CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

September 26,

June 27, 

September 27,

2015

2015

2014

(in thousands)

Cash flows from operating activities: 

Net income (loss)

$         (72,143)

$           98,659

$           99,980

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

Stock-based compensation

16,963

17,709

22,420

Depreciation and amortization

102,053

92,639

63,693

Deferred taxes

(53,111)

(32,207)

6,207

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

(1,346)

(1,228)

244

Tax benefit (shortfall) related to stock-based compensation 

1,193

(861)

1,610

Impairment of long-lived assets

157,697

517

10,226

Impairment of investments in privately-held companies

-

94

-

Loss (gain) on sale of business

-

(35,849)

-

Excess tax benefit from stock-based compensation

(2,249)

(2,372)

(2,249)

Changes in assets and liabilities:

Accounts receivable

(3,627)

(417)

13,896

Inventories

(2,167)

10,105

(15,650)

Other current assets

4,796

15,338

(24,974)

Accounts payable

(9,776)

2,874

4,455

Income taxes payable

34,127

39,217

(12,289)

Deferred revenue on shipments to distributors

4,764

(223)

1,087

All other accrued liabilities

(59,835)

17,793

(51,659)

Net cash provided by (used in) operating activities

117,339

221,788

116,997

Cash flows from investing activities:

Payments for property, plant and equipment

(15,821)

(15,360)

(31,686)

Proceeds from sales of property, plant and equipment

606

2,741

212

Proceeds from sale of business

-

35,550

-

Purchases from maturity of available-for-sale securities

(25,055)

-

(25,142)

Purchases of investments in privately-held companies securities

(1,000)

-

-

Net cash provided by (used in) investing activities

(41,270)

22,931

(56,616)

Cash flows from financing activities:

Excess tax benefit from stock-based compensation 

2,249

2,372

2,249

Repayment of notes payable

-

-

(437)

Net issuance of restricted stock units

(4,822)

(7,428)

(8,038)

Proceeds from stock options exercised

8,970

12,328

9,704

Issuance of ESPP shares under employee stock purchase program

-

22,298

-

Repurchase of common stock

(39,697)

(35,963)

(62,685)

Dividends paid

(85,387)

(79,558)

(79,763)

Net cash provided by (used in) financing activities

(118,687)

(85,951)

(138,970)

Net increase (decrease) in cash and cash equivalents

(42,618)

158,768

(78,589)

Cash and cash equivalents:

Beginning of period

1,550,965

1,392,197

1,322,472

End of period

$      1,508,347

$      1,550,965

$      1,243,883

Total cash, cash equivalents and short-term investments

$      1,608,632

$      1,626,119

$      1,318,977