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Supplemental Guarantor Information | 9 Months Ended
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Feb. 29, 2012
Supplemental Guarantor Information |
Supplemental Guarantor Information |
11. Supplemental Guarantor Information Cintas Corporation No. 2 (Corp. 2) is the indirectly, wholly-owned principal operating subsidiary of Cintas. Corp. 2 is the issuer of the $1,275.0 million of long-term senior notes, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly-owned, direct and indirect domestic subsidiaries. As allowed by SEC rules, the following condensed consolidating financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the following condensed consolidating financial statements has been fully consolidated in Cintas’ consolidated financial statements. The following condensed consolidating financial statements should be read in conjunction with the consolidated financial statements of Cintas and notes thereto of which this note is an integral part. Condensed consolidating financial statements for Cintas, Corp. 2, the subsidiary guarantors and non-guarantors are presented on the following pages: CONDENSED CONSOLIDATING INCOME STATEMENT THREE MONTHS ENDED FEBRUARY 29, 2012 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Rental uniforms and ancillary products | $ | — | $ | 550,167 | $ | 141,867 | $ | 52,652 | $ | (23,674) | $ | 721,012
Other services |  | — |  | 361,849 |  | 8,504 |  | 27,785 |  | (107,038) |  | 291,100
Equity in net income of affiliates |  | 76,035 |  | — |  | — |  | — |  | (76,035) |  | —
|  | 76,035 |  | 912,016 |  | 150,371 |  | 80,437 |  | (206,747) |  | 1,012,112
Costs and expenses (income): |  |  |  |  |  |  |  |  |  |  |  |
Cost of rental uniforms and ancillary products |  | — |  | 350,615 |  | 80,270 |  | 35,984 |  | (56,911) |  | 409,958
Cost of other services |  | — |  | 240,568 |  | (5,902) |  | 17,532 |  | (75,947) |  | 176,251
Selling and administrative expenses |  | — |  | 286,257 |  | (17,100) |  | 22,926 |  | (3,716) |  | 288,367
Operating income |  | 76,035 |  | 34,576 |  | 93,103 |  | 3,995 |  | (70,173) |  | 137,536
Interest income |  | — |  | (54) |  | (280) |  | (202) |  | 163 |  | (373)
Interest expense (income) |  | — |  | 17,559 |  | (333) |  | (7) |  | — |  | 17,219
Income before income taxes |  | 76,035 |  | 17,071 |  | 93,716 |  | 4,204 |  | (70,336) |  | 120,690
Income taxes |  | — |  | 7,114 |  | 36,109 |  | 1,438 |  | (6) |  | 44,655
Net income | $ | 76,035 | $ | 9,957 | $ | 57,607 | $ | 2,766 | $ | (70,330) | $ | 76,035
CONDENSED CONSOLIDATING INCOME STATEMENT THREE MONTHS ENDED FEBRUARY 28, 2011 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Rental uniforms and ancillary products | $ | — | $ | 509,321 | $ | 129,038 | $ | 49,677 | $ | (23,060) | $ | 664,976
Other services |  | — |  | 330,075 |  | 98,708 |  | 27,289 |  | (183,221) |  | 272,851
Equity in net income of affiliates |  | 59,070 |  | — |  | — |  | — |  | (59,070) |  | —
|  | 59,070 |  | 839,396 |  | 227,746 |  | 76,966 |  | (265,351) |  | 937,827
Costs and expenses (income): |  |  |  |  |  |  |  |  |  |  |  |
Cost of rental uniforms and ancillary products |  | — |  | 326,000 |  | 75,562 |  | 33,991 |  | (55,329) |  | 380,224
Cost of other services |  | — |  | 211,754 |  | 88,918 |  | 17,490 |  | (152,480) |  | 165,682
Selling and administrative expenses |  | — |  | 264,019 |  | (1,666) |  | 23,555 |  | (2,863) |  | 283,045
Operating income |  | 59,070 |  | 37,623 |  | 64,932 |  | 1,930 |  | (54,679) |  | 108,876
Interest income |  | — |  | (140) |  | (97) |  | (43) |  | — |  | (280)
Interest expense (income) |  | — |  | 13,002 |  | (498) |  | 16 |  | — |  | 12,520
