Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 29, 2014
Mar. 30, 2013
Operating activities    
Net income $ 297,193 $ 270,417
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 40,913 36,490
Amortization of intangible assets 11,222 11,525
Other amortization 11,882 9,933
Stock-based compensation 26,956 23,209
Provision for doubtful accounts 3,412 5,516
Pension expense in excess of (less than) contributions 5,923 (86,854)
Other, net 26,505 53,213
Changes in operating assets and liabilities:    
Accounts receivable 41,688 (8,938)
Inventories (117,718) (62,263)
Other current assets (42,150) (68,034)
Accounts payable (170,171) (127,139)
Accrued compensation (60,471) (68,880)
Accrued income taxes (50,996) (18,791)
Accrued liabilities (12,884) 32,772
Other assets and liabilities 2,350 9,498
Cash provided by operating activities 13,654 11,674
Investing activities    
Capital expenditures (49,309) (102,227)
Software purchases (44,654) (10,547)
Other, net (5,170) (2,225)
Cash used by investing activities (99,133) (114,999)
Financing activities    
Net increase in short-term borrowings 242,586 169,754
Payments on long-term debt (1,099) (707)
Purchases of treasury stock (513,778) (281,370)
Cash dividends paid (114,776) (96,263)
Proceeds from issuance of Common Stock, net of shares withheld for taxes (10,966) (7,598)
Tax benefits of stock-based compensation 31,773 24,222
Cash used by financing activities (366,260) (191,962)
Effect of foreign currency rate changes on cash and equivalents (2,992) (1,737)
Net change in cash and equivalents (454,731) (297,024)
Cash and equivalents - beginning of year 776,403 597,461
Cash and equivalents - end of period $ 321,672 $ 300,437