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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 3.5 $ 65.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Bridge loan facility fees 26.1 0.0
Depreciation and amortization 163.2 62.4
Employee share-based compensation expense 9.2 7.9
Financing costs amortization 12.0 2.1
Realized gain on equity method investment 0.0 (0.3)
Unrealized foreign currency transaction loss (gain) 0.5 (4.2)
Unrealized loss on investments in equity securities 11.8 10.9
Equity in (earnings) loss of unconsolidated affiliates (2.4) 0.3
Gain on sale of business (5.0) 0.0
Other non-cash operating activities (4.9) 3.4
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (61.9) (46.2)
Inventories (2.6) (58.4)
Unbilled contract revenues and other assets 124.5 (68.6)
Accounts payable and other liabilities (248.6) 16.7
Customer advances and billings in excess of contract revenue 11.5 59.1
Net Cash Provided By Operating Activities 36.9 50.3
INVESTING ACTIVITIES    
Acquisition of businesses, net of cash acquired (4,322.3) (25.8)
Proceeds from sale of business 291.9 0.0
Capital expenditures (118.0) (48.2)
Investments (8.8) (4.9)
Cash received from settlement of cross-currency swap agreement 0.0 9.4
Proceeds from sale of assets 3.6 0.0
Government grants and other (1.3) (0.8)
Net Cash Used In Investing Activities (4,154.9) (70.3)
FINANCING ACTIVITIES    
Borrowings on credit facilities 1,334.3 503.3
Repayments on credit facilities (1,234.3) (511.2)
Borrowings on term loan 1,747.2 0.0
Repayments on term loan (8.2) 0.0
Payments for debt issuance costs (133.5) 0.0
Payment of contingent consideration (4.4) 0.0
Proceeds from issuance of common stock, net 11.7 0.0
Proceeds from exercise of stock options 0.9 1.9
Common stock repurchases from share-based compensation plans (3.0) (3.4)
Dividend distribution to noncontrolling interest (12.2) 0.0
Dividends paid on mandatory convertible preferred stock (20.5) 0.0
Net Cash Provided By (Used In) Financing Activities 1,678.0 (9.4)
Effect of exchange rate changes on cash and cash equivalents (0.4) (3.5)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents including cash classified within current assets held for sale (2,440.4) (32.9)
Less: net increase in cash classified within current assets held for sale (5.0) 0.0
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,445.4) (32.9)
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] $ 159.9 $ 89.5
[1] The condensed consolidated statements of cash flows are presented on a consolidated basis for both continuing operations and discontinued operations. See Note 2, “Discontinued Operations and Other Businesses Sold or to be Sold” for additional information on the divestiture of the RootsTM business.
[2] Includes restricted cash and restricted cash equivalents of $12.8 and $1,941.7 classified within restricted cash as of September 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.”