CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(In millions) | |||
(Unaudited) | |||
| |||
| Years | ||
| 2021 |
| 2020 |
Cash flow from operating activities: |
|
|
|
Net income | $ 492.8 |
| $ 390.6 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation expense | 41.3 |
| 39.7 |
Amortization expense | 138.6 |
| 157.8 |
Deferred income taxes | (26.9) |
| (52.9) |
Stock-based compensation | 122.6 |
| 83.0 |
Divestitures gain, net | (43.9) |
| (12.2) |
Other, net | 19.2 |
| 42.4 |
(Increase) decrease in assets: |
|
|
|
Accounts receivable, net | (9.0) |
| (14.0) |
Inventories | (72.9) |
| (5.0) |
Other current and non-current assets | (30.2) |
| 2.5 |
Increase (decrease) in liabilities: |
|
|
|
Accounts payable | 60.3 |
| (15.7) |
Accrued compensation and benefits | 54.1 |
| 34.9 |
Deferred revenue | 27.4 |
| 65.7 |
Other current and non-current liabilities | (22.9) |
| (44.8) |
Net cash provided by operating activities | 750.5 |
| 672.0 |
Cash flow from investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired | (236.1) |
| (201.9) |
Purchases of property and equipment | (46.1) |
| (56.8) |
Net proceeds from sale of businesses | 67.3 |
| 27.5 |
Net proceeds from sale of property and equipment | 20.8 |
| 0.4 |
Other, net | (9.4) |
| (1.0) |
Net cash used in investing activities | (203.5) |
| (231.8) |
Cash flow from financing activities: |
|
|
|
Issuance of common stock, net of tax withholdings | (15.1) |
| 10.0 |
Repurchases of common stock | (180.0) |
| (81.6) |
Proceeds from debt and revolving credit lines | 198.9 |
| 1,173.8 |
Payments on debt and revolving credit lines | (449.9) |
| (1,486.0) |
Other, net | (1.6) |
| (16.5) |
Net cash used in financing activities | (447.7) |
| (400.3) |
Effect of exchange rate changes on cash and cash equivalents | (11.3) |
| 8.6 |
Net increase in cash and cash equivalents | 88.0 |
| 48.5 |
Cash and cash equivalents - beginning of period | 237.7 |
| 189.2 |
Cash and cash equivalents - end of period | $ 325.7 |
| $ 237.7 |