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NEW ACCOUNTING STANDARDS ADOPTION IMPACT | |||||||||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
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(In millions) | |||||||||||||||
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(Unaudited) | |||||||||||||||
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As Reported |
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ASC 606 Adjustments
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As Adjusted | ||||||
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Fiscal Years |
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Fiscal Years |
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Fiscal Years | ||||||
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2017 |
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2016 |
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2017 |
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2016 |
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2017 |
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2016 |
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Cash flow from operating activities: |
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Net income |
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$ 121.2 |
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$ 132.2 |
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$ (2.7) |
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$ — |
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$ 118.5 |
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$ 132.2 | ||
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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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34.6 |
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37.0 |
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— |
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— |
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34.6 |
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37.0 |
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Amortization expense |
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148.8 |
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150.8 |
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— |
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— |
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148.8 |
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150.8 |
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Stock-based compensation |
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64.8 |
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52.6 |
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— |
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— |
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64.8 |
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52.6 |
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Income from equity method investments |
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(29.5) |
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(17.6) |
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18.1 |
* |
17.6 |
* |
(11.4) |
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— |
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Other non-cash items |
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6.9 |
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19.0 |
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(8.2) |
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(0.6) |
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(1.3) |
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18.4 |
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Decrease (increase) in assets: |
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Accounts receivable |
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(41.6) |
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1.2 |
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(1.1) |
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2.6 |
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(42.7) |
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3.8 |
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Inventories |
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(38.7) |
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24.0 |
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1.4 |
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2.2 |
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(37.3) |
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26.2 |
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Other current and non-current assets |
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(15.5) |
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0.2 |
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5.5 |
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2.0 |
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(10.0) |
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2.2 |
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Increase (decrease) in liabilities: |
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Accounts payable |
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25.9 |
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10.9 |
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(0.2) |
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(0.1) |
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25.7 |
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10.8 |
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Accrued compensation and benefits |
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33.7 |
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0.6 |
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0.3 |
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(0.3) |
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34.0 |
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0.3 |
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Deferred revenue |
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16.4 |
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26.1 |
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2.9 |
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(6.6) |
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19.3 |
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19.5 |
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Income taxes payable |
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88.2 |
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(16.1) |
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— |
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— |
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88.2 |
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(16.1) |
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Accrued liabilities |
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(3.3) |
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(7.3) |
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1.8 |
* |
0.7 |
* |
(1.5) |
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(6.6) |
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Net cash provided by operating activities |
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411.9 |
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413.6 |
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17.8 |
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17.5 |
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429.7 |
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431.1 | |||
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Cash flow from investing activities: |
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Acquisitions of businesses, net of cash acquired |
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(293.1) |
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(38.8) |
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12.9 |
* |
15.1 |
* |
(280.2) |
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(23.7) | ||
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Acquisitions of property and equipment |
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(43.7) |
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(26.0) |
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— |
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— |
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(43.7) |
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(26.0) | ||
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Purchases of short-term investments |
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(288.0) |
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(113.3) |
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— |
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— |
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(288.0) |
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(113.3) | ||
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Proceeds from maturities of short-term investments |
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122.1 |
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2.4 |
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— |
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— |
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122.1 |
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2.4 | ||
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Proceeds from sales of short-term investments |
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97.7 |
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— |
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— |
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— |
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97.7 |
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— | ||
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Dividends received from equity method investments |
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18.1 |
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17.6 |
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(18.1) |
* |
(17.6) |
* |
— |
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— | ||
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Other |
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20.9 |
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13.7 |
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— |
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— |
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20.9 |
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13.7 | ||
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Net cash used in investing activities |
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(366.0) |
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(144.4) |
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(5.2) |
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(2.5) |
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(371.2) |
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(146.9) | |||
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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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73.8 |
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67.5 |
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— |
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— |
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73.8 |
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67.5 | ||
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Repurchases and retirement of common stock |
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(285.3) |
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(119.5) |
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— |
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— |
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(285.3) |
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(119.5) | ||
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Proceeds from debt and revolving credit lines |
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786.0 |
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355.0 |
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— |
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— |
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786.0 |
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355.0 | ||
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Payments on debt and revolving credit lines |
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(495.4) |
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(465.3) |
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— |
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— |
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(495.4) |
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(465.3) | ||
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Other |
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— |
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— |
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(12.6) |
* |
(15.0) |
* |
(12.6) |
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(15.0) | ||
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Net cash provided by (used in) financing activities |
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79.1 |
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(162.3) |
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(12.6) |
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(15.0) |
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66.5 |
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(177.3) | |||
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Effect of exchange rate changes on cash and cash equivalents |
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17.4 |
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(6.8) |
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— |
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— |
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17.4 |
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(6.8) | |||
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Net increase in cash and cash equivalents |
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142.4 |
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100.1 |
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0.0 |
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0.0 |
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142.4 |
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100.1 | |||
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Cash and cash equivalents - beginning of period |
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216.1 |
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116.0 |
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— |
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— |
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216.1 |
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116.0 | |||
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Cash and cash equivalents - end of period |
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$ 358.5 |
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$ 216.1 |
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$ 0.0 |
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$ 0.0 |
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$ 358.5 |
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$ 216.1 | |||
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* |
ASU No. 2016-15, Statement of Cash Flows adoption reclassification adjustments were included in specified lines in fiscal 2017 and 2016. | |||||||||||||
