Altera Announces Fourth Quarter Results

 

 

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


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