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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 414.7 $ 385.9
Loss from discontinued operations, net of tax 0.1 1.0
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities    
Equity income of unconsolidated subsidiaries (2.1) (1.2)
Depreciation 44.3 39.9
Amortization 41.5 31.4
Deferred income taxes (45.0) (37.5)
Gain on sale of businesses 0.0 (0.2)
Share-based compensation 21.3 20.6
Asset impairment and write-offs 6.2 0.0
Amortization of bridge financing fees 0.0 9.0
Gain on sale of assets (3.4) (2.3)
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts receivable 23.9 24.3
Inventories 67.8 (170.6)
Other current assets (14.7) (27.1)
Accounts payable (63.8) (36.7)
Employee compensation and benefits 11.7 (34.9)
Other current liabilities (0.2) 79.8
Other non-current assets and liabilities 0.0 (9.9)
Net cash provided by operating activities of continuing operations 502.3 271.5
Net cash used for operating activities of discontinued operations (1.6) (1.0)
Net cash provided by operating activities 500.7 270.5
Investing activities    
Capital expenditures (54.8) (63.2)
Proceeds from sale of property and equipment 5.4 3.0
Settlement of net investment hedges 0.0 8.8
Acquisitions, net of cash acquired (0.6) (1,592.8)
Other 4.1 0.3
Net cash used for investing activities (45.9) (1,643.9)
Financing activities    
Net (repayments) borrowings of revolving long-term debt (320.0) 256.1
Proceeds from long-term debt 0.0 1,391.3
Repayments of long-term debt (6.3) (88.3)
Debt issuance costs 0.0 (15.7)
Shares issued to employees, net of shares withheld 9.0 (4.0)
Repurchases of ordinary shares 0.0 (50.0)
Dividends paid (108.9) (104.1)
Receipts upon the maturity of cross currency swaps 0.0 0.2
Net cash (used for) provided by financing activities (426.2) 1,385.5
Effect of exchange rate changes on cash and cash equivalents (0.5) 12.2
Change in cash and cash equivalents 28.1 24.3
Cash and cash equivalents, beginning of period 108.9 94.5
Cash and cash equivalents, end of period $ 137.0 $ 118.8