XML 38 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 529.0 $ 468.2 $ 370.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 167.4 158.5 176.6
Amortization of debt issuance cost and debt discount 2.2 2.0 2.2
Change in fair value of contingent consideration (2.7)   2.6
Realized gain on available-for-sale financial investments   (0.4) (1.3)
Provision for accounts receivable credit losses 0.4 0.1 1.0
Provision for deferred income taxes (18.9) (30.9) (37.2)
Provision for notes receivable credit losses   6.7 23.4
Stock-based compensation expense 26.6 21.7 21.8
Loss on disposal of property and equipment 0.4   4.4
Impairment of property held for sale   8.1 6.1
Loss related to deconsolidation of former subsidiary     2.0
Impairment of goodwill     10.5
Equity earnings in investments 0.4 (1.1) (2.2)
Impairment of investments 5.6 15.1  
Bargain purchase gain   (32.6)  
Changes in assets and liabilities:      
Accounts receivable 12.0 (90.0) 50.3
Margin deposits and clearing funds (66.2) 812.1  
Income taxes receivable 10.3 5.4 13.5
Other current assets (4.4) (5.1) (16.9)
Other assets (47.4) (23.4)  
Accounts payable and accrued liabilities 45.0 59.4 (25.7)
Section 31 fees payable (112.1) 53.9 17.9
Deferred revenue 4.9 4.5 (4.1)
Income taxes payable 3.9 (1.1) 0.1
Unrecognized tax benefits 33.2 28.8 21.0
Other liabilities 7.2 (1.1) (4.0)
Net cash provided by operating activities 596.8 1,458.8 632.8
Cash flows from investing activities:      
Acquisitions, net of cash acquired (151.5) (351.5)  
Proceeds from acquisition-related escrow 0.6    
Contributions to investments (209.8) (12.1)  
Return of capital from investments     30.0
Purchases of available-for-sale financial investments (101.2) (222.5) (108.8)
Proceeds from maturities of available-for-sale financial investments 160.2 202.5 98.0
Proceeds from insurance   0.5  
Purchases of property and equipment and leasehold improvements (51.0) (47.4) (35.1)
Net cash used in investing activities (352.7) (430.5) (15.9)
Cash flows from financing activities:      
Proceeds from long-term debt 110.0 493.7  
Principal payments of current portion of long-term debt (20.0) (155.0) (350.0)
Proceeds from credit facility   70.0  
Payments of credit facility   (70.0)  
Debt issuance costs   (4.5)  
Cash dividends on common stock (193.3) (170.6) (150.0)
Repurchases of common stock from employee stock plans (6.2) (14.2) (11.0)
Exercise of common stock options   0.2 9.3
Shares issued under employee stock purchase plan (0.4)    
Payment of contingent consideration from acquisition (9.1) (2.2) (4.3)
Purchase of common stock (81.3) (349.1) (156.9)
Net cash used in financing activities (200.3) (201.7) (662.9)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents (9.1) 1.6 0.2
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents 34.7 828.2 (45.8)
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period 1,057.5 229.3 275.1
Cash, cash equivalents, and restricted cash and cash equivalents: End of period 1,092.2 1,057.5 229.3
Supplemental disclosure of cash transactions:      
Cash paid for income taxes 209.8 191.5 134.9
Cash paid for interest 42.1 29.2 32.7
Supplemental disclosure of noncash investing activities:      
Note receivable issued in connection with deconsolidation of former subsidiary     3.7
Investment recognized in connection with deconsolidation of former subsidiary     2.9
Net assets of former subsidiary deconsolidated     $ 14.5
Accounts receivable acquired 3.5 11.0  
Income taxes receivable acquired   1.7  
Other current assets acquired 1.0 5.9  
Goodwill acquired 133.6 201.2  
Intangible assets acquired 73.8 247.7  
Property and equipment, net acquired 3.1 4.4  
Other assets, net acquired 0.5 0.9  
Accounts payable and accrued expenses assumed (1.8) (16.7)  
Income taxes payable assumed (0.1) (1.3)  
Deferred revenue acquired   (1.0)  
Contingent consideration related to acquisitions (49.6) (32.7)  
Deferred income taxes acquired $ (15.6) $ (6.7)