Western Union 2014 Annual Report Download - page 233

2014 FORM 10-K
95
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2014 2013 2012
Cash flows from operating activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 852.4 $ 798.4 $ 1,025.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.6 64.2 61.7
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.3 198.6 184.4
Deferred income tax benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26.8)(39.3)(35.2)
Other non-cash items, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.5 53.3 77.2
Increase/(decrease) in cash, excluding the effects of acquisitions, resulting from
changes in:
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31.1)(55.4)(27.8)
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29.4) 81.1 9.3
Income taxes payable (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39.3) 3.4 (79.9)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3)(15.7)(30.3)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045.9 1,088.6 1,185.3
Cash flows from investing activities
Capitalization of contract costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (73.1)(119.3)(174.9)
Capitalization of purchased and developed software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38.1)(41.8)(32.4)
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67.8)(80.2)(60.9)
Purchases of non-settlement related investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (100.0) —
Proceeds from sale of non-settlement related investments . . . . . . . . . . . . . . . . . . . . . . . . . 100.2 — —
Acquisition of businesses, net (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.6) — 10.0
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89.4)(341.3)(258.2)
Cash flows from financing activities
Proceeds from exercise of options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2 28.9 53.4
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (265.2)(277.2)(254.2)
Common stock repurchased (Note 13). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (495.4)(399.7)(766.5)
Net repayments of commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (297.0)
Net proceeds from issuance of borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 497.3 742.8
Principal payments on borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (500.0)(300.0) —
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,246.4)(450.7)(521.5)
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (289.9) 296.6 405.6
Cash and cash equivalents at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,073.1 1,776.5 1,370.9
Cash and cash equivalents at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,783.2 $ 2,073.1 $ 1,776.5
Supplemental cash flow information:
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 170.8 $ 193.7 $ 181.8
Income taxes paid (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 179.4 $ 158.0 $ 257.1
See Notes to Consolidated Financial Statements.