Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions | 9 Months Ended |
|---|
Sep. 30, 2011 | Sep. 30, 2010 |
|---|
| Operating Activities: | | |
| Net income | $ 713.8 | $ 690.9 |
| Adjustments to reconcile net income to cash provided by operating activities: | | |
| Depreciation (including amortization of technology projects) | 95.0 | 91.3 |
| Amortization of intangibles | 45.1 | 32.0 |
| Amortization of prepublication costs | 164.5 | 207.2 |
| Provision for losses on accounts receivable | 4.9 | 11.5 |
| Deferred income taxes | (4.8) | (23.4) |
| Stock-based compensation | 64.8 | 44.8 |
| Other | 12.9 | (4.5) |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | | |
| Accounts receivable | (146.9) | (165.3) |
| Inventories | (11.9) | 6.6 |
| Prepaid and other current assets | (3.4) | 5.8 |
| Accounts payable and accrued expenses | (174.2) | (4.2) |
| Unearned revenue | 23.7 | 2.2 |
| Other current liabilities | (50.6) | (9.8) |
| Net change in prepaid/accrued income taxes | 288.4 | 181.5 |
| Net change in other assets and liabilities | 16.3 | (13.3) |
| Cash provided by operating activities | 1,037.6 | 1,053.3 |
| Investing Activities: | | |
| Investment in prepublication costs | (105.1) | (99.3) |
| Capital expenditures | (69.6) | (65.3) |
| Acquisitions, including contingent payments, net of cash acquired | (198.9) | (325.0) |
| Proceeds from dispositions | 21.4 | 30.6 |
| Changes in short-term investments | (14.0) | (8.2) |
| Cash used for investing activities | (366.2) | (467.2) |
| Financing Activities: | | |
| Dividends paid to shareholders | (224.7) | (221.3) |
| Dividends paid to noncontrolling interests | (10.9) | (16.8) |
| Repurchase of treasury shares | (635.6) | (255.8) |
| Exercise of stock options | 115.0 | 28.6 |
| Excess tax benefits from share-based payments | 3.3 | 1.3 |
| Cash used for financing activities | (752.9) | (464.0) |
| Effect of exchange rate changes on cash | (6.5) | (9.2) |
| Net change in cash and equivalents | (88.0) | 112.9 |
| Cash and equivalents at beginning of period | 1,525.6 | 1,209.9 |
| Cash and equivalents at end of period | $ 1,437.6 | $ 1,322.8 |