Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net income $ 155.7 $ 208.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15.6 14.3
Amortization of program rights 438.4 426.8
Program rights payments (271.5) (350.2)
Amortization of investment in films and television programs 104.1 107.0
Investment in films and television programs (263.0) (285.0)
Stock compensation 23.7 24.5
Deferred income taxes (1.3) (15.3)
Other non-operating and non-cash items 0.0 (2.1)
Changes in assets and liabilities:    
Current and other assets 16.1 (1.1)
Payables and other liabilities (21.1) (39.0)
Net cash provided by operating activities 196.7 88.5
Investing activities:    
Purchases of property and equipment (13.9) (9.4)
Investment in and advances to equity investee (16.0) (3.8)
Net cash used in investing activities (29.9) (13.2)
Financing activities:    
Borrowings of debt 384.0 769.0
Payments of debt (428.2) (779.9)
Debt issuance costs 0.0 (5.0)
Repurchases of common stock (121.6) (64.7)
Exercise of stock options 3.4 11.8
Minimum withholding of taxes related to stock compensation (5.0) (18.5)
Excess tax benefit from stock compensation 3.7 15.6
Net cash used in financing activities (163.7) (71.7)
Effect of Exchange Rate on Cash and Cash Equivalents 0.2 0.0
Net increase in cash and cash equivalents 3.3 3.6
Beginning of period 10.7 13.4
End of period $ 14.0 $ 17.0