Altera Announces Second Quarter Results

 

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)






Six Months Ended

 (In thousands)


June 26, 
 2015


June 27, 
 2014






Cash Flows from Operating Activities:





Net income


$

165,191



$

243,518


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





Depreciation and amortization


27,981



28,731


Amortization of acquisition-related intangible assets


4,891



4,929


Amortization of debt discount and debt issuance costs


1,558



1,558


Stock-based compensation


42,342



48,068


Net gain on sale of available-for-sale securities


(3,969)



(91)


Amortization of investment discount/premium


5,243



1,300


Deferred income tax expense


1,770



1,573


Tax effect of employee stock plans


2,776



121


Excess tax benefit from employee stock plans


(2,881)



(612)


Changes in assets and liabilities:





Accounts receivable, net


(46,463)



30,473


Inventories


(24,267)



(12,848)


Other assets


(9,990)



(2,751)


Accounts payable and other liabilities


6,558



5,703


Deferred income and allowances on sales to distributors


50,753



(72,547)


Income taxes payable and receivable, net


11,036



30,592


Deferred compensation plan obligations


(6,676)



(6,329)


Net cash provided by operating activities


225,853



301,388


Cash Flows from Investing Activities:





Purchases of property and equipment


(43,339)



(21,614)


Sales of deferred compensation plan securities, net


6,676



6,329


Purchases of available-for-sale securities


(1,298,609)



(204,810)


Proceeds from sale of available-for-sale securities


634,838



58,015


Proceeds from maturity of available-for-sale securities


69,711



134,212


Purchases of intangible assets


(5,257)



(535)


Purchases of other investments


(2,000)



(8,224)


Net cash used in investing activities


(637,980)



(36,627)


Cash Flows from Financing Activities:





Proceeds from issuance of common stock through stock plans


18,709



22,696


Shares withheld for employee taxes


(17,125)



(11,240)


Payment of dividends to stockholders


(108,445)



(94,179)


Holdback payment for prior acquisition




(3,353)


Long-term debt and credit facility issuance costs




(1,321)


Repurchases of common stock


(57,507)



(358,808)


Excess tax benefit from employee stock plans


2,881



612


Net cash used in financing activities


(161,487)



(445,593)


Net decrease in cash and cash equivalents


(573,614)



(180,832)


Cash and cash equivalents at beginning of period


2,426,367



2,869,158


Cash and cash equivalents at end of period


$

1,852,753



$

2,688,326



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