Computer Associates 2013 Annual Report Download - page 79

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CA, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
YEAR ENDED MARCH 31,
(in millions) 2013 2012 2011
Operating activities from continuing operations:
Net income $ 955 $ 951 $ 827
Income from discontinued operations — (13) (4)
Income from continuing operations $ 955 $ 938 $ 823
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization 477 401 379
Provision for deferred income taxes 13 (16) 140
Provision for bad debts 7(1)6
Share-based compensation expense 78 89 80
Asset impairments and other non-cash items 12 20 2
Foreign currency transaction losses 1684
Changes in other operating assets and liabilities, net of effect of acquisitions:
Decrease (increase) in trade accounts receivable 35 (45) 140
(Decrease) increase in deferred revenue (128) 97 (128)
Decrease in taxes payable, net (56) (46) (8)
Increase in accounts payable, accrued expenses and other 6 6 6
(Decrease) increase in accrued salaries, wages and commissions (42) 58 (62)
Changes in other operating assets and liabilities 35 (4) (5)
Net cash provided by operating activities — continuing operations $ 1,408 $ 1,505 $ 1,377
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased software $ (76) $ (387) $ (252)
Purchases of property and equipment (50) (72) (92)
Proceeds from divestiture of assets —713
Capitalized software development costs (165) (180) (170)
Purchases of investments (346) (108) (209)
Proceeds from sale of investments — 207 9
Maturities of investments 163 80 19
Other investing activities 1 (2) (18)
Net cash used in investing activities — continuing operations $ (473) $ (455) $ (700)
Financing activities from continuing operations:
Dividends paid $ (463) $ (192) $ (82)
Purchases of common stock, including accelerated share repurchase (493) (1,053) (235)
Debt borrowings 1,143 476 260
Debt repayments (1,152) (599) (273)
Debt issuance costs —(2)—
Exercise of common stock options and other 27 40 10
Net cash used in financing activities — continuing operations $ (938) $(1,330) $ (320)
Effect of exchange rate changes on cash $ (83) $ (67) $ 89
Net change in cash and cash equivalents — continuing operations $ (86) $ (347) $ 446
Cash (used in) provided by operating activities — discontinued operations $ — $ (27) $ 4
Cash provided by investing activities — discontinued operations —416
Net effect of discontinued operations on cash and cash equivalents $ — $ (23) $ 20
(Decrease) increase in cash and cash equivalents $ (86) $ (370) $ 466
Cash and cash equivalents at beginning of period $ 2,679 $ 3,049 $ 2,583
Cash and cash equivalents at end of period $ 2,593 $ 2,679 $ 3,049
See accompanying Notes to the Consolidated Financial Statements
63