In the nine months ended October 2, 2016, changes in operating assets and liabilities
provided cash of $93.1 million. This was due to an $81.0 million decrease in operating assets and a $12.1 million increase in operating liabilities.
The decrease in operating assets was due to a $45.7 million decrease in accounts receivable due to increased collections and a $48.6 million
decrease in inventories, partially offset by a $13.3 million increase in prepayments and other assets. The increase in operating liabilities was due to a $53.4 million increase in deferred revenue and customer advance payments, a $15.4 million
increase in other accrued liabilities and a $4.2 million increase in accrued income taxes, partially offset by a $24.2 million decrease in accrued employee compensation due primarily to variable compensation, a $30.8 million decrease in accounts
payable, and $5.9 million of retirement plan contributions.
Investing activities during the nine months ended October 2, 2016 used
cash of $268.1 million, due to $875.8 million used for purchases of marketable securities and $66.3 million used for purchases of property, plant and equipment, partially offset by $466.7 million and $202.2 million in proceeds from sales and
maturities of marketable securities, respectively, and proceeds from property insurance of $5.1 million related to the Japan earthquake.
Financing activities during the nine months ended October 2, 2016 used cash of $119.1 million, due to $85.1 million used for the
repurchase of 4.3 million shares of common stock at an average price of $19.69 per share, $36.5 million used for dividend payments, $11.7 million used for a payment related to the Universal Robots acquisition contingent consideration, and
$9.2 million used for payment related to net settlement of employee stock compensation awards partially offset by $20.1 million from the issuance of common stock under employee stock purchase and stock option plans and $3.4 million from the tax
benefit related to employee stock compensation awards.
In January 2017, May 2017 and August 2017, our Board of Directors declared a
quarterly cash dividend of $0.07 per share. In the nine months ended October 1, 2017, dividend payments were $41.7 million.
January 2016, May 2016, and August 2016, our Board of Directors declared a quarterly cash dividend of $0.06 per share. In the nine months ended October 2, 2016, dividend payments were $36.5 million.
In December 2016, the Board of Directors approved a $500 million share repurchase authorization which commenced on January 1, 2017.
We intend to repurchase at least $200 million in 2017. During the nine months ended October 1, 2017, we repurchased 4.6 million shares of common stock at an average price of $32.66 per share, for a total price of $151.8 million.
The total price includes commissions and is recorded as a reduction to retained earnings.
During the nine months ended October 2,
2016, we repurchased 4.3 million shares of common stock at an average price of $19.69, for a total cost of $85.1 million.
declared a quarterly cash dividend and authorized a share repurchase program, we may reduce or eliminate the cash dividend or share repurchase program in the future. Future cash dividends and stock repurchases are subject to the discretion of our
Board of Directors which will consider, among other things, our earnings, capital requirements and financial condition.
We believe our
cash, cash equivalents and marketable securities balance will be sufficient to pay our quarterly dividend, execute our authorized share repurchase program and meet our working capital and expenditure needs for at least the next twelve months. The
amount of cash, cash equivalents and marketable securities in the U.S. and our operations in the U.S. provide sufficient liquidity to fund our business activities in the U.S. We have $1,106 million of cash, cash equivalents and marketable
securities outside the U.S. that if repatriated would incur additional taxes. Determination of the additional taxes that would be incurred is not