Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 142.2 $ 321.3 $ 447.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 113.3 115.4 107.6
Share-based compensation expenses 48.0 44.4 54.1
Non-cash interest expense 7.4 6.7 30.1
Deferred income taxes (41.1) (29.9) (33.3)
Inventory write-downs 28.5 38.4 28.8
Foreign exchange transaction loss 6.0 9.1 14.3
(Gain) Loss on extinguishment of debt (1.0) (12.8) 24.6
Other 6.5 (17.0) 5.2
Changes in operating assets and liabilities:      
Receivables (12.6) (9.1) 9.6
Inventories 57.5 (68.4) (129.1)
Prepaid expenses and other current assets (13.8) (12.4) (49.3)
Accounts payable (7.4) (1.1) 6.9
Royalty overrides (6.5) (9.6) 17.8
Other current liabilities 23.8 (53.6) (68.8)
Other 6.7 31.1 (5.4)
Net cash provided by operating activities 357.5 352.5 460.3
Cash flows from investing activities:      
Purchases of property, plant, and equipment (135.0) (156.4) (151.4)
Other 0.2 0.2 (5.0)
Net cash used in investing activities (134.8) (156.2) (156.4)
Cash flows from financing activities:      
Borrowings from senior secured credit facility and other debt, net of discount 215.2 564.2 671.1
Principal payments on senior secured credit facility and other debt (289.6) (683.5) (563.5)
Proceeds from convertible senior notes 0.0 277.5 0.0
Repayment of convertible senior notes (64.3) (273.2) 0.0
Proceeds from senior notes 0.0 0.0 600.0
Repayment of senior notes 0.0 0.0 (420.7)
Debt issuance costs (1.8) (7.2) (8.4)
Share repurchases (11.0) (146.7) (1,011.3)
Other 3.2 4.2 4.2
Net cash used in financing activities (148.3) (264.7) (728.6)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4.8 (25.7) (18.9)
Net change in cash, cash equivalents, and restricted cash 79.2 (94.1) (443.6)
Cash, cash equivalents, and restricted cash, beginning of period 516.3 610.4 1,054.0
Cash, cash equivalents, and restricted cash, end of period 595.5 516.3 610.4
Cash paid during the year:      
Interest paid 159.1 133.5 143.5
Income taxes paid $ 133.1 $ 144.9 $ 156.3