XML 27 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 710.2 $ 331.8 $ 567.1
Less: Income from discontinued operations, net of tax 281.7 91.0 107.4
Net income from continuing operations 428.5 240.8 459.7
Adjustments to reconcile net income to net cash provided by (used for) operating activities of continuing operations      
Depreciation 60.7 51.3 43.7
Intangible asset amortization 147.1 94.7 69.5
Deferred income taxes 11.1 85.3 (165.9)
Share-based compensation 37.5 27.3 21.8
Impairment of equity investments 0.0 8.8 0.0
Release of guarantee liability 0.0 (12.5) 0.0
Gain on sale of investment 0.0 0.0 (10.3)
Amortization of bridge financing debt issuance costs 0.0 2.2 3.6
Pension and other post-retirement (income) expense (7.0) 5.4 19.9
Pension and other post-retirement contributions (5.4) (4.7) (4.8)
Changes in assets and liabilities, net of effects of business acquisitions      
Accounts and notes receivable (112.1) 38.6 (22.4)
Inventories (78.7) (0.6) 21.9
Other current assets (4.1) (9.9) (11.3)
Contract assets and liabilities 39.1 (16.1) 4.7
Accounts payable 57.2 1.5 7.5
Employee compensation and benefits 49.1 (10.8) 3.4
Other current liabilities 26.5 0.8 (6.2)
Other non-current assets and liabilities (0.5) (1.1) (12.6)
Net cash provided by (used for) operating activities of continuing operations 649.0 501.0 422.2
Net cash provided by (used for) operating activities of discontinued operations (183.8) 142.1 105.9
Net cash provided by (used for) operating activities of continuing operations 465.2 643.1 528.1
Investing activities      
Capital expenditures (93.3) (74.0) (65.6)
Proceeds from sale of property and equipment 5.3 0.5 0.1
Proceeds from sale of investment 0.0 0.0 14.1
Settlement of net investment hedge 0.0 0.4 4.8
Acquisitions, net of cash acquired (975.7) (677.7) (1,120.1)
Net cash provided by (used for) investing activities of continuing operations (1,063.7) (750.8) (1,166.7)
Net cash provided by (used for) investing activities of discontinued operations 1,584.5 (7.6) 2.0
Net cash provided by (used for) investing activities 520.8 (758.4) (1,164.7)
Financing activities      
Proceeds from long-term debt 275.0 500.0 800.0
Repayments of long-term debt (873.3) (126.5) (101.1)
Debt issuance costs (2.0) (3.9) (11.2)
Dividends paid (130.4) (126.8) (116.8)
Shares issued to employees, net of shares withheld 15.4 3.4 2.1
Repurchases of ordinary shares (253.1) (100.0) (60.8)
Net cash provided by (used for) financing activities (968.4) 146.2 516.7
Effect of exchange rate changes on cash and cash equivalents 30.0 (26.1) 7.5
Change in cash and cash equivalents 47.6 4.8 (112.4)
Cash and cash equivalents, beginning of year 131.2 179.6 290.0
Cash and cash equivalents within assets held for sale, beginning of period 58.7 5.5 7.5
Less: Cash and cash equivalents within assets held for sale, end of period 0.0 58.7 5.5
Cash and cash equivalents, end of year 237.5 131.2 179.6
Supplemental cash flow information      
Cash paid for interest, net 106.2 134.8 103.2
Cash paid for income taxes, net 283.3 $ 120.2 112.4
Currency Swap      
Financing activities      
Settlement of interest rate swap $ 0.0   $ 4.5