CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In millions) |
|||||||
(Unaudited) |
|||||||
First Three Quarters of |
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2019 |
2018 |
||||||
Cash flow from operating activities: |
|||||||
Net income |
$ |
235.1 |
$ |
196.5 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation expense |
29.7 |
26.2 |
|||||
Amortization expense |
128.6 |
132.9 |
|||||
Deferred income taxes |
4.4 |
(27.4) |
|||||
Stock-based compensation |
52.1 |
53.1 |
|||||
Income from equity method investments, net of dividends |
(9.5) |
(0.2) |
|||||
Other, net |
4.3 |
14.4 |
|||||
(Increase) decrease in assets: |
|||||||
Accounts receivable, net |
16.8 |
(15.8) |
|||||
Inventories |
1.7 |
(29.0) |
|||||
Other current and non-current assets |
10.4 |
(4.1) |
|||||
Increase (decrease) in liabilities: |
|||||||
Accounts payable |
13.6 |
9.2 |
|||||
Accrued compensation and benefits |
(52.3) |
(13.8) |
|||||
Deferred revenue |
33.4 |
53.8 |
|||||
Other current and non-current liabilities |
(5.5) |
(11.0) |
|||||
Net cash provided by operating activities |
462.8 |
384.8 |
|||||
Cash flow from investing activities: |
|||||||
Acquisitions of businesses, net of cash acquired |
(28.6) |
(1,741.4) |
|||||
Acquisitions of property and equipment |
(54.6) |
(53.1) |
|||||
Purchases of short-term investments |
— |
(24.0) |
|||||
Proceeds from maturities of short-term investments |
— |
6.2 |
|||||
Proceeds from sales of short-term investments |
— |
196.8 |
|||||
Other, net |
14.5 |
2.7 |
|||||
Net cash used in investing activities |
(68.7) |
(1,612.8) |
|||||
Cash flow from financing activities: |
|||||||
Issuance of common stock, net of tax withholdings |
28.4 |
52.3 |
|||||
Repurchases of common stock |
(179.8) |
(53.0) |
|||||
Proceeds from debt and revolving credit lines |
818.0 |
2,694.8 |
|||||
Payments on debt and revolving credit lines |
(1,033.6) |
(1,602.2) |
|||||
Other, net |
(10.2) |
(8.9) |
|||||
Net cash provided by (used in) financing activities |
(377.2) |
1,083.0 |
|||||
Effect of exchange rate changes on cash and cash equivalents |
(4.8) |
(8.1) |
|||||
Net increase (decrease) in cash and cash equivalents |
12.1 |
(153.1) |
|||||
Cash and cash equivalents - beginning of period |
172.5 |
358.5 |
|||||
Cash and cash equivalents - end of period |
$ |
184.6 |
$ |
205.4 |