DFS Annual Report

Notes to the Consolidated and Combined Financial Statements (in millions, except per share data, unless otherwise indicated)-(Continued) Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 Parent Guarantor Subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated OPERATING ACTIVITIES Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . $— $108.0 $ 17.3 $— $125.3 INVESTING ACTIVITIES Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (27.3) (1.5) — (28.8) Acquisition of business, net of cash acquired . . . . . . . . . . . . . . . . — — (6.0) — (6.0) Proceeds from sales of other assets . . . . . . . . . . . . . . . . . . . . . . . . — 5.3 — — 5.3 Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . — (22.0) (7.5) — (29.5) FINANCING ACTIVITIES Net change in short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (12.8) — (12.8) Payments on note payable with an RRD affiliate . . . . . . . . . . . . . — (14.7) — — (14.7) Net transfers to Parent and affiliates . . . . . . . . . . . . . . . . . . . . . . . — (71.9) 9.0 — (62.9) Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . — (86.6) (3.8) — (90.4) Effect of exchange rate on cash and cash equivalents . . . . . . . . . — — 2.0 — 2.0 Net (decrease) increase in cash and cash equivalents . . . . . . . . . . — (0.6) 8.0 — 7.4 Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . — 0.7 20.5 — 21.2 Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . $— $ 0.1 $ 28.5 $— $ 28.6 F-44