|
| | | | | | | |
| Six months ended March 31, |
| 2017 | | 2016 |
| (Unaudited) |
Cash flows from operating activities: | | | |
Net income | $ | 209.4 |
| | $ | 22.9 |
|
Income (loss) from discontinued operations, net of tax | 204.4 |
| | (50.1 | ) |
Net income from continuing operations | 5.0 |
| | 73.0 |
|
Adjustments to reconcile net income to operating cash flows from continuing operations: | | | |
Depreciation of properties | 47.0 |
| | 44.6 |
|
Amortization of intangibles | 47.1 |
| | 47.0 |
|
Loan provision and bad debt expense | 1.9 |
| | 15.1 |
|
Stock-based compensation | 27.0 |
| | 40.0 |
|
Amortization of debt issuance costs | 8.2 |
| | 6.9 |
|
Amortization of debt discount | 0.9 |
| | 0.7 |
|
Write-off of debt issuance costs | 1.9 |
| | — |
|
Deferred income taxes | 44.5 |
| | (43.5 | ) |
Interest credited/index credits to contractholder account balances | 12.2 |
| | 18.2 |
|
Net recognized (gains) losses on investments and derivatives | (10.0 | ) | | 9.8 |
|
Charges assessed to contractholders for policy fees and administration | (0.6 | ) | | (0.7 | ) |
Dividends from subsidiaries classified as discontinued operations | 6.1 |
| | 6.2 |
|
Changes in operating assets and liabilities | (213.9 | ) | | (395.2 | ) |
Net change in cash due to continuing operating activities | (22.7 | ) | | (177.9 | ) |
Net change in cash due to discontinued operating activities | 131.9 |
| | 161.4 |
|
Net change in cash due to operating activities | 109.2 |
| | (16.5 | ) |
Cash flows from investing activities: | | | |
Proceeds from investments sold, matured or repaid | 2.4 |
| | 52.5 |
|
Cost of investments acquired | (3.8 | ) | | (0.3 | ) |
Net asset-based loan repayments | 25.3 |
| | 74.7 |
|
Purchases of property, plant and equipment | (51.3 | ) | | (38.8 | ) |
Proceeds from sales of assets | 0.8 |
| | 0.9 |
|
Other investing activities, net | (1.2 | ) | | (0.7 | ) |
Net change in cash due to continuing investing activities | (27.8 | ) | | 88.3 |
|
Net change in cash due to discontinued investing activities | (776.3 | ) | | (417.1 | ) |
Net change in cash due to investing activities | (804.1 | ) | | (328.8 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of new debt | 266.1 |
| | 175.0 |
|
Repayment of debt, including tender and call premiums | (171.0 | ) | | (126.4 | ) |
Debt issuance costs | (3.8 | ) | | (1.6 | ) |
Purchases of subsidiary stock, net | (103.1 | ) | | (49.6 | ) |
Contractholder account deposits | 2.7 |
| | 2.4 |
|
Contractholder account withdrawals | (61.7 | ) | | (71.9 | ) |
Dividend paid by subsidiary to noncontrolling interest | (19.8 | ) | | (18.2 | ) |
Share based award tax withholding payments | (37.4 | ) | | (27.3 | ) |
Other financing activities, net | 5.5 |
| | 3.8 |
|
Net change in cash due to continuing financing activities | (122.5 | ) | | (113.8 | ) |
Net change in cash due to discontinued financing activities | 668.0 |
| | 224.3 |
|
Net change in cash due to financing activities | 545.5 |
| | 110.5 |
|
Effect of exchange rate changes on cash and cash equivalents | (4.0 | ) | | (0.3 | ) |
Net change in cash and cash equivalents | (153.4 | ) | | (235.1 | ) |
Net change in cash and cash equivalents in discontinued operations | 23.6 |
| | (31.4 | ) |
Net change in cash and cash equivalents in continuing operations | (177.0 | ) | | (203.7 | ) |
Cash and cash equivalents at beginning of period | 497.3 |
| | 661.2 |
|
Cash and cash equivalents at end of period | $ | 320.3 |
| | $ | 457.5 |
|
