XML 18 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:        
Net income $ 187.4 $ 189.5 $ 440.6 $ 893.1
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization of fixed assets 48.1 51.7 139.2 151.1
Amortization of intangible assets 19.6 36.6 56.1 121.0
Amortization of debt issuance costs and original issue discount, net of original issue premium 0.4 0.2 1.0 0.9
Provision for doubtful accounts 3.4 1.5 8.9 4.4
Loss (gain) on sale of assets 0.0 7.8 135.3 (427.4)
Impairment of cost-based investments 0.0 0.0 6.5 0.0
Stock-based compensation expense 12.4 11.3 46.3 50.2
Impairment of long-lived assets 0.0 0.0 0.0 73.7
Deferred income taxes (9.2) (11.9) (25.9) (61.3)
Loss on disposal of fixed assets 2.4 0.1 2.3 0.8
Acquisition related liability adjustment 0.0 0.0 (22.0) 0.0
Changes in assets and liabilities, net of effects from acquisitions:        
Accounts receivable 22.9 21.0 (104.3) (82.3)
Prepaid expenses and other assets 0.6 6.0 (36.8) (11.5)
Operating lease right-of-use assets, net 8.5 16.6 21.4 35.3
Income taxes 5.5 24.9 13.5 2.3
Accounts payable and accrued liabilities 38.3 36.4 37.4 (27.2)
Deferred revenues (43.6) (93.4) 131.1 134.3
Operating lease liabilities (8.1) (18.0) (21.2) (38.2)
Other liabilities (38.5) (0.1) (21.1) (9.2)
Net cash provided by operating activities 250.1 280.2 808.3 810.0
Cash flows from investing activities:        
Acquisitions and purchase of additional controlling interest, net of cash acquired of $0.0, $0.0, $8.0, and $17.4, respectively 0.0 0.0 (83.3) (448.9)
Proceeds from sale of assets 0.0 0.0 3,066.4 1,073.3
Investments in nonpublic companies (0.9) (2.1) (1.7) (43.9)
Capital expenditures (54.3) (65.8) (173.7) (195.0)
Escrow funding associated with acquisitions 0.0 0.0 (3.8) (2.3)
Other investing activities, net (0.1) 0.0 (0.4) 0.0
Net cash (used in) provided by investing activities (55.3) (67.9) 2,803.5 383.2
Cash flows from financing activities:        
Proceeds from issuance of long-term debt, net of original issue discount 0.0 0.0 495.2 0.0
Payment of debt issuance costs 0.7 0.0 (6.0) 0.0
Proceeds (repayment) of short-term debt 0.0 290.0 (1,265.0) 330.0
Repayment of long-term-debt 0.0 (350.0) 0.0 (350.0)
Repayment of short-term debt with original maturities greater than three months 0.0 0.0 (125.0) 0.0
Proceeds from issuance of short-term debt with original maturities less than three months 0.0 0.0 0.0 125.0
Repurchases of common stock (49.8) (300.0) (2,049.8) (1,196.3)
Share repurchases not yet settled 0.0 0.0 (500.0) 0.0
Proceeds from stock options exercised 19.4 18.6 134.3 111.6
Net share settlement of taxes from restricted stock and performance share awards (0.3) (0.4) (14.0) (20.4)
Dividends paid (49.2) (48.6) (147.9) (147.2)
Other financing activities, net (10.4) (9.4) (13.2) (13.5)
Net cash used in financing activities (89.6) (399.8) (3,491.4) (1,160.8)
Effect of exchange rate changes 2.9 (16.4) 3.7 (35.9)
Net increase in cash and cash equivalents 108.1 (203.9) 124.1 (3.5)
Cash and cash equivalents, beginning of period 308.7 480.7 292.7 280.3
Cash and cash equivalents, end of period 416.8 276.8 416.8 276.8
Supplemental disclosures:        
Income taxes paid 66.0 42.6 210.9 264.4
Interest paid 8.5 13.7 60.9 74.3
Noncash investing and financing activities:        
Deferred tax (asset) liability established on date of acquisition (1.4) 0.0 8.9 16.5
Net assets sold as part of the disposition 0.0 0.0 3,211.8 607.4
Finance lease additions 30.6 1.4 43.7 4.9
Operating lease additions, net 3.6 7.6 29.4 15.9
Fixed assets included in accounts payable and accrued liabilities $ (0.2) $ 0.2 $ 0.1 $ 0.2