CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Three Quarters of

2021

2020

Cash flow from operating activities:

Net income

$

377.5

$

209.9

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

Depreciation expense

30.9

29.4

Amortization expense

105.1

120.2

Deferred income taxes

(8.9)

12.1

Stock-based compensation

95.1

57.1

Divestitures (gain) loss, net

(43.6)

2.5

Other, net

5.7

26.2

(Increase) decrease in assets:

Accounts receivable, net

33.7

108.4

Inventories

(28.4)

(19.1)

Other current and non-current assets

(42.5)

12.3

Increase (decrease) in liabilities:

Accounts payable

50.8

(26.7)

Accrued compensation and benefits

25.1

26.1

Deferred revenue

(8.4)

(42.0)

Other current and non-current liabilities

3.1

(32.7)

Net cash provided by operating activities

595.2

483.7

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(1.2)

(198.9)

Purchases of property and equipment

(31.4)

(45.1)

Net proceeds from sale of businesses

67.3

—

Net proceeds from sale of property and equipment

20.7

0.4

Other, net

(4.4)

(0.5)

Net cash provided by (used in) investing activities

51.0

(244.1)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

1.1

25.3

Repurchases of common stock

(140.0)

(78.0)

Proceeds from debt and revolving credit lines

198.9

1,030.1

Payments on debt and revolving credit lines

(421.7)

(1,209.6)

Other, net

(1.5)

(10.9)

Net cash used in financing activities

(363.2)

(243.1)

Effect of exchange rate changes on cash and cash equivalents

(7.5)

(1.7)

Net increase (decrease) in cash and cash equivalents

275.5

(5.2)

Cash and cash equivalents - beginning of period

237.7

189.2

Cash and cash equivalents - end of period

$

513.2

$

184.0