0000768251-14-000030.txt : 20140724 0000768251-14-000030.hdr.sgml : 20140724 20140724162907 ACCESSION NUMBER: 0000768251-14-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140724 DATE AS OF CHANGE: 20140724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALTERA CORP CENTRAL INDEX KEY: 0000768251 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770016691 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16617 FILM NUMBER: 14991635 BUSINESS ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 408.544.8790 MAIL ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 a2014q28-ker.htm 8-K 2014 Q2 8-K (ER)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

            
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2014

            
ALTERA CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
 
0-16617
 
77-0016691
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
101 Innovation Drive, San Jose, California
 
95134
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code: (408) 544-7000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))













Item 2.02. Results of Operations and Financial Condition.
On July 24, 2014, Altera Corporation (the "Company") issued a press release announcing its financial results for the second quarter of 2014. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 8.01. Other Events.
On July 21, 2014, the Company's board of directors declared a quarterly cash dividend of $0.18 per common share. The quarterly dividend will be paid on September 2, 2014 to stockholders of record on August 11, 2014.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
 

99.1 Press release dated July 24, 2014





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALTERA CORPORATION
 
/s/ RONALD J. PASEK

Ronald J. Pasek
Senior Vice President, Finance and Chief Financial Officer
Dated: July 24, 2014




EXHIBIT INDEX 
 
Exhibit No.       Description 
99.1 
Press release dated July 24, 2014



EX-99.1 2 a2014q28-kerexhibit.htm EXHIBIT 2014 Q2 8-K(ER) Exhibit










INVESTOR CONTACT
 
MEDIA CONTACT
Scott Wylie - Vice President
 
Sue Martenson - Senior Manager
Investor Relations
 
Public Relations
(408) 544-6996
 
(408) 544-8158
swylie@altera.com
 
newsroom@altera.com


ALTERA ANNOUNCES SECOND QUARTER RESULTS
RAISES DIVIDEND



San Jose, Calif., July 24, 2014 — Altera Corporation (NASDAQ: ALTR) today announced second quarter sales of $491.5 million, up 7 percent from the first quarter of 2014 and up 17 percent from the second quarter of 2013. Second quarter net income was $127.0 million, $0.41 per diluted share, compared with net income of $116.5 million, $0.37 per diluted share, in the first quarter of 2014 and $101.5 million, $0.31 per diluted share, in the second quarter of 2013.

Year-to-date cash flow from operating activities was $301.4 million. Altera repurchased approximately
6.0 million shares during the quarter at a cost of approximately $197.0 million.

Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on September 2, 2014 to shareholders of record on August 11, 2014. The company's previous quarterly cash dividend had been $0.15 per share.

"Revenue growth was stronger than expected with new products up double digits sequentially. New product growth reflects very good 28 nm FPGA performance as well as continued solid growth from our 40 nm products," said John Daane, president, chief executive officer, and chairman of the board. "With new capabilities and vastly improved performance compared with our prior-generation midrange offerings, our 20 nm Arria 10 FPGAs and SoCs are displaying solid competitive potential as we are seeing a record level of identified customer opportunities. Further, at the high end, with continuing development of our Intel-sourced 14 nm FinFET-based Stratix 10 FPGAs, it remains clear that this new technology coupled with our HyperFlex architecture will deliver industry-leading density and performance as well as lower power and cost."


 



1



Recent accomplishments mark the company's continuing progress:

•
Early access customers are successfully achieving the anticipated 2X core performance gain in their Stratix® 10 FPGA and SOC designs compared to previous generation high-performance programmable devices. This breakthrough leap in FPGA core performance is a result of Intel’s
14 nm Tri-Gate process technology and the groundbreaking Stratix 10 HyperFlex™ architecture. Through the Stratix 10 FPGA early access program, Altera is working with several customers to run their existing designs through performance evaluation tools built for Stratix 10 FPGAs. The customer designs target a wide range of applications and leverage a variety of hardware design approaches, including ASIC replacement designs, traditional high-performance FPGA communication designs and high-throughput data center and computation designs.

•
Altera continues to work with several partners and customers on software-defined data centers and server acceleration, including Microsoft Corporation, who is seeking to accelerate portions of Microsoft's Bing web search engine. Based on the results of this collaboration, Bing plans to roll out Altera FPGA-accelerated servers to process customer searches in one of its data centers starting in early 2015. Altera’s FPGAs accelerate the processing of large amounts of data on servers, which helps address big data challenges and massive distributed workloads. Altera’s view of the software defined data center is that FPGAs are helping drive the transformation of the modern data center with a virtualized infrastructure delivered as a service using commodity servers. In this environment, FPGAs can deliver performance advantages, in some cases orders of magnitude improvements, with significantly lower power consumption than alternative approaches. A data center with reconfigurable fabric enabled by Altera FPGAs provides greater business agility, and its complexity can be managed as it scales.

 

 












2


SELECTED SECOND QUARTER REVENUE AND RELATED RESULTS


($ in thousands) Key Ratios & Information
 
June 27, 2014
 
March 28, 2014
Current Ratio
 
6:1

 
6:1

Liabilities/Equity
 
2:3

 
2:3

Quarterly Operating Cash Flows
 
$
170,958

 
$
130,430

TTM Return on Equity
 
13
%
 
13
%
Quarterly Depreciation Expense
 
$
12,222

 
$
12,996

Quarterly Capital Expenditures
 
$
9,620

 
$
7,116

Inventory MSOH (1): Altera
 
3.2

 
3.1

Inventory MSOH (1): Distribution
 
0.6

 
0.6

Cash Conversion Cycle (Days)
 
160

 
157

Turns
 
42
%
 
48
%
Book to Bill
 
>1.0

 
>1.0

 
 
 
 
 
Note (1): MSOH: Months Supply On Hand
 
 
 
 

                



3



ALTERA CORPORATION
NET SALES SUMMARY
(Unaudited)

 
Three Months Ended
 
Quarterly Growth Rate
 
June 27,
2014
 
March 28,
2014
 
June 28,
2013
 
Sequential Change
 
Year-
Over-Year
Change
Geography
 
 
 
 
 
 
 
 
 
Americas
16
%
 
15
%
 
17
%
 
8
 %
 
9
%
Asia Pacific
43
%
 
43
%
 
39
%
 
8
 %
 
28
%
EMEA
27
%
 
26
%
 
28
%
 
9
 %
 
13
%
Japan
14
%
 
16
%
 
16
%
 
(2
)%
 
3
%
Net Sales
100
%
 
100
%
 
100
%
 
7
 %
 
17
%
Product Category
 
 
 
 
 
 
 
 
 
New
53
%
 
49
%
 
41
%
 
15
 %
 
53
 %
Mainstream
21
%
 
23
%
 
28
%
 
2
 %
 
(11
)%
Mature and Other
26
%
 
28
%
 
31
%
 
(4
)%
 
(5
)%
Net Sales
100
%
 
100
%
 
100
%
 
7
 %
 
17
 %
Vertical Market
 
 
 
 
 
 
 
 
 
Telecom & Wireless
46
%
 
45
%
 
42
%
 
9
%
 
28
 %
Industrial Automation, Military & Automotive
21
%
 
22
%
 
22
%
 
3
%
 
14
 %
Networking, Computer & Storage
15
%
 
15
%
 
18
%
 
1
%
 
(6
)%
Other
18
%
 
18
%
 
18
%
 
10
%
 
16
 %
Net Sales
100
%
 
100
%
 
100
%
 
7
%
 
17
 %
FPGAs and CPLDs
 
 
 
 
 
 
 
 
 
FPGA
84
%
 
83
%
 
83
%
 
8
%
 
18
%
CPLD
8
%
 
9
%
 
9
%
 
0
%
 
7
%
Other Products
8
%
 
8
%
 
8
%
 
3
%
 
12
%
Net Sales
100
%
 
100
%
 
100
%
 
7
%
 
17
%

Product Category Description

•
New Products include the Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II, Cyclone® V, Cyclone IV, MAX® V, HardCopy® IV devices and Enpirion PowerSoCs.

•
Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.

•
Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.



4


Business Outlook for the Third Quarter 2014

Sales and Income Statement
Sequential Sales Growth
- 2% to + 2%
Gross Margin
67% +/- .5%
Research and Development (1)
$114 - $116 million
SG&A
$78 - $80 million
Other Income/Expense, Net (2)
Net expense of approximately $4 million
Tax Rate
11% - 12%
Diluted Share Count
Less than 314 million
Turns
High 30's
Inventory MSOH
High 3's
Note (1): The business outlook for Research and Development expense includes amortization of acquisition-related intangible assets
Note (2): Other Income/Expense, Net includes Interest income and other and Interest expense in our consolidated statements of comprehensive income.
        
Vertical Market                         
Telecom & Wireless
Flat
Industrial Automation, Military & Automotive
Flat
Networking, Computer & Storage
Up
Other
Down

Second Quarter Earnings Conference Call
 
A conference call will be held today at 1:45 p.m. Pacific time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.


 

 



5


Forward-Looking Statements
 
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding both absolute and relative product performance, product development schedules, customer intention to incorporate our FPGAs into equipment supporting the Bing search engine, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

About Altera
 
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Visit www.altera.com.
 
###
 
ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.





 
###

6


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
(In thousands, except per share amounts)
 
June 27,
2014
 
March 28,
2014
 
June 28,
2013
 
June 27,
2014
 
June 28,
2013
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
491,517

 
$
461,092

 
$
421,759

 
$
952,609

 
$
832,260

Cost of sales
 
162,391

 
151,868

 
135,104

 
314,259

 
261,187

Gross margin
 
329,126

 
309,224

 
286,655

 
638,350

 
571,073

Operating expense
 
 
 
 
 
 
 
 
 
 
Research and development expense
 
101,121

 
97,657

 
95,489

 
198,778

 
183,206

Selling, general, and administrative expense
 
78,974

 
74,507

 
77,869

 
153,481

 
156,469

Amortization of acquisition-related intangible assets
 
2,464

 
2,465

 
915

 
4,929

 
1,128

Total operating expense
 
182,559

 
174,629

 
174,273

 
357,188

 
340,803

Operating margin (1)
 
146,567

 
134,595

 
112,382

 
281,162

 
230,270

Compensation expense /(benefit)— deferred compensation plan
 
3,126

 
1,454

 
(160
)
 
4,580

 
3,262

(Gain)/loss on deferred compensation plan securities
 
(3,126
)
 
(1,454
)
 
160

 
(4,580
)
 
(3,262
)
Interest income and other
 
(7,819
)
 
(5,985
)
 
(2,778
)
 
(13,804
)
 
(4,437
)
Gain reclassified from other comprehensive income
 
(43
)
 
(48
)
 
(42
)
 
(91
)
 
(96
)
Interest expense
 
10,877

 
10,488

 
3,389

 
21,365

 
5,854

Income before income taxes
 
143,552

 
130,140

 
111,813

 
273,692

 
228,949

Income tax expense
 
16,548

 
13,626

 
10,304

 
30,174

 
7,251

Net income
 
127,004

 
116,514

 
101,509

 
243,518

 
221,698

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income/(loss):
 
 
 
 
 
 
 
 
 
 
Unrealized gain/(loss) on investments:
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments arising during period, net of tax of $23, $23, ($47),$46 and ($41)
 
14,471

 
12,560

 
(9,031
)
 
27,031

 
(9,032
)
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $6, $4, $5, $10 and $10
 
(37
)
 
(44
)
 
(37
)
 
(81
)
 
(86
)
Other comprehensive income/(loss)
 
14,434

 
12,516

 
(9,068
)
 
26,950

 
(9,118
)
Comprehensive income
 
$
141,438

 
$
129,030

 
$
92,441

 
$
270,468

 
$
212,580

 
 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.41

 
$
0.37

 
$
0.32

 
$
0.78

 
$
0.69

Diluted
 
$
0.41

 
$
0.37

 
$
0.31

 
$
0.77

 
$
0.69

 
 
 
 
 
 
 
 
 
 
 
Shares used in computing per share amounts:
 
