|
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net income including noncontrolling interest |
$ 54.6 |
$ 50.5 |
| Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
13.4 |
12.4 |
| Provision for bad debt |
1.3 |
1.1 |
| Share-based payment award compensation costs |
4.2 |
4.0 |
| Deferred income tax (benefit) provision |
(3.7) |
4.2 |
| Extinguishment of liabilities |
(3.7) |
(1.8) |
| Other |
(1.1) |
0.8 |
| Changes in assets and liabilities, net of acquisitions: |
|
|
| Accounts receivable, net |
85.6 |
(15.6) |
| Inventories |
13.0 |
91.3 |
| Prepaid expenses |
20.6 |
35.9 |
| Short-term derivative assets, net |
74.3 |
(0.8) |
| Other current assets |
(25.5) |
(9.7) |
| Cash collateral with financial counterparties |
43.6 |
(10.1) |
| Other non-current assets |
(1.4) |
(4.1) |
| Accounts payable |
(91.9) |
(77.9) |
| Customer deposits |
(33.3) |
0.7 |
| Accrued expenses and other current liabilities |
(35.7) |
10.0 |
| Non-current income tax, net and other long-term liabilities |
(7.4) |
0.7 |
| Total adjustments |
52.3 |
41.1 |
| Net cash provided by operating activities |
106.9 |
91.6 |
| Cash flows from investing activities: |
|
|
| Acquisition of businesses, net of cash acquired and other investments |
(3.7) |
(154.0) |
| Capital expenditures |
(13.1) |
(8.9) |
| Proceeds from the sale of fixed assets |
5.3 |
|
| Escrow payment related to an assumed obligation of an acquired business |
|
(21.7) |
| Net cash used in investing activities |
(11.5) |
(184.6) |
| Cash flows from financing activities: |
|
|
| Borrowings of debt |
1,349.1 |
1,249.4 |
| Repayments of debt |
(1,342.4) |
(997.2) |
| Payments of senior revolving credit facility and senior term loan facility loan costs |
(3.4) |
|
| Dividends paid on common stock |
(2.6) |
(2.6) |
| Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards |
0.9 |
0.5 |
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards |
(4.0) |
(2.8) |
| Net cash (used in) provided by financing activities |
(2.4) |
247.3 |
| Effect of exchange rate changes on cash and cash equivalents |
(4.3) |
0.1 |
| Net increase in cash and cash equivalents |
88.7 |
154.4 |
| Cash and cash equivalents, as of beginning of period |
302.3 |
292.1 |
| Cash and cash equivalents, as of end of period |
$ 391.0 |
$ 446.5 |