Income before income taxes |  | 59,070 |  | 24,761 |  | 65,527 |  | 1,957 |  | (54,679) |  | 96,636
Income taxes |  | — |  | 9,923 |  | 26,931 |  | 717 |  | (5) |  | 37,566
Net income | $ | 59,070 | $ | 14,838 | $ | 38,596 | $ | 1,240 | $ | (54,674) | $ | 59,070
CONDENSED CONSOLIDATING INCOME STATEMENT NINE MONTHS ENDED FEBRUARY 29, 2012 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Rental uniforms and ancillary products | $ | — | $ | 1,662,058 | $ | 425,455 | $ | 156,511 | $ | (80,800) | $ | 2,163,224
Other services |  | — |  | 1,087,507 |  | 40,176 |  | 86,425 |  | (328,914) |  | 885,194
Equity in net income of affiliates |  | 219,023 |  | — |  | — |  | — |  | (219,023) |  | —
|  | 219,023 |  | 2,749,565 |  | 465,631 |  | 242,936 |  | (628,737) |  | 3,048,418
Costs and expenses (income): |  |  |  |  |  |  |  |  |  |  |  |
Cost of rental uniforms and ancillary products |  | — |  | 1,053,496 |  | 248,561 |  | 107,163 |  | (185,609) |  | 1,223,611
Cost of other services |  | — |  | 698,073 |  | (4,168) |  | 53,662 |  | (217,500) |  | 530,067
Selling and administrative expenses |  | — |  | 828,080 |  | 6,297 |  | 71,391 |  | (9,823) |  | 895,945
Operating income |  | 219,023 |  | 169,916 |  | 214,941 |  | 10,720 |  | (215,805) |  | 398,795
Interest income |  | — |  | (211) |  | (518) |  | (575) |  | 163 |  | (1,141)
Interest expense (income) |  | — |  | 53,148 |  | (1,214) |  | 347 |  | — |  | 52,281
Income before income taxes |  | 219,023 |  | 116,979 |  | 216,673 |  | 10,948 |  | (215,968) |  | 347,655
Income taxes |  | — |  | 44,011 |  | 81,518 |  | 3,121 |  | (18) |  | 128,632
Net income | $ | 219,023 | $ | 72,968 | $ | 135,155 | $ | 7,827 | $ | (215,950) | $ | 219,023
CONDENSED CONSOLIDATING INCOME STATEMENT NINE MONTHS ENDED FEBRUARY 28, 2011 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Rental uniforms and ancillary products | $ | — | $ | 1,522,229 | $ | 393,250 | $ | 143,484 | $ | (78,576) | $ | 1,980,387
Other services |  | — |  | 1,002,435 |  | 357,282 |  | 78,806 |  | (620,613) |  | 817,910
Equity in net income of affiliates |  | 176,213 |  | — |  | — |  | — |  | (176,213) |  | —
|  | 176,213 |  | 2,524,664 |  | 750,532 |  | 222,290 |  | (875,402) |  | 2,798,297
Costs and expenses (income): |  |  |  |  |  |  |  |  |  |  |  |
Cost of rental uniforms and ancillary products |  | — |  | 978,149 |  | 232,115 |  | 96,549 |  | (177,603) |  | 1,129,210
Cost of other services |  | — |  | 651,265 |  | 306,777 |  | 49,007 |  | (514,202) |  | 492,847
Selling and administrative expenses |  | — |  | 789,686 |  | 15,086 |  | 65,402 |  | (5,400) |  | 864,774
Operating income |  | 176,213 |  | 105,564 |  | 196,554 |  | 11,332 |  | (178,197) |  | 311,466
Interest income |  | — |  | (494) |  | (567) |  | (100,222) |  | 100,031 |  | (1,252)
Interest expense (income) |  | — |  | 38,413 |  | (1,488) |  | 30 |  | — |  | 36,955
Income before income taxes |  | 176,213 |  | 67,645 |  | 198,609 |  | 111,524 |  | (278,228) |  | 275,763
Income taxes |  | — |  | 23,093 |  | 67,801 |  | 8,658 |  | (2) |  | 99,550
Net income | $ | 176,213 | $ | 44,552 | $ | 130,808 | $ | 102,866 | $ | (278,226) | $ | 176,213
CONDENSED CONSOLIDATING BALANCE SHEET AS OF FEBRUARY 29, 2012 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — | $ | 50,717 | $ | 130,113 | $ | 37,153 | $ | — | $ | 217,983
Marketable securities |  | — |  | — |  | — |  | 134,631 |  | — |  | 134,631
Accounts receivable, net |  | — |  | 318,653 |  | 80,102 |  | 40,895 |  | — |  | 439,650
Inventories, net |  | — |  | 234,005 |  | 19,968 |  | 11,812 |  | 9,888 |  | 275,673
Uniforms and other rental items in service |  | — |  | 328,774 |  | 95,552 |  | 36,165 |  | (26,016) |  | 434,475
Income taxes, current (receivable) |  | — |  | (8,657) |  | 25,182 |  | 20,861 |  | — |  | 37,386
