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CDNS » Topics » Other income, net

This excerpt taken from the CDNS 10-Q filed Dec 11, 2008.
Other income, net
 
Other income, net, for the three months ended March 29, 2008 and March 31, 2007 was as follows:
 
                 
    Three Months Ended  
    March 29,
     March 31,
  
    2008     2007  
    (In millions)  
 
Interest income
  $ 8.8     $ 12.2  
Gains on sale of non-marketable securities
    0.9       4.2  
Gains (losses) on sale of non-marketable and trading securities in Cadence’s nonqualified deferred compensation trust
    (0.7 )     3.3  
Gains on foreign exchange
    2.3       0.4  
Equity loss from investments
    (0.3 )     (0.6 )
Write-down of investments
    (5.4 )     ----  
Other income
    0.2       ----  
                 
Total other income, net
  $ 5.8     $ 19.5  
                 
 
Interest income decreased $3.4 million in the three months ended March 29, 2008, as compared to the three months ended March 31, 2007. The decrease was due to lower average cash balances and lower interest rates during the three months ended March 29, 2008.
 
During the three months ended March 29, 2008, we determined that one of our available-for-sale securities was other-than-temporarily impaired based on the severity and the duration of the impairment and we wrote down the investment by $5.4 million.


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Table of Contents

This excerpt taken from the CDNS 10-Q filed Apr 25, 2008.
Other income, net
 
Other income, net, for the three months ended March 29, 2008 and March 31, 2007 was as follows:
 
                 
    Three Months Ended  
    March 29,
     March 31,
  
    2008     2007  
    (In millions)  
 
Interest income
  $ 8.8     $ 12.2  
Gains on sale of non-marketable securities
    0.9       4.2  
Gains (losses) on sale of non-marketable and trading securities in Cadence’s nonqualified deferred compensation trust
    (0.7 )     3.3  
Gains on foreign exchange
    2.3       0.4  
Equity loss from investments
    (0.3 )     (0.6 )
Write-down of investments
    (5.4 )     ----  
Other income
    0.2       ----  
                 
Total other income, net
  $ 5.8     $ 19.5  
                 
 
Interest income decreased $3.4 million in the three months ended March 29, 2008, as compared to the three months ended March 31, 2007. The decrease was due to lower average cash balances and lower interest rates during the three months ended March 29, 2008.


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During the three months ended March 29, 2008, we determined that one of our available-for-sale securities was other-than-temporarily impaired based on the severity and the duration of the impairment and we wrote down the investment by $5.4 million.
 
These excerpts taken from the CDNS 10-K filed Feb 26, 2008.
Other Income, net
 
Other income, net, for fiscal 2007, 2006 and 2005 was as follows:
 
                         
    2007     2006     2005  
    (In millions)  
 
Interest income
  $ 48.1     $ 39.3     $ 15.6  
Gains on sale of non-marketable securities
    6.0       19.9       2.5  
Gains on available-for-sale securities
    4.4       6.7       9.2  
Gains on securities in Cadence’s non-qualified deferred compensation trust
    7.6       6.4       6.6  
Gains (losses) on foreign exchange
    (2.4 )     1.9       4.5  
Telos termination costs
    ----       ----       (2.6 )
Telos management fees
    ----       (0.9 )     (2.4 )
Equity loss from investments
    (3.0 )     (1.2 )     (6.5 )
Write-down of investments
    (2.6 )     (2.5 )     (10.9 )
Other income (expense)
    0.4       0.8       (0.9 )
                         
Total other income, net
  $ 58.5     $ 70.4     $ 15.1  
                         
 
The increases in interest income in 2007, as compared to 2006, and in 2006, as compared to 2005, were due to increases in our Cash and cash equivalents balances as well as higher interest rates applicable to those balances.
 
In January 2006, KhiMetrics, Inc., a cost method investment held by Telos Venture Partners, a limited partnership in which we and our 1996 Deferred Compensation Venture Investment Plan Trust are the sole limited partners, was sold for consideration of $6.53 per share of common stock. In connection with this sale, we received approximately $20.2 million in cash and recorded a gain of approximately $17.1 million during the year ended December 30, 2006. In addition, our 1996 Deferred Compensation Venture Investment Plan Trust received $2.9 million in cash and recorded a gain of $2.5 million during the year ended December 30, 2006. Under the purchase agreement, an additional 10% of the consideration was held in escrow, which was released to us and to the trust in January 2007. Upon receipt of these additional proceeds, we recorded a gain of $2.6 million and our 1996 Deferred Compensation Venture Investment Plan Trust recorded a gain of $0.4 million in the year ended December 29, 2007.
 
Other
Income, net


 



Other income, net, for fiscal 2007, 2006 and 2005 was as follows:


 












































































































































































































































                         

 

 

2007


 

 

2006


 

 

2005


 

 

 

(In millions)

 
 


Interest income


 

$

48.1

 

 

$

39.3

 

 

$

15.6

 


Gains on sale of non-marketable securities


 

 

6.0

 

 

 

19.9

 

 

 

2.5

 


Gains on available-for-sale securities


 

 

4.4

 

 

 

6.7

 

 

 

9.2

 


Gains on securities in Cadence’s non-qualified deferred
compensation trust


 

 

7.6

 

 

 

6.4

 

 

 

6.6

 


Gains (losses) on foreign exchange


 

 

(2.4

)

 

 

1.9

 

 

 

4.5

 


Telos termination costs


 

 

----

 

 

 

----

 

 

 

(2.6

)


Telos management fees


 

 

----

 

 

 

(0.9

)

 

 

(2.4

)


Equity loss from investments


 

 

(3.0

)

 

 

(1.2

)

 

 

(6.5

)


Write-down of investments


 

 

(2.6

)

 

 

(2.5

)

 

 

(10.9

)


Other income (expense)


 

 

0.4

 

 

 

0.8

 

 

 

(0.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 


Total other income, net


 

$

58.5

 

 

$

70.4

 

 

$

15.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 



The increases in interest income in 2007, as compared to 2006,
and in 2006, as compared to 2005, were due to increases in our
Cash and cash equivalents balances as well as higher interest
rates applicable to those balances.


 



In January 2006, KhiMetrics, Inc., a cost method investment held
by Telos Venture Partners, a limited partnership in which we and
our 1996 Deferred Compensation Venture Investment Plan Trust are
the sole limited partners, was sold for consideration of $6.53
per share of common stock. In connection with this sale, we
received approximately $20.2 million in cash and recorded a
gain of approximately $17.1 million during the year ended
December 30, 2006. In addition, our 1996 Deferred
Compensation Venture Investment Plan Trust received
$2.9 million in cash and recorded a gain of
$2.5 million during the year ended December 30, 2006.
Under the purchase agreement, an additional 10% of the
consideration was held in escrow, which was released to us and
to the trust in January 2007. Upon receipt of these additional
proceeds, we recorded a gain of $2.6 million and our 1996
Deferred Compensation Venture Investment Plan Trust recorded a
gain of $0.4 million in the year ended December 29,
2007.


 




This excerpt taken from the CDNS 10-Q filed Oct 30, 2007.
Other income, net
 
Other income, net, for the three and nine months ended September 29, 2007 and September 30, 2006 was as follows:
 
                                 
    Three Months Ended     Nine Months Ended  
    September 29,
     September 30,
     September 29,
     September 30,
  
    2007     2006     2007     2006  
    (In millions)  
 
Interest income
  $ 12.6     $ 9.9     $ 37.5     $ 29.6  
Gains (losses) on sale of non-marketable securities
    0.1       (0.5 )     5.6       16.4  
Gains on available-for-sale securities
    2.1       1.8       4.4       4.6  
Gains (losses) on securities in Cadence’s non-qualified deferred compensation trust
    2.3       (0.9 )     6.6       4.6  
Gains (losses) on foreign exchange
    (0.3 )     0.2       (1.0 )     0.3  
Equity in loss from investments, net
    (0.8 )     (0.3 )     (2.5 )     (0.9 )
Write-down of investment securities
    (2.0 )     (0.4 )     (2.6 )     (1.4 )
Other income (expense)
    0.2       0.2       (0.1 )     ----  
                                 
Total other income, net
  $ 14.2     $ 10.0     $ 47.9     $ 53.2  
                                 
 
Interest income increased $2.7 million in the three months ended September 29, 2007, as compared to the three months ended September 30, 2006, and $7.9 million in the nine months ended September 29, 2007, as compared to the nine months ended September 30, 2006. The increase was due to higher average cash balances and higher interest rates earned on Cash and cash equivalents during the 2007 periods.
 
