Item 6. Selected Financial Data

7K characters. Original on sec.gov · Markdown

Item 6. Selected Financial Data

The following table sets forth selected consolidated financial data of the Company. The selected consolidated balance sheet data as of December 31, 2016 and December 26, 2015 and the selected consolidated statement of income data for the years ended December 31, 2016, December 26, 2015, and December 27, 2014 were derived from the Company’s audited consolidated financial statements and the related notes thereto which are included in Item 8 of this annual report on Form 10-K. The selected consolidated balance sheet data as of December 27, 2014, December 28, 2013, and December 29, 2012 and the selected consolidated statement of income data for the years ended December 28, 2013 and December 29, 2012 were derived from the Company’s audited consolidated financial statements, not included herein.

The information set forth below is not necessarily indicative of the results of future operations and should be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and notes to those statements included in Items 7 and 8 in Part II of this Form 10-K.

	40

	Years ended (1)
	Dec. 31, 2016		Dec. 26, 2015		Dec. 27, 2014		Dec. 28, 2013		Dec. 29, 2012
	(in thousands, except per share data)
Consolidated Statements of Income Data:
Net sales	$	3,018,665	$	2,820,270	$	2,870,658	$	2,631,851	$	2,715,675
Cost of goods sold		1,339,095		1,281,566		1,266,246		1,224,551		1,277,195
Gross profit		1,679,570		1,538,704		1,604,412		1,407,300		1,438,480

Operating expenses:
Advertising expense		177,143		167,166		146,633		112,905		138,757
Selling, general and administrative		410,558		394,914		372,032		355,440		369,790
Research and development		467,960		427,043		395,121		364,923		325,773
Total operating expenses		1,055,661		989,123		913,786		833,268		834,320

Operating income		623,909		549,581		690,626		574,032		604,160
Other income, net (2)(3)		5,761		17,606		33,119		79,526		20,368
Income before income taxes		629,670		567,187		723,745		653,558		624,528

Income tax provision (4)(5)		118,856		110,960		359,534		41,146		82,125
Net income	$	510,814	$	456,227	$	364,211	$	612,412	$	542,403

Net income per share:
Basic	$	2.71	$	2.39	$	1.89	$	3.13	$	2.78
Diluted	$	2.70	$	2.39	$	1.88	$	3.12	$	2.76

Weighted average common shares outstanding:
Basic		188,818		190,631		193,106		195,411		194,909
Diluted		189,343		191,107		194,165		196,341		196,213

Dividends declared per share	$	2.04	$	2.04	$	1.92	$	1.80	$	1.80

Balance Sheet Data (at end of Period):
Cash and cash equivalents	$	846,883	$	833,070	$	1,196,268	$	1,179,149	$	1,231,180
Marketable securities		1,480,237		1,558,548		1,575,333		1,651,968		1,641,395
Total assets		4,525,133		4,499,391		4,693,303		4,879,603		4,819,124
Total debt		-		-		-		-		-
Total stockholders' equity		3,418,003		3,345,126		3,403,367		3,659,706		3,531,796

	(1)	Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31. All years presented contain 52 weeks excluding Fiscal 2016 which includes 53 weeks.

	(2)	Other income, net mainly consists of gain (loss) on sale of marketable securities, interest income, and foreign currency gain (loss).

	(3)	Includes $31.7 million, $23.5 million, $4.3 million, and $20.0 million of foreign currency losses in 2016, 2015, 2014, and 2012, respectively, and $35.5 million of foreign currency gain in 2013.

	(4)	2014 – includes $72.9 million income tax reserve release due to expiration of certain statutes of limitations or completion of tax audits partially offset by Swiss withholding tax expense due to the release of reserves; 2013 - includes $68.7 million income tax reserve release due to expiration of certain statutes of limitations or completion of tax audits partially offset by Taiwan surtax expense due to the release of reserves

	(5)	Includes a $307.6 million income tax expense in 2014 associated with our inter-company restructuring discussed within Item 7 - Discussion and Analysis of Financial Condition and Results of Operation - Comparison of the 52-weeks ended December, 26 2015 and December 27, 2014

	41

Previous: Item 5. Market for the Company’s Common Shares, Related Shareholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations