XML 81 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 620,000 $ 543,966 $ 452,826
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 7,861 7,620 6,890
Amortization of premium and accretion of discount on marketable securities, net 33,784 28,092 14,428
Other than temporary impairment net of gain on sale of marketable securities previously impaired 0 (2,017) 785
Realized gain on sale of marketable securities, net (1,436) (672) (974)
Amortization of intangible assets 7,028 43,925 51,876
Stock-based compensation 45,287 39,835 35,180
Deferred income taxes, net (1,453) (11,552) (11,674)
Excess tax benefit from stock-based compensation (11,128) (7,956) (4,763)
Accrued severance pay, net 57 (546) (55)
Decrease (increase) in trade receivables, net of allowances for doubtful accounts and sales reserves (16,337) (73,674) 536
Decrease (increase) in prepaid expenses and other current assets and other assets 4,592 (4,917) (5,742)
Increase (decrease) in trade payables 5,445 (5,999) 789
Increase in employees and payroll accruals 958 8,988 13,647
Increase in accrued expenses and other liabilities 117,371 90,384 97,178
Increase in deferred revenues 37,512 87,487 37,649
Net cash provided by operating activities 849,541 742,964 688,576
Cash flows from investing activities:      
Cash paid in conjunction with acquisitions, net of acquired cash   (15,060) (13,957)
Proceeds from maturity of marketable securities 991,578 820,365 605,725
Proceeds from sale of marketable securities 242,074 23,655 44,096
Investment in marketable securities (1,589,115) (1,173,398) (1,090,416)
Investment in short-term deposits (10,602) (222,455)  
Purchase of property and equipment (8,195) (7,195) (4,910)
Net cash used in investing activities (374,260) (574,088) (459,462)
Cash flows from financing activities:      
Proceeds from issuance of shares under stock purchase plan and upon exercise of options 61,011 71,493 103,815
Acquisition of non-controlling interest in Sofaware   (6,556)  
Purchase of treasury shares at cost (466,164) (300,000) (200,000)
Excess tax benefit from stock-based compensation 11,128 7,956 4,763
Net cash used in financing activities (394,025) (227,107) (91,422)
Increase (decrease) in cash and cash equivalents 81,256 (58,231) 137,692
Cash and cash equivalents at the beginning of the year 493,546 551,777 414,085
Cash and cash equivalents at the end of the year 574,802 493,546 551,777
Supplemental disclosure of cash flow information:      
Cash paid during the year for income taxes $ 85,897 $ 63,593 $ 59,945