|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||
|
| |||||||||||
|
|
|
YEARS ENDED | |||||||||
|
(In thousands) |
|
December 31, 2013 |
|
December 31, 2012 |
|
December 31, 2011 | |||||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
| |||||
|
Net income |
|
$ |
440,065 |
|
$ |
556,807 |
|
$ |
770,711 | ||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
| |||||
|
Depreciation and amortization |
|
47,225 |
|
36,009 |
|
30,344 | |||||
|
Amortization of acquisition-related intangible assets |
|
4,824 |
|
853 |
|
1,583 | |||||
|
Amortization of debt discount and debt issuance costs |
|
1,457 |
|
648 |
|
— | |||||
|
Stock-based compensation |
|
96,624 |
|
93,586 |
|
82,750 | |||||
|
Net gain on sale of available-for-sale securities |
|
(153) |
|
— |
|
— | |||||
|
Amortization of investment discount/premium |
|
3,407 |
|
— |
|
— | |||||
|
Deferred income tax expense |
|
3,581 |
|
8,824 |
|
15,657 | |||||
|
Tax effect of employee stock plans |
|
7,009 |
|
9,811 |
|
16,162 | |||||
|
Excess tax benefit from employee stock plans |
|
(4,716) |
|
(16,278) |
|
(17,307) | |||||
|
Changes in assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
| |||||
|
Accounts receivable, net |
|
(157,842) |
|
(91,435) |
|
131,341 | |||||
|
Inventories |
|
(7,933) |
|
(30,442) |
|
24,245 | |||||
|
Other assets |
|
(1,309) |
|
(3,698) |
|
54,661 | |||||
|
Accounts payable and other liabilities |
|
9,414 |
|
(50,566) |
|
(32,534) | |||||
|
Deferred income and allowances on sales to distributors |
|
139,002 |
|
66,117 |
|
(148,836) | |||||
|
Income taxes payable |
|
14,440 |
|
8,576 |
|
31,116 | |||||
|
Deferred compensation plan obligations |
|
(4,887) |
|
(1,598) |
|
(293) | |||||
|
Net cash provided by operating activities |
|
590,208 |
|
587,214 |
|
959,600 | |||||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
| |||||
|
Purchases of property and equipment |
|
(42,558) |
|
(60,913) |
|
(31,812) | |||||
|
Proceeds from sales of deferred compensation plan securities, net |
|
4,887 |
|
1,598 |
|
293 | |||||
|
Purchases of available-for-sale securities |
|
(1,347,626) |
|
(921,430) |
|
(164,408) | |||||
|
Proceeds from sale of available-for-sale securities |
|
136,791 |
|
105,411 |
|
11,903 | |||||
|
Proceeds from maturity of available-for-sale securities |
|
178,221 |
|
115,373 |
|
13,100 | |||||
|
Acquisitions, net of cash acquired |
|
(145,321) |
|
— |
|
— | |||||
|
Purchases of intangible assets |
|
(13,465) |
|
(2,280) |
|
— | |||||
|
Purchase of other investments |
|
(7,441) |
|
(4,935) |
|
— | |||||
|
Net cash used in investing activities |
|
(1,236,512) |
|
(767,176) |
|
(170,924) | |||||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
| |||||
|
Proceeds from issuance of common stock through stock plans |
|
58,220 |
|
49,665 |
|
119,989 | |||||
|
Shares withheld for employee taxes |
|
(28,272) |
|
(31,472) |
|
(32,152) | |||||
|
Payment of dividends to stockholders |
|
(160,377) |
|
(115,514) |
|
(90,060) | |||||
|
Payment of debt assumed in acquisitions |
|
(22,000) |
|
— |
|
— | |||||
|
Proceeds from issuance of long-term debt |
|
991,786 |
|
500,000 |
|
— | |||||
|
Repayment of credit facility |
|
— |
|
(500,000) |
|
— | |||||
|
Long-term debt and credit facility issuance costs |
|
(4,143) |
|
(5,244) |
|
— | |||||
|
Repurchases of common stock |
|
(201,095) |
|
(229,057) |
|
(197,023) | |||||
|
Excess tax benefit from employee stock plans |
|
4,716 |
|
16,278 |
|
17,307 | |||||
|
Net cash provided by (used in) financing activities |
|
638,835 |
|
(315,344) |
|
(181,939) | |||||
|
Net (decrease) increase in cash and cash equivalents |
|
(7,469) |
|
(495,306) |
|
606,737 | |||||
|
Cash and cash equivalents at beginning of period |
|
2,876,627 |
|
3,371,933 |
|
2,765,196 | |||||
|
Cash and cash equivalents at end of period |
|
$ |
2,869,158 |
|
$ |
2,876,627 |
|
$ |
3,371,933 | ||
|
Supplemental cash flow information: |
|
|
|
|
|
| |||||
|
Income taxes paid, net |
|
$ |
16,299 |
|
$ |
9,797 |
|
$ |
9,856 | ||
|
Interest paid |
|
$ |
10,865 |
|
$ |
6,898 |
|
$ |
3,704 | ||
