Management’s Discussion and Analysis of Financial Condition and Results of Operations - (continued)
(Amounts in Millions, Except Per Share Amounts)
Net cash used in investing activities during 2016 primarily consisted of payments for capital expenditures of $200.7, related mostly to leasehold improvements and computer hardware and software, and payments for acquisitions of $52.0, net of cash acquired.
Net cash used in investing activities during 2015 primarily related to payments for capital expenditures of $161.1, largely attributable to purchases of leasehold improvements and computer hardware.
Net cash used in financing activities during 2016 is primarily driven by the repurchase of 13.3 shares of our common stock for an aggregate cost of $303.3, including fees, and the payment of dividends of $238.4 on our common stock.
Net cash used in financing activities during 2015 primarily related to the repurchase of our common stock and payment of dividends. We repurchased 13.6 shares of our common stock for an aggregate cost of $285.2, including fees, and made dividend payments of $195.5 on our common stock.
Foreign Exchange Rate Changes
The effect of foreign exchange rate changes on cash and cash equivalents included in the Consolidated Statements of Cash Flows resulted in an increase of $11.6 in 2016, primarily a result of the U.S. Dollar being weaker than the Brazilian Real as of December 31, 2016 compared to December 31, 2015.
The effect of foreign exchange rate changes on cash and cash equivalents included in the Consolidated Statements of Cash Flows resulted in a decrease of $156.1 in 2015. The decrease was primarily a result of the U.S. Dollar being stronger than several foreign currencies, including the Australian Dollar, Brazilian Real, Canadian Dollar, Euro and South African Rand as of December 31, 2015 compared to December 31, 2014.
Balance Sheet Data
Cash, cash equivalents and marketable securities
Current portion of long-term debt
We expect our cash flow from operations, cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months. We also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs. We continue to maintain a disciplined approach to managing liquidity, with flexibility over significant uses of cash, including our capital expenditures, cash used for new acquisitions, our common stock repurchase program and our common stock dividends.
From time to time, we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile, enhance our financial flexibility and manage market risk. Our ability to access the capital markets depends on a number of factors, which include those specific to us, such as our credit rating, and those related to the financial markets, such as the amount or terms of available credit. There can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms, or at all.
Our most significant funding requirements include our operations, non-cancelable operating lease obligations, capital expenditures, acquisitions, common stock dividends, taxes and debt service. Additionally, we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests.