|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
(In millions) |
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|
(Unaudited) |
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|
First Two Quarters of |
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|
2017 |
2016 |
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Cash flow from operating activities: |
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|
Net Income |
$ 100.4 |
$ 55.3 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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|
Depreciation expense |
17.7 |
18.8 |
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Amortization expense |
69.1 |
79.9 |
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Provision for doubtful accounts |
0.9 |
2.4 |
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Deferred income taxes |
(0.2) |
0.5 |
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Stock-based compensation |
28.9 |
26.7 |
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Income from equity method investments |
(14.1) |
(8.7) |
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Divestiture gain, net |
(8.0) |
(2.7) |
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Provision for excess and obsolete inventories |
1.6 |
8.8 |
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Other non-cash items |
(1.6) |
3.0 |
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Decrease (increase) in assets: |
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|
Accounts receivable |
(31.0) |
(18.2) |
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Other receivables |
2.8 |
(1.5) |
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|
Inventories |
(1.8) |
11.2 |
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|
Other current and non-current assets |
(14.0) |
(7.8) |
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Increase (decrease) in liabilities: |
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|
Accounts payable |
22.0 |
6.4 |
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|
Accrued compensation and benefits |
14.1 |
2.2 |
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Deferred revenue |
49.4 |
53.8 |
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|
Accrued warranty |
0.1 |
(0.7) |
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Other liabilities |
12.4 |
(33.8) |
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|
Net cash provided by operating activities |
248.7 |
195.6 |
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Cash flow from investing activities: |
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|
Acquisitions of businesses, net of cash acquired |
(129.8) |
(20.0) |
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|
Acquisitions of property and equipment |
(15.6) |
(12.2) |
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|
Purchases of equity method investments |
— |
(1.5) |
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|
Purchases of short-term investments |
(137.6) |
— |
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Net proceeds from sales of businesses |
20.1 |
10.7 |
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Proceeds from maturities of short-term investments |
56.8 |
— |
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Proceeds from sales of short-term investments |
90.6 |
— |
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|
Dividends received from equity method investments |
5.0 |
10.7 |
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|
Other |
0.2 |
(0.3) |
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|
Net cash used in investing activities |
(110.3) |
(12.6) |
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Cash flow from financing activities: |
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|
Issuance of common stock, net of tax withholdings |
49.8 |
25.0 |
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|
Repurchases and retirement of common stock |
(20.4) |
(88.3) |
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|
Proceeds from debt and revolving credit lines |
340.0 |
202.0 |
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|
Payments on debt and revolving credit lines |
(350.1) |
(207.0) |
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|
Net cash provided by (used in) financing activities |
19.3 |
(68.3) |
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Effect of exchange rate changes on cash and cash equivalents |
11.1 |
1.2 |
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|
Net increase in cash and cash equivalents |
168.8 |
115.9 |
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|
Cash and cash equivalents - beginning of period |
216.1 |
116.0 |
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|
Cash and cash equivalents - end of period |
$ 384.9 |
$ 231.9 |
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