Western Union 2013 Annual Report Download - page 204

2013 FORM 10-K
94
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 798.4 $ 1,025.9 $ 1,165.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64.2 61.7 61.0
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198.6 184.4 131.6
Deferred income tax (benefit)/provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39.3)(35.2) 21.2
Gain on revaluation of equity interests (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (49.9)
Other non-cash items, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.3 77.2 29.8
Increase/(decrease) in cash, excluding the effects of acquisitions, resulting from
changes in:
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55.4)(27.8)(27.7)
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.1 9.3 (43.0)
Income taxes payable (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 (79.9)(62.3)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15.7)(30.3)(51.2)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088.6 1,185.3 1,174.9
Cash flows from investing activities
Capitalization of contract costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (119.3)(174.9)(96.7)
Capitalization of purchased and developed software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41.8)(32.4)(13.0)
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (80.2)(60.9)(52.8)
Purchases of non-settlement related investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100.0) — —
Acquisition of businesses, net (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10.0 (1,218.6)
Net proceeds from settlement of foreign currency forward contracts related to
acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 20.8
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (341.3)(258.2)(1,360.3)
Cash flows from financing activities
Proceeds from exercise of options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.9 53.4 100.0
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (277.2)(254.2)(194.2)
Common stock repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (399.7)(766.5)(803.9)
Net (repayments of)/proceeds from commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (297.0) 297.0
Net proceeds from issuance of borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497.3 742.8 696.3
Principal payments on borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (300.0) — (696.3)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (450.7)(521.5)(601.1)
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296.6 405.6 (786.5)
Cash and cash equivalents at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,776.5 1,370.9 2,157.4
Cash and cash equivalents at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,073.1 $ 1,776.5 $ 1,370.9
Supplemental cash flow information:
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 193.7 $ 181.8 $ 191.3
Income taxes paid (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158.0 $ 257.1 $ 144.9
See Notes to Consolidated Financial Statements.