CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
Mar. 31, 2017	Mar. 31, 2016
Cash flow from (used in) operating activities:
Net income	$ 193.6	$ 173.5
Adjustments to reconcile Net income to net Cash flow from operating activities:
Intangible amortization and impairments	21.9	26.6
Depreciation and other amortization	5.2	5.0
Deferred income tax provision	35.3	27.5
Imputed interest expense and contingent payment arrangements	0.8	(2.0)
Income from equity method investments, net of amortization	(85.9)	(68.0)
Distributions received from equity method investments	189.9	124.3
Amortization of issuance costs	1.1	1.2
Share-based compensation and Affiliate equity expense	26.0	15.2
Other non-cash items	(7.6)	(0.1)
Changes in assets and liabilities:
Purchases of trading securities by Affiliate sponsored consolidated products	(9.1)	(17.1)
Sales of trading securities by Affiliate sponsored consolidated products	7.1	16.6
Increase in receivables	(75.1)	(94.2)
Increase in other assets	(0.7)	(2.2)
Decrease in payables, accrued liabilities and other liabilities	(180.4)	(180.7)
Cash flow from operating activities	122.1	25.6
Cash flow from (used in) investing activities:
Investments in Affiliates	(4.7)	(551.3)
Purchase of fixed assets	(4.1)	(4.1)
Purchase of investment securities	(6.2)	(2.7)
Sale of investment securities	31.3	7.2
Cash flow from (used in) investing activities	16.3	(550.9)
Cash flow from (used in) financing activities:
Borrowings of senior debt	75.0	515.0
Repayments of senior debt and convertible securities	(160.0)	(95.0)
Issuance of common stock	20.3	4.5
Dividends paid on common stock	(11.3)	0.0
Repurchase of common stock	(80.0)	(16.9)
Note and contingent payments	1.8	2.2
Distributions to non-controlling interests	(92.0)	(101.6)
Affiliate equity issuances and repurchases	(17.6)	(54.1)
Settlement of forward equity sale agreement	5.2	0.0
Other financing items	(18.8)	5.7
Cash flow from (used in) financing activities	(277.4)	259.8
Effect of foreign exchange rate changes on cash and cash equivalents	1.8	(4.3)
Net decrease in cash and cash equivalents	(137.2)	(269.8)
Cash and cash equivalents at beginning of period	430.8	563.8
Cash and cash equivalents at end of period	$ 293.6	$ 297.6

The aggregate expense charged against earnings to allocate the cost of tangible assets to periods in which the assets are used and held and to allocate the cost of issuing debt to periods in which the debt is outstanding. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method.

No definition available.