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, unless otherwise specified
 12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:      
Net earnings $ 110,948 $ 112,561 $ 112,331
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 19,175 12,321 12,467
Costs recognized on sale of acquired inventory 7,480 4,501 7,573
Deferred income taxes (2,853) (2,534) (7,363)
Stock-based compensation expense 3,523 1,864 1,641
Excess tax benefit from stock option exercises (262) (75) (51)
Impairment losses on investments 0 0 3,254
Net (gain) loss from equity method investees 0 (570) 603
Other 592 763 230
Change in operating assets and liabilities, net of acquisitions:      
Trade accounts and other receivables 1,145 (2,334) (2,096)
Inventories (2,895) (2,216) (1,577)
Prepaid expenses (554) (33) (476)
Trade accounts payable and accrued expenses 1,368 243 1,581
Salaries, wages and related accruals 1,034 (92) 686
Income taxes payable (1,939) (837) (2,057)
Net cash provided by operating activities 136,762 123,562 126,746
Cash flows from investing activities:      
Purchase of available-for-sale investments (106,746) (112,712) (147,011)
Proceeds from sale of available-for-sale investments 229,975 41,507 64,291
Proceeds from maturities of available-for-sale investments 59,435 62,103 67,435
Additions to property and equipment (13,821) (22,454) (6,017)
Acquisitions, net of cash acquired (109,180) 0 0
Investment in unconsolidated entity (10,000) 0 0
Other 25 352 (366)
Net cash provided by (used in) investing activities 49,688 (31,204) (21,668)
Cash flows from financing activities:      
Cash dividends (45,394) (43,463) (41,018)
Proceeds from stock option exercises 8,326 1,105 847
Excess tax benefit from stock option exercises 262 75 51
Purchase of common stock for stock bonus plans 0 (573) (907)
Repurchase of common stock 0 (1,821) (23,598)
Net cash used in financing activities (36,806) (44,677) (64,625)
Effect of exchange rate changes on cash and cash equivalents 5,138 (570) (1,391)
Net change in cash and cash equivalents 154,782 47,111 39,062
Cash and cash equivalents at beginning of year 163,786 116,675 77,613
Cash and cash equivalents at end of year $ 318,568 $ 163,786 $ 116,675