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

$