Table Of Contents
N asdaq , Inc.
Consolidated Statements of Cash Flows
(in millions)
Year Ended December 31,
2015
2014
2013
Cash flows from operating activities:
Net income
$
427 $
413 $
384
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
138
137
122
Share-based compensation
68
62
47
Excess tax benefits related to share-based payments
(45)
(15)
(16)
Gain on sale of investment security
-
-
(30)
Deferred income taxes
(14)
(6)
28
Non-cash restructuring charges
136
-
1
Non-cash merger and strategic initiatives
-
20
-
Asset impairment charges
-
49
14
Net (income) loss from unconsolidated investees
(17)
-
2
Other reconciling items included in net income
7
28
9
Net change in operating assets and liabilities, net of effects of acquisitions:
Receivables, net
55
(16)
(55)
Other assets
(50)
(55)
8
Accounts payable and accrued expenses
(38)
(40)
51
Section 31 fees payable to SEC
(26)
42
(15)
Accrued personnel costs
33
(4)
39
Deferred revenue
(49)
64
(33)
Other liabilities
60
8
18
Net cash provided by operating activities
685
687
574
Cash flows from investing activities:
Purchases of trading securities
(346)
(283)
(437)
Proceeds from sales and redemptions of trading securities
319
281
452
Purchases of available-for-sale investment securities
(38)
(20)
-
Proceeds from maturities of available-for-sale investment securities
29
17
-
Proceeds from sale of available-for-sale investment security
-
-
48
Capital contribution in equity method investment
(30)
-
(43)
Acquisition of businesses, net of cash and cash equivalents acquired
(226)
-
(1,121)
Purchases of property and equipment
(133)
(140)
(115)
Other investment activities
(16)
(10)
-
Net cash used in investing activities
(441)
(155)
(1,216)
Cash flows from financing activities:
Payments of debt obligations
(369)
(970)
(289)
Proceeds from utilization of credit commitment
506
735
895
Cash paid for repurchase of common stock
(377)
(178)
(10)
Cash dividends
(149)
(98)
(87)
Proceeds received from employee stock activity
29
40
35
Payments related to employee shares withheld for taxes
(34)
(31)
(12)
Excess tax benefits related to share-based payments
45
15
16
Other financing activities
(13)
2
(1)
Net cash provided by (used in) financing activities
(362)
(485)
547
Effect of exchange rate changes on cash and cash equivalents
(8)
(18)
(4)
Net increase (decrease) in cash and cash equivalents
(126)
29
(99)
Cash and cash equivalents at beginning of period
427
398
497
Cash and cash equivalents at end of period
$
301 $
427 $
398
Supplemental Disclosure Cash Flow Information
Cash paid for:
Interest
$
103 $
114 $
79
Income taxes, net of refund
$
202 $
190 $
157
Non-cash investing activities:
Cost method investment
$
- $
75 $
-
Acquisition of eSpeed contingent future issuance of Nasdaq common stock
$
- $
- $
484
See accompanying notes to consolidated financial statements.
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