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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 447.2 $ 372.6 $ 311.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 107.6 100.3 97.7
Share-based compensation expenses 54.1 51.0 38.6
Non-cash interest expense 30.1 26.7 43.7
Deferred income taxes (33.3) 2.0 15.4
Inventory write-downs 28.8 20.6 19.1
Foreign exchange transaction loss 14.3 9.9 2.1
Loss on extinguishment of debt 24.6 0.0 0.0
Other 5.2 5.3 (7.9)
Changes in operating assets and liabilities:      
Receivables 9.6 (5.8) (14.4)
Inventories (129.1) (76.6) (68.6)
Prepaid expenses and other current assets (49.3) (11.9) 28.3
Accounts payable 6.9 5.5 0.1
Royalty overrides 17.8 61.2 11.5
Other current liabilities (68.8) 77.6 (5.5)
Other (5.4) (9.8) (13.6)
Net cash provided by operating activities 460.3 628.6 457.5
Cash flows from investing activities:      
Purchases of property, plant, and equipment (151.4) (112.0) (106.1)
Other (5.0) (11.2) (1.9)
Net cash used in investing activities (156.4) (123.2) (108.0)
Cash flows from financing activities:      
Borrowings from senior secured credit facility, net of discount 671.1 31.5 0.0
Principal payments on senior secured credit facility and other debt (563.5) (24.5) (24.5)
Repayment of convertible senior notes 0.0 0.0 (675.0)
Proceeds from senior notes 600.0 600.0 0.0
Repayment of senior notes (420.7) 0.0 0.0
Debt issuance costs (8.4) (7.9) 0.0
Share repurchases (1,011.3) (923.5) (16.7)
Other 4.2 3.5 3.2
Net cash provided by (used in) financing activities (728.6) (320.9) (713.0)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (18.9) 22.0 (4.0)
Net change in cash, cash equivalents, and restricted cash (443.6) 206.5 (367.5)
Cash, cash equivalents, and restricted cash, beginning of period 1,054.0 847.5 1,215.0
Cash, cash equivalents, and restricted cash, end of period 610.4 1,054.0 847.5
Cash paid during the year:      
Interest paid 143.5 78.9 114.3
Income taxes paid $ 156.3 $ 138.2 $ 147.9