XML 21 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 724,847 $ 685,866 $ 659,571
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 10,883 10,358 9,178
Amortization of premium and accretion of discount on marketable securities, net and revaluation of short-term bank deposits 23,388 29,611 33,021
Realized gain on sale of marketable securities, net (2,993) (16) (288)
Amortization of intangible assets 3,853 3,612 2,106
Stock-based compensation 82,732 76,302 63,169
Deferred income tax benefit (32,594) (15,847) (12,292)
Excess tax benefit from stock-based compensation (17,380) (19,376) (11,669)
Decrease (increase) in accrued severance pay, net 147 197 (407)
Decrease (increase) in trade receivables, net (67,744) (43,384) 12,948
Decrease (increase) in prepaid expenses and other current assets and other assets 11,234 (21,404) (8,613)
Increase in trade payables 2,184 5,183 1,879
Increase in employees and payroll accruals 19,345 13,835 2,698
Increase (decrease) in income tax accrual and accrued expenses and other current liabilities 28,534 101,235 (77,809)
Increase in deferred revenues 159,801 120,559 112,390
Net cash provided by operating activities 946,237 946,731 785,882
Cash flows from investing activities:      
Proceeds from maturity of marketable securities 1,525,929 1,479,241 1,233,866
Proceeds from sale of marketable securities 235,252 109,735 75,910
Proceeds from short-term bank deposits   321  
Investment in marketable securities (1,746,931) (1,628,287) (1,535,800)
Investment in short-term bank deposits (100,000)   (7,343)
Cash paid in conjunction with acquisitions, net of acquired cash   (96,544)  
Purchase of property and equipment (24,050) (17,348) (12,736)
Net cash used in investing activities (109,800) (152,882) (246,103)
Cash flows from financing activities:      
Proceeds from issuance of treasury shares upon exercise of options 129,196 102,852 70,266
Purchase of treasury shares at cost (987,897) (985,735) (768,176)
Excess tax benefit from stock-based compensation 17,380 19,376 11,669
Net cash used in financing activities (841,321) (863,507) (686,241)
Decrease in cash and cash equivalents (4,884) (69,658) (146,462)
Cash and cash equivalents at the beginning of the year 192,312 261,970 408,432
Cash and cash equivalents at the end of the year 187,428 192,312 261,970
Supplemental disclosure of cash flow information:      
Cash paid during the year for taxes on income $ 180,071 123,944 $ 239,245
Supplemental disclosure of non-cash activities:      
Replacement of restricted share units upon acquisitions   $ 1,123