In January 2006, KhiMetrics, Inc., a cost method investment held by Telos Venture Partners, a limited partnership in which we and our 1996 Deferred Compensation Venture Investment Plan Trust are the sole limited


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Table of Contents

partners, was sold for consideration of $6.53 per share of common stock. In connection with this sale, we received approximately $17.5 million in cash and recorded a gain of approximately $14.4 million during the nine months ended September 30, 2006. In addition, our 1996 Deferred Compensation Venture Investment Plan Trust received $2.5 million in cash and recorded a gain of $2.1 million during the three months ended April 1, 2006. Under the purchase agreement, 10% of the consideration was held in escrow to pay the cost of resolving any claims that may be asserted against KhiMetrics on or before the first anniversary of the acquisition, at which time the escrow amount remaining after resolution of such claims was distributed to the former stockholders of KhiMetrics. Upon receipt of these additional proceeds, we recorded a gain of $2.6 million and our 1996 Deferred Compensation Venture Investment Plan Trust recorded a gain of $0.4 million in the nine months ended September 29, 2007.
 
This excerpt taken from the CDNS 10-Q filed Jul 27, 2007.
Other income, net
 
Other income, net, for the three and six months ended June 30, 2007 and July 1, 2006 was as follows:
 
                                 
    Three Months Ended     Six Months Ended  
    June 30,
     July 1,
     June 30,
     July 1,
  
    2007     2006     2007     2006  
    (In millions)  
 
Interest income
  $ 12.6     $ 10.3     $ 24.8     $ 19.7  
Gains on sale of non-marketable securities
    1.4       2.4       5.5       16.8  
Gains on available-for-sale securities
    2.3       ----       2.3       2.8  
Gains on sale of non-marketable and trading securities in Cadence’s non-qualified deferred compensation trust
    0.9       2.6       4.2       5.5  
Gains (losses) on foreign exchange
    (1.1 )     (0.3 )     (0.6 )     0.2  
Equity loss from investments
    (1.1 )     (0.3 )     (1.7 )     (0.6 )
Write-down of investments
    (0.5 )     ----       (0.5 )     (1.0 )
Other expense
    (0.3 )     ----       (0.3 )     (0.2 )
                                 
Total other income, net
  $ 14.2     $ 14.7     $ 33.7     $ 43.2  
                                 
 
Interest income increased $2.3 million in the three months ended June 30, 2007, as compared to the three months ended July 1, 2006, and $5.1 million in the six months ended June 30, 2007, as compared to the six months ended July 1, 2006. The increase was due to higher average cash balances during the periods and higher interest rates earned on Cash and cash equivalents.
 
In January 2006, KhiMetrics, Inc., a cost method investment held by Telos Venture Partners, a limited partnership in which we and our 1996 Deferred Compensation Venture Investment Plan Trust are the sole limited partners, was sold for consideration of $6.53 per share of common stock. In connection with this sale, we received approximately $17.5 million in cash and recorded a gain of approximately $14.4 million during the six months ended July 1, 2006. In addition, our 1996 Deferred Compensation Venture Investment Plan Trust received $2.5 million in cash and recorded a gain of $2.1 million during the three months ended April 1, 2006. Under the purchase agreement, 10% of the consideration was held in escrow to pay the cost of resolving any claims that may be asserted against KhiMetrics on or before the first anniversary of the acquisition, at which time the escrow amount remaining after resolution of such claims was distributed to the former stockholders of KhiMetrics. Upon receipt of these additional proceeds, we recorded a gain of $2.6 million and our 1996 Deferred Compensation Venture Investment Plan Trust recorded a gain of $0.4 million in the six months ended June 30, 2007.


29

Table of Contents

This excerpt taken from the CDNS 10-Q filed Apr 30, 2007.
Other income, net
 
Other income, net, for the three months ended March 31, 2007 and April 1, 2006 was as follows:
 
                 
    Three Months Ended  
    March 31,
     April 1,
  
    2007     2006  
    (In millions)  
 
Interest income
  $ 12.2     $ 9.5  
Gains on sale of non-marketable securities
    4.2       14.4  
Gains on available-for-sale securities
    ----       2.8  
Gains on sale of non-marketable and trading securities in Cadence’s non-qualified deferred compensation trust
    3.3       2.8  
Gains on foreign exchange
    0.4       0.4  
Equity loss from investments
    (0.6 )     (0.3 )
Write-down of investments
    ----       (1.0 )
Other expense
    ----       (0.1 )
                 
Total other income, net
  $ 19.5     $ 28.5  
                 
 
Interest income increased $2.7 million in the three months ended March 31, 2007, as compared to the three months ended April 1, 2006. The increase was due to higher average cash balances during the period and higher interest rates earned on Cash and cash equivalents.
 
