16. RESTATEMENT OF UNAUDITED INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
During the fourth quarter of 2011, the Company determined that its previously issued consolidated condensed balance sheets and consolidated condensed statements of cash flows for the quarter ended September 30, 2011 contained errors related to (1) its cash equivalents and short-term investments and (2) the excess tax benefit from stock plans. Neither of these errors had an impact on the consolidated condensed statements of operations.
First, during 2011, the Company purchased bank time deposits with original maturities over three months but less than one year. The Company determined that these bank time deposits had been incorrectly classified as cash equivalents for the above mentioned period and, accordingly, the Company has restated the presentation as reflected below. The classification error had no impact on the Company's current assets.
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As of September 30, 2011 |
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Balance Sheets |
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As Reported |
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As Restated |
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(in millions)
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|
Cash and cash equivalents |
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$ |
451.1 |
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$ |
244.0 |
|
Short-term investments |
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|
— |
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207.1 |
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Total |
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$ |
451.1 |
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$ |
451.1 |
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Nine Months Ended
September 30, 2011 |
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Statements of Cash Flows |
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As Reported |
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As Restated |
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(in millions)
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Cash flows from investing activities |
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Purchases of short-term investments |
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— |
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(454.0 |
) |
Proceeds from short-term investments |
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— |
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237.2 |
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Net cash used in investing activities |
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(81.4 |
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(298.2 |
) |
Effect of currency exchange rate changes on cash and cash equivalents |
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3.2 |
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|
12.9 |
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Net increase (decrease) in cash and cash equivalents |
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55.0 |
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(152.1 |
) |
Cash and cash equivalents at end of period |
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|
451.1 |
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|
244.0 |
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Second, the amount presented in the consolidated condensed statements of cash flows as "Excess Tax Benefits from Stock Plans" for the period ended September 30, 2011 was not reduced to reflect the absence of cash flows from the generation of credit carryforwards and net operating losses in the United States in 2011 primarily due to significant tax deductions from stock option exercises and, accordingly, the Company has restated the presentation as reflected below.
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Nine Months Ended
September 30, 2011 |
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Statements of Cash Flows |
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As Reported |
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As Restated |
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(in millions)
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Cash flows from operating activities |
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Excess tax benefit from stock plans |
|
$ |
(47.0 |
) |
$ |
(3.6 |
) |
Net cash provided by operating activities |
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|
171.4 |
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|
214.8 |
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Cash flows from financing activities |
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Excess tax benefit from stock plans |
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47.0 |
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3.6 |
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Net cash used in financing activities |
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(38.2 |
) |
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(81.6 |
) |
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