CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

Year Ended

June 30,

March 31, 

June 24,

June 30,

June 24,

2018

2018

2017

2018

2017

(in thousands)

Cash flows from operating activities:

Net income (loss)

$   194,172

$   193,627

$   163,309

$   467,318

$   571,613

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

Stock-based compensation

19,753

20,605

17,624

78,685

71,117

Depreciation and amortization

36,083

36,324

38,194

144,974

164,292

Deferred taxes

21,458

(2,670)

1,697

27,715

(7,895)

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

423

1,160

7,006

995

16,365

Loss (gain) on sale of business

—

—

—

—

(26,620)

Impairment of long-lived assets

—

—

665

42

1,462

Impairment of investment in privately-held companies

—

—

—

850

6,720

Changes in assets and liabilities:

Accounts receivable

40,480

(80,953)

1,138

(19,714)

78

Inventories

(9,450)

(11,036)

(5,715)

(32,776)

(21,215)

Other current assets

(212)

(367)

(727)

32,368

(3,547)

Accounts payable

6,131

(235)

(5,235)

9,560

(6,205)

Income taxes payable

(163,010)

30,067

22,619

117,654

60,798

Deferred margin on shipments to distributors

—

—

(20,751)

(14,974)

(23,805)

Accrued salary and related expenses

3,911

33,408

9,597

5,737

(21,399)

All other accrued liabilities

(3,080)

3,295

7,507

1,030

(8,102)

Net cash provided by (used in) operating activities

146,659

223,225

236,928

$819,464

773,657

Cash flows from investing activities:

Purchase of property, plant and equipment

(12,118)

(16,930)

(13,050)

(65,782)

(51,421)

Proceeds from sales of property, plant and equipment

62

2,844

7,576

5,823

10,792

Proceeds from sale of available-for-sale securities

7,287

60,008

—

107,291

50,994

Proceeds from maturity of available-for-sale securities

330,749

304,289

50,000

753,249

75,000

Proceeds from sale of business

—

—

—

—

42,199

Payment in connection with business acquisition, net of cash acquired

—

(57,773)

—

(57,773)

—

Purchases of available-for-sale securities

(325,063)

(268,821)

(49,891)

(1,447,354)

(450,135)

Purchases of privately-held companies' securities

(2,164)

(1,250)

—

(5,520)

(2,825)

Net cash provided by (used in) investing activities

(1,247)

22,367

(5,365)

(710,066)

(325,396)

Cash flows from financing activities:

Net issuance of restricted stock units

(9,148)

(9,642)

(7,471)

(30,310)

(25,183)

Repayment of notes payable

—

—

—

—

(250,000)

Issuance of debt

—

—

500,000

—

500,000

Debt issuance cost

—

—

(3,688)

—

(3,688)

Proceeds from stock options exercised

1,626

7,716

18,434

28,009

63,003

Issuance of common stock under employee stock purchase program

21,346

—

19,805

36,321

34,269

Repurchase of common stock

(128,024)

(127,700)

(75,853)

(407,968)

(251,799)

Dividends paid

(117,321)

(117,883)

(93,396)

(438,087)

(373,971)

Net cash provided by (used in) financing activities

(231,521)

(247,509)

357,831

(812,035)

(307,369)

Net increase (decrease) in cash and cash equivalents

(86,109)

(1,917)

589,394

(702,637)

140,892

Cash and cash equivalents:

Beginning of period

$1,629,593

$1,631,510

$1,656,727

$2,246,121

$2,105,229

End of period

$1,543,484

$1,629,593

$2,246,121

$1,543,484

$2,246,121

Total cash, cash equivalents, and short-term investments

$2,626,399

$2,724,394

$2,744,839

$2,626,399

$2,744,839