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
 9 Months Ended
Sep. 27, 2014
Sep. 28, 2013
Operating activities    
Net income $ 925,404 $ 842,452
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 126,339 112,989
Amortization of intangible assets 33,680 34,450
Other amortization 40,500 33,670
Stock-based compensation 77,440 70,258
Provision for doubtful accounts 5,195 14,747
Pension expense in excess of (less than) contributions 29,791 (45,669)
Other, net 86,241 65,740
Changes in operating assets and liabilities:    
Accounts receivable (467,399) (455,712)
Inventories (454,849) (399,396)
Other current assets (59,472) (44,488)
Accounts payable 46,060 96,246
Accrued compensation 17,005 9,816
Accrued income taxes (113,401) (61,003)
Accrued liabilities 82,037 133,646
Other assets and liabilities (7,725) 10,330
Cash provided by operating activities 366,846 418,076
Investing activities    
Capital expenditures (171,606) (203,469)
Software purchases (66,815) (41,923)
Other, net (16,612) (9,896)
Cash used by investing activities (255,033) (255,288)
Financing activities    
Net increase in short-term borrowings 637,786 457,856
Payments on long-term debt (3,549) (402,141)
Purchases of treasury stock (727,536) (283,433)
Cash dividends paid (340,690) (286,790)
Proceeds from issuance of Common Stock, net of shares withheld for taxes 9,433 30,902
Tax benefits of stock-based compensation 47,786 41,946
Cash used by financing activities (376,770) (441,660)
Effect of foreign currency rate changes on cash and equivalents (14,946) (2,928)
Net change in cash and equivalents (279,903) (281,800)
Cash and equivalents - beginning of year 776,403 597,461
Cash and equivalents - end of period $ 496,500 $ 315,661