|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Jun. 24, 2012
|
Jun. 26, 2011
|
Jun. 27, 2010
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 44,412 |
$ 146,500 |
$ 152,290 |
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Depreciation and amortization |
142,709 |
108,605 |
90,424 |
| Stock-based compensation |
46,393 |
38,240 |
24,067 |
| Excess tax benefit from share-based payment arrangements |
(277) |
(10,141) |
(21,722) |
| Loss on disposal or impairment of long-lived assets |
3,481 |
1,952 |
4,141 |
| Amortization of premium/discount on investments, net |
8,330 |
15,696 |
9,502 |
| Deferred income taxes |
(6,425) |
(16,308) |
(11,046) |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(9,365) |
(963) |
(14,555) |
| Inventories |
26,904 |
(63,450) |
(33,129) |
| Prepaid expenses and other assets |
(931) |
(17,090) |
(18,084) |
| Accounts payable, trade |
(10,105) |
18,442 |
15,717 |
| Accrued salaries and wages and other liabilities |
(2,846) |
29,897 |
52,964 |
| Net cash provided by operating activities |
242,280 |
251,380 |
250,569 |
| Cash flows from investing activities: |
|
|
|
| Purchases of property and equipment |
(95,015) |
(237,085) |
(168,624) |
| Payment of COTCO contingent consideration |
0 |
0 |
(57,050) |
| Payment of LLF contingent consideration |
0 |
(13,159) |
(8,773) |
| Purchases of investments |
(345,457) |
(382,520) |
(660,823) |
| Proceeds from maturities of investments |
186,425 |
252,603 |
121,808 |
| Proceeds from sale of property and equipment |
252 |
205 |
228 |
| Proceeds from sale of available-for-sale investments |
277,463 |
89,474 |
19,120 |
| Purchase of Ruud Lighting, net of cash acquired |
(454,605) |
0 |
0 |
| Purchases of patent and licensing rights |
(17,204) |
(12,752) |
(9,273) |
| Net cash used in investing activities |
(448,141) |
(303,234) |
(763,387) |
| Cash flows from financing activities: |
|
|
|
| Net proceeds from issuance of common stock |
5,012 |
34,405 |
598,077 |
| Excess tax benefit from share-based payment arrangements |
277 |
10,141 |
21,722 |
| Repurchases of common stock |
(11,981) |
0 |
0 |
| Net cash (used in)/provided by financing activities |
(6,692) |
44,546 |
619,799 |
| Effect of foreign exchange changes on cash and cash equivalents |
840 |
475 |
296 |
| Net (decrease)/increase in cash and cash equivalents |
(211,713) |
(6,833) |
107,277 |
| Cash and cash equivalents: |
|
|
|
| Beginning of period |
390,598 |
397,431 |
290,154 |
| End of period |
178,885 |
390,598 |
397,431 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid for income taxes |
$ 17,984 |
$ 31,201 |
$ 33,441 |