Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income including noncontrolling interests	$ 27.4	$ 87.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23.5	25.9
Change in fair value of non-marketable equity securities	4.7	0.0
Amortization of intangibles	6.1	6.6
Equity in earnings of unconsolidated joint ventures, net of dividends received	(0.5)	(0.6)
Non-cash stock compensation	2.6	4.1
Non-cash interest expense and debt issuance cost amortization	2.6	2.6
Deferred income tax benefit	(11.9)	(10.4)
Pension and post-retirement benefit expense	18.0	16.4
Foreign currency effects on changes in monetary assets/liabilities	5.5	4.9
Unrealized loss/(gain) on revaluation of foreign currency forward contracts	0.3	(1.6)
Other	1.9	(0.4)
Changes in assets and liabilities:
Accounts receivable, net	(16.8)	(68.6)
Inventories, net	(79.2)	(40.6)
Accounts payable	42.4	47.3
Other accrued liabilities and taxes	17.8	17.2
Other current and long-term assets	(51.2)	(24.9)
Other long-term liabilities	0.4	(1.4)
Pension and post-retirement benefit contributions	(5.7)	(5.6)
Net cash (used)/provided by operating activities	(12.1)	58.8
Investing activities:
Purchases of property, plant and equipment	(33.8)	(39.1)
Investments in capitalized software	(1.2)	(1.4)
Purchases of short-term investments and repurchase agreements	(155.3)	(267.9)
Sales and maturities of short-term investments and repurchase agreements	153.1	298.6
Investments in unconsolidated joint ventures	0.0	(0.3)
Payments For Asset Acquisitions	265.0	0.0
Net cash used by investing activities	(302.2)	(10.1)
Financing activities:
Net borrowings of short-term debt	0.0	85.2
Purchases of treasury stock	0.0	(30.6)
Taxes withheld and paid on employee stock award vestings	(5.5)	(4.8)
Dividends to noncontrolling interest holders	(0.6)	(2.3)
Proceeds from noncontrolling interest holders	0.0	3.9
Proceeds from exercise of stock options	0.3	0.5
Net cash (used)/provided by financing activities	(5.8)	51.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(21.9)	(1.0)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(342.0)	99.6
Cash, cash equivalents and restricted cash at beginning of period	892.4	504.2
Cash, cash equivalents and restricted cash at end of period	550.4	603.8
Cash paid during the period for:
Interest	5.5	6.2
Income taxes	16.3	12.4
Increase in capital expenditures included in accounts payable and other accrued liabilities	0.4	9.7
Cash and cash equivalents	549.9	603.3
Cash, cash equivalents and restricted cash at end of period	$ 550.4	$ 603.8

WABCO Holdings Inc. 10-Q