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Condensed Consolidated Statements of Cash Flows (Unaudited)
€ in Millions, $ in Millions
6 Months Ended
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
OPERATING ACTIVITIES    
Net income $ 15.6 $ 19.4
Less: Income from discontinued operations 0.0 4.0
Income from continuing operations 15.6 15.4
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 32.0 24.8
Interest accretion of convertible notes discount 3.7 5.0
Employee share-based compensation expense 4.3 3.0
Other operating activities 5.9 (0.1)
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (11.1) 21.8
Inventories (3.6) (29.6)
Unbilled contract revenues and other assets (22.0) (0.5)
Accounts payable and other liabilities (20.7) (6.6)
Customer advances and billings in excess of contract revenue (4.5) 9.4
Net Cash (Used In) Provided By Operating Activities (0.4) 42.6
INVESTING ACTIVITIES    
Capital expenditures (15.1) (18.2)
Acquisition of businesses, net of cash acquired (4.2) (12.5)
Government grants (0.2) 0.7
Net Cash Used In Investing Activities (19.5) (30.0)
FINANCING ACTIVITIES    
Borrowings on revolving credit facilities 52.0 65.0
Repayments on revolving credit facilities (291.3) (54.8)
Repayments on term loan 0.0 (3.0)
Payments for debt issuance costs [1] (2.7) (0.2)
Proceeds from exercise of stock options 9.2 1.8
Common stock repurchases (2.8) (2.3)
Payments for equity issuance costs [1] (8.9) 0.0
Issuance of shares 295.8 0.0
Dividend distribution to noncontrolling interest (0.4) (0.4)
Net Cash Provided By Financing Activities 50.9 6.1
DISCONTINUED OPERATIONS    
Cash Provided By Operating Activities [2] 0.0 4.1
Cash Used In Investing Activities [3] 0.0 (0.9)
Cash Provided By Discontinued Operations 0.0 3.2
Effect of exchange rate changes on cash and cash equivalents (0.6) (3.8)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 30.4 18.1
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period [4] 119.1 131.4
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [4] $ 149.5 $ 149.5
[1]
Non-cash financing activities for debt issuance costs and equity issuance costs were $10.9 and $0.6, respectively.for the six months ended June 30, 2019
[2]
Includes depreciation expense of $0.9 and amortization expense of $1.2 for the six months ended June 30, 2018.
[3]
Includes capital expenditures of $0.9 for the six months ended June 30, 2018.
[4]
Includes restricted cash and restricted cash equivalents of $1.0 in other assets at June 30, 2019, June 30, 2018 and December 31, 2018, respectively. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 7, “Debt and Credit Arrangements.”