| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities: | ||||||||||||
Net income | ||||||||||||
952,486 | 694,080 | 709,007 | 517,724 | 456,227 | 364,211 | 612,412 | 542,403 | 520,896 | 584,603 | 703,950 | 732,848 | 855,011 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | ||||||||||||
71,921 | 64,798 | 59,895 | 55,796 | 51,311 | 48,433 | 48,476 | 52,632 | 54,610 | 53,487 | 56,695 | 46,910 | 35,524 |
Amortization | ||||||||||||
34,254 | 31,396 | 26,357 | 30,544 | 27,049 | 28,582 | 30,328 | 37,835 | 39,925 | 41,164 | 39,791 | 31,507 | 28,513 |
(Gain) loss on sale of property and equipment | ||||||||||||
233 | 479 | 230 | 503 | 198 | 306 | 724 | 367 | 2,192 | 306 | 14 | -124 | -560 |
Provision for doubtful accounts | ||||||||||||
- | - | - | 4,136 | -2,521 | 66 | 1,553 | 2,947 | 1,698 | -4,476 | -1,332 | 32,355 | 3,617 |
Provision for obsolete and slow moving inventories | ||||||||||||
- | - | - | 26,458 | 23,257 | 25,903 | 20,891 | 11,003 | 16,047 | 5,753 | 61,323 | 24,461 | 34,975 |
Unrealized foreign currency losses | ||||||||||||
-18,663 | -13,790 | -21,681 | -13,125 | -37,931 | -573 | 40,120 | -40,042 | -18,583 | -62,770 | -7,480 | -15,887 | 926 |
Deferred income taxes | ||||||||||||
-88,358 | 38,978 | -90,000 | 3,745 | 5,897 | 89,828 | 7,931 | -32,080 | -42,475 | -471 | -25,096 | 50,887 | -57,843 |
Stock compensation expense | ||||||||||||
63,400 | 56,391 | 44,735 | 41,250 | 26,290 | 24,293 | 22,592 | 29,274 | 40,212 | 40,332 | 43,616 | 38,872 | 22,164 |
Realized (gain) loss on marketable securities | ||||||||||||
799 | -827 | -991 | 822 | 55 | 505 | 5,877 | 2,980 | 4,322 | -2,382 | 2,741 | -50,884 | -5,101 |
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts | ||||||||||||
123,401 | -7,290 | 39,067 | -9,000 | -22,473 | 27,398 | -38,589 | -10,808 | -170,162 | -129,698 | 131,978 | -206,101 | -477,108 |
Inventories | ||||||||||||
170,169 | 57,737 | 7,504 | 2,455 | 121,718 | 76,491 | 17,593 | -3,997 | 6,385 | 77,122 | -61,189 | -83,035 | -224,180 |
Other current and non-current assets | ||||||||||||
86,073 | -7,358 | 21,608 | -2,234 | 107,360 | -627 | 22,013 | -39,717 | 60,996 | -6,557 | -8,054 | 4,356 | 6,213 |
Accounts payable | ||||||||||||
26,192 | 40,628 | -17,240 | -11,496 | 36,079 | 8,981 | 18,043 | -38,929 | -26,329 | -81,354 | 38,875 | -236,287 | 174,781 |
Other current and non-current liabilities | ||||||||||||
36,660 | -1,323 | 5,627 | 44,766 | 20,742 | 16,467 | -31,775 | -33,235 | -61,103 | -144,476 | 172,215 | -4,507 | 253,909 |
Deferred revenue | ||||||||||||
-11,032 | -17,208 | -20,754 | -32,733 | -43,338 | -87,543 | -16,150 | 67,931 | 179,439 | 131,303 | 65,706 | 680 | 0 |
Deferred costs | ||||||||||||
-9,335 | -5,611 | -2,395 | -1,896 | 585 | -11,029 | 2,204 | 15,441 | 36,120 | 31,445 | 5,314 | - | - |
Income taxes payable | ||||||||||||
-34,297 | 35,120 | -13,443 | 3,017 | -151,014 | 95,961 | -34,275 | -30,812 | 20,684 | 52,238 | 15,772 | -90,180 | 55,548 |
License fees | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 13,735 | 15,289 | -23,569 |
Net cash provided by operating activities | ||||||||||||
698,549 | 919,520 | 660,842 | 705,682 | 280,467 | 522,711 | 630,084 | 684,745 | 822,334 | 770,637 | 1,094,456 | 862,164 | 682,088 |
Investing activities: | ||||||||||||
Purchases of property and equipment | ||||||||||||
118,031 | 155,755 | 139,696 | 90,960 | 80,592 | 73,339 | 56,083 | 38,445 | 38,366 | 32,232 | 49,199 | 119,623 | 156,777 |
Proceeds from sale of property and equipment | ||||||||||||
529 | 1,600 | 361 | 676 | 7,921 | 748 | 885 | 757 | 4,127 | 139 | 5 | 19 | 5 |
Purchase of intangible assets | ||||||||||||
2,377 | 4,600 | 12,232 | 5,715 | 3,889 | 4,720 | 1,122 | 6,783 | 6,933 | 3,883 | 7,573 | 6,971 | 2,918 |
Purchase of marketable securities | ||||||||||||
789,352 | 403,181 | 587,656 | 905,089 | 915,921 | 1,006,482 | 909,151 | 1,429,593 | 1,172,555 | 694,038 | 776,966 | 373,580 | 1,672,041 |
Redemption of marketable securities | ||||||||||||
