XML 80 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
OPERATING ACTIVITIES      
Net income $ 46.8 $ 90.0 $ 29.5
Less: Income from discontinued operations 0.0 34.4 1.8
Net income from continuing operations 46.8 55.6 27.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 78.8 50.8 37.6
Interest accretion of convertible notes discount 7.6 9.1 12.8
Loss on extinguishment of debt 0.0 0.0 4.9
Financing costs amortization 3.0 1.3 1.3
Employee share-based compensation expense 9.0 4.9 10.6
Unrealized foreign currency transaction loss (gain) 0.6 (2.2) 0.3
Deferred income tax (benefit) expense (16.2) 5.0 (31.4)
Other non-cash operating activities 0.9 (2.5) 2.3
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable 23.6 25.5 (32.8)
Inventory 9.4 (14.1) (22.0)
Unbilled contract revenues and other assets (1.6) (9.1) 3.5
Accounts payable and other liabilities (20.9) (10.2) 13.6
Customer advances and billings in excess of contract revenue (7.1) 4.9 15.9
Net Cash Provided By Operating Activities 133.9 119.0 44.3
INVESTING ACTIVITIES      
Acquisition of businesses, net of cash acquired (603.9) (225.8) (446.1)
Capital expenditures (36.2) (35.6) (33.0)
Investments [1] (3.3) 0.0 0.0
Government grants 0.7 0.8 0.4
Proceeds from sale of assets 0.0 0.0 0.9
Net Cash Used In Investing Activities (642.7) (260.6) (477.8)
FINANCING ACTIVITIES      
Borrowings on revolving credit facilities 235.8 411.7 302.2
Repayments on revolving credit facilities (451.1) (316.8) (66.1)
Repurchase of convertible notes 0.0 (57.1) (194.9)
Proceeds from issuance of convertible notes 0.0 0.0 258.8
Proceeds from issuance of warrants 0.0 0.0 46.0
Payments for call options related to convertible notes 0.0 0.0 (59.5)
Borrowings on term loan 450.0 0.0 0.0
Repayments on term loan (2.8) (5.9) (3.1)
Payments for debt issuance costs (13.6) (1.4) (8.2)
Issuance of Shares 295.8 0.0 0.0
Payments for equity issuance costs (9.5) 0.0 0.0
Proceeds from exercise of stock options 9.4 10.8 2.0
Common stock repurchases (2.0) (2.7) (2.0)
Dividend distribution to noncontrolling interests (0.4) (0.4) 0.0
Net Cash Provided By Financing Activities 511.6 38.2 275.2
DISCONTINUED OPERATIONS      
Cash (Used In) Provided By Operating Activities 0.0 (30.2) 2.7
Cash Provided by (Used In) Investing Activities [2] 0.0 132.7 (2.2)
Cash Provided By Discontinued Operations 0.0 102.5 0.5
Effect of exchange rate changes on cash and cash equivalents (1.9) (11.4) 7.2
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 0.9 (12.3) (150.6)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 119.1 [3] 131.4 [3] 282.0
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [3] $ 120.0 $ 119.1 $ 131.4
[1] Non-cash investing activities of $7.0 related to the conversion of a note receivable into an investment in equity securities during the year ended December 31, 2019. Refer to
[2]
Includes proceeds from the sale of CAIRE of $133.5 for the year ended December 31, 2018.
[3]
Refer to Note 10, “Debt and Credit Arrangements,” for further information regarding restricted cash and restricted cash equivalents balances.