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You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that

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You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $98.9 million in current taxes and had an interest expense of $48.9 million. TIME MANUFACTURING Statement of Cash Flows (in millions) Operations Net income $ 182.0 Depreciation 94.9 Deferred taxes 19.9 Changes in assets and liabilities Accounts receivable -18.9 Inventories 22.9 Accounts payable 17.9 Accrued expenses -9.9 Other 3.9 Total cash flow from operations $312.7 Investing activities Acquisition of fixed assets -$206.0 Sale of fixed assets 23.9 Total cash flow from investing activities -$182.1 Financing activities Retirement of long-term debt -$171.0 Proceeds from long-term debt sales Dividends 128.0 -95.0 Repurchase of stock -22.0

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