Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:      
Net income $ 802,265 $ 926,076 $ 704,422
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 62,684 57,836 66,932
Asset impairment charges 1,000 358 1,396
Stock-based compensation expense 62,784 50,943 45,050
Deferred income taxes 98,760 4,007 19,804
Excess tax benefit from equity awards 0 0 (11,936)
Net (gain) loss on sales of marketable securities and other investments 195 (1,207) (5,887)
Changes in assets and liabilities, net of business acquisition:      
Accounts receivable, net (76,497) 39,898 (8,292)
Inventories (182,883) (46,433) (67,579)
Other assets (37,632) (26,596) 14,613
Accounts payable 21,778 40,100 3,109
Deferred system profit 98,720 6,310 25,860
Other liabilities 377,946 28,373 (27,796)
Net cash provided by operating activities 1,229,120 1,079,665 759,696
Cash flows from investing activities:      
Acquisition of non-marketable securities (3,377) (3,430) 0
Business acquisition, net of cash acquired (17,403) (28,560) 0
Capital expenditures, net (66,961) (38,594) (31,741)
Proceeds from sale of assets 14 2,947 7,076
Purchases of available-for-sale securities (466,330) (1,626,983) (1,175,720)
Proceeds from sale of available-for-sale securities 233,259 434,873 737,817
Proceeds from maturity of available-for-sale securities 608,446 699,293 602,446
Purchases of trading securities (77,922) (97,525) (68,378)
Proceeds from sale of trading securities 81,892 97,093 73,187
Net cash provided by (used in) investing activities 291,618 (560,886) 144,687
Cash flows from financing activities:      
Proceeds from issuance of debt, net of issuance costs 248,693 0 0
Repayment of debt (946,250) (130,000) (135,000)
Issuance of common stock 61,444 45,359 38,298
Tax withholding payments related to vested and released restricted stock units (28,756) (19,169) (23,942)
Common stock repurchases (203,169) (25,002) (181,711)
Payment of dividends to stockholders (402,065) (343,993) (346,283)
Excess tax benefit from equity awards 0 0 11,936
Net cash used in financing activities (1,270,103) (472,805) (636,702)
Effect of exchange rate changes on cash and cash equivalents 696 (1,411) 2,782
Net increase in cash and cash equivalents 251,331 44,563 270,463
Cash and cash equivalents at beginning of period 1,153,051 1,108,488 838,025
Cash and cash equivalents at end of period 1,404,382 1,153,051 1,108,488
Supplemental cash flow disclosures:      
Income taxes paid, net 253,128 234,053 105,187
Interest paid 114,238 119,998 120,433
Non-cash activities:      
Purchase of land, property and equipment - investing activities 7,418 3,299 2,035
Business acquisition holdback amounts - investing activities 0 5,318 0
Dividends payable - financing activities $ 9,571 $ 13,772 $ 19,556