|
ALTERA CORPORATION | ||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|
(Unaudited) | ||||||||||||
|
|
|
| ||||||||||
|
|
|
YEARS ENDED | ||||||||||
|
(In thousands) |
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2010 | ||||||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
| ||||||
|
Net income |
|
$ |
556,807 |
|
|
$ |
770,711 |
|
|
$ |
782,884 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
| ||||||
|
Depreciation and amortization |
|
36,862 |
|
|
31,927 |
|
|
27,535 |
| |||
|
Stock-based compensation |
|
93,586 |
|
|
82,750 |
|
|
62,118 |
| |||
|
Deferred income tax expense |
|
8,824 |
|
|
15,657 |
|
|
34,256 |
| |||
|
Tax effect of employee stock plans |
|
9,811 |
|
|
16,162 |
|
|
27,444 |
| |||
|
Excess tax benefit from employee stock plans |
|
(16,278) |
|
|
(17,307) |
|
|
(21,866) |
| |||
|
Changes in assets and liabilities, net of the effects of acquisition: |
|
|
|
|
|
| ||||||
|
Accounts receivable, net |
|
(91,435) |
|
|
131,341 |
|
|
(145,330) |
| |||
|
Inventories |
|
(30,442) |
|
|
24,245 |
|
|
(76,819) |
| |||
|
Other assets |
|
(3,050) |
|
|
54,661 |
|
|
(52,805) |
| |||
|
Accounts payable and other liabilities |
|
(50,566) |
|
|
(32,534) |
|
|
59,200 |
| |||
|
Deferred income and allowances on sales to distributors |
|
66,117 |
|
|
(148,836) |
|
|
146,826 |
| |||
|
Income taxes payable |
|
8,576 |
|
|
31,116 |
|
|
15,746 |
| |||
|
Deferred compensation plan obligations |
|
(1,598) |
|
|
(293) |
|
|
(2,494) |
| |||
|
Net cash provided by operating activities |
|
587,214 |
|
|
959,600 |
|
|
856,695 |
| |||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
| ||||||
|
Purchases of property and equipment |
|
(60,913) |
|
|
(31,812) |
|
|
(12,442) |
| |||
|
Proceeds from sales of deferred compensation plan securities, net |
|
1,598 |
|
|
293 |
|
|
2,494 |
| |||
|
Purchases of available-for-sale securities |
|
(921,430) |
|
|
(164,408) |
|
|
— |
| |||
|
Proceeds from sale and maturity of available-for-sale securities |
|
220,784 |
|
|
25,003 |
|
|
— |
| |||
|
Acquisition related payments, net of cash acquired |
|
— |
|
|
— |
|
|
(8,004) |
| |||
|
Purchases of intangible assets |
|
(2,280) |
|
|
— |
|
|
(5,000) |
| |||
|
Purchase of other investments |
|
(4,935) |
|
|
— |
|
|
— |
| |||
|
Net cash used in investing activities |
|
(767,176) |
|
|
(170,924) |
|
|
(22,952) |
| |||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
| ||||||
|
Proceeds from issuance of common stock through various stock plans |
|
49,665 |
|
|
119,989 |
|
|
453,719 |
| |||
|
Shares withheld for employee taxes |
|
(31,472) |
|
|
(32,152) |
|
|
(20,164) |
| |||
|
Payment of dividends to stockholders |
|
(115,514) |
|
|
(90,060) |
|
|
(67,774) |
| |||
|
Proceeds from issuance of long-term debt |
|
500,000 |
|
|
— |
|
|
— |
| |||
|
Repayment of credit facility |
|
(500,000) |
|
|
— |
|
|
— |
| |||
|
Long-term debt and credit facility issuance costs |
|
(5,244) |
|
|
— |
|
|
— |
| |||
|
Repurchases of common stock |
|
(229,057) |
|
|
(197,023) |
|
|
— |
| |||
|
Excess tax benefit from employee stock plans |
|
16,278 |
|
|
17,307 |
|
|
21,866 |
| |||
|
Principal payments on capital lease obligation |
|
— |
|
|
— |
|
|
(2,866) |
| |||
|
Net cash (used in) provided by financing activities |
|
(315,344) |
|
|
(181,939) |
|
|
384,781 |
| |||
|
Net (decrease) increase in cash and cash equivalents |
|
(495,306) |
|
|
606,737 |
|
|
1,218,524 |
| |||
|
Cash and cash equivalents at beginning of period |
|
3,371,933 |
|
|
2,765,196 |
|
|
1,546,672 |
| |||
|
Cash and cash equivalents at end of period |
|
$ |
2,876,627 |
|
|
$ |
3,371,933 |
|
|
$ |
2,765,196 |
|
|
Supplemental cash flow information: |
|
|
|
|
|
| ||||||
|
Income taxes paid, net |
|
$ |
9,797 |
|
|
$ |
9,856 |
|
|
$ |
29,887 |
|
|
Interest paid |
|
$ |
6,898 |
|
|
$ |
3,704 |
|
|
$ |
3,395 |
|
