XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Dec. 28, 2019
Operating Activities:      
Net income $ 1,082,200 $ 992,324 $ 952,486
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 103,498 78,121 71,921
Amortization 51,320 48,594 34,254
Loss (gain) on sale of property and equipment 298 (1,799) (233)
Unrealized foreign currency losses (gains) 36,385 (9,873) 18,663
Deferred income taxes (5,368) 6,931 (88,358)
Stock compensation expense 92,522 80,885 63,400
Realized gains on marketable securities (622) (1,392) (799)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net of allowance for doubtful accounts (19,106) (108,859) (123,401)
Inventories (476,454) 28,726 (170,169)
Other current and noncurrent assets (38,004) (33,690) (86,073)
Accounts payable 108,946 1,447 26,192
Other current and noncurrent liabilities 70,007 87,761 36,660
Deferred revenue (7,377) (25,211) (11,032)
Deferred costs 8,288 11,973 9,335
Income Taxes 5,894 (20,671) (34,297)
Net cash provided by operating activities 1,012,427 1,135,267 698,549
Investing activities:      
Purchases of property and equipment (307,645) (185,401) (118,031)
Proceeds from sale of property and equipment 35 1,977 529
Purchase of intangible assets (1,942) (2,065) (2,377)
Purchase of marketable securities (1,508,712) (1,052,640) (789,352)
Redemption of marketable securities 1,363,070 1,126,253 758,774
Acquisitions, net of cash acquired (20,175) (148,648) (300,289)
Net cash used in investing activities (475,369) (260,524) (450,746)
Financing activities:      
Dividends (491,457) (450,631) (417,264)
Proceeds from issuance of treasury stock related to equity awards 35,733 15,201 27,122
Purchase of treasury stock related to equity awards (30,985) (26,330) (25,886)
Net cash used in financing activities (486,709) (461,760) (416,028)
Effect of exchange rate changes on cash and cash equivalents (10,254) 18,127 (5,942)
Net increase (decrease) in cash, cash equivalents, and restricted cash 40,095 431,110 (174,167)
Cash, cash equivalents, and restricted cash at beginning of year 1,458,748 1,027,638 1,201,805
Cash, cash equivalents, and restricted cash at end of year 1,498,843 1,458,748 1,027,638
Supplemental disclosures of cash flow information      
Cash paid during the year for income taxes 131,040 133,057 160,286
Cash received during the year from income tax refunds 8,264 4,820 6,063
Supplemental disclosure of non-cash investing and financing activities      
Increase (decrease) in accrued capital expenditures related to purchases of property and equipment 9,541 (4,192) 2,821
Change in marketable securities related to unrealized (depreciation) appreciation (32,622) 23,045 45,464
Fair value of assets acquired 20,956 165,082 354,631
Liabilities assumed (764) (14,884) (25,507)
Less: cash acquired (17) (1,550) (28,835)
Cash paid for acquisitions, net of cash acquired $ 20,175 $ 148,648 $ 300,289