Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net income $ 236.5 $ 269.0 $ 249.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 19.0 19.4 17.4
Amortization of program rights 607.2 555.7 581.1
Program rights payments (408.4) (389.1) (399.9)
Amortization of investment in films and television programs 155.1 130.0 212.4
Investment in films and television programs (349.1) (389.5) (302.5)
Stock compensation 32.9 30.6 34.3
Deferred income taxes (12.6) 19.3 8.4
Other non-operating and non-cash items 14.2 10.4 5.7
Changes in assets and liabilities:      
Current and other assets (56.7) (29.0) (61.1)
Due to affiliates 0.0 0.0 (39.5)
Payables and other liabilities 12.5 (20.3) 6.7
Net cash provided by operating activities 250.6 206.5 312.8
Investing activities:      
Purchases of property and equipment (17.2) (11.2) (14.8)
Investment in and advances to equity investee (6.3) (19.1) 0.0
Cash received from equity investee 0.0 10.7 0.0
Net cash used in investing activities (23.5) (19.6) (14.8)
Financing activities:      
Borrowings of debt 840.0 515.5 1,197.0
Payments of debt (969.2) (394.9) (721.6)
Debt issuance costs (5.0) 0.0 (2.4)
Repurchases of common stock (104.1) (328.3) (289.9)
Exercise of stock options 16.0 9.6 0.0
Minimum withholding of taxes related to stock compensation (20.4) (14.5) (9.8)
Excess tax benefit from stock compensation 19.9 13.4 4.7
Acquisition of noncontrolling interest (7.0) 0.0 0.0
Distributions to Old LMC 0.0 0.0 (1,200.0)
Net cash used in financing activities (229.8) (199.2) (1,022.0)
Effect of exchange rate changes on cash and cash equivalents 0.0 0.0 (0.1)
Net decrease in cash and cash equivalents (2.7) (12.3) (724.1)
Beginning of year 13.4 25.7 749.8
End of year $ 10.7 $ 13.4 $ 25.7