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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash required by operating activities    
Net income $ 160.9 $ 7.8
Adjustments to reconcile income to cash required by operating activities    
Depreciation and amortization 99.5 93.0
Income from equity affiliates, net of dividends received (1.4) (14.2)
Gain on disposal of Measurement Solutions business (75.2) 0.0
Other non-cash items, net 32.5 18.0
Changes in operating assets and liabilities, net of effects of acquisitions    
Trade receivables, net and Contract assets, net (19.5) (392.1)
Inventories, net (76.2) (94.7)
Accounts payable, trade 27.4 123.3
Contract liabilities (134.0) 14.3
Income taxes payable, net 10.9 12.8
Other current assets and liabilities, net (199.6) (148.4)
Other non-current assets and liabilities, net 48.0 (6.0)
Cash required by operating activities (126.7) (386.2)
Cash provided (required) by investing activities    
Capital expenditures (52.0) (57.3)
Proceeds from sale of Measurement Solutions business 186.1 0.0
Other investing activities 2.2 4.5
Cash provided (required) by investing activities 136.3 (52.8)
Cash required by financing activities    
Net decrease in short-term debt (27.4) (9.2)
Share repurchases (150.1) (50.0)
Dividends paid (21.7) 0.0
Payments related to taxes withheld on share-based compensation (49.7) (14.6)
Other financing activities (7.3) (13.7)
Cash required by financing activities (256.2) (87.5)
Effect of changes in foreign exchange rates on cash and cash equivalents (8.3) (8.3)
Change in cash and cash equivalents (254.9) (534.8)
Cash and cash equivalents, beginning of period 951.7 1,057.1
Cash and cash equivalents, end of period $ 696.8 $ 522.3