CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
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Fiscal Years | ||
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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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$ 132.2 |
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$ 120.7 | ||
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Adjustments to reconcile net income to net cash provided by |
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operating activities: |
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Depreciation expense |
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37.0 |
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36.7 |
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Amortization expense |
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150.8 |
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162.4 |
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Provision for doubtful accounts |
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3.0 |
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1.9 |
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Deferred income taxes |
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0.4 |
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0.9 |
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Stock-based compensation |
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52.6 |
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50.1 |
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Income from equity method investments |
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(17.6) |
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(17.9) |
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Divestiture gain, net |
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(3.5) |
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(3.9) |
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Excess tax benefit for stock-based compensation |
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(6.5) |
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(2.1) |
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Provision for excess and obsolete inventories |
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15.8 |
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12.3 |
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Other non-cash items |
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3.3 |
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10.0 |
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Decrease (increase) in assets: |
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Accounts receivables |
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1.2 |
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0.3 |
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Other receivables |
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1.4 |
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8.5 |
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Inventories |
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24.0 |
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(2.9) |
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Other current and non-current assets |
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(1.2) |
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(7.6) |
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Increase (decrease) in liabilities: |
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Accounts payable |
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10.9 |
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(6.4) |
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Accrued compensation and benefits |
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0.6 |
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(0.1) |
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Deferred revenue |
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26.1 |
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28.1 |
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Accrued warranty expense |
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(1.1) |
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(2.0) |
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Other liabilities |
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(22.3) |
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(34.1) |
Net cash provided by operating activities |
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407.1 |
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354.9 | |||
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
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(38.8) |
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(156.3) | ||
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Acquisitions of property and equipment |
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(26.0) |
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(43.9) | ||
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Purchases of equity method investments |
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(1.5) |
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(5.5) | ||
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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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(113.3) |
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— | ||
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Proceeds from maturities of available-for-sale investments |
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2.4 |
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— | ||
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Net proceeds from sales of businesses |
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14.4 |
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12.1 | ||
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Dividends received from equity method investments |
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17.6 |
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20.0 | ||
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Other |
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1.1 |
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1.3 | ||
Net cash used in investing activities |
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(144.4) |
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(172.4) | |||
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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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67.5 |
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29.7 | ||
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Repurchases and retirement of common stock |
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(119.5) |
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(234.4) | ||
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Excess tax benefit for stock-based compensation |
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6.5 |
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2.1 | ||
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Proceeds from debt and revolving credit lines |
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355.0 |
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555.0 | ||
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Payments on debt and revolving credit lines |
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(465.3) |
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(555.2) | ||
Net cash used in financing activities |
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(155.8) |
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(202.8) | |||
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Effect of exchange rate changes on cash and cash equivalents |
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(6.8) |
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(11.7) | |||
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Net increase (decrease) in cash and cash equivalents |
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100.1 |
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(32.0) | |||
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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$ 216.1 |
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$ 116.0 |