|
| | | | | | | |
| Three months ended December 31, |
| 2015 | | 2014 |
| (Unaudited) |
Cash flows from operating activities: | | | |
Net income (loss) | $ | 7.0 |
| | $ | (106.4 | ) |
(Loss) income from discontinued operations, net of tax | (35.6 | ) | | 17.0 |
|
Net income (loss) from continuing operations | 42.6 |
| | (123.4 | ) |
Adjustments to reconcile net income (loss) to operating cash flows from continuing operations: | | | |
Depreciation of properties | 30.4 |
| | 32.7 |
|
Amortization of intangibles | 23.6 |
| | 20.5 |
|
Impairment of intangible assets and goodwill | — |
| | 60.2 |
|
Impairment of oil and gas properties | 54.4 |
| | 190.0 |
|
Loan provision and bad debt expense | 8.4 |
| | — |
|
Stock-based compensation | 15.0 |
| | 14.1 |
|
Amortization of debt issuance costs | 3.5 |
| | 3.7 |
|
Amortization of debt discount | 0.3 |
| | 1.2 |
|
Deferred income taxes | (17.0 | ) | | (20.1 | ) |
Gain on disposal of oil and gas properties | (105.6 | ) | | — |
|
Gain upon gaining control of equity method investment | — |
| | (141.2 | ) |
Interest credited/index credits to contractholder account balances | 9.1 |
| | 13.9 |
|
Net recognized losses (gains) on investments and derivatives | 26.8 |
| | (21.1 | ) |
Charges assessed to contractholders for mortality and administration | (0.2 | ) | | (0.2 | ) |
Deferred policy acquisition costs | — |
| | (2.9 | ) |
Non-cash increase to cost of goods sold due to acquisition inventory step up | — |
| | 0.8 |
|
Non-cash restructuring and related charges | (0.8 | ) | | 1.0 |
|
Changes in operating assets and liabilities: | (318.0 | ) | | (292.6 | ) |
Net change in cash due to continuing operating activities | (227.5 | ) | | (263.4 | ) |
Net change in cash due to discontinued operating activities | 138.6 |
| | 88.7 |
|
Net change in cash due to operating activities | (88.9 | ) | | (174.7 | ) |
Cash flows from investing activities: | | | |
Proceeds from investments sold, matured or repaid | 52.1 |
| | 29.5 |
|
Cost of investments acquired | (0.3 | ) | | (1.6 | ) |
Acquisitions, net of cash acquired | — |
| | (147.3 | ) |
Net asset-based loan repayments | 65.2 |
| | 33.3 |
|
Capital expenditures | (19.9 | ) | | (20.8 | ) |
Proceeds from sales of assets | 151.7 |
| | 1.1 |
|
Other investing activities, net | — |
| | (1.0 | ) |
Net change in cash due to continuing investing activities | 248.8 |
| | (106.8 | ) |
Net change in cash due to discontinued investing activities | (202.8 | ) | | (570.1 | ) |
Net change in cash due to investing activities | 46.0 |
| | (676.9 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of new debt | — |
| | 442.9 |
|
Repayment of debt, including tender and call premiums | (87.6 | ) | | (12.5 | ) |
Revolving credit facility activity | 63.0 |
| | — |
|
Debt issuance costs | (1.0 | ) | | (6.1 | ) |
Purchases of subsidiary stock, net | (49.6 | ) | | (27.8 | ) |
Contractholder account deposits | 1.1 |
| | 72.8 |
|
Contractholder account withdrawals | (37.0 | ) | | (37.4 | ) |
Dividend paid by subsidiary to noncontrolling interest | (8.7 | ) | | (6.6 | ) |
Share based award tax withholding payments | (20.6 | ) | | (18.6 | ) |
Common stock repurchased | — |
| | (19.0 | ) |
Other financing activities, net | 3.4 |
| | 1.9 |
|
Net change in cash due to continuing financing activities | (137.0 | ) | | 389.6 |
|
Net change in cash due to discontinued financing activities | 129.7 |
| | 463.6 |
|
Net change in cash due to financing activities | (7.3 | ) | | 853.2 |
|
Effect of exchange rate changes on cash and cash equivalents | (3.1 | ) | | (6.3 | ) |
Net change in cash and cash equivalents | (53.3 | ) | | (4.7 | ) |
Net change in cash and cash equivalents in discontinued operations | 65.5 |
| | (17.8 | ) |
Net change in cash and cash equivalents in continuing operations | (118.8 | ) | | 13.1 |
|
Cash and cash equivalents at beginning of period | 695.2 |
| | 742.8 |
|
Cash and cash equivalents at end of period | $ | 576.4 |
| | $ | 755.9 |
|
