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CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
£ in Millions, $ in Millions
6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities:        
Net income before allocation to noncontrolling interest $ 46.7 $ 79.4    
Adjustments to reconcile net income to net cash flows provided by operating activities:        
Depreciation and amortization 48.7 38.7    
Stock-based compensation expense 6.0 4.9    
Deferred income taxes (12.8) 0.2    
Cash used for operating working capital 48.1 58.4    
Other 3.2 1.5    
Total provided by operating activities 43.7 66.3    
Investing activities:        
Capital expenditures (20.1) (21.4)    
Settlement of forward contracts 1.5 0.1    
Total used for investing activities (412.6) (291.1)    
Financing activities:        
Dividends paid (19.5) (18.3)    
Proceeds from stock options exercised 1.3 1.9    
Payment of tax withholding on equity awards vested (5.8) (6.4)    
Debt issuance costs (0.8) 0.0    
Proceeds from revolving credit facility 348.0 280.0    
Repayment of revolving credit facility (342.0) (65.0)    
Repayment of term loan (36.8) (2.0)    
Total provided by financing activities 344.8 190.2    
Effect of exchange rates on cash, cash equivalents and restricted cash 15.2 (9.5)    
Decrease in cash, cash equivalents and restricted cash (8.9) (44.1)    
Cash, cash equivalents and restricted cash at beginning of period1 [1] 173.4 227.2    
Cash, cash equivalents and restricted cash at end of period [2] 164.5 183.1    
Current restricted cash 0.9 1.4 $ 0.8 $ 0.0
Noncurrent restricted cash 11.1 6.2 $ 6.8 $ 0.0
Detail of cash used for operating working capital:        
Accounts receivable 0.9 1.1    
Inventories (7.9) (3.1)    
Other current assets (9.9) (4.5)    
Accounts payable (23.8) (9.5)    
Accrued liabilities 11.9 (25.4)    
U.S. and foreign taxes on income (19.3) (17.0)    
Supplemental disclosure of cash flow information:        
Interest paid 25.7 19.2    
Income taxes paid 42.2 41.7    
Unpaid capital expenditures 2.4 3.5    
Amount paid, net of cash acquired 394.0 269.8    
Proceeds from term loan $ 400.4 $ 0.0    
[1] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.8 million and $0.0 million as of December 31, 2024, and 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $6.8 million and $0.0 million as of December 31, 2024, and 2023, respectively.
[2] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $0.9 million and $1.4 million as of June 30, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $11.1 million and $6.2 million as of June 30, 2025, and 2024, respectively.