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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 219,267 $ 176,712 $ 143,694
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss on sale of discontinued business 0 0 255
Stock-based compensation expense 41,090 31,942 20,558
Depreciation of property, plant, and equipment 18,473 13,683 11,678
Amortization of intangible assets 3,076 3,308 3,391
Impairment of intangible assets 0 469 0
Amortization of discounts or premiums on investments 108 205 383
Realized (gain) loss on sale of investments (501) (829) (1,506)
Revaluation of contingent consideration (3) (28) (463)
Change in deferred income taxes (413) 1,787 (1,908)
Accounts receivable (1,867) (55,185) (13,251)
Unbilled revenue (906) (4,604) (2,308)
Inventories (16,946) (37,088) 10,409
Prepaid expenses and other current assets (9,750) (7,016) (5,421)
Accounts payable (7,247) 12,322 2,087
Accrued expenses 380 14,476 7,771
Accrued income taxes (21,903) 71,335 1,270
Deferred revenue and customer deposits 1,434 1,619 3,622
Other (838) 1,215 1,820
Net cash provided by operating activities 223,454 224,323 182,081
Cash flows from investing activities:      
Purchases of investments (782,032) (636,856) (751,868)
Maturities and sales of investments 812,565 584,464 657,250
Purchases of property, plant, and equipment (37,095) (28,754) (12,816)
Cash paid for acquisition of business, net of cash acquired (4,265) (24,118) (14,285)
Net cash paid from sale of discontinued business 0 (291) (113)
Net cash used in investing activities (10,827) (105,555) (121,832)
Cash flows from financing activities:      
Issuance of common stock under stock plans 26,783 54,557 43,468
Repurchase of common stock (203,822) (123,715) (47,149)
Payment of dividends (31,865) (29,037) (25,213)
Payment of contingent consideration (1,000) (1,926) (337)
Net cash used in financing activities (209,904) (100,121) (29,231)
Effect of foreign exchange rate changes on cash and cash equivalents (1,093) 8,294 (3,352)
Net change in cash and cash equivalents 1,630 26,941 27,666
Cash and cash equivalents at beginning of year 106,582 79,641 51,975
Cash and cash equivalents at end of year $ 108,212 $ 106,582 $ 79,641