Supplemental Financial Statement Information

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Information

6. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION

Accounts Receivable

	June 30, 2024			December 31, 2023
Accounts receivable - trade	$	999.0		$	826.9
Accounts receivable - other		24.2			20.5
Allowance for doubtful accounts		(23.4	)		(32.2	)
Total accounts receivable, net	$	999.8		$	815.2

Inventories

	June 30, 2024		December 31, 2023
Raw materials	$	507.2	$	551.4
Work in process		177.5		165.6
Finished goods		357.1		362.7
Total inventories, net	$	1,041.8	$	1,079.7

Accrued and Other Liabilities

	June 30, 2024		December 31, 2023
Compensation and employee benefit liabilities	$	148.0	$	178.6
Accrued interest		113.2		113.2
Deferred revenue		107.0		85.4
Operating lease liabilities		35.6		36.5
VAT liability		32.3		14.7
Product warranty accrual		25.3		26.0
Restructuring liabilities		9.9		11.7
Other		200.4		168.2
Total accrued and other liabilities	$	671.7	$	634.3

Operating Lease Information

	Balance Sheet Location	June 30, 2024		December 31, 2023
Right of use assets	Other noncurrent assets	$	145.6	$	157.2
Lease liabilities - current	Accrued and other liabilities	$	35.6	$	36.5
Lease liabilities - noncurrent	Other noncurrent liabilities		128.3		139.9
Total lease liabilities		$	163.9	$	176.4

Accumulated Other Comprehensive Loss

The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Foreign currency translation
Balance at beginning of period	$	(237.6	)	$	(249.9	)	$	(232.4	)	$	(270.3	)
Other comprehensive income (loss)		(16.1	)		0.3			(48.7	)		20.7
Amounts reclassified from AOCL		—			—			27.4			—
Balance at end of period	$	(253.7	)	$	(249.6	)	$	(253.7	)	$	(249.6	)
Defined benefit plan activity
Balance at beginning of period	$	(15.1	)	$	(14.9	)	$	(14.9	)	$	(14.8	)
Other comprehensive income (loss)		0.1			—			(0.1	)		(0.1	)
Balance at end of period	$	(15.0	)	$	(14.9	)	$	(15.0	)	$	(14.9	)
Hedging instruments
Balance at beginning of period	$	(12.6	)	$	(12.7	)	$	(19.4	)	$	(11.2	)
Other comprehensive income (loss)		0.6			1.0			7.4			(0.5	)
Balance at end of period	$	(12.0	)	$	(11.7	)	$	(12.0	)	$	(11.7	)
Net AOCL at end of period	$	(280.7	)	$	(276.2	)	$	(280.7	)	$	(276.2	)

During the six months ended June 30, 2024, the amount reclassified from net AOCL related to foreign currency translation was recorded in the loss on disposal of the Home business, included in loss from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations.

Cash Flow Information

	Six Months Ended
	June 30,
	2024		2023
Cash paid during the period for:
Income taxes, net of refunds	$	54.0	$	59.7
Interest		322.9		322.7
Non-cash investing activities:
Equity method investment from divestiture		17.0		—