Six months ended

June 30, 

2018

2017

Cash flows provided by (used in):

Operating activities:

Net earnings

$

12.4

$

23.6

Adjustments to reconcile to net cash from operating activities:

Depreciation of property, plant and equipment

78.0

16.4

Amortization of intangible assets

149.5

21.9

Share-based compensation expense

9.3

6.8

Finance income

(0.3)

(0.1)

Finance expense

90.0

16.8

Foreign exchange loss (gain)

8.2

(9.9)

Income tax (recovery) expense

(13.0)

13.3

Income taxes paid, net

(1.6)

(0.7)

Settlement with preferred stockholders

3.2

—

Loss on sale of subsidiary

2.8

—

Changes in operating assets and liabilities:

Trade and other receivables

14.2

37.1

Contract assets

(72.2)

1.0

Financial assets, other

(32.6)

(25.0)

Trade and other payables

19.8

23.0

Employee benefits liability

(15.6)

(8.0)

Contract liabilities

(113.9)

(114.8)

Financial liabilities, other

3.1

5.4

Cash provided by operating activities

141.3

6.8

Investing activities:

Purchase of property, plant and equipment

(85.4)

(20.4)

Purchase/development of intangible assets

(74.8)

(28.9)

Decrease in restricted cash

13.9

6.3

Cash collected on note receivable

5.0

—

Disposal of subsidiary and short-term investments

4.7

0.1

Cash used in investing activities

(136.6)

(42.9)

Financing activities:

Net proceeds from the Syndicated Credit Facility and other long-term debt

128.3

190.5

Repayment of 2017 Term Notes

—

(100.0)

Repayment of 2024 Term Notes

—

(10.2)

Interest paid on long-term debt

(98.4)

(16.0)

Payment of dividends and other

(32.5)

(18.6)

Settlement of securitization liability, including interest

(9.1)

(10.9)

Cash (used in) provided by financing activities

(11.7)

34.8

Decrease in cash and cash equivalents

(7.0)

(1.3)

Effect of foreign exchange on cash and cash equivalents

(0.1)

(0.7)

Cash and cash equivalents, beginning of period (a)

19.1

(3.8)

Cash and cash equivalents, end of period (a)

$

12.0

$

(5.8)

(a)

Cash and cash equivalents are net of bank overdrafts of $1.3 million and $11.8 million as at June 30, 2018 and 2017, respectively. There were no bank overdrafts as at December 31, 2017.