In January 2006, KhiMetrics, Inc., a cost method investment held by Telos Venture Partners, a limited partnership in which we and our 1996 Deferred Compensation Venture Investment Plan Trust are the sole limited partners, was sold for consideration of $6.53 per share of common stock. In connection with this sale, we received approximately $17.5 million in cash and recorded a gain of approximately $14.4 million during the three months ended April 1, 2006. In addition, our 1996 Deferred Compensation Venture Investment Plan Trust received $2.5 million in cash and recorded a gain of $2.1 million during the three months ended April 1, 2006. Under the purchase agreement, 10% of the consideration was held in escrow to pay the cost of resolving any claims that may be asserted against KhiMetrics on or before the first anniversary of the acquisition, at which time the escrow amount remaining after resolution of such claims was distributed to the former stockholders of KhiMetrics. Upon receipt of these additional proceeds, we recorded a gain of $2.6 million and our 1996 Deferred Compensation Venture Investment Plan Trust recorded a gain of $0.4 million in the three months ended March 31, 2007.
 
This excerpt taken from the CDNS 10-Q filed Oct 27, 2006.
Other income, net
 
Other income, net, for the three and nine months ended September 30, 2006 and October 1, 2005 is as follows:
 
                                 
    Three Months Ended     Nine Months Ended  
    September 30,
     October 1,
     September 30,
     October 1,
  
    2006     2005     2006     2005  
    (In millions)  
 
Interest income
  $ 9.9     $ 4.3     $ 29.6     $ 9.8  
Gains (losses) on sale of non-marketable securities
    (0.5 )     1.0       16.4       2.5  
Gains on available-for-sale securities
    1.8       1.7       4.6       9.2  
Gains on sale of non-marketable securities in Cadence’s non-qualified deferred compensation trust
    ----       ----       2.1       ----  
Gains (losses) on trading securities in Cadence’s non-qualified deferred compensation trust
    (0.9 )     1.5       2.5       4.4  
Gains on foreign exchange
    0.2       0.9       0.3       3.4  
Equity loss from investments
    (0.3 )     (1.5 )     (0.9 )     (6.2 )
Write-down of investments
    (0.4 )     (3.1 )     (1.4 )     (10.2 )
Other income (expense)
    0.2       (0.1 )     ----       (1.5 )
                                 
Total other income, net
  $ 10.0     $ 4.7     $ 53.2     $ 11.4  
                                 
 
Interest income increased $5.6 million in the three months ended September 30, 2006, as compared to the three months ended October 1, 2005, and $19.8 million in the nine months ended September 30, 2006, as compared to the nine months ended October 1, 2005. The increase for both periods was due to higher average cash balances during the periods and higher interest rates earned on Cash and cash equivalents.
 
In January 2006, KhiMetrics, Inc., a cost method investment held by Telos Venture Partners, a limited partnership in which we and our 1996 Deferred Compensation Venture Investment Plan Trust are the sole limited partners, was sold for consideration of $6.53 per share of common stock. Under the purchase agreement, 10% of the consideration is being held in escrow to pay the cost of resolving any claims that may be asserted against KhiMetrics on or before the first anniversary of the acquisition, at which time the escrow amount remaining after resolution of


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Table of Contents

such claims will be distributed to the former stockholders of KhiMetrics. No gain was recognized on amounts held in escrow. In connection with this sale, we received approximately $17.5 million in cash and recorded a gain of approximately $14.4 million during the nine months ended September 30, 2006. In addition, our 1996 Deferred Compensation Venture Investment Plan Trust received $2.5 million in cash and recorded a gain of $2.1 million during the nine months ended September 30, 2006.
 

EXCERPTS ON THIS PAGE:

10-Q
Dec 11, 2008
10-Q
Apr 25, 2008
10-K (2 sections)
Feb 26, 2008
10-Q
Oct 30, 2007
10-Q
Jul 27, 2007
10-Q
Apr 30, 2007
10-Q
Oct 27, 2006

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