Deferred tax asset (liability) |  | — |  | 554 |  | 58,685 |  | (2,817) |  | — |  | 56,422
Prepaid expenses and other |  | — |  | 7,438 |  | 19,048 |  | 2,830 |  | — |  | 29,316
Total current assets |  | — |  | 931,484 |  | 428,650 |  | 281,530 |  | (16,128) |  | 1,625,536
Property and equipment, at cost, net |  | — |  | 596,314 |  | 263,074 |  | 84,646 |  | — |  | 944,034
Goodwill |  | — |  | — |  | 1,418,031 |  | 68,434 |  | — |  | 1,486,465
Service contracts, net |  | — |  | 75,445 |  | 400 |  | 5,821 |  | — |  | 81,666
Other assets, net |  | 1,680,305 |  | 1,628,580 |  | 2,338,440 |  | 396,865 |  | (5,928,724) |  | 115,466
| $ | 1,680,305 | $ | 3,231,823 | $ | 4,448,595 | $ | 837,296 | $ | (5,944,852) | $ | 4,253,167
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts (receivable) payable | $ | (465,247) | $ | (391,280) | $ | 902,666 | $ | 31,408 | $ | 38,019 | $ | 115,566
Accrued compensation and related liabilities |  | — |  | 58,323 |  | 19,456 |  | 5,228 |  | — |  | 83,007
Accrued liabilities |  | — |  | 37,552 |  | 175,316 |  | 11,487 |  | — |  | 224,355
Long-term debt due within one year |  | — |  | 225,863 |  | (230) |  | — |  | — |  | 225,633
Total current liabilities |  | (465,247) |  | (69,542) |  | 1,097,208 |  | 48,123 |  | 38,019 |  | 648,561
Long-term liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt due after one year |  | — |  | 1,068,930 |  | (11,045) |  | 1,391 |  | — |  | 1,059,276
Deferred (credit) income taxes |  | — |  | (6) |  | 200,877 |  | 5,176 |  | — |  | 206,047
Accrued liabilities |  | — |  | — |  | 141,908 |  | 748 |  | — |  | 142,656
Total long-term liabilities |  | — |  | 1,068,924 |  | 331,740 |  | 7,315 |  | — |  | 1,407,979
Total shareholders’ equity |  | 2,145,552 |  | 2,232,441 |  | 3,019,647 |  | 781,858 |  | (5,982,871) |  | 2,196,627
| $ | 1,680,305 | $ | 3,231,823 | $ | 4,448,595 | $ | 837,296 | $ | (5,944,852) | $ | 4,253,167
CONDENSED CONSOLIDATING BALANCE SHEET AS OF MAY 31, 2011 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — | $ | 54,957 | $ | 313,283 | $ | 69,866 | $ | — | $ | 438,106
Marketable securities |  | — |  | — |  | — |  | 87,220 |  | — |  | 87,220
Accounts receivable, net |  | — |  | 312,033 |  | 76,484 |  | 40,614 |  | — |  | 429,131
Inventories, net |  | — |  | 204,536 |  | 24,943 |  | 13,266 |  | 6,913 |  | 249,658
Uniforms and other rental items in service |  | — |  | 302,897 |  | 82,148 |  | 34,895 |  | (26,114) |  | 393,826
Income taxes, current |  | — |  | 949 |  | 8,355 |  | 24,238 |  | — |  | 33,542
Deferred tax asset (liability) |  | — |  | 566 |  | 47,905 |  | (2,658) |  | — |  | 45,813
Prepaid expenses and other |  | — |  | 5,738 |  | 13,732 |  | 4,011 |  | — |  | 23,481
Total current assets |  | — |  | 881,676 |  | 566,850 |  | 271,452 |  | (19,201) |  | 1,700,777
Property and equipment, at cost, net |  | — |  | 587,701 |  | 274,086 |  | 84,431 |  | — |  | 946,218
Goodwill |  | — |  | — |  | 1,416,926 |  | 70,956 |  | — |  | 1,487,882
Service contracts, net |  | — |  | 94,379 |  | 663 |  | 7,270 |  | — |  | 102,312
Other assets, net |  | 1,778,595 |  | 1,629,598 |  | 2,070,017 |  | 369,527 |  | (5,732,986) |  | 114,751
| $ | 1,778,595 | $ | 3,193,354 | $ | 4,328,542 | $ | 803,636 | $ | (5,752,187) | $ | 4,351,940
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts (receivable) payable | $ | (465,247) | $ | (329,430) | $ | 855,739 | $ | 11,198 | $ | 38,019 | $ | 110,279
Accrued compensation and related liabilities |  | — |  | 55,138 |  | 20,153 |  | 4,543 |  | — |  | 79,834
Accrued liabilities |  | — |  | 61,399 |  | 154,861 |  | 27,235 |  | (804) |  | 242,691
Long-term debt due within one year |  | — |  | 855 |  | 480 |  | — |  | — |  | 1,335
