v2.0.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands
12 Months Ended
Dec. 26, 2009
Dec. 27, 2008
Dec. 29, 2007
Operating Activities:
Net income $ 703,950 $ 732,848 $ 855,011
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 56,695 46,910 35,524
Amortization 39,791 31,507 28,513
Loss on sale of property and equipment (14) 124 560
Provision for doubtful accounts (1,332) 32,355 3,617
Provision for obsolete and slow-moving inventories 61,323 24,461 34,975
Unrealized foreign currency losses/(gains) 7,480 15,887 (926)
Deferred income taxes (25,096) 50,887 (57,843)
Stock compensation 43,616 38,872 22,164
Realized gains on marketable securities (2,741) (50,884) (5,101)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable (131,978) 206,101 (477,108)
Inventories 61,189 83,035 (224,180)
Prepaid expenses and other current assets 2,740 (4,356) 6,213
License fees (13,735) (15,289) (23,569)
Accounts payable 38,875 (236,287) 174,781
Other current and non-current liabilities 172,215 (4,507) 253,909
Deferred revenue 65,706 680 0
Income taxes payable 15,772 (90,180) 55,548
Net cash provided by operating activities 1,094,456 862,164 682,088
Investing activities:
Purchases of property and equipment (49,199) (119,623) (156,777)
Proceeds from sale of property and equipment 5 19 5
Purchase of intangible assets (7,573) (6,971) (2,918)
Purchase of marketable securities (776,966) (373,580) (1,672,041)
Redemption of marketable securities 285,970 504,324 1,784,816
Acquisitions, net of cash acquired 0 (60,131) (128,751)
Change in restricted cash (106) (387) (29)
Net cash used in investing activities (547,869) (56,349) (175,695)
Financing activities:
Dividends (149,846) (150,251) (162,531)
Payment on long-term debt 0 0 (248)
Proceeds from issuance of common stock through stock purchase plan 3,712 9,029 5,730
Proceeds from issuance of common stock from exercise of stock options 3,783 2,875 11,278
Tax benefit related to stock option exercise 1,366 2,143 17,434
Purchase of common stock (20,258) (671,847) (7,780)
Net cash used in financing activities (161,243) (808,051) (136,117)
Effect of exchange rate changes on cash and cash equivalents 9,902 (9,118) 92
Net increase/(decrease) in cash and cash equivalents 395,246 (11,354) 370,368
Cash and cash equivalents at beginning of year 696,335 707,689 337,321
Cash and cash equivalents at end of year 1,091,581 696,335 707,689
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes 69,186 134,421 54,963
Cash received during the year from income tax refunds 2,934 177 779
Cash paid during the year for interest 0 607 207
Supplemental disclosure of non-cash investing and financing activities
Change in marketable securities related to unrealized appreciation (depreciation) 408 (68,668) 51,210
Fair value of assets acquired 0 136,952 256,609
Liabilities assumed 0 (60,336) (106,654)
Less: cash acquired 0 (16,485) (21,204)
Net cash paid $ 0 $ 60,131 $ 128,751