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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Consolidated net income $ 298.5 $ 280.6 $ 161.4
Adjustments to reconcile consolidated net income to cash flows from operating activities:      
Depreciation and amortization 88.8 89.1 80.4
Stock-based compensation expense 27.7 17.2 16.0
Deferred income taxes (14.8) (5.8) (22.5)
Other non-cash expenses, net 18.3 26.9 27.3
Changes in operating assets and liabilities, net of acquisitions :      
Accounts receivable (67.9) (95.3) 40.8
Inventories (137.9) (67.0) (91.6)
Accounts payable and accrued expenses 13.2 61.4 (2.4)
Income taxes payable (6.8) (44.3) 42.9
Deferred revenue 24.4 20.3 16.9
Customer advances 28.3 18.5 51.7
Other changes in operating assets and liabilities 2.6 (19.2) 11.3
Net cash provided by operating activities 274.4 282.4 332.2
Cash flows from investing activities:      
Purchase of short-term investments 0.0 (148.0) (150.0)
Maturity of short-term investments 100.0 98.2 106.1
Cash paid for strategic investments (60.2) (0.5) (1.2)
Cash paid for acquisitions, net of cash acquired (182.3) (65.0) (59.2)
Purchases of property, plant and equipment (129.2) (92.0) (97.2)
Proceeds from sales of property, plant and equipment 13.9 4.9 0.2
Net proceeds from cross-currency swap agreements 6.2 10.0 8.6
Net cash used in investing activities (251.6) (192.4) (192.7)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0.0 492.8 0.0
Repayment of 2012 Note Purchase Agreement (105.0) 0.0 0.0
Repayment of 2019 Note Purchase Agreement (6.0) (0.8) 0.0
Repayments of revolving lines of credit 0.0 0.0 (305.1)
Proceeds from revolving lines of credit 0.0 0.0 297.5
Proceeds (repayment) of other debt, net 0.3 (2.3) (0.7)
Payment of deferred financing costs 0.0 (0.1) (0.1)
Proceeds from issuance of common stock, net 2.8 7.0 3.3
Payment of contingent consideration (2.7) (0.4) (7.5)
Payment of dividends to common shareholders (29.8) (24.2) (24.6)
Repurchase of common stock (263.1) (153.3) (123.2)
Purchase of minority interest (11.8) 0.0 (1.2)
Net cash provided by (used in) financing activities (415.3) 318.7 (161.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (30.5) (22.5) 25.7
Net change in cash, cash equivalents and restricted cash (423.0) 386.2 3.6
Cash, cash equivalents and restricted cash at beginning of year 1,071.7 685.5 681.9
Cash, cash equivalents and restricted cash at end of year 648.7 1,071.7 685.5
Supplemental cash flow information      
Cash paid for interest 24.3 19.6 28.7
Cash paid for taxes 147.4 145.5 43.0
Restricted cash period beginning balance 3.5 3.7 3.6
Restricted cash period ending balance $ 3.2 $ 3.5 $ 3.7