|
| | | | | | | |
| Six months ended March 31, |
| 2016 | | 2015 |
| (Unaudited) |
Cash flows from operating activities: | | | |
Net income (loss) | $ | 5.5 |
| | $ | (343.9 | ) |
(Loss) income from discontinued operations, net of tax | (48.7 | ) | | 22.8 |
|
Net income (loss) from continuing operations | 54.2 |
| | (366.7 | ) |
Adjustments to reconcile net income (loss) to operating cash flows from continuing operations: | | | |
Depreciation of properties | 55.7 |
| | 64.9 |
|
Amortization of intangibles | 47.0 |
| | 41.7 |
|
Impairment of intangible assets and goodwill | — |
| | 60.2 |
|
Impairment of oil and gas properties | 75.6 |
| | 336.6 |
|
Loan provision and bad debt expense | 15.1 |
| | 67.9 |
|
Stock-based compensation | 40.0 |
| | 34.0 |
|
Amortization of debt issuance costs | 7.1 |
| | 7.3 |
|
Amortization of debt discount | 0.7 |
| | 2.4 |
|
Deferred income taxes | (11.7 | ) | | (35.3 | ) |
Gain on disposal of oil and gas properties | (105.6 | ) | | — |
|
Write-down of assets of business held for sale to fair value less cost to sell | 23.5 |
| | — |
|
Gain upon gaining control of equity method investment | — |
| | (141.2 | ) |
Interest credited/index credits to contractholder account balances | 18.2 |
| | 23.9 |
|
Net recognized losses (gains) on investments and derivatives | 16.3 |
| | (42.8 | ) |
Charges assessed to contractholders for mortality and administration | (0.7 | ) | | (0.7 | ) |
Deferred policy acquisition costs | — |
| | (2.9 | ) |
Non-cash increase to cost of goods sold due to acquisition inventory step up | — |
| | 3.0 |
|
Non-cash restructuring and related charges | — |
| | 7.4 |
|
Changes in operating assets and liabilities: | (420.4 | ) | | (361.2 | ) |
Net change in cash due to continuing operating activities | (185.0 | ) | | (301.5 | ) |
Net change in cash due to discontinued operating activities | 168.5 |
| | 31.4 |
|
Net change in cash due to operating activities | (16.5 | ) | | (270.1 | ) |
Cash flows from investing activities: | | | |
Proceeds from investments sold, matured or repaid | 52.5 |
| | 60.5 |
|
Cost of investments acquired | (0.3 | ) | | (1.6 | ) |
Acquisitions, net of cash acquired | — |
| | (421.5 | ) |
Net asset-based loan repayments | 74.7 |
| | 58.6 |
|
Capital expenditures | (42.3 | ) | | (42.1 | ) |
Proceeds from sales of assets | 152.6 |
| | 1.2 |
|
Other investing activities, net | (0.7 | ) | | (0.6 | ) |
Net change in cash due to continuing investing activities | 236.5 |
| | (345.5 | ) |
Net change in cash due to discontinued investing activities | (565.3 | ) | | (493.8 | ) |
Net change in cash due to investing activities | (328.8 | ) | | (839.3 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of new debt | — |
| | 434.9 |
|
Repayment of debt, including tender and call premiums | (126.4 | ) | | (18.8 | ) |
Revolving credit facility activity | 8.0 |
| | 54.3 |
|
Debt issuance costs | (1.6 | ) | | (8.0 | ) |
Purchases of subsidiary stock, net | (49.6 | ) | | (31.6 | ) |
Contractholder account deposits | 2.4 |
| | 40.1 |
|
Contractholder account withdrawals | (71.9 | ) | | (71.2 | ) |
Dividend paid by subsidiary to noncontrolling interest | (18.2 | ) | | (14.1 | ) |
Share based award tax withholding payments | (27.3 | ) | | (19.1 | ) |
Common stock repurchased | — |
| | (22.2 | ) |
Other financing activities, net | 3.8 |
| | 2.1 |
|
Net change in cash due to continuing financing activities | (280.8 | ) | | 346.4 |
|
Net change in cash due to discontinued financing activities | 391.3 |
| | 734.8 |
|
Net change in cash due to financing activities | 110.5 |
| | 1,081.2 |
|
Effect of exchange rate changes on cash and cash equivalents | (0.3 | ) | | (11.9 | ) |
Net change in cash and cash equivalents | (235.1 | ) | | (40.1 | ) |
Net change in cash and cash equivalents in discontinued operations | (5.5 | ) | | 272.4 |
|
Net change in cash and cash equivalents in continuing operations | (229.6 | ) | | (312.5 | ) |
Cash and cash equivalents at beginning of period | 695.2 |
| | 742.8 |
|
Cash and cash equivalents at end of period | $ | 465.6 |
| | $ | 430.3 |
|
