XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Cash flows from operating activities:    
Net income $ 422,455 $ 296,042
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 103,983 94,765
Gain on disposition of property and equipment (342) (309)
Share-based compensation expense 14,449 18,400
Deferred income taxes (13,019) 10,199
Change in assets and liabilities:    
Inventories (85,727) (143,608)
Prepaid expenses and other current assets (34,373) 19,396
Accounts payable 360,661 61,548
Accrued employee compensation 37,664 (27,114)
Other accrued expenses 24,908 (21,856)
Income taxes 127,846 45,836
Other 34,633 (4,425)
Net cash provided by operating activities 993,138 348,874
Cash flows from investing activities:    
Capital expenditures (86,624) (83,540)
Proceeds from sale of property and equipment 646 611
Net cash used in investing activities (85,978) (82,929)
Cash flows from financing activities:    
Borrowings under debt facilities 1,159,000 567,000
Repayments under debt facilities (639,000) (485,750)
Payments of Debt Issuance Costs 1,237 0
Principal payments under finance lease liabilities (2,035) (1,805)
Repurchase of shares to satisfy tax obligations (7,391) (3,139)
Repurchase of common stock (263,219) (334,235)
Net proceeds from issuance of common stock 50,340 89,431
Cash dividends paid to stockholders (81,493) (79,728)
Net cash provided by/(used in) financing activities 214,965 (248,226)
Net change in cash and cash equivalents 1,122,125 17,719
Cash and cash equivalents at beginning of period 84,241 86,299
Cash and cash equivalents at end of period 1,206,366 104,018
Cash paid during the period for:    
Interest 10,587 10,006
Income taxes 6,825 27,196
Supplemental disclosures of non-cash activities:    
Non-cash accruals for construction in progress 5,789 15,360
Increase of operating lease assets and liabilities from new or modified leases 219,105 133,044
Increase of finance lease assets and liabilities from new or modified leases $ 4,022 $ 0
Operating lease assets and liabilities recognized upon adoption of ASC 842 — 2,084,880