Table:
|  |  | Fiscal Year Ended |  |
| --- | --- | --- | --- |
|  | April 27, | April 28, | April 29, |
| (Dollars in Millions) | 2019 | 2018 | 2017 |
| Operating activities: |  |  |  |
| Net Income | $91.6 | $57.2 | $92.9 |
| Non-cash Items | 52.6 | 17.0 | 32.1 |
| Changes in Operating Assets and Liabilities | (42.2) | 43.6 | 20.2 |
| Net Cash Provided by Operating Activities | 102.0 | 117.8 | 145.2 |
| Net Cash Used in Investing Activities | (470.8) | (179.0) | (21.7) |
| Net Cash Provided by (Used In) Financing Activities | 217.4 | (12.7) | (47.0) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (11.5) | 26.0 | (10.3) |
| Net Increase (Decrease) in Cash and Cash Equivalents | (162.9) | (47.9) | 66.2 |
| Cash and Cash Equivalents at Beginning of the Year | 246.1 | 294.0 | 227.8 |
| Cash and Cash Equivalents at End of the Year | $83.2 | $246.1 | $294.0 |
Paragraphs:
Financial Condition, Liquidity and Capital Resources
We believe our current world-wide cash balances together with expected future cash flows to be generated from operations and our committed credit facility will be sufficient to support current operations. A significant amount of cash and expected future cash flows are located outside of the U.S. Of the $83.2 million of cash and cash equivalents as of April 27, 2019, $69.9 million was held in subsidiaries outside the U.S. and can be repatriated, primarily through the repayment of intercompany loans and the payment of dividends, without creating material additional income tax expense.
Cash flow is summarized below:
Operating Activities — Fiscal 2019 Compared to Fiscal 2018
Net cash provided by operating activities decreased $15.8 million to $102.0 million for fiscal 2019, compared to $117.8 million for fiscal 2018. The decrease was due to lower cash generated from changes in operating assets and liabilities, partially offset by higher net income adjusted for non-cash items. The $42.2 million of cash outflows for operating assets and liabilities was primarily due to higher prepaid expenses and other assets and lower accounts payable and accrued expenses.
Operating Activities — Fiscal 2018 Compared to Fiscal 2017
Net cash provided by operating activities decreased $27.4 million to $117.8 million in fiscal 2018, compared to $145.2 million in fiscal 2017. The decrease was primarily due to lower net income adjusted for non-cash items, partially offset by cash generated from changes in operating assets and liabilities. The $43.6 million of cash inflows for operating assets and liabilities was due to higher accounts payable and accrued expenses and lower prepaid expenses and other assets, offset by higher inventory levels.
Investing Activities — Fiscal 2019 Compared to Fiscal 2018
Net cash used in investing activities increased by $291.8 million to $470.8 million in fiscal 2019, compared to $179.0 million in fiscal 2018, primarily due to acquisitions. In fiscal 2019, we paid $422.1 million for the acquisition of Grakon. In fiscal 2018, we paid $130.9 million for the acquisitions of Pacific Insight and Procoplast.
Investing Activities — Fiscal 2018 Compared to Fiscal 2017
Net cash used in investing activities increased by $157.3 million to $179.0 million in fiscal 2018, compared to $21.7 million in fiscal 2017. The increase was primarily due to $130.9 million paid for the acquisitions of Pacific Insight and Procoplast. In addition, purchases of property, plant and equipment for our operations were higher in fiscal 2018 compared to fiscal 2017.
Financing Activities — Fiscal 2019 Compared to Fiscal 2018
Net cash provided by financing activities was $217.4 million in fiscal 2019, compared to net cash used in financing activities of $12.7 million in fiscal 2018. During fiscal 2019, we had net borrowings of $238.5 million which was partially used to fund the acquisition of Grakon. We paid dividends of $16.3 million in fiscal 2019, compared to $14.7 million in fiscal 2018.
Financing Activities — Fiscal 2018 Compared to Fiscal 2017
Net cash used in financing activities decreased $34.3 million to $12.7 million in fiscal 2018, compared to $47.0 million in fiscal 2017. During fiscal 2018, we had net borrowings of $2.0 million, compared to repayments on borrowings of $30.0 million in fiscal 2017. We paid dividends of $14.7 million and $13.7 million in fiscal 2018 and fiscal 2017, respectively. We did not repurchase any common stock in fiscal 2018. In fiscal 2017, we paid $9.8 million for the repurchase of common stock.
Question:
What led to decrease in Net cash provided by operating activities?
Answer: due to lower cash generated from changes in operating assets and liabilities, partially offset by higher net income adjusted for non-cash items.