|
| | | | | | | |
| Three months ended December 31, |
| 2016 | | 2015 |
| (Unaudited) |
Cash flows from operating activities: | | | |
Net income | $ | 260.8 |
| | $ | 7.0 |
|
Income (loss) from discontinued operations, net of tax | 258.8 |
| | (2.5 | ) |
Net income from continuing operations | 2.0 |
| | 9.5 |
|
Adjustments to reconcile net income to operating cash flows from continuing operations: | | | |
Depreciation of properties | 22.7 |
| | 23.2 |
|
Amortization of intangibles | 23.6 |
| | 23.6 |
|
Loan provision and bad debt expense | 2.9 |
| | 8.4 |
|
Stock-based compensation | 11.1 |
| | 15.0 |
|
Amortization of debt issuance costs | 3.3 |
| | 3.4 |
|
Amortization of debt discount | 0.4 |
| | 0.3 |
|
Write-off of debt issuance costs | 1.9 |
| | — |
|
Deferred income taxes | 13.9 |
| | (24.5 | ) |
Interest credited/index credits to contractholder account balances | 0.5 |
| | 9.1 |
|
Net recognized losses on investments and derivatives | 11.7 |
| | 20.2 |
|
Charges assessed to contractholders for policy fees and administration | (0.2 | ) | | (0.2 | ) |
Dividends from subsidiaries classified as discontinued operations | 3.1 |
| | 3.1 |
|
Changes in operating assets and liabilities | (89.0 | ) | | (312.4 | ) |
Net change in cash due to continuing operating activities | 7.9 |
| | (221.3 | ) |
Net change in cash due to discontinued operating activities | 72.8 |
| | 132.4 |
|
Net change in cash due to operating activities | 80.7 |
| | (88.9 | ) |
Cash flows from investing activities: | | | |
Proceeds from investments sold, matured or repaid | 1.0 |
| | 52.1 |
|
Cost of investments acquired | (1.9 | ) | | (0.3 | ) |
Net asset-based loan repayments | 17.4 |
| | 65.2 |
|
Purchases of property, plant and equipment | (28.0 | ) | | (17.4 | ) |
Other investing activities, net | (0.7 | ) | | 0.1 |
|
Net change in cash due to continuing investing activities | (12.2 | ) | | 99.7 |
|
Net change in cash due to discontinued investing activities | (593.9 | ) | | (53.7 | ) |
Net change in cash due to investing activities | (606.1 | ) | | 46.0 |
|
Cash flows from financing activities: | | | |
Proceeds from issuance of new debt | 177.2 |
| | 230.0 |
|
Repayment of debt, including tender and call premiums | (143.7 | ) | | (87.6 | ) |
Debt issuance costs | (0.5 | ) | | (1.0 | ) |
Purchases of subsidiary stock, net | (97.6 | ) | | (49.6 | ) |
Contractholder account deposits | 1.5 |
| | 1.1 |
|
Contractholder account withdrawals | (31.1 | ) | | (37.0 | ) |
Dividend paid by subsidiary to noncontrolling interest | (9.6 | ) | | (8.7 | ) |
Share based award tax withholding payments | (34.9 | ) | | (20.6 | ) |
Other financing activities, net | 0.9 |
| | 3.4 |
|
Net change in cash due to continuing financing activities | (137.8 | ) | | 30.0 |
|
Net change in cash due to discontinued financing activities | 288.9 |
| | (37.3 | ) |
Net change in cash due to financing activities | 151.1 |
| | (7.3 | ) |
Effect of exchange rate changes on cash and cash equivalents | (6.4 | ) | | (3.1 | ) |
Net change in cash and cash equivalents | (380.7 | ) | | (53.3 | ) |
Net change in cash and cash equivalents in discontinued operations | (232.2 | ) | | 41.4 |
|
Net change in cash and cash equivalents in continuing operations | (148.5 | ) | | (94.7 | ) |
Cash and cash equivalents at beginning of period | 497.3 |
| | 661.2 |
|
Cash and cash equivalents at end of period | $ | 348.8 |
| | $ | 566.5 |
|