

(15,360)

(69,369)

(75,816)

Proceeds from sales of property, plant and equipment

34,691

136

2,741

85,142

29,035

Proceeds from sale of business

-

105,000

35,550

105,000

35,550

Purchases of available-for-sale securities

(25,000)

(24,861)

-

(99,948)

(25,142)

Purchases of privately-held companies securities

(1,554)

(1,921)

-

(10,483)

(200)

Proceeds from maturity of available-for-sale securities

50,000

-

-

50,000

-

Proceeds from sales of investments of privately-held companies

-

-

-

-

500

Other investing activities

-

-

-

2,380

-

Net cash provided by (used in) investing activities 

35,649

60,824

22,931

62,722

(36,073)

Cash flows from financing activities: 

Excess tax benefit from stock-based compensation

1,890

1,491

2,372

9,550

12,549

Repayment of notes payable

-

-

-

-

(437)

Issuance of debt

249,717

-

-

249,717

-

Net issuance of restricted stock units

(2,687)

(8,853)

(7,428)

(24,084)

(30,657)

Proceeds from stock options exercised

12,272

9,889

12,328

79,608

61,453

Issuance of common stock under employee stock purchase program

19,625

-

22,298

33,975

40,951

Repurchase of common stock

(90,438)

(83,801)

(35,963)

(237,086)

(195,088)

Dividends paid

(85,210)

(85,714)

(79,558)

(342,023)

(317,909)

Net cash provided by (used in) financing activities 

105,169

(166,988)

(85,951)

(230,343)

(429,138)

Net increase (decrease) in cash and cash equivalents 

394,889

61,822

158,768

554,264

228,493

Cash and cash equivalents: 

Beginning of period

1,710,340

1,648,518

1,392,197

1,550,965

1,322,472

End of period

$      2,105,229

$      1,710,340

$      1,550,965

$      2,105,229

$      1,550,965

Total cash, cash equivalents and short-term investments

$      2,230,668

$      1,860,416

$      1,626,119

$      2,230,668

$      1,626,119