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ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) | ||||||||
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Six Months Ended | ||||||
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(In thousands) |
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June 26,
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June 27,
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Cash Flows from Operating Activities: |
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Net income |
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$ |
165,191 |
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$ |
243,518 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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|
|
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Depreciation and amortization |
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27,981 |
|
|
28,731 |
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Amortization of acquisition-related intangible assets |
|
4,891 |
|
|
4,929 |
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Amortization of debt discount and debt issuance costs |
|
1,558 |
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|
1,558 |
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Stock-based compensation |
|
42,342 |
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|
48,068 |
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Net gain on sale of available-for-sale securities |
|
(3,969) |
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|
(91) |
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Amortization of investment discount/premium |
|
5,243 |
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|
1,300 |
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Deferred income tax expense |
|
1,770 |
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|
1,573 |
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Tax effect of employee stock plans |
|
2,776 |
|
|
121 |
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Excess tax benefit from employee stock plans |
|
(2,881) |
|
|
(612) |
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Changes in assets and liabilities: |
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|
|
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Accounts receivable, net |
|
(46,463) |
|
|
30,473 |
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Inventories |
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(24,267) |
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|
(12,848) |
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Other assets |
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(9,990) |
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|
(2,751) |
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Accounts payable and other liabilities |
|
6,558 |
|
|
5,703 |
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Deferred income and allowances on sales to distributors |
|
50,753 |
|
|
(72,547) |
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Income taxes payable and receivable, net |
|
11,036 |
|
|
30,592 |
| ||
|
Deferred compensation plan obligations |
|
(6,676) |
|
|
(6,329) |
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Net cash provided by operating activities |
|
225,853 |
|
|
301,388 |
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Cash Flows from Investing Activities: |
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|
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Purchases of property and equipment |
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(43,339) |
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(21,614) |
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Sales of deferred compensation plan securities, net |
|
6,676 |
|
|
6,329 |
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Purchases of available-for-sale securities |
|
(1,298,609) |
|
|
(204,810) |
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Proceeds from sale of available-for-sale securities |
|
634,838 |
|
|
58,015 |
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Proceeds from maturity of available-for-sale securities |
|
69,711 |
|
|
134,212 |
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Purchases of intangible assets |
|
(5,257) |
|
|
(535) |
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Purchases of other investments |
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(2,000) |
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|
(8,224) |
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Net cash used in investing activities |
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(637,980) |
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|
(36,627) |
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Cash Flows from Financing Activities: |
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|
|
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Proceeds from issuance of common stock through stock plans |
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18,709 |
|
|
22,696 |
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Shares withheld for employee taxes |
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(17,125) |
|
|
(11,240) |
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Payment of dividends to stockholders |
|
(108,445) |
|
|
(94,179) |
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Holdback payment for prior acquisition |
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— |
|
|
(3,353) |
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Long-term debt and credit facility issuance costs |
|
— |
|
|
(1,321) |
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Repurchases of common stock |
|
(57,507) |
|
|
(358,808) |
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Excess tax benefit from employee stock plans |
|
2,881 |
|
|
612 |
| ||
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Net cash used in financing activities |
|
(161,487) |
|
|
(445,593) |
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Net decrease in cash and cash equivalents |
|
(573,614) |
|
|
(180,832) |
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Cash and cash equivalents at beginning of period |
|
2,426,367 |
|
|
2,869,158 |
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Cash and cash equivalents at end of period |
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$ |
1,852,753 |
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$ |
2,688,326 |
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Altera Announces Second Quarter Results
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