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
9 Months Ended
Oct. 03, 2015
Sep. 27, 2014
Operating activities    
Net income $ 919,384 $ 925,404
Adjustments to reconcile net income to cash (used) provided by operating activities:    
Depreciation and amortization 198,304 200,519
Stock-based compensation 73,136 77,440
Provision for doubtful accounts 7,876 5,195
Pension expense (less than) in excess of contributions (220,339) 29,791
Other, net 604 86,241
Changes in operating assets and liabilities:    
Accounts receivable (653,545) (467,399)
Inventories (587,669) (454,849)
Accounts payable (100,533) 46,060
Income taxes (29,299) (113,401)
Accrued liabilities 74,845 99,042
Other assets and liabilities (13,725) (67,197)
Cash (used) provided by operating activities (330,961) 366,846
Investing activities    
Capital expenditures (187,281) (171,606)
Software purchases (53,053) (66,815)
Other, net 3,150 (16,612)
Cash used by investing activities (237,184) (255,033)
Financing activities    
Net increase in short-term borrowings 1,268,146 637,786
Payments on long-term debt (3,163) (3,549)
Payment of debt issuance costs (1,475)  
Purchases of treasury stock (731,936) (727,536)
Cash dividends paid (407,684) (340,690)
Proceeds from issuance of Common Stock, net of shares withheld for taxes 23,168 9,433
Tax benefits of stock-based compensation 50,750 47,786
Cash provided (used) by financing activities 197,806 (376,770)
Effect of foreign currency rate changes on cash and equivalents (34,957) (14,946)
Net change in cash and equivalents (405,296) (279,903)
Cash and equivalents - beginning of year 971,895 776,403
Cash and equivalents - end of period $ 566,599 $ 496,500