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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 56,900 $ 25,000 $ 60,900
Loss from discontinued operations, net of tax (600) (57,600) 0
Income from continuing operations 57,500 82,600 60,900
Adjustments to reconcile net income to net cash provided by operating activities:      
Bridge loan facility fees 26,100 0 0
Depreciation and amortization 231,100 81,900 80,600
Employee share-based compensation expense 12,600 10,600 11,200
Financing costs amortization 17,200 2,900 8,300
Realized gain on equity method investment 0 (300) 0
Unrealized foreign currency transaction gain (3,800) (4,100) (1,100)
Unrealized loss (gain) on investments in equity securities 14,400 (13,100) (3,200)
Realized gain on investments in equity securities 0 0 (2,600)
Equity in (earnings) loss of unconsolidated affiliates (2,700) 500 (300)
Deferred income tax benefit (79,300) (1,700) (7,900)
Other non-cash operating activities (4,100) 11,300 (4,800)
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable (76,500) (45,300) (31,200)
Inventories 20,800 (48,700) (78,100)
Unbilled contract revenues and other assets (157,000) (84,900) (71,200)
Accounts payable and other liabilities [1] 236,700 61,200 (10,400)
Customer advances and billings in excess of contract revenue (58,200) 27,900 28,500
Net Cash Provided By (Used In) Continuing Operating Activities 234,800 80,800 (21,300)
Net Cash Used In Discontinued Operating Activities (67,600) 0 0
Net Cash Provided By (Used In) Operating Activities 167,200 80,800 (21,300)
INVESTING ACTIVITIES      
Acquisition of business, net of cash acquired (4,322,300) (25,800) (205,100)
Proceeds from sale of businesses, net of cash divested 474,800 0 0
Capital expenditures (135,600) (74,200) (52,700)
Investments (11,600) (9,900) (103,900)
Cash received from settlement of cross-currency swap agreement 0 9,400 0
Proceeds from sale of assets 8,600 0 0
Government grants and other (1,400) (1,100) 500
Net Cash Used In Continuing Investing Activities (3,987,500) (101,600) (361,200)
Net Cash Used In Discontinued Investing Activities (2,600) 0 0
Net Cash Used In Investing Activities (3,990,100) (101,600) (361,200)
FINANCING ACTIVITIES      
Borrowings on senior secured and senior unsecured notes 0 1,940,000 0
Borrowings on credit facilities 1,895,100 635,300 1,361,100
Repayments on credit facilities (1,901,200) (1,128,200) (873,600)
Borrowings on term loan 1,747,300 0 0
Repayments on term loan (158,300) 0 (103,100)
Payments for debt issuance costs (136,200) (4,700) (3,000)
Payment of contingent consideration (4,400) 0 0
Proceeds from issuance of common stock, net 11,700 675,500 0
Proceeds from issuance of preferred stock, net 0 388,400 0
Payments for equity issuance costs 0 (700) 0
Proceeds from exercise of stock options 1,000 2,200 6,900
Common stock repurchases from share-based compensation plans (3,000) (3,600) (6,400)
Dividend distribution to noncontrolling interests (12,200) 0 0
Dividends paid on mandatory convertible preferred stock (27,300) 0 0
Net Cash Provided By Financing Activities 1,412,500 2,504,200 381,900
Effect of exchange rate changes on cash and cash equivalents 6,200 (500) (3,100)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents (2,404,200) 2,482,900 (3,700)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 2,605,300 122,400 126,100
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD $ 201,100 $ 2,605,300 $ 122,400
[1] Includes $37.0 of acquisition related financing fees for the year ended December 31, 2022.