|
| | | | | | | |
| Nine months ended June 30, |
| 2016 | | 2015 |
| (Unaudited) |
Cash flows from operating activities: | | | |
Net loss | $ | (70.1 | ) | | $ | (385.3 | ) |
(Loss) income from discontinued operations, net of tax | (257.1 | ) | | 125.7 |
|
Net income (loss) from continuing operations | 187.0 |
| | (511.0 | ) |
Adjustments to reconcile net income (loss) to operating cash flows from continuing operations: | | | |
Depreciation of properties | 81.2 |
| | 97.5 |
|
Amortization of intangibles | 70.5 |
| | 64.0 |
|
Impairment of intangible assets and goodwill | 10.7 |
| | 60.2 |
|
Impairment of oil and gas properties | 93.2 |
| | 439.4 |
|
Loan provision and bad debt expense | 3.5 |
| | 77.5 |
|
Stock-based compensation | 58.4 |
| | 56.6 |
|
Amortization of debt issuance costs | 12.9 |
| | 11.2 |
|
Amortization of debt discount | 1.9 |
| | 3.1 |
|
Write-off of debt issuance costs and discounts on retired debt | — |
| | 12.5 |
|
Deferred income taxes | (61.3 | ) | | (68.8 | ) |
Gain on disposal of oil and gas properties | (105.6 | ) | | — |
|
Gain on deconsolidation of subsidiary | — |
| | (38.5 | ) |
Gain upon gaining control of equity method investment | — |
| | (141.2 | ) |
Interest credited/index credits to contractholder account balances | 27.2 |
| | 28.1 |
|
Net recognized (gains) losses on investments and derivatives | (22.0 | ) | | 39.6 |
|
Charges assessed to contractholders for mortality and administration | (1.0 | ) | | (1.1 | ) |
Non-cash increase to cost of goods sold due to acquisition inventory step up | — |
| | 7.7 |
|
Non-cash restructuring and related charges | 3.3 |
| | 16.1 |
|
Changes in operating assets and liabilities: | (261.0 | ) | | (423.0 | ) |
Net change in cash due to continuing operating activities | 98.9 |
| | (270.1 | ) |
Net change in cash due to discontinued operating activities | 288.1 |
| | 107.0 |
|
Net change in cash due to operating activities | 387.0 |
| | (163.1 | ) |
Cash flows from investing activities: | | | |
Proceeds from investments sold, matured or repaid | 52.7 |
| | 84.9 |
|
Cost of investments acquired | (3.6 | ) | | (3.9 | ) |
Acquisitions, net of cash acquired | — |
| | (1,322.1 | ) |
Net asset-based loan repayments | 175.6 |
| | 241.4 |
|
Capital expenditures | (64.0 | ) | | (65.8 | ) |
Proceeds from sales of assets | 154.3 |
| | 20.7 |
|
Other investing activities, net | (1.9 | ) | | (0.4 | ) |
Net change in cash due to continuing investing activities | 313.1 |
| | (1,045.2 | ) |
Net change in cash due to discontinued investing activities | (911.7 | ) | | (900.1 | ) |
Net change in cash due to investing activities | (598.6 | ) | | (1,945.3 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of new debt | 5.4 |
| | 3,691.8 |
|
Repayment of debt, including tender and call premiums | (407.8 | ) | | (2,641.6 | ) |
Revolving credit facility activity | (3.5 | ) | | 63.8 |
|
Debt issuance costs | (2.5 | ) | | (45.8 | ) |
Purchases of subsidiary stock, net | (50.1 | ) | | (36.8 | ) |
Contractholder account deposits | 4.1 |
| | 77.5 |
|
Contractholder account withdrawals | (108.6 | ) | | (103.9 | ) |
Dividend paid by subsidiary to noncontrolling interest | (27.9 | ) | | (22.5 | ) |
Share based award tax withholding payments | (28.0 | ) | | (20.3 | ) |
Net proceeds from issuance subsidiary common stock | — |
| | 281.1 |
|
Common stock repurchased | — |
| | (22.2 | ) |
Other financing activities, net | 0.9 |
| | 3.9 |
|
Net change in cash due to continuing financing activities | (618.0 | ) | | 1,225.0 |
|
Net change in cash due to discontinued financing activities | 841.3 |
| | 870.0 |
|
Net change in cash due to financing activities | 223.3 |
| | 2,095.0 |
|
Effect of exchange rate changes on cash and cash equivalents | (1.7 | ) | | (13.0 | ) |
Net change in cash and cash equivalents | 10.0 |
| | (26.4 | ) |
Net change in cash and cash equivalents in discontinued operations | 217.7 |
| | 76.9 |
|
Net change in cash and cash equivalents in continuing operations | (207.7 | ) | | (103.3 | ) |
Cash and cash equivalents at beginning of period | 695.2 |
| | 742.8 |
|
Cash and cash equivalents at end of period | $ | 487.5 |
| | $ | 639.5 |
|
