CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
| |||||||
| First Two Quarters of | ||||||
| 2020 |
| 2019 | ||||
Cash flow from operating activities: |
|
|
| ||||
Net income | $ | 125.1 |
|
| $ | 157.0 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Depreciation expense | 19.5 |
|
| 20.3 |
| ||
Amortization expense | 80.2 |
|
| 87.8 |
| ||
Deferred income taxes | 14.9 |
|
| 4.7 |
| ||
Stock-based compensation | 29.3 |
|
| 33.5 |
| ||
Income from equity method investments, net of dividends | (15.3) |
|
| (11.5) |
| ||
Other, net | 29.0 |
|
| (0.3) |
| ||
(Increase) decrease in assets: |
|
|
| ||||
Accounts receivable, net | 115.7 |
|
| (7.7) |
| ||
Inventories | (33.2) |
|
| 7.4 |
| ||
Other current and non-current assets | 9.7 |
|
| 1.5 |
| ||
Increase (decrease) in liabilities: |
|
|
| ||||
Accounts payable | (31.1) |
|
| 3.8 |
| ||
Accrued compensation and benefits | 9.1 |
|
| (28.5) |
| ||
Deferred revenue | (8.4) |
|
| 64.9 |
| ||
Other current and non-current liabilities | (41.3) |
|
| (7.4) |
| ||
Net cash provided by operating activities | 303.2 |
|
| 325.5 |
| ||
Cash flow from investing activities: |
|
|
| ||||
Acquisitions of businesses, net of cash acquired | (198.0) |
|
| 4.6 |
| ||
Acquisitions of property and equipment | (29.6) |
|
| (38.5) |
| ||
Other, net | 0.2 |
|
| 14.1 |
| ||
Net cash used in investing activities | (227.4) |
|
| (19.8) |
| ||
Cash flow from financing activities: |
|
|
| ||||
Issuance of common stock, net of tax withholdings | 8.7 |
|
| 13.4 |
| ||
Repurchases of common stock | (50.0) |
|
| (59.0) |
| ||
Proceeds from debt and revolving credit lines | 857.5 |
|
| 530.2 |
| ||
Payments on debt and revolving credit lines | (866.3) |
|
| (756.6) |
| ||
Other, net | (10.8) |
|
| (7.3) |
| ||
Net cash used in financing activities | (60.9) |
|
| (279.3) |
| ||
Effect of exchange rate changes on cash and cash equivalents | (7.7) |
|
| 0.7 |
| ||
Net increase in cash and cash equivalents | 7.2 |
|
| 27.1 |
| ||
Cash and cash equivalents - beginning of period | 189.2 |
|
| 172.5 |
| ||
Cash and cash equivalents - end of period | $ | 196.4 |
|
| $ | 199.6 |
|