CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
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First Three Quarters of | ||
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2016 |
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2015 |
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Cash flow from operating activities: |
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Net Income |
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$ 94.5 |
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$ 96.8 | ||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation expense |
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27.9 |
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27.0 |
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Amortization expense |
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117.2 |
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122.2 |
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Provision for doubtful accounts |
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2.5 |
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1.7 |
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Deferred income taxes |
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1.2 |
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(0.5) |
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Stock-based compensation |
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40.0 |
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37.3 |
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Income from equity method investments |
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(13.9) |
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(14.1) |
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Divestiture (gain) loss, net |
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0.1 |
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(5.8) |
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Excess tax benefit for stock-based compensation |
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(5.0) |
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(1.4) |
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Provision for excess and obsolete inventories |
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12.0 |
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5.1 |
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Other non-cash items |
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3.9 |
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9.0 |
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Decrease (increase) in assets: |
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Accounts receivables |
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(9.9) |
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12.3 |
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Other receivables |
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(2.7) |
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6.5 |
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Inventories |
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25.7 |
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(6.4) |
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Other current and non-current assets |
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(11.1) |
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(9.5) |
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Increase (decrease) in liabilities: |
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Accounts payable |
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2.7 |
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(6.9) |
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Accrued compensation and benefits |
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(12.8) |
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(15.4) |
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Deferred revenue |
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32.8 |
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38.6 |
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Accrued warranty |
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(0.5) |
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(1.4) |
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Other liabilities |
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(22.6) |
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(18.7) |
Net cash provided by operating activities |
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282.0 |
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276.4 | |||
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
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(22.3) |
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(101.7) | ||
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Acquisitions of property and equipment |
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(19.7) |
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(35.7) | ||
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Purchases of equity method investments |
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(1.5) |
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(3.6) | ||
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Acquisitions of intangible assets |
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(0.3) |
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(0.1) | ||
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Purchases of available-for-sale investments |
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(62.1) |
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— | ||
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Net proceeds from sale of businesses |
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10.7 |
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12.1 | ||
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Dividends received from equity method investments |
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16.5 |
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15.3 | ||
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Other |
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0.1 |
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0.3 | ||
Net cash used in investing activities |
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(78.6) |
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(113.4) | |||
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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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50.0 |
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29.1 | ||
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Repurchases and retirement of common stock |
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(102.2) |
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(234.4) | ||
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Excess tax benefit for stock-based compensation |
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5.0 |
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1.4 | ||
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Proceeds from debt and revolving credit lines |
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291.0 |
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458.0 | ||
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Payments on debt and revolving credit lines |
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(351.3) |
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(431.1) | ||
Net cash used in financing activities |
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(107.5) |
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(177.0) | |||
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Effect of exchange rate changes on cash and cash equivalents |
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1.6 |
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(10.4) | |||
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Net increase (decrease) in cash and cash equivalents |
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97.5 |
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(24.4) | |||
Cash and cash equivalents - beginning of period |
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116.0 |
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148.0 | |||
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Cash and cash equivalents - end of period |
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$213.5 |
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$123.6 |