CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

December 24, 

September 24, 

December 26, 

2016

2016

2015

(in thousands)

Cash flows from operating activities:

Net income (loss)

$    130,477

$     137,614

$      67,469

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

Stock-based compensation

18,073

17,120

18,419

Depreciation and amortization

42,140

43,485

49,082

Deferred taxes

(7,520)

14,895

18,816

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

3,898

652

(4,517)

Loss (gain) on sale of business

—

(26,620)

—

Tax benefit (shortfall) related to stock-based compensation 

—

—

1,980

Impairment of long-lived assets

383

414

1,950

Impairment of investements in privately-held companies

—

5,720

—

Excess tax benefit from stock-based compensation

—

—

(3,920)

Changes in assets and liabilities:

Accounts receivable

29,176

3,013

51,291

Inventories

(12,512)

2,517

15,811

Other current assets

(7,583)

(12,099)

(918)

Accounts payable

(11,999)

(858)

(7,659)

Income taxes payable

17,138

110

(26,875)

Deferred revenue on shipments to distributors

383

(3,025)

(3,024)

Accrued salary and related expenses

(1,651)

(55,572)

8,566

All other accrued liabilities

(7,773)

(3,964)

(3,982)

Net cash provided by (used in) operating activities

192,630

123,402

182,489

Cash flows from investing activities:

Purchase of property, plant and equipment

(15,775)

(14,310)

(13,530)

Proceeds from sales of property, plant and equipment

2,224

205

49,709

Proceeds from sale of available-for-sale securities

26,454

24,540

—

Proceeds from maturity of available-for-sale securities

—

25,000

—

Proceeds from sale of business

—

42,199

—

Purchases of available-for-sale securities

(225,622)

(75,224)

(25,032)

Purchases of privately-held companies' securities

(326)

(2,337)

(6,008)

Other investing activities

—

—

2,380

Net cash provided by (used in) investing activities

(213,045)

73

7,519

Cash flows from financing activities:

Excess tax benefit from stock-based compensation 

—

—

3,920

Repayment of notes payable

(250,000)

—

—

Net issuance of restricted stock units

(4,239)

(5,206)

(7,722)

Proceeds from stock options exercised

7,155

19,911

48,477

Issuance of common stock under employee stock purchase program

17,658

—

14,350

Repurchase of common stock

(61,235)

(57,709)

(23,150)

Dividends paid

(93,562)

(93,627)

(85,712)

Net cash provided by (used in) financing activities

(384,223)

(136,631)

(49,837)

Net increase (decrease) in cash and cash equivalents

(404,638)

(13,156)

140,171

Cash and cash equivalents:

Beginning of period

2,092,073

2,105,229

1,550,965

End of period

$ 1,687,435

$  2,092,073

$ 1,648,518

Total cash, cash equivalents, and short-term investments

$ 2,086,896

$  2,267,514

$ 1,773,473