 
 
 
 
 
 
 
 
 
Basic
 
311,000

 
316,552

 
320,472

 
313,713

 
320,175

Diluted
 
313,513

 
318,901

 
323,527

 
316,145

 
323,279

 
 
 
 
 
 
 
 
 
 
 
Dividends per common share
 
$
0.15

 
$
0.15

 
$
0.10

 
$
0.30

 
$
0.20

 
 
 
 
 
 
 
 
 
 
 
Tax rate
 
11.5
%
 
10.5
%
 
9.2
%
 
11.0
%
 
3.2
%
% of Net sales:
 
 
 
 
 
 
 
 
 
 
Gross margin
 
67.0
%
 
67.1
%
 
68.0
%
 
67.0
%
 
68.6
%
Research and development (1)
 
21.1
%
 
21.7
%
 
22.9
%
 
21.4
%
 
22.1
%
Selling, general, and administrative
 
16.1
%
 
16.2
%
 
18.5
%
 
16.1
%
 
18.8
%
Operating margin(2)
 
29.8
%
 
29.2
%
 
26.6
%
 
29.5
%
 
27.7
%
Net income
 
25.8
%
 
25.3
%
 
24.1
%
 
25.6
%
 
26.6
%


7


Notes:
 
 
 
 
 
 
 
 
 
 
(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.

(2) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
(In thousands, except per share amounts)
 
June 27,
2014
 
March 28,
2014
 
June 28,
2013
 
June 27,
2014
 
June 28,
2013
Operating margin (non-GAAP)
 
$
146,567

 
$
134,595

 
$
112,382

 
$
281,162

 
$
230,270

Compensation expense/(benefit) — deferred compensation plan
 
3,126

 
1,454

 
(160
)
 
4,580

 
3,262

Income from operations (GAAP)
 
$
143,441

 
$
133,141

 
$
112,542

 
$
276,582

 
$
227,008



8


ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par value amount)
 
June 27,
2014
 
December 31,
2013
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
2,688,326

 
$
2,869,158

Short-term investments
 
118,239

 
141,487

Total cash, cash equivalents, and short-term investments
 
2,806,565

 
3,010,645

Accounts receivable, net
 
452,559

 
483,032

Inventories
 
176,728

 
163,880

Deferred income taxes — current
 
55,599

 
63,228

Deferred compensation plan — marketable securities
 
65,852

 
66,455

Deferred compensation plan — restricted cash equivalents
 
15,553

 
16,699

Other current assets
 
36,852

 
48,901

Total current assets
 
3,609,708

 
3,852,840

Property and equipment, net
 
195,582

 
204,142

Long-term investments
 
1,756,678

 
1,695,066

Deferred income taxes — non-current
 
19,755

 
10,806

Goodwill
 
74,341

 
73,968

Acquisition-related intangible assets, net
 
77,221

 
82,150

Other assets, net
 
82,579

 
76,676

Total assets
 
$
5,815,864

 
$
5,995,648

 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
52,747

 
$
44,163

Accrued liabilities
 
26,607

 
41,218

Accrued compensation and related liabilities
 
54,345

 
51,105

Deferred compensation plan obligations
 
81,405

 
83,154

Deferred income and allowances on sales to distributors
 
415,199

 
487,746

Total current liabilities
 
630,303

 
707,386

Income taxes payable — non-current
 
296,594

 
276,326

Long-term debt
 
1,492,113

 
1,491,466

Other non-current liabilities
 
7,661

 
8,403

Total liabilities
 
2,426,671

 
2,483,581

Stockholders' equity:
 
 
 
 
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 308,955 shares at June 27, 2014 and 317,769 shares at December 31, 2013
 
309

 
318

Capital in excess of par value
 
1,179,335

 
1,216,826

Retained earnings
 
2,210,561

 
2,322,885

Accumulated other comprehensive loss
 
(1,012
)
 
(27,962
)
Total stockholders' equity
 
3,389,193

 
3,512,067

Total liabilities and stockholders' equity
 
$
5,815,864

 
$
5,995,648

 
 
 
 
 

9


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


10