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
 6 Months Ended
Jun. 28, 2014
Jun. 29, 2013
Operating activities    
Net income $ 454,875 $ 408,691
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 83,474 73,588
Amortization of intangible assets 22,454 22,992
Other amortization 25,273 20,135
Stock-based compensation 53,580 47,879
Provision for doubtful accounts 4,089 9,208
Pension expense in excess of (less than) contributions 17,673 (65,994)
Other, net 4,810 57,074
Changes in operating assets and liabilities:    
Accounts receivable 174,448 133,830
Inventories (220,187) (178,511)
Other current assets (33,420) (59,643)
Accounts payable (100,841) (3,104)
Accrued compensation (30,341) (38,851)
Accrued income taxes (174,251) (105,035)
Accrued liabilities (61,704) (24,233)
Other assets and liabilities (345) (6,613)
Cash provided by operating activities 219,587 291,413
Investing activities    
Capital expenditures (95,844) (155,454)
Software purchases (56,042) (28,715)
Other, net (11,701) (4,307)
Cash used by investing activities (163,587) (188,476)
Financing activities    
Net increase in short-term borrowings 562,315 34,783
Payments on long-term debt (2,697) (1,417)
Purchases of treasury stock (727,536) (281,586)
Cash dividends paid (227,625) (191,460)
Proceeds from issuance of Common Stock, net of shares withheld for taxes 4,333 26,069
Tax benefits of stock-based compensation 39,195 37,933
Cash used by financing activities (352,015) (375,678)
Effect of foreign currency rate changes on cash and equivalents (4,497) (4,608)
Net change in cash and equivalents (300,512) (277,349)
Cash and equivalents - beginning of year 776,403 597,461
Cash and equivalents - end of period $ 475,891 $ 320,112