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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 192.1 $ 364.2
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 91.4 63.5
Lease amortization expense 42.2 26.9
Amortization of debt discount and issuance costs 4.9 9.1
Deferred taxes, net (11.3) 28.1
Share-based compensation 27.0 15.6
Gain on Topgolf investment 0.0 (252.5)
Acquisition costs 0.0 (16.2)
Other 5.1 (4.9)
Change in assets and liabilities, net of effect from acquisitions:    
Accounts receivable, net (284.1) (182.0)
Inventories (95.8) 26.5
Leasing receivables (12.9) (11.2)
Other assets (5.7) (50.3)
Accounts payable and accrued expenses 66.8 62.4
Deferred revenue (2.6) 16.7
Accrued employee compensation and benefits (14.7) 25.2
Payments on operating leases (32.0) (18.9)
Income taxes receivable/payable, net (16.5) (3.6)
Other liabilities (2.0) 1.9
Net cash (used in) provided by operating activities (48.1) 100.5
Cash flows from investing activities:    
Cash acquired in merger 0.0 171.3
Capital expenditures (243.0) (120.8)
Net cash (used in) provided by investing activities (243.0) 50.5
Cash flows from financing activities:    
Repayments of long-term debt (82.3) (12.0)
Proceeds from borrowings on long-term debt 60.0 0.0
Proceeds from (repayments of) credit facilities, net 95.4 (110.8)
Debt issuance cost 0.0 (5.4)
Payment on contingent earn-out obligation (5.6) (3.6)
Repayments of financing leases (0.2) (0.2)
Proceeds from lease financing 88.9 24.8
Exercise of stock options 0.1 18.4
Acquisition of treasury stock (34.5) (12.5)
Net cash provided by (used in) financing activities 121.8 (101.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5.5) 1.9
Net (decrease) increase in cash, cash equivalents and restricted cash (174.8) 51.6
Cash, cash equivalents and restricted cash at beginning of period 357.7 366.1
Cash, cash equivalents and restricted cash at end of period 182.9 417.7
Restricted cash [1] (4.6) (2.5)
Cash and cash equivalents at end of period 178.3 415.2
Supplemental disclosures:    
Cash paid for income taxes, net 17.8 6.6
Cash paid for interest and fees 52.4 41.4
Non-cash investing and financing activities:    
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 25.8 18.3
Accrued capital expenditures 42.0 9.2
Financed additions of capital expenditures 26.1 9.3
Issuance of common stock in Topgolf merger $ 0.0 $ 2,650.2
[1] (1) Includes $0.6 million and $1.2 million of short-term restricted cash and $4.0 million and $1.3 million of long-term restricted cash included in other assets in the consolidated condensed balance sheet as of June 30, 2022 and 2021, respectively.