CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 25, 

December 24, 

March 26, 

2017

2016

2016

(in thousands)

Cash flows from operating activities:

Net income (loss)

$       140,213

$         130,477

$       139,810

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

Stock-based compensation

18,300

18,073

17,875

Depreciation and amortization

40,473

42,140

47,088

Deferred taxes

(16,967)

(7,520)

(333)

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

4,809

3,898

3,098

Loss (gain) on sale of business

—

—

(58,944)

Tax benefit (shortfall) related to stock-based compensation 

—

—

545

Impairment of long-lived assets

—

383

506

Impairment of investments in privately-held companies

1,000

—

—

Excess tax benefit from stock-based compensation

—

—

(1,491)

Changes in assets and liabilities:

Accounts receivable

(33,249)

29,176

(47,322)

Inventories

(5,505)

(12,512)

22,785

Other current assets

16,862

(7,583)

(8,947)

Accounts payable

11,887

(11,999)

8,683

Income taxes payable

20,931

17,138

29,597

Deferred revenue on shipments to distributors

(412)

383

2,390

Accrued salary and related expenses

26,227

(1,651)

22,078

All other accrued liabilities

(3,872)

(7,773)

(9,432)

Net cash provided by (used in) operating activities

220,697

192,630

167,986

Cash flows from investing activities:

Purchase of property, plant and equipment

(8,286)

(15,775)

(17,530)

Proceeds from sales of property, plant and equipment

787

2,224

136

Proceeds from sale of available-for-sale securities

—

26,454

—

Proceeds from sale of business

—

—

105,000

Purchases of available-for-sale securities

(99,398)

(225,622)

(24,861)

Purchases of privately-held companies' securities

(162)

(326)

(1,921)

Net cash provided by (used in) investing activities

(107,059)

(213,045)

60,824

Cash flows from financing activities:

Excess tax benefit from stock-based compensation 

—

—

1,491

Repayment of notes payable

—

(250,000)

—

Net issuance of restricted stock units

(8,268)

(4,239)

(8,853)

Proceeds from stock options exercised

17,502

7,155

9,889

Issuance of common stock under employee stock purchase program

(3,194)

17,658

—

Repurchase of common stock

(56,999)

(61,235)

(83,801)

Dividends paid

(93,387)

(93,562)

(85,714)

Net cash provided by (used in) financing activities

(144,346)

(384,223)

(166,988)

Net increase (decrease) in cash and cash equivalents

(30,708)

(404,638)

61,822

Cash and cash equivalents:

Beginning of period

1,687,435

2,092,073

1,648,518

End of period

$    1,656,727

$      1,687,435

$    1,710,340

Total cash, cash equivalents, and short-term investments

$    2,155,881

$      2,086,896

$    1,860,416