CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 28,
2020

December 28,
2019

March 30,
2019

(in thousands)

Cash flows from operating activities:

Net income

$

161,190

$

146,050

$

130,613

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

23,403

24,067

22,820

Depreciation and amortization

24,141

24,087

27,182

Deferred taxes

(3,161)

(2,684)

(3,955)

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

145

113

428

Other adjustments

3,265

5,934

(371)

Changes in assets and liabilities:

Accounts receivable

(23,933)

37,005

(14,323)

Inventories

3,308

12,005

6,123

Other assets

(4,710)

(3,377)

3,561

Accounts payable

(2,655)

3,602

(13,372)

Income taxes payable

2,174

(5,792)

20,401

Accrued salary and related expenses

27,481

(1,429)

25,938

Other liabilities

(857)

(2,116)

1,893

Net cash provided by (used in) operating activities

209,791

237,465

206,938

Cash flows from investing activities:

Purchase of property, plant and equipment

(17,068)

(13,670)

(21,257)

Proceeds from sales of property, plant and equipment

97

128

32

Proceeds from sale of available-for-sale securities

—

—

2,939

Proceeds from maturity of available-for-sale securities

15,485

35,146

308,529

Purchases of private company investments

(120)

(516)

(770)

Proceeds from sale of private company investments

173

—

—

Other investing activities

(50)

(33)

(540)

Net cash provided by (used in) investing activities

(1,483)

21,055

288,933

Cash flows from financing activities:

Contingent consideration paid

—

(8,000)

(1,052)

Net issuance of restricted stock units

(11,570)

(7,623)

(9,582)

Proceeds from stock options exercised

7,810

1,338

5,143

Issuance of common stock under employee stock purchase program

—

18,535

—

Repurchase of common stock

(157,003)

(107,957)

(116,991)

Dividends paid

(129,072)

(129,810)

(125,566)

Net cash provided by (used in) financing activities

(289,835)

(233,517)

(248,048)

Net increase (decrease) in cash and cash equivalents

(81,527)

25,003

247,823

Cash and cash equivalents:

Beginning of period

1,720,194

1,695,191

1,406,740

End of period

$

1,638,667

$

1,720,194

$

1,654,563

Total cash, cash equivalents, and short-term investments

$

1,685,776

$

1,783,200

$

1,898,427