CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Three Quarters of

2020

2019

Cash flow from operating activities:

Net income

$

209.9

$

235.1

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

29.4

29.7

Amortization expense

120.2

128.6

Provision for doubtful accounts

7.8

5.4

Deferred income taxes

12.1

4.4

Non-cash restructuring expense

8.7

2.6

Stock-based compensation

57.1

52.1

Income from equity method investments, net of dividends

(22.4)

(9.5)

Provision for excess and obsolete inventories

13.3

4.8

Other, net

21.3

(8.5)

(Increase) decrease in assets:

Accounts receivable, net

108.4

16.8

Inventories

(19.1)

1.7

Other current and non-current assets

12.3

10.4

Increase (decrease) in liabilities:

Accounts payable

(26.7)

13.6

Accrued compensation and benefits

26.1

(52.3)

Deferred revenue

(42.0)

33.4

Other current and non-current liabilities

(32.7)

(5.5)

Net cash provided by operating activities

483.7

462.8

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(198.9)

(28.6)

Acquisitions of property and equipment

(45.1)

(54.6)

Other, net

(0.1)

14.5

Net cash used in investing activities

(244.1)

(68.7)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

25.3

28.4

Repurchases of common stock

(78.0)

(179.8)

Proceeds from debt and revolving credit lines

1,030.1

818.0

Payments on debt and revolving credit lines

(1,209.6)

(1,033.6)

Other, net

(10.9)

(10.2)

Net cash used in financing activities

(243.1)

(377.2)

Effect of exchange rate changes on cash and cash equivalents

(1.7)

(4.8)

Net increase (decrease) in cash and cash equivalents

(5.2)

12.1

Cash and cash equivalents - beginning of period

189.2

172.5

Cash and cash equivalents - end of period

$

184.0

$

184.6