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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 27, 2021
Mar. 28, 2020
Operating Activities:    
Net income $ 220,029 $ 161,180
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 23,988 18,198
Amortization 12,902 10,006
Loss (gain) on sale or disposal of property and equipment 133 (1,846)
Unrealized foreign currency losses 7,277 16,856
Deferred income taxes 497 10,378
Stock compensation expense 22,698 15,559
Realized loss (gain) on marketable securities 22 (272)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net of allowance for doubtful accounts 281,524 197,157
Inventories (87,450) (47,318)
Other current and non-current assets (13,710) (4,367)
Accounts payable (3,470) (39,851)
Other current and non-current liabilities (95,977) (98,219)
Deferred revenue (7,998) (10,078)
Deferred costs 3,945 3,511
Income taxes payable 3,952 (5,020)
Net cash provided by operating activities 368,362 225,874
Investing activities:    
Purchases of property and equipment (36,894) (41,361)
Proceeds from sale of property and equipment 1,907
Purchase of intangible assets (760) (953)
Purchase of marketable securities (404,599) (344,342)
Redemption of marketable securities 354,039 311,935
Acquisitions, net of cash acquired (15,893) (6,058)
Net cash used in investing activities (104,107) (78,872)
Financing activities:    
Dividends (116,655) (108,571)
Proceeds from issuance of treasury stock related to equity awards 17,657
Purchase of treasury stock related to equity awards (17,281) (11,580)
Net cash used in financing activities (116,279) (120,151)
Effect of exchange rate changes on cash and cash equivalents (6,488) (5,602)
Net increase (decrease) in cash, cash equivalents, and restricted cash 141,488 21,249
Cash, cash equivalents, and restricted cash at beginning of period 1,458,748 1,027,638
Cash, cash equivalents, and restricted cash at end of period $ 1,600,236 $ 1,048,887