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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SFr in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Cash flows from operating activities:    
Net income $ 52.0 $ 77.4
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 34.7 25.1
Stock-based compensation expense 5.3 6.5
Deferred income taxes (2.1) 1.2
Impairment of minority investments and other long-lived assets 1.4 6.9
Gain on sale of property, plant and equipment 0.0 (9.8)
Other non-cash expenses, net (6.1) 5.0
Changes in operating assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable 15.6 8.3
Inventories (64.8) (55.0)
Accounts payable and accrued expenses (3.7) 13.1
Income taxes payable, net (11.9) (5.8)
Deferred revenue and customer advances 31.7 34.8
Other changes in operating assets and liabilities, net (30.3) (20.2)
Net cash provided by operating activities 21.8 87.5
Cash flows from investing activities:    
Purchases of property, plant and equipment (21.4) (25.0)
Cash paid for minority investments (10.0) (8.2)
Cash paid for acquisitions, net of cash acquired (274.5) (88.1)
Proceeds from sales of property, plant and equipment 0.5 10.7
Net proceeds from cross-currency swap agreements 1.2 2.4
Net cash used in investing activities (304.2) (108.2)
Cash flows from financing activities:    
Repayments of revolving line of credit (0.5) 0.0
Proceeds from revolving line of credit 268.9 0.0
Repayment of long-term debt (3.4) (2.1)
Repayment of 2012 Note Purchase Agreement (100.0) 0.0
Repayment of 2019 Term Note Agreement (3.8) (3.8)
Payment of deferred financing costs (4.7) 0.0
Proceeds from issuance of common stock, net 3.4 0.7
Payment of contingent consideration 0.0 (1.0)
Payment of dividends to common shareholders (7.3) (7.4)
Repurchase of common stock 0.0 (22.4)
Proceeds from (payment for) the sale (purchase) of noncontrolling interests (0.9) 5.3
Net cash provided by (used in) financing activities 151.7 (30.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (17.6) 4.1
Net change in cash, cash equivalents and restricted cash (148.3) (47.3)
Cash, cash equivalents and restricted cash at beginning of period 491.6 648.7
Cash, cash equivalents and restricted cash at end of period 343.3 601.4
Supplemental disclosure of cash flow information:    
Restricted cash period beginning balance 3.3 3.2
Restricted cash period ending balance $ 3.2 $ 3.5