ADP 2010 Annual Report Download - page 49

Statements of Consolidated Cash Flows
(In millions)
Years ended June 30,
2010
2009
2008
Cash Flows From Operating Activities
Net earnings
$
1,211.4
$
1,332.6
$
1,235.7
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Depreciation and amortization
309.2
307.7
318.3
Deferred income taxes
96.1
(47.9
)
(92.7
)
Stock - based compensation expense
67.6
96.0
123.6
Excess tax benefit related to exercises of stock options
(0.2
)
(1.5
)
(0.7
)
Net pension expense
34.7
33.8
40.0
Net realized loss (gain) from the sales of marketable securities
(1.6
)
12.4
1.3
Net amortization of premiums and accretion of discounts on available - for - sale securities
57.3
58.3
42.7
Impairment losses on available - for - sale securities
14.4
-
-
Loss (gain) on sale of building
2.3
(2.2
)
(16.0
)
Gain on sale of discontinued businesses, net of tax
(0.5
)
(4.4
)
(74.0
)
Other
8.9
35.8
100.1
Changes in operating assets and liabilities, net of effects from acquistions and divestitures of businesses:
(Increase) decrease in accounts receivable
(108.8
)
(152.6
)
36.6
Decrease (increase) in other assets
30.0
(85.6
)
(40.6
)
Increase (decrease) in accounts payable
34.7
(9.7
)
9.7
(Decrease) increase in accrued expenses and other liabilities
(73.3
)
(12.6
)
88.4
Operating activities of discontinued operations
(0.1
)
2.5
(0.2
)
Net cash flows provided by operating activities
1,682.1
1,562.6
1,772.2
Cash Flows From Investing Activities
Purchases of corporate and client funds marketable securities
(3,846.7
)
(2,736.5
)
(6,407.2
)
Proceeds from the sales and maturities of corporate and client funds marketable securities
3,406.9
3,320.4
5,140.6
Net (increase) decrease in restricted cash and cash equivalents and other restricted assets held to satisfy
client funds obligations
(1,639.4
)
(731.7
)
4,119.6
Capital expenditures
(102.9
)
(157.8
)
(180.3
)
Additions to intangibles
(123.8
)
(96.0
)
(96.6
)
Acquisitions of businesses, net of cash acquired
(100.0
)
(67.0
)
(97.3
)
Reclassification from cash and cash equivalents to short - term marketable securities
-
(211.1
)
-
Proceeds from the sale of property, plant and equipment
3.1
25.7
-
Other
1.8
10.0
23.4
Investing activities of discontinued operations
(0.1
)
-
(0.7
)
Proceeds from the sale of businesses included in discontinued operations
21.6
(0.1
)
112.4
Net cash flows (used in) provided by investing activities
(2,379.5
)
(644.1
)
2,613.9
Cash Flows From Financing Activities
Net increase (decrease) in client funds obligations
2,020.4
885.2
(3,480.3
)
Proceeds from issuance of debt
-
12.5
21.2
Payments of debt
(2.9
)
(21.9
)
(10.1
)
Net (purchases of) proceeds from reverse repurchase agreements
-
(11.8
)
11.8
Net (repayment) proceeds of commercial paper borrowing
(730.0
)
730.0
-
Repurchases of common stock
(766.4
)
(580.4
)
(1,504.8
)
Proceeds from stock purchase plan and exercises of stock options
241.1
82.7
239.7
Excess tax benefit related to exercises of stock options
0.2
1.5
0.7
Dividends paid
(673.4
)
(629.4
)
(548.9
)
Net cash flows provided by (used in) financing activities
89.0
468.4
(5,270.7
)