758,774 | 283,603 | 635,311 | 957,350 | 919,141 | 1,096,676 | 833,491 | 985,598 | 779,213 | 668,495 | 285,970 | 504,324 | 1,784,816 |
Proceeds from repayment of loan receivable | ||||||||||||
- | - | - | - | - | -137,379 | 137,369 | 0 | 0 | - | - | - | - |
Acquisitions, net of cash acquired | ||||||||||||
300,289 | 29,170 | 90,471 | 77,945 | 38,687 | 18,871 | 5,680 | 7,697 | 54,190 | 12,120 | - | 60,131 | 128,751 |
Change in restricted cash | ||||||||||||
- | - | - | - | -48 | 59 | -587 | 65 | -506 | -770 | 106 | 387 | 29 |
Net cash used in investing activities | ||||||||||||
-450,746 | -307,503 | -194,383 | -121,683 | -111,979 | 131,332 | -274,442 | -496,228 | -488,198 | -72,869 | -547,869 | -56,349 | -175,695 |
Financing activities: | ||||||||||||
Dividends | ||||||||||||
417,264 | 296,148 | 382,976 | 481,452 | 378,117 | 360,075 | 351,707 | 253,386 | 310,763 | 298,853 | 149,846 | 150,251 | 162,531 |
Payment on long-term debt | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 248 |
Issuance of treasury/common stock related to equity awards | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 3,783 | 9,029 | 5,730 |
Tax benefit from issuance of equity awards | ||||||||||||
- | - | - | 1,692 | -2,049 | -84 | 4,584 | -516 | 3,313 | 4,495 | 1,366 | 2,143 | 17,434 |
Proceeds from issuance of treasury stock related to equity awards | ||||||||||||
27,122 | 26,642 | 21,860 | 18,648 | 17,073 | 20,753 | 22,770 | 22,798 | 22,337 | 9,465 | 3,712 | 2,875 | 11,278 |
Purchase of treasury stock related to equity awards | ||||||||||||
25,886 | 16,655 | 12,773 | 7,331 | 5,586 | 18,638 | 24,063 | 18,745 | 22,300 | - | - | - | - |
Purchase of treasury stock under share repurchase plan | ||||||||||||
- | - | 74,523 | 93,233 | 131,413 | 241,578 | 58,422 | 0 | 0 | 225,928 | 20,258 | 671,847 | 7,780 |
Net cash used in financing activities | ||||||||||||
-416,028 | -286,161 | -448,412 | -561,676 | -500,092 | -599,622 | -406,838 | -249,849 | -307,413 | -510,821 | -161,243 | -808,051 | -136,117 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||
-5,942 | -15,810 | 26,716 | -8,656 | -31,594 | -37,302 | -835 | 5,352 | -499 | -17,592 | 9,902 | -9,118 | 92 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | ||||||||||||
-174,167 | 310,046 | 44,763 | 13,667 | -363,198 | 17,119 | -52,031 | -55,980 | 26,224 | 169,355 | 395,246 | -11,354 | 370,368 |
Supplemental disclosures of cash flow information | ||||||||||||
Cash paid during the year for income taxes | ||||||||||||
160,286 | 67,592 | 106,146 | 115,548 | 252,885 | 175,465 | 73,372 | 127,509 | 85,231 | 43,940 | 69,186 | 134,421 | 54,963 |
Cash received during the year from income tax refunds | ||||||||||||
6,063 | 6,122 | 3,806 | 4,275 | 3,793 | 5,260 | 3,584 | 5,237 | 350 | 4,526 | 2,934 | 177 | 779 |
Cash paid during the year for interest | ||||||||||||
- | - | - | - | - | 0 | 0 | 0 | 0 | 1,246 | - | 607 | 207 |
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Increase (decrease) in accrued capital expenditures related to purchases of property and equipment | ||||||||||||
2,821 | -14,647 | 13,864 | 2,154 | - | - | - | - | - | - | - | - | - |
Change in marketable securities related to unrealized appreciation (depreciation) | ||||||||||||
45,464 | -17,755 | 4,979 | -12,123 | 1,867 | 29,220 | -59,087 | -1,109 | 16,104 | 17,225 | 408 | -68,668 | 51,210 |
Fair value of assets acquired | ||||||||||||
354,631 | 31,920 | 128,190 | 91,620 | 38,687 | 22,735 | 11,486 | 11,156 | 162,572 | 21,918 | - | 136,952 | 256,609 |
Liabilities assumed | ||||||||||||
25,507 | 2,273 | 29,587 | 6,344 | - | 3,718 | 4,955 | 2,740 | -93,014 | 5,547 | - | -60,336 | -106,654 |
Less: cash acquired | ||||||||||||
28,835 | 477 | 8,132 | 7,331 | - | 146 | -851 | 719 | -15,368 | 4,251 | - | -16,485 | -21,204 |
Cash paid for acquisitions, net of cash acquired | ||||||||||||
300,289 | 29,170 | 90,471 | 77,945 | 38,687 | 18,871 | - | - | - | - | - | - | - |
Cash paid for acquisitions, net of cash acquired | ||||||||||||
300,289 | 29,170 | 90,471 | 77,945 | 38,687 | - | 5,680 | 7,697 | 54,190 | 12,120 | - | 60,131 | 128,751 |