Altera Announces Second Quarter Results; Raises Dividend

    

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)




Six Months Ended

 (In thousands)


June 27, 2014


June 28, 2013








Cash Flows from Operating Activities:







Net income


$

243,518



$

221,698


Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization


28,731



22,449


Amortization of acquisition-related intangible assets


4,929



1,128


Amortization of debt discount and debt issuance costs


1,558



563


Stock-based compensation


48,068



47,274


Net gain on sale of available-for-sale securities


(91)




Amortization of investment discount/premium


1,300




Deferred income tax expense/(benefit)


12,469



(21,767)


Tax effect of employee stock plans


121



1,280


Excess tax benefit from employee stock plans


(612)



(1,148)


Changes in assets and liabilities, net of effects of acquisitions:







Accounts receivable, net


30,473



(147,407)


Inventories


(12,848)



21,649


Other assets


11,078



28,788


Accounts payable and other liabilities


5,703



(19,585)


Deferred income and allowances on sales to distributors


(72,547)



50,886


Income taxes payable


5,867



14,196


Deferred compensation plan obligations


(6,329)



(5,961)


Net cash provided by operating activities


301,388



214,043


Cash Flows from Investing Activities:







Purchases of property and equipment


(21,614)



(23,337)


Sales of deferred compensation plan securities, net


6,329



5,961


Purchases of available-for-sale securities


(204,810)



(175,642)


Proceeds from sale of available-for-sale securities


58,015



72,126


Proceeds from maturity of available-for-sale securities


134,212



83,855


Acquisitions, net of cash acquired




(145,313)


Holdback payment for prior acquisition


(3,353)




Purchases of intangible assets


(535)




Purchases of other investments


(8,224)



(176)


Net cash used in investing activities


(39,980)



(182,526)


Cash Flows from Financing Activities:







Proceeds from issuance of common stock through stock plans


22,696



27,296


Shares withheld for employee taxes


(11,240)



(6,722)


Payment of dividends to stockholders


(94,179)



(64,048)


Payment of debt assumed in acquisitions




(22,000)


Long-term debt and credit facility issuance costs


(1,321)




Repurchases of common stock


(358,808)



(54,974)


Excess tax benefit from employee stock plans


612



1,148


Net cash used in financing activities


(442,240)



(119,300)


Net decrease in cash and cash equivalents


(180,832)



(87,783)


Cash and cash equivalents at beginning of period


2,869,158



2,876,627


Cash and cash equivalents at end of period


$

2,688,326



$

2,788,844



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