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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 203,865 $ 219,267 $ 176,712
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 45,589 41,090 31,942
Depreciation of property, plant, and equipment 21,527 18,473 13,683
Amortization of intangible assets 3,373 3,076 3,308
Impairment of intangible assets 0 0 469
Amortization of discounts or premiums on investments (618) 108 205
Realized (gain) loss on sale of investments (1,452) (501) (829)
Revaluation of contingent consideration (1,401) (3) (28)
Change in deferred income taxes (94,866) (413) 1,787
Accounts receivable 16,807 (1,867) (55,185)
Unbilled revenue 3,530 (906) (4,604)
Inventories 23,137 (16,946) (37,088)
Prepaid expenses and other current assets 7,405 (9,750) (7,016)
Accounts payable 1,633 (7,247) 12,322
Accrued expenses (8,938) 380 14,476
Accrued income taxes 25,266 (21,903) 71,335
Deferred revenue and customer deposits 3,875 1,434 1,619
Other 4,493 (838) 1,215
Net cash provided by operating activities 253,225 223,454 224,323
Cash flows from investing activities:      
Purchases of investments (1,031,642) (782,032) (636,856)
Maturities and sales of investments 1,062,962 812,565 584,464
Purchases of property, plant, and equipment (21,745) (37,095) (28,754)
Cash paid for acquisition of business, net of cash acquired (166,911) (4,265) (24,118)
Net cash paid from sale of discontinued business 0 0 (291)
Net cash used in investing activities (157,336) (10,827) (105,555)
Cash flows from financing activities:      
Issuance of common stock under stock plans 64,581 26,783 54,557
Repurchase of common stock (61,690) (203,822) (123,715)
Payment of dividends (35,124) (31,865) (29,037)
Payment of contingent consideration 0 (1,000) (1,926)
Net cash used in financing activities (32,233) (209,904) (100,121)
Effect of foreign exchange rate changes on cash and cash equivalents (437) (1,093) 8,294
Net change in cash and cash equivalents 63,219 1,630 26,941
Cash and cash equivalents at beginning of year 108,212 106,582 79,641
Cash and cash equivalents at end of year $ 171,431 $ 108,212 $ 106,582