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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 41.2 $ 36.6
Accounts receivable less allowances of $27.6 and $25.5, respectively 416.1 356.0
Inventories 428.0 305.1
Other current assets 39.6 30.5
Total current assets 924.9 728.2
Total property, plant and equipment 656.4 657.8
Less: accumulated depreciation (441.8) (416.4)
Property, plant and equipment, net [1] 214.6 241.4
Right of use asset, leases 105.2 89.2
Deferred income taxes 115.9 136.5
Goodwill 802.5 827.4
Identifiable intangibles, net of accumulated amortization of $346.1 and $307.4, respectively 902.2 977.0
Other non-current assets 26.0 49.0
Total assets 3,091.3 3,048.7
Current liabilities:    
Notes payable 9.4 5.7
Current portion of long-term debt 33.6 70.8
Accounts payable 308.2 180.2
Accrued compensation 56.9 41.0
Accrued customer program liabilities 101.4 91.4
Lease liabilities 24.4 22.6
Current portion of contingent consideration 24.8 10.4
Other current liabilities 149.9 134.8
Total current liabilities 708.6 556.9
Long-term debt, net of debt issuance costs of $9.6 and $5.5, respectively 954.1 1,054.6
Long-term lease liabilities 89.0 76.5
Deferred income taxes 145.2 170.6
Pension and post-retirement benefit obligations 222.3 317.1
Contingent consideration 12.0 7.8
Other non-current liabilities 95.3 122.5
Total liabilities 2,226.5 2,306.0
Stockholders' equity:    
Preferred stock, $0.01 par value, 25,000,000 shares authorized; none issued and none outstanding 0.0 0.0
Common stock, $0.01 par value, 200,000,000 shares authorized; 100,118,494 and 99,129,455 shares issued and 95,817,946 and 94,942,565 outstanding, respectively 1.0 1.0
Treasury stock, 4,300,548 and 4,186,890 shares, respectively (40.9) (39.9)
Paid-in capital 1,902.2 1,883.1
Accumulated other comprehensive loss (535.5) (564.2)
Accumulated deficit (462.0) (537.3)
Total stockholders' equity 864.8 742.7
Total liabilities and stockholders' equity $ 3,091.3 $ 3,048.7
[1] Net property, plant and equipment as of December 31, 2021 and 2020 contained $63.4 million and $65.8 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $12.9 million, $11.4 million and $8.9 million for the years ended December 31, 2021, 2020 and 2019, respectively.