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ALTERA CORPORATION
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Nine Months Ended | ||||||
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(In thousands) |
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September 27,
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September 28,
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Cash Flows from Operating Activities: |
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Net income |
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$ |
341,131 |
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$ |
436,002 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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34,256 |
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25,786 |
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Amortization of acquisition-related intangible assets |
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2,974 |
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|
640 |
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Stock-based compensation |
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73,011 |
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70,790 |
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Net gain on sale of available-for-sale securities |
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(129) |
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— |
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Amortization of investments, net |
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2,575 |
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— |
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Deferred income tax benefit |
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(5,629) |
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(3,367) |
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Tax effect of employee stock plans |
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5,405 |
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14,381 |
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Excess tax benefit from employee stock plans |
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(4,165) |
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(20,790) |
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Changes in assets and liabilities, net of effects of acquisitions: |
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Accounts receivable, net |
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(111,231) |
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(116,000) |
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Inventories |
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(2,494) |
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(35,569) |
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Other assets |
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29,517 |
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5,478 |
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Accounts payable and other liabilities |
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12,509 |
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(34,670) |
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Deferred income and allowances on sales to distributors |
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95,961 |
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120,475 |
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Income taxes payable |
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(8,753) |
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(650) |
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Deferred compensation plan obligations |
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(5,489) |
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(2,001) |
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Net cash provided by operating activities |
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459,449 |
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460,505 |
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Cash Flows from Investing Activities: |
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Purchases of property and equipment |
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(31,216) |
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(53,712) |
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Proceeds from sales of deferred compensation plan securities, net |
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5,489 |
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2,001 |
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Purchases of available-for-sale securities |
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(258,809) |
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(819,662) |
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Proceeds from sale and maturity of available-for-sale securities |
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228,292 |
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135,650 |
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Acquisitions, net of cash acquired |
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(145,321) |
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— |
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Purchases of intangible assets |
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— |
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(2,280) |
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Purchases of other investments |
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(2,101) |
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(4,510) |
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Net cash used in investing activities |
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(203,666) |
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(742,513) |
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Cash Flows from Financing Activities: |
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Proceeds from issuance of common stock through various stock plans |
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38,748 |
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37,514 |
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Shares withheld for employee taxes |
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(24,787) |
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(30,529) |
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Payment of dividends to stockholders |
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(112,175) |
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(83,570) |
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Payment of debt assumed in acquisitions |
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(22,000) |
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— |
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Proceeds from issuance of long term debt |
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— |
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500,000 |
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Repayment of credit facility |
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— |
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(500,000) |
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Long-term debt and credit facility issuance costs |
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— |
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(5,244) |
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Repurchases of common stock |
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(60,276) |
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(179,057) |
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Excess tax benefit from employee stock plans |
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4,165 |
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20,790 |
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Net cash used in financing activities |
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(176,325) |
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(240,096) |
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Net increase (decrease) in cash and cash equivalents |
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79,458 |
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(522,104) |
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Cash and cash equivalents at beginning of period |
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2,876,627 |
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3,371,933 |
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Cash and cash equivalents at end of period |
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$ |
2,956,085 |
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$ |
2,849,829 |
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