CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
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First Two Quarters of | ||
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2018 |
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2017 |
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* As Adjusted | |
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Cash flow from operating activities: |
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Net income |
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$ 122.8 |
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$ 97.1 | ||
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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 |
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17.2 |
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17.7 |
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Amortization expense |
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83.1 |
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69.1 |
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Stock-based compensation |
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34.3 |
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28.9 |
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Income from equity method investments |
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(1.5) |
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(9.0) |
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Other non-cash items |
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9.2 |
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(9.5) |
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Decrease (increase) in assets: |
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Accounts receivable |
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(6.0) |
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(29.9) |
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Inventories |
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(21.8) |
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(2.0) |
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Other current and non-current assets |
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(16.8) |
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(9.7) |
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Increase (decrease) in liabilities: |
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Accounts payable |
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9.6 |
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21.9 |
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Accrued compensation and benefits |
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(6.6) |
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14.1 |
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Deferred revenue |
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71.1 |
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54.5 |
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Other liabilities |
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(26.8) |
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10.2 |
Net cash provided by operating activities |
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267.8 |
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253.4 | |||
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
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(532.9) |
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(124.9) | ||
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Acquisitions of property and equipment |
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(36.0) |
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(15.6) | ||
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Purchases of short-term investments |
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(24.0) |
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(137.6) | ||
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Proceeds from maturities of short-term investments |
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6.2 |
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56.8 | ||
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Proceeds from sales of short-term investments |
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196.8 |
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90.6 | ||
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Other |
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5.1 |
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20.3 | ||
Net cash used in investing activities |
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(384.8) |
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(110.4) | |||
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Cash flow from financing activities: |
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Issuance of common stock, net of tax withholdings |
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21.7 |
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49.8 | ||
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Repurchases of common stock |
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(53.0) |
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(20.4) | ||
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Proceeds from debt and revolving credit lines |
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1,527.8 |
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340.0 | ||
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Payments on debt and revolving credit lines |
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(1,157.1) |
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(350.1) | ||
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Other |
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(1.8) |
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(4.6) | ||
Net cash provided by financing activities |
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337.6 |
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14.7 | |||
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Effect of exchange rate changes on cash and cash equivalents |
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(8.1) |
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11.1 | |||
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Net increase in cash and cash equivalents |
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212.5 |
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168.8 | |||
Cash and cash equivalents - beginning of period |
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358.5 |
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216.1 | |||
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Cash and cash equivalents - end of period |
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$ 571.0 |
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$ 384.9 | |||
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* Prior period information has been restated for the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. |