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
6 Months Ended
Jul. 04, 2015
Jun. 28, 2014
Operating activities    
Net income $ 459,520 $ 454,875
Adjustments to reconcile net income to cash (used) provided by operating activities:    
Depreciation and amortization 129,265 131,201
Stock-based compensation 50,313 53,580
Provision for doubtful accounts 4,372 4,089
Pension expense (less than) in excess of contributions (229,352) 17,673
Other, net (22,287) 4,810
Changes in operating assets and liabilities:    
Accounts receivable 34,778 174,448
Inventories (288,842) (220,187)
Accounts payable (179,515) (100,841)
Income taxes (121,240) (174,251)
Accrued liabilities (64,699) (92,045)
Other assets and liabilities (58,759) (33,765)
Cash (used) provided by operating activities (286,446) 219,587
Investing activities    
Capital expenditures (125,504) (95,844)
Software purchases (43,450) (56,042)
Other, net 10,631 (11,701)
Cash used by investing activities (158,323) (163,587)
Financing activities    
Net increase in short-term borrowings 1,139,103 562,315
Payments on long-term debt (2,203) (2,697)
Payment of debt issuance costs (1,475)  
Purchases of treasury stock (731,527) (727,536)
Cash dividends paid (271,519) (227,625)
Proceeds from issuance of Common Stock, net of shares withheld for taxes 3,752 4,333
Tax benefits of stock-based compensation 33,728 39,195
Cash provided (used) by financing activities 169,859 (352,015)
Effect of foreign currency rate changes on cash and equivalents (37,215) (4,497)
Net change in cash and equivalents (312,125) (300,512)
Cash and equivalents - beginning of year 971,895 776,403
Cash and equivalents - end of period $ 659,770 $ 475,891