LINEAR TECHNOLOGY CORP /CA/

CIK:0000791907|SEC Filings

Consolidated Statements Of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jan. 01, 2017

Jan. 03, 2016

Jan. 01, 2017

Jan. 03, 2016

Consolidated Statements Of Income [Abstract]

Revenues

$ 375,817

$ 347,128

$ 749,712

$ 689,045

Cost of sales

^[1],[2]

90,990

84,384

182,816

169,589

Gross profit

284,827

262,744

566,896

519,456

Operating expenses

Research and development

^[1],[2]

77,030

69,884

153,389

136,486

Selling, general and administrative

^[1],[2]

47,552

43,403

103,961

83,596

Total operating expenses

124,582

113,287

257,350

220,082

Operating income

160,245

149,457

309,546

299,374

Interest income and other income

2,361

1,521

4,534

2,508

Income before income taxes

162,606

150,978

314,080

301,882

Provision for income taxes

38,620

29,446

74,972

68,303

Net income

$ 123,986

$ 121,532

$ 239,108

$ 233,579

Basic earnings per share

$ 0.50

$ 0.97

$ 0.95

Shares used in the calculation of basic earnings per share

245,804

244,591

245,561

244,831

Diluted earnings per share

$ 0.50

$ 0.97

$ 0.95

Shares used in the calculation of diluted earnings per share

246,280

244,880

246,026

245,178

Cash dividends per share

$ 0.32

$ 0.30

$ 0.64

$ 0.60

[1]	Cost of sales
[2]	Cost of sales

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2017	Jan. 03, 2016
Cash flow from operating activities:
Net income	$ 239,108	$ 233,579
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,252	26,027
Stock-based compensation	43,602	39,158
Excess tax benefit from stock-based compensation	(6,914)	(4,680)
Change in operating assets and liabilities:
Accounts receivable	12,325	34,218
Inventories	(897)	5,782
Prepaid expenses, other current assets and deferred tax assets	3,892	(642)
Accounts payable, accrued payroll, other accrued liabilities and noncurrent liabilities	15,745	(12,455)
Deferred income on shipments to distributors	788	1,227
Income taxes payable	13,336	10,528
Cash provided by operating activities	347,237	332,742
Cash flow from investing activities:
Purchase of marketable securities	(595,274)	(651,598)
Proceeds from sale and maturities of available-for-sale securities	497,835	527,455
Purchase of property, plant and equipment	(20,436)	(21,112)
Cash used in investing activities	(117,875)	(145,255)
Cash flow from financing activities:
Excess tax benefit from stock-based compensation	6,914	4,680
Issuance of common stock under employee stock plans	7,400	16,229
Purchase of common stock	(20,037)	(79,155)
Payment of cash dividends	(157,315)	(146,810)
Cash used in financing activities	(163,038)	(205,056)
Increase (decrease) in cash and cash equivalents	66,324	(17,569)
Cash and cash equivalents, beginning of year	263,682	195,679
Cash and cash equivalents, end of period	$ 330,006	$ 178,110

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 01, 2017	Jul. 03, 2016
Assets
Cash and cash equivalents	$ 330,006	$ 263,682
Marketable securities	1,279,819	1,184,593
Accounts receivable, net of allowances ($1,649 as of January 1, 2017 and $1,649 as of July 3, 2016)	145,135	157,460
Inventories:
Raw materials	10,749	9,915
Work-in-process	64,833	66,172
Finished goods	22,966	21,164
Total inventories	98,548	97,251
Prepaid expenses and other current assets	48,539	51,744
Total current assets	1,902,047	1,754,730
Property, plant and equipment, at cost:
Land	28,834	28,834
Buildings and improvements	265,017	264,484
Manufacturing and test equipment	766,667	753,916
Office furniture and equipment	7,682	7,285
Gross property, plant and equipment	1,068,200	1,054,519
Accumulated depreciation and amortization	(787,051)	(768,653)
Net property, plant and equipment	281,149	285,866
Identified intangible assets, net and goodwill	8,285	9,385
Total noncurrent assets	289,434	295,251
Total assets	2,191,481	2,049,981
Liabilities and stockholders' equity
Accounts payable	17,197	17,465
Accrued payroll and related benefits	111,797	93,187
Deferred income on shipments to distributors	49,489	48,701
Income taxes payable	6,800	3,342
Other accrued liabilities	14,334	17,271
Total current liabilities	199,617	179,966
Deferred tax liabilities	67,818	68,388
Other long-term liabilities	46,234	42,452
Total liabilities	313,669	290,806
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 2,000 shares authorized; none issued or outstanding
Common stock, $0.001 par value, 2,000,000 shares authorized; 240,439 shares issued and outstanding (239,654 as of July 3, 2016)	240	240
Additional paid-in capital	2,192,229	2,136,910
Accumulated other comprehensive (loss) income, net of tax	(198)	1,235
Accumulated deficit	(314,459)	(379,210)
Total stockholders' equity	1,877,812	1,759,175
Total liabilities and stockholders' equity	$ 2,191,481	$ 2,049,981