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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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2016 |
2015 |
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Cash flow from operating activities: |
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Net Income |
$ 55.3 |
$ 59.8 |
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Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Depreciation expense |
18.8 |
17.9 |
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Amortization expense |
79.9 |
81.5 |
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Provision for doubtful accounts |
2.4 |
1.2 |
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Deferred income taxes |
0.5 |
(0.8) |
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Stock-based compensation |
26.7 |
24.5 |
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Income from equity method investments |
(8.7) |
(9.4) |
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Divestiture gain, net |
(2.7) |
(5.6) |
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Excess tax benefit for stock-based compensation |
(3.1) |
(0.9) |
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Provision for excess and obsolete inventories |
8.8 |
2.0 |
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Other non-cash items |
3.0 |
10.0 |
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Decrease (increase) in assets: |
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Accounts receivables |
(18.2) |
1.3 |
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Other receivables |
(1.5) |
3.7 |
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Inventories |
11.2 |
(11.8) |
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Other current and non-current assets |
(7.8) |
(8.3) |
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Increase (decrease) in liabilities: |
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Accounts payable |
6.4 |
6.1 |
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Accrued compensation and benefits |
2.2 |
(0.8) |
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Deferred revenue |
53.8 |
49.5 |
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Accrued warranty |
(0.7) |
(1.4) |
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Other liabilities |
(33.8) |
(14.5) |
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Net cash provided by operating activities |
192.5 |
204.0 |
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
(20.0) |
(59.1) |
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Acquisitions of property and equipment |
(12.2) |
(26.5) |
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Purchases of equity method investments |
(1.5) |
(2.8) |
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Net proceeds from sale of businesses |
10.7 |
12.6 |
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Dividends received from equity method investments |
10.7 |
7.7 |
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Other |
(0.3) |
0.4 |
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Net cash used in investing activities |
(12.6) |
(67.7) |
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Cash flow from financing activities: |
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Issuance of common stock, net of tax withholdings |
25.0 |
16.0 |
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Repurchases and retirement of common stock |
(88.3) |
(73.0) |
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Excess tax benefit for stock-based compensation |
3.1 |
0.9 |
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Proceeds from debt and revolving credit lines |
202.0 |
220.0 |
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Payments on debt and revolving credit lines |
(207.0) |
(312.1) |
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Net cash used in financing activities |
(65.2) |
(148.2) |
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Effect of exchange rate changes on cash and cash equivalents |
1.2 |
(7.1) |
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Net increase (decrease) in cash and cash equivalents |
115.9 |
(19.0) |
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Cash and cash equivalents - beginning of period |
116.0 |
148.0 |
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Cash and cash equivalents - end of period |
$ 231.9 |
$129.0 |
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