|
Notes: |
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|
|
|
|
|
|
|
|
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(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.
(2) We define operating margin as gross margin less research and development expense, selling, general and administrative expense, amortization of acquisition-related intangible assets, and merger expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
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|
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Three Months Ended |
|
Nine Months Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
September 25,
|
|
June 26,
|
|
September 26,
|
|
September 25,
|
|
September 26,
| ||||||||||
|
Operating margin (non-GAAP) |
|
$ |
77,762 |
|
|
$ |
86,331 |
|
|
$ |
141,320 |
|
|
$ |
267,114 |
|
|
$ |
422,482 |
|
|
Compensation (benefit)/ expense — deferred compensation plan |
|
(4,468) |
|
|
2,732 |
|
|
(487) |
|
|
(1,709) |
|
|
4,093 |
| |||||
|
Income from operations (GAAP) |
|
$ |
82,230 |
|
|
$ |
83,599 |
|
|
$ |
141,807 |
|
|
$ |
268,823 |
|
|
$ |
418,389 |
|
|
ALTERA CORPORATION | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(Unaudited) | ||||||||
|
| ||||||||
|
(In thousands, except par value amount) |
|
September 25,
|
|
December 31,
| ||||
|
|
|
|
|
| ||||
|
Assets |
|
|
|
| ||||
|
Current assets: |
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
1,934,850 |
|
|
$ |
2,426,367 |
|
|
Short-term investments |
|
185,762 |
|
|
151,519 |
| ||
|
Total cash, cash equivalents, and short-term investments |
|
2,120,612 |
|
|
2,577,886 |
| ||
|
Accounts receivable, net |
|
444,107 |
|
|
377,964 |
| ||
|
Inventories |
|
159,310 |
|
|
153,387 |
| ||
|
Deferred income taxes — current |
|
60,210 |
|
|
56,048 |
| ||
|
Deferred compensation plan — marketable securities |
|
57,781 |
|
|
69,367 |
| ||
|
Deferred compensation plan — restricted cash equivalents |
|
17,166 |
|
|
14,412 |
| ||
|
Other current assets |
|
50,718 |
|
|
39,479 |
| ||
|
Total current assets |
|
2,909,904 |
|
|
3,288,543 |
| ||
|
Property and equipment, net |
|
208,897 |
|
|
194,840 |
| ||
|
Long-term investments |
|
2,504,693 |
|
|
1,942,343 |
| ||
|
Deferred income taxes — non-current |
|
20,725 |
|
|
20,077 |
| ||
|
Goodwill |
|
81,331 |
|
|
74,341 |
| ||
|
Acquisition-related intangible assets, net |
|
66,989 |
|
|
72,291 |
| ||
|
Other assets, net |
|
92,646 |
|
|
81,791 |
| ||
|
Total assets |
|
$ |
5,885,185 |
|
|
$ |
5,674,226 |
|
|
|
|
|
|
| ||||
|
Liabilities and stockholders' equity |
|
|
|
| ||||
|
Current liabilities: |
|
|
|
| ||||
|
Accounts payable |
|
$ |
41,520 |
|
|
$ |
49,140 |
|
|
Accrued liabilities |
|
47,523 |
|
|
28,384 |
| ||
|
Accrued compensation and related liabilities |
|
74,113 |
|
|
69,837 |
| ||
|
Deferred compensation plan obligations |
|
74,947 |
|
|
83,779 |
| ||
|
Deferred income and allowances on sales to distributors |
|
439,504 |
|
|
344,168 |
| ||
|
Total current liabilities |
|
677,607 |
|
|
575,308 |
| ||
|
Income taxes payable — non-current |
|
352,433 |
|
|
313,447 |
| ||
|
Long-term debt |
|
1,493,729 |
|
|
1,492,759 |
| ||
|
Other non-current liabilities |
|
8,955 |
|
|
6,886 |
| ||
|
Total liabilities |
|
2,532,724 |
|
|
2,388,400 |
| ||
|
Stockholders' equity: |
|
|
|
| ||||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 302,857 shares at September 25, 2015 and 302,430 shares at December 31, 2014 |
|
303 |
|
|
302 |
| ||
|
Capital in excess of par value |
|
1,227,586 |
|
|
1,165,259 |
| ||
|
Retained earnings |
|
2,115,487 |
|
|
2,110,620 |
| ||
|
Accumulated other comprehensive income |
|
9,085 |
|
|
9,645 |
| ||
|
Total stockholders' equity |
|
3,352,461 |
|
|
3,285,826 |
| ||
|
Total liabilities and stockholders' equity |
|
$ |
5,885,185 |
|
|
$ |
5,674,226 |
|
|
|
|
|
|
| ||||
