ADP 2012 Annual Report Download - page 50

Statements of Consolidated Cash Flows
(In millions)
Years ended June 30,
2012 2011 2010
Cash Flows From Operating Activities
Net earnings
$
1,388.5
$
1,254.2
$
1,211.4
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Depreciation and amortization
323.3
318.2
309.2
Deferred income taxes
38.1
107.6
96.1
Stock-based compensation expense
78.7
76.3
67.6
Excess tax benefit related to exercises of stock options
(5.7
)
(1.0
)
(0.2
)
Net pension expense
36.7
40.7
34.7
Net realized gain from the sales of marketable securities
(24.4
)
(34.4
)
(1.6
)
Net amortization of premiums and accretion of discounts on available-for-sale securities
60.0
53.6
57.3
Impairment losses on available-for-sale securities
5.8
-
14.4
Impairment losses on assets held for sale
2.2
11.7
-
Gain on sale of assets
(66.0
)
- -
(Gain) loss on sales of buildings -
(1.8
)
2.3
Gain on sale of discontinued businesses, net of tax - -
(0.5
)
Other
21.4
35.1
8.8
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses:
Increase in accounts receivable
(40.1
)
(138.3
)
(108.8
)
(Increase) decrease in other assets
(71.6
)
(81.3
)
30.0
Increase (decrease) in accounts payable
11.2
(24.6
)
34.7
Increase (decrease) in accrued expenses and other liabilities
152.1
89.8
(73.3
)
Net cash flows provided by operating activities
1,910.2
1,705.8
1,682.1
Cash Flows From Investing Activities
Purchases of corporate and client funds marketable securities
(5,113.5
)
(4,770.9
)
(3,846.7
)
Proceeds from the sales and maturities of corporate and client funds marketable securities
3,962.2
3,305.1
3,406.9
Net decrease (increase) in restricted cash and cash equivalents and other restricted assets
held to satisfy client funds obligations
4,855.0
(4,837.1
)
(1,639.4
)
Capital expenditures
(140.1
)
(181.9
)
(102.9
)
Additions to intangibles
(109.5
)
(95.8
)
(123.8
)
Acquisitions of businesses, net of cash acquired
(265.7
)
(776.0
)
(100.0
)
Proceeds from the sale of property, plant and equipment and other assets
71.6
13.1
3.1
Other
(16.4
)
2.9
1.7
Proceeds from the sale of businesses included in discontinued operations - -
21.6
Net cash flows provided by (used in) investing activities
3,243.6
(7,340.6
)
(2,379.5
)
Cash Flows From Financing Activities
Net (decrease) increase in client funds obligations
(3,726.6
)
6,290.9
2,020.4
Payments of debt
(2.0
)
(5.7
)
(2.9
)
Net repayment of commercial paper borrowing
- -
(730.0
)
Repurchases of common stock
(741.3
)
(732.8
)
(766.4
)
Proceeds from stock purchase plan and exercises of stock options
250.0
478.2
241.1
Excess tax benefit related to exercises of stock options
5.7
1.0
0.2
Dividends paid
(739.7
)
(692.4
)
(673.4
)
Net cash flows (used in) provided by financing activities
(4,953.9
)
5,339.2
89.0
Effect of exchange rate changes on cash and cash equivalents
(41.2
)
41.7
(13.6
)
Net change in cash and cash equivalents
158.7
(253.9
)
(622.0
)
Cash and cash equivalents of continuing operations, beginning of year
1,389.4
1,643.3
2,265.3
Cash and cash equivalents of discontinued operations, beginning of year ---
Cash and cash equivalents, end of year
1,548.1
1,389.4
1,643.3
Less cash and cash equivalents of discontinued operations, end of year ---