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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ (2.2) $ 23.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Bridge loan facility fees 26.1 0.0
Depreciation and amortization 96.2 42.2
Employee share-based compensation expense 6.6 5.6
Financing costs amortization 7.2 1.4
Realized gain on equity method investment 0.0 (0.3)
Unrealized foreign currency transaction gain (0.8) (4.3)
Unrealized loss on investments in equity securities 6.6 12.2
Equity in (earnings) loss of unconsolidated affiliates (1.2) 0.6
Other non-cash operating activities 1.4 1.1
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (62.9) (45.6)
Inventories (8.6) (55.6)
Unbilled contract revenues and other assets 159.6 (58.5)
Accounts payable and other liabilities (192.5) 27.3
Customer advances and billings in excess of contract revenue 24.0 62.7
Net Cash Provided By Operating Activities 59.5 12.5
INVESTING ACTIVITIES    
Acquisition of businesses, net of cash acquired (4,339.8) (25.3)
Investments (2.6) (3.9)
Capital expenditures (54.4) (29.8)
Cash received from settlement of cross-currency swap agreement 0.0 3.6
Government grants and other (1.0) (0.3)
Net Cash Used In Investing Activities (4,397.8) (55.7)
FINANCING ACTIVITIES    
Borrowings on credit facilities 722.8 433.3
Repayments on credit facilities (384.8) (361.2)
Borrowings on term loan 1,747.2 0.0
Repayments on term loan (3.8) 0.0
Payments for debt issuance costs (133.4) 0.0
Payment of contingent consideration (1.7) 0.0
Proceeds from issuance of common stock, net 11.7 0.0
Proceeds from exercise of stock options 0.2 1.4
Common stock repurchases from share-based compensation plans (2.7) (3.3)
Dividend distribution to noncontrolling interest (8.4) 0.0
Dividends paid on mandatory convertible preferred stock (13.7) 0.0
Net Cash Provided By Financing Activities 1,933.4 70.2
Effect of exchange rate changes on cash and cash equivalents 1.9 0.3
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (2,403.0) 27.3
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 2,605.3 122.4
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [1],[2] $ 202.3 $ 149.7
[1] Net cash used in operating activities includes net out-of-pocket payments in connection with settlements related to our divested cryobiological products business. For further information regarding our discontinued operations, refer to Note 2, “Discontinued Operations.”
[2] Includes restricted cash and restricted cash equivalents of $12.5 and $1,941.7 classified within restricted cash as of June 30, 2023 and December 31, 2022, respectively. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 9, “Debt and Credit Arrangements.”