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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 25,000 $ 60,900 $ 309,500
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 81,900 80,600 85,200
Employee share-based compensation expense 10,600 11,200 8,900
Financing costs amortization 2,900 8,300 4,300
Interest accretion of convertible notes discount 0 0 8,000
Unrealized gain on investment in equity securities (13,100) (3,200) (13,100)
Equity Method Investment, Realized Gain (Loss) on Disposal (300) 0 0
Realized gain on investment in equity securities 0 (2,600) 0
Unrealized foreign currency transaction (gain) loss (4,100) (1,100) 2,300
Equity in loss (earnings) of unconsolidated affiliates, net 500 (300) 0
Deferred income tax expense (benefit) (1,700) (7,900) 1,000
Gain on sale of business 0 0 (249,400)
Asset impairments 0 0 16,000
Gain on bargain purchase 0 0 (5,000)
Other non-cash operating activities 11,300 (4,800) 1,500
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable (45,300) (31,200) (10,100)
Inventory (48,700) (78,100) (34,900)
Unbilled contract revenue and other assets (315,400) (71,200) (5,000)
Accounts payable and other liabilities [1] 349,300 (10,400) 62,800
Customer advances and billings in excess of contract revenue 27,900 28,500 (9,300)
Net Cash Provided By (Used In) Operating Activities 80,800 (21,300) 172,700
INVESTING ACTIVITIES      
Proceeds from sale of businesses 0 0 317,500
Acquisition of businesses, net of cash acquired (25,800) (205,100) (51,900)
Investments (9,900) (103,900) (50,800)
Capital expenditures (74,200) (52,700) (37,900)
Proceeds from sale of assets 0 0 7,900
Cash received from settlement of cross-currency swap agreements 9,400 0 0
Government grants and other (1,100) 500 200
Net Cash (Used In) Provided By Investing Activities (101,600) (361,200) 185,000
FINANCING ACTIVITIES      
Borrowings on senior secured and senior unsecured notes 1,940,000 0 0
Borrowings on revolving credit facilities 635,300 1,361,100 215,000
Repayments on revolving credit facilities (1,128,200) (873,600) (223,100)
Repayments on term loan 0 (103,100) (344,100)
Payments for debt issuance costs (4,700) (3,000) (1,000)
Proceeds from issuance of common stock, net 675,500 0 0
Proceeds from issuance of preferred stock, net 388,400 0 0
Payments for equity issuance costs (700) 0 0
Proceeds from exercise of stock options 2,200 6,900 11,000
Common stock repurchases from share-based compensation plans (3,600) (6,400) (1,900)
Common stock repurchases [2] 0 0 (19,300)
Net Cash Provided By (Used in) Financing Activities 2,504,200 381,900 (363,400)
Effect of exchange rate changes on cash and cash equivalents (500) (3,100) 11,800
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents [3] 2,482,900 (3,700) 6,100
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 122,400 [3] 126,100 [3] 120,000
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [3] $ 2,605,300 $ 122,400 $ 126,100
[1] Includes $37.0 of acquisition related financing fees for the year ended December 31, 2022.
[2] Includes $19.3 in shares repurchased through our share repurchase program. On March 11, 2021, the share repurchase program expired with no further repurchases. Refer to Note 2, “Significant Accounting Policies” for further information.
[3] Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents represents cash flows of consolidated operations for all periods presented. For cash flows of discontinued operations, refer to Note 3, “Discontinued Operations.”