CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| |||
| |||
| First Three Quarters of | ||
| 2022 |
| 2021 |
Cash flow from operating activities: |
|
|
|
Net income | $ 364.1 |
| $ 377.5 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation expense | 30.1 |
| 30.9 |
Amortization expense | 97.9 |
| 105.1 |
Deferred income taxes | (41.3) |
| (8.9) |
Stock-based compensation | 93.2 |
| 95.1 |
Divestitures gain, net | (103.1) |
| (43.6) |
Other, net | 22.7 |
| 5.7 |
(Increase) decrease in assets: |
|
|
|
Accounts receivable, net | 13.2 |
| 33.7 |
Inventories | (99.5) |
| (28.4) |
Other current and non-current assets | (31.7) |
| (42.5) |
Increase (decrease) in liabilities: |
|
|
|
Accounts payable | (3.8) |
| 50.8 |
Accrued compensation and benefits | (52.9) |
| 25.1 |
Deferred revenue | 14.3 |
| (8.4) |
Other current and non-current liabilities | (18.1) |
| 3.1 |
Net cash provided by operating activities | 285.1 |
| 595.2 |
Cash flow from investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired | (318.1) |
| (1.2) |
Purchases of property and equipment | (36.6) |
| (31.4) |
Net proceeds from divestitures | 214.3 |
| 67.3 |
Net proceeds from sale of property and equipment | 0.1 |
| 20.7 |
Other, net | (11.9) |
| (4.4) |
Net cash (used in) provided by investing activities | (152.2) |
| 51.0 |
Cash flow from financing activities: |
|
|
|
Issuance of common stock, net of tax withholdings | (4.8) |
| 1.1 |
Repurchases of common stock | (394.7) |
| (140.0) |
Proceeds from debt and revolving credit lines | 529.3 |
| 198.9 |
Payments on debt and revolving credit lines | (235.9) |
| (421.7) |
Other, net | (8.9) |
| (1.5) |
Net cash used in financing activities | (115.0) |
| (363.2) |
Effect of exchange rate changes on cash and cash equivalents | (34.9) |
| (7.5) |
Net (decrease) increase in cash and cash equivalents | (17.0) |
| 275.5 |
Cash and cash equivalents - beginning of period | 325.7 |
| 237.7 |
Cash and cash equivalents - end of period | $ 308.7 |
| $ 513.2 |