CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(In millions) |
||||
(Unaudited) |
||||
First Three Quarters of |
||||
2015 |
2014 |
|||
Cash flow from operating activities: |
||||
Net Income |
$ 96.8 |
$158.0 |
||
Adjustments to reconcile net income to net cash provided by |
||||
operating activities: |
||||
Depreciation expense |
27.0 |
24.1 |
||
Amortization expense |
122.2 |
117.8 |
||
Provision for doubtful accounts |
1.7 |
2.9 |
||
Deferred income taxes |
(0.5) |
(1.2) |
||
Stock-based compensation |
37.3 |
32.1 |
||
Income from equity method investments |
(14.1) |
(11.5) |
||
Gain on an equity sale |
- |
(15.1) |
||
Acquisition / divestiture (gain) loss |
(5.8) |
6.0 |
||
Excess tax benefit for stock-based compensation |
(1.4) |
(14.1) |
||
Provision for excess and obsolete inventories |
5.1 |
3.5 |
||
Other non-cash items |
9.0 |
(0.6) |
||
Add decrease (increase) in assets: |
||||
Accounts receivables |
12.3 |
(12.7) |
||
Other receivables |
6.5 |
(4.7) |
||
Inventories |
(6.4) |
(27.2) |
||
Other current and non-current assets |
(9.5) |
(12.9) |
||
Add increase (decrease) in liabilities: |
||||
Accounts payable |
(6.9) |
(6.8) |
||
Accrued compensation and benefits |
(15.4) |
(9.3) |
||
Deferred revenue |
38.6 |
41.9 |
||
Accrued warranty expense |
(1.4) |
2.7 |
||
Other liabilities |
(18.7) |
37.6 |
||
Net cash provided by operating activities |
276.4 |
310.5 |
||
Cash flow from investing activities: |
||||
Acquisitions of businesses, net of cash acquired |
(101.7) |
(170.9) |
||
Acquisitions of property and equipment |
(35.7) |
(35.0) |
||
Purchases of equity investments |
(3.6) |
(10.9) |
||
Acquisitions of intangible assets |
(0.1) |
(7.0) |
||
Net proceeds from sale of business |
12.1 |
- |
||
Dividends received from equity method investments |
15.3 |
25.9 |
||
Other |
0.3 |
(4.5) |
||
Net cash used in investing activities |
(113.4) |
(202.4) |
||
Cash flow from financing activities: |
||||
Issuance of common stock, net of tax withholdings |
29.1 |
53.6 |
||
Payments related to repurchases of common stock |
(234.4) |
(65.0) |
||
Excess tax benefit for stock-based compensation |
1.4 |
14.1 |
||
Proceeds from debt and revolving credit lines |
458.0 |
42.0 |
||
Payments on debt and revolving credit lines |
(431.1) |
(153.3) |
||
Net cash used in financing activities |
(177.0) |
(108.6) |
||
Effect of exchange rate changes on cash and cash equivalents |
(10.4) |
(7.2) |
||
Net decrease in cash and cash equivalents |
(24.4) |
(7.7) |
||
Cash and cash equivalents - beginning of period |
148.0 |
147.2 |
||
Cash and cash equivalents - end of period |
$ 123.6 |
$139.5 |