Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 321.3 $ 447.2 $ 372.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 115.4 107.6 100.3
Share-based compensation expenses 44.4 54.1 51.0
Non-cash interest expense 6.7 30.1 26.7
Deferred income taxes (29.9) (33.3) 2.0
Inventory write-downs 38.4 28.