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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net (loss) income $ 7.7 $ 65.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 202.4 199.3
Non-cash interest on financing leases and deemed landlord financed obligations 26.6 23.7
Loss on disposal of long-lived assets 7.6 6.7
Amortization of debt discount and issuance costs 4.5 4.3
Impairment and loss on sale of business line 23.6 6.3
Gain on lease termination incentive (12.0) 0.0
Deferred taxes, net 5.1 (23.3)
Share-based compensation 17.9 27.9
Unrealized net gains on hedging instruments and foreign currency (18.5) (4.2)
Loss on debt modification 0.0 4.7
Other 0.1 0.7
Change in assets and liabilities, net of impacts of business combinations:    
Accounts receivable, net (43.6) (84.1)
Inventories 118.9 125.3
Leasing receivables (2.7) (8.3)
Other assets 3.2 25.9
Accounts payable and accrued expenses (77.3) (18.9)
Deferred revenue (17.4) (15.0)
Accrued employee compensation and benefits 26.1 7.5
Operating lease assets and liabilities, net 7.6 10.3
Income taxes receivable/payable, net (9.7) (19.1)
Other liabilities 0.0 4.0
Net cash provided by operating activities 270.1 338.7
Cash flows from investing activities:    
Capital expenditures (210.6) (227.1)
Proceeds from sale of business line, net of cash retained 286.0 0.0
Business combinations, net of cash acquired 0.0 (23.3)
Proceeds from government grants 0.0 1.0
Investment in golf-related ventures (1.1) (2.4)
Acquisition of intangible assets (0.9) (3.1)
Proceeds from sale of property and equipment 0.0 0.3
Net cash provided by (used in) investing activities 73.4 (254.6)
Cash flows from financing activities:    
Repayments of long-term debt and DLF obligations (24.2) (74.5)
Proceeds (repayments) on credit facilities, net 19.9 (13.0)
Debt issuance costs (0.4) (0.2)
Repayments of financing leases (2.5) (3.0)
Proceeds from lease financing 75.9 87.6
Exercise of stock options 0.1 0.1
Acquisition of treasury stock (3.4) (31.4)
Net cash provided by (used in) financing activities 65.4 (34.4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6.7 (1.0)
Net increase in cash, cash equivalents and restricted cash 415.6 48.7
Cash, cash equivalents and restricted cash at beginning of period 450.3 398.8
Cash, cash equivalents and restricted cash at end of period 865.9 447.5
Less: restricted cash [1] (0.3) (5.6)
Cash and cash equivalents at end of period 865.6 441.9
Supplemental disclosures:    
Cash paid for income taxes, net 21.9 17.9
Cash paid for interest 142.3 145.9
Non-cash investing and financing activities:    
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 19.8 35.9
Accrued capital expenditures 28.0 38.8
Financed additions of capital expenditures $ 3.3 $ 5.6
[1]
(1) As of September 30, 2025, includes $0.3 million of long-term restricted cash within other assets. As of September 30, 2024, includes $0.7 million of short-term restricted cash and $4.9 million of long-term restricted cash within other assets.