Computer Associates 2012 Annual Report Download - page 72

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CA, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
YEAR ENDED MARCH 31,
(in millions) 2012 2011 2010
Operating activities from continuing operations:
Net income $ 951 $ 827 $ 771
Income from discontinued operations (13) (4) (12)
Income from continuing operations $ 938 $ 823 $ 759
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization 401 379 292
Provision for deferred income taxes (16) 140 68
Provision for bad debts (1) 66
Share-based compensation expense 89 80 102
Amortization of discount on convertible debt ——29
Asset impairments and other non-cash items 20 213
Foreign currency transaction losses (gains) 84 (10)
Changes in other operating assets and liabilities, net of effect of acquisitions:
(Increase) decrease in trade accounts receivable, net (45) 140 8
Increase (decrease) in deferred revenue 97 (128) 94
Decrease in taxes payable, net (46) (8) (18)
Increase (decrease) in accounts payable, accrued expenses and other 66 (42)
Increase (decrease) in accrued salaries, wages and commissions 58 (62) 34
Changes in other operating assets and liabilities (4) (5) 1
Net cash provided by operating activities — continuing operations $ 1,505 $ 1,377 $ 1,336
Investing activities from continuing operations:
Acquisitions of businesses, net of cash acquired, and purchased software $ (387) $ (252) $ (617)
Purchases of property and equipment (72) (92) (79)
Proceeds from sale and divestiture of assets 713 —
Capitalized software development costs (180) (170) (188)
Purchases of marketable securities (108) (209) —
Proceeds from the sale of marketable securities 207 9—
Maturities of marketable securities 80 19 —
Other investing activities (2) (18) (4)
Net cash used in investing activities — continuing operations $ (455) $ (700) $ (888)
Financing activities from continuing operations:
Dividends paid $ (192) $ (82) $ (83)
Purchases of common stock, including accelerated share repurchase (1,053) (235) (227)
Debt borrowings 476 260 744
Debt repayments (599) (273) (1,205)
Debt issuance costs (2) — (6)
Proceeds from call spread option ——61
Exercise of common stock options and other 40 10 11
Net cash used in financing activities — continuing operations $ (1,330) $ (320) $ (705)
Net change in cash and cash equivalents before effect of exchange rate changes on cash —
continuing operations $ (280) $ 357 $ (257)
Effect of exchange rate changes on cash $ (67) $ 89 $ 104
Cash (used in) provided by operating activities — discontinued operations $ (27) $4$24
Cash provided by investing activities — discontinued operations 416 —
Net effect of discontinued operations on cash and cash equivalents $ (23) $20$24
(Decrease) increase in cash and cash equivalents $ (370) $ 466 $ (129)
Cash and cash equivalents at beginning of period $ 3,049 $ 2,583 $ 2,712
Cash and cash equivalents at end of period $ 2,679 $ 3,049 $ 2,583
See accompanying Notes to the Consolidated Financial Statements
60