Total current liabilities |  | (465,247) |  | (212,038) |  | 1,031,233 |  | 42,976 |  | 37,215 |  | 434,139
Long-term liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt due after one year |  | — |  | 1,294,674 |  | (12,433) |  | 1,745 |  | 804 |  | 1,284,790
Deferred (credit) income taxes |  | — |  | (7) |  | 190,701 |  | 5,627 |  | — |  | 196,321
Accrued liabilities |  | — |  | — |  | 133,427 |  | 614 |  | — |  | 134,041
Total long-term liabilities |  | — |  | 1,294,667 |  | 311,695 |  | 7,986 |  | 804 |  | 1,615,152
Total shareholders’ equity |  | 2,243,842 |  | 2,110,725 |  | 2,985,614 |  | 752,674 |  | (5,790,206) |  | 2,302,649
| $ | 1,778,595 | $ | 3,193,354 | $ | 4,328,542 | $ | 803,636 | $ | (5,752,187) | $ | 4,351,940
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED FEBRUARY 29, 2012 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 219,023 | $ | 72,968 | $ | 135,155 | $ | 7,827 | $ | (215,950) | $ | 219,023
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | — |  | 70,252 |  | 35,841 |  | 9,473 |  | — |  | 115,566
Amortization of deferred charges |  | — |  | 25,474 |  | 308 |  | 3,738 |  | — |  | 29,520
Stock-based compensation |  | 15,023 |  | — |  | — |  | — |  | — |  | 15,023
Deferred income taxes |  | — |  | — |  | (710) |  | (285) |  | — |  | (995)
Changes in current assets and liabilities, net of acquisitions of businesses: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | — |  | (6,542) |  | (3,844) |  | (1,374) |  | — |  | (11,760)
Inventories, net |  | — |  | (29,357) |  | 4,975 |  | 399 |  | (2,975) |  | (26,958)
Uniforms and other rental items in service |  | — |  | (25,877) |  | (13,403) |  | (1,057) |  | (98) |  | (40,435)
Prepaid expenses and other |  | — |  | (1,698) |  | (5,316) |  | 1,037 |  | — |  | (5,977)
Accounts payable |  | — |  | (61,326) |  | 45,955 |  | 21,743 |  | — |  | 6,372
Accrued compensation and related liabilities |  | — |  | 3,185 |  | (698) |  | 764 |  | — |  | 3,251
Accrued liabilities |  | — |  | (11,899) |  | 29,797 |  | (9,375) |  | 804 |  | 9,327
Income taxes payable |  | — |  | 9,603 |  | (16,827) |  | 2,981 |  | — |  | (4,243)
Net cash provided by (used in) operating activities |  | 234,046 |  | 44,783 |  | 211,233 |  | 35,871 |  | (218,219) |  | 307,714
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | (80,939) |  | (24,837) |  | (11,940) |  | — |  | (117,716)
Proceeds from redemption of marketable securities |  | — |  | — |  | — |  | 519,955 |  | — |  | 519,955
Purchase of marketable securities and investments |  | — |  | (2,552) |  | (35,293) |  | (568,963) |  | 30,404 |  | (576,404)
Acquisitions of businesses, net of cash acquired |  | — |  | (15,632) |  | (65) |  | (5,185) |  | — |  | (20,882)
Other, net |  | 98,271 |  | 49,778 |  | (334,530) |  | (285) |  | 188,619 |  | 1,853
Net cash provided by (used in) investing activities |  | 98,271 |  | (49,345) |  | (394,725) |  | (66,418) |  | 219,023 |  | (193,194)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Repayment of debt |  | — |  | (736) |  | 324 |  | — |  | (804) |  | (1,216)
Exercise of stock-based compensation awards |  | 356 |  | — |  | — |  | — |  | — |  | 356
Dividends paid |  | (70,800) |  | — |  | — |  | (20) |  | — |  | (70,820)
Repurchase of common stock |  | (262,682) |  | — |  | — |  | — |  | — |  | (262,682)
Other, net |  | 809 |  | 1,131 |  | — |  | (550) |  | — |  | 1,390
Net cash (used in) provided by financing activities |  | (332,317) |  | 395 |  | 324 |  | (570) |  | (804) |  | (332,972)
Effect of exchange rate changes on cash and cash equivalents |  | — |  | (73) |  | (2) |  | (1,596) |  | — |  | (1,671)
Net decrease in cash and cash equivalents |  | — |  | (4,240) |  | (183,170) |  | (32,713) |  | — |  | (220,123)
Cash and cash equivalents at beginning of period |  | — |  | 54,957 |  | 313,283 |  | 69,866 |  | — |  | 438,106
Cash and cash equivalents at end of period | $ | — | $ | 50,717 | $ | 130,113 | $ | 37,153 | $ | — | $ | 217,983
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED FEBRUARY 28, 2011 (In thousands)
|  |  |  |  |  |  |  |  |  |  |  | Cintas
|  | Cintas |  |  |  | Subsidiary |  | Non- |  |  |  | Corporation
|  | Corporation |  | Corp. 2 |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 176,213 | $ | 44,552 | $ | 130,808 | $ | 102,866 | $ | (278,226) | $ | 176,213
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | — |  | 69,852 |  | 33,635 |  | 8,639 |  | — |  | 112,126
Amortization of deferred charges |  | — |  | 28,627 |  | 440 |  | 3,099 |  | — |  | 32,166
Stock-based compensation |  | 9,813 |  | — |  | — |  | — |  | — |  | 9,813
Deferred income taxes |  | — |  | — |  | 21,765 |  | 759 |  | — |  | 22,524
Changes in current assets and liabilities, net of acquisitions of businesses: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | — |  | (25,663) |  | (2,628) |  | (4,553) |  | — |  | (32,844)
Inventories, net |  | — |  | (47,047) |  | (7,932) |  | (1,980) |  | (4,661) |  | (61,620)
Uniforms and other rental items in service |  | — |  | (31,532) |  | (7,456) |  | (6,094) |  | 6,649 |  | (38,433)
Prepaid expenses and other |  | — |  | 380 |  | (1,645) |  | (1,153) |  | — |  | (2,418)
Accounts payable |  | — |  | 106,371 |  | (103,373) |  | 23,980 |  | (4) |  | 26,974
Accrued compensation and related liabilities |  | — |  | 5,310 |  | (5,397) |  | 328 |  | — |  | 241
Accrued liabilities |  | — |  | (17,146) |  | (27,601) |  | 3,264 |  | 820 |  | (40,663)
Income taxes payable (receivable) |  | — |  | 13,019 |  | (162) |  | (8,981) |  | — |  | 3,876
Net cash provided by (used in) operating activities |  | 186,026 |  | 146,723 |  | 30,454 |  | 120,174 |  | (275,422) |  | 207,955
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | (65,579) |  | (67,560) |  | (9,159) |  | — |  | (142,298)
Proceeds from redemption of marketable securities |  | — |  | — |  | 23,106 |  | 114,773 |  | — |  | 137,879
Purchase of marketable securities and investments |  | — |  | (17,645) |  | (49,287) |  | (7,882) |  | 51,640 |  | (23,174)
Acquisitions of businesses, net of cash acquired |  | — |  | (126,371) |  | — |  | (32,146) |  | — |  | (158,517)
Other |  | 89,738 |  | 55,099 |  | (272,758) |  | (99,526) |  | 224,602 |  | (2,845)
Net cash provided by (used in) investing activities |  | 89,738 |  | (154,496) |  | (366,499) |  | (33,940) |  | 276,242 |  | (188,955)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of debt |  | — |  | 303,000 |  | 1,781 |  | — |  | — |  | 304,781
Repayment of debt |  | — |  | (282,160) |  | 225 |  | — |  | (820) |  | (282,755)
Dividends paid |  | (71,801) |  | — |  | — |  | (11) |  | — |  | (71,812)
Repurchase of common stock |  | (203,214) |  | — |  | — |  | — |  | — |  | (203,214)
Other |  | (749) |  | 575 |  | — |  | 1,104 |  | — |  | 930
Net cash (used in) provided by financing activities |  | (275,764) |  | 21,415 |  | 2,006 |  | 1,093 |  | (820) |  | (252,070)
Effect of exchange rate changes on cash and cash equivalents |  | — |  | 324 |  | — |  | 6,196 |  | — |  | 6,520
Net increase (decrease) in cash and cash equivalents |  | — |  | 13,966 |  | (334,039) |  | 93,523 |  | — |  | (226,550)
Cash and cash equivalents at beginning of period |  | — |  | 34,905 |  | 339,702 |  | 36,674 |  | — |  | 411,281
Cash and cash equivalents at end of period | $ | — | $ | 48,871 | $ | 5,663 | $ | 130,197 | $ | — | $ | 184,731

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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