Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 372.6 $ 311.0 $ 296.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 100.3 97.7 100.4
Share-based compensation expenses 51.0 38.6 35.5
Non-cash interest expense 26.7 43.7 63.8
Deferred income taxes 2.0 15.4 (8.1)
Inventory write-downs 20.6 19.1 17.4
Foreign exchange transaction loss 9.9 2.1 8.0
Loss on extinguishment of debt     48.5
Other 5.3 (7.9) 7.1
Changes in operating assets and liabilities:      
Receivables (5.8) (14.4) 2.8
Inventories (76.6) (68.6) (83.3)
Prepaid expenses and other current assets (11.9) 28.3 (5.1)
Accounts payable 5.5 0.1 21.7
Royalty overrides 61.2 11.5 22.8
Other current liabilities 77.6 (5.5) 106.8
Other (9.8) (13.6) 13.5
Net cash provided by operating activities 628.6 457.5 648.4
Cash flows from investing activities:      
Purchases of property, plant, and equipment (112.0) (106.1) (84.0)
Other (11.2) (1.9) 0.1
Net cash used in investing activities (123.2) (108.0) (83.9)
Cash flows from financing activities:      
Borrowings from senior secured credit facility and other debt, net of discount 31.5   998.1
Principal payments on senior secured credit facility and other debt (24.5) (24.5) (1,237.4)
Proceeds from convertible senior notes     550.0
Repayment of convertible senior notes   (675.0) (582.5)
Proceeds from senior notes 600.0   400.0
Debt issuance costs (7.9)   (29.9)
Share repurchases (923.5) (16.7) (750.3)
Proceeds from settlement of capped call transactions     55.9
Other 3.5 3.2 3.0
Net cash used in financing activities (320.9) (713.0) (593.1)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 22.0 (4.0) (51.9)
Net change in cash, cash equivalents, and restricted cash 206.5 (367.5) (80.5)
Cash, cash equivalents, and restricted cash, beginning of period 847.5 1,215.0 1,295.5
Cash, cash equivalents, and restricted cash, end of period 1,054.0 847.5 1,215.0
Cash paid during the year:      
Interest paid 78.9 114.3 106.1
Income taxes paid $ 138.2 $ 147.9 $ 158.9