XML 19 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Consolidated net income $ 113.8 $ 428.5 $ 298.5
Adjustments to reconcile consolidated net income to cash flows from operating activities:      
Depreciation and amortization 183.8 114.9 88.8
Stock-based compensation expense 25.3 24.0 27.7
Deferred income taxes (63.8) (24.4) (14.8)
Bargain purchase gain on acquisition and associated measurement period adjustments 8.0 (144.1) 0.0
Impairment of minority investments and other long-lived assets 28.5 22.2 1.6
Loss on sale of minority investment 0.0 (6.8) 0.0
Gain (loss) on sale of property, plant and equipment 4.6 (8.5) (10.1)
Other non-cash expenses, net 29.3 32.1 26.8
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (40.6) (0.9) (67.9)
Inventories (69.8) (125.0) (137.9)
Accounts payable 20.8 1.2 33.3
Income taxes payable, net (15.3) 43.7 (6.8)
Deferred revenue and customer advances (52.8) (0.6) 52.7
Other changes in operating assets and liabilities, net 79.5 (6.2) (17.5)
Net cash provided by operating activities 251.3 350.1 274.4
Cash flows from investing activities:      
Purchases of property, plant and equipment (115.3) (106.9) (129.2)
Maturity of short-term investments 0.0 0.0 100.0
Proceeds from sale of minority investment 0.0 14.8 0.0
Cash paid for minority investments (48.3) (24.8) (60.2)
Cash paid for acquisitions, net of cash acquired (1,599.6) (226.6) (182.3)
Proceeds from sales of property, plant and equipment 1.1 11.1 13.9
Net proceeds from cross-currency swap agreements 4.8 6.4 6.2
Net cash used in investing activities (1,757.3) (326.0) (251.6)
Cash flows from financing activities:      
Repayments of revolving lines of credit (1,212.7) 0.0 0.0
Proceeds from revolving lines of credit 1,250.3 0.0 0.0
Repayment of long-term debt (135.4) (23.5) (111.0)
Proceeds from long-term debt 973.7 2.0 0.3
Payment of deferred financing costs (5.5) 0.0 0.0
Proceeds from Public Offering of common stock, net of issuance costs 403.0 0.0 0.0
Proceeds from issuance of common stock under employee stock plans, net 6.0 9.5 2.8
Payment of contingent consideration (4.7) (2.7) (2.7)
Payment of dividends to common shareholders (30.2) (29.4) (29.8)
Repurchase of common stock 0.0 (152.3) (263.1)
Proceeds from the sale (payment for the purchase) of noncontrolling interests (14.7) 3.0 (11.8)
Net cash provided by (used in) financing activities 1,229.8 (193.4) (415.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (28.7) 12.2 (30.5)
Net change in cash, cash equivalents and restricted cash (304.9) (157.1) (423.0)
Cash, cash equivalents and restricted cash at beginning of year 491.6 648.7 1,071.7
Cash, cash equivalents and restricted cash at end of year 186.7 491.6 648.7
Supplemental cash flow information:      
Cash paid for interest 54.6 33.7 24.3
Cash paid for taxes 153.9 96.6 147.4
Restricted cash period beginning balance 3.3 3.2 3.5
Restricted cash period ending balance $ 3.3 $ 3.3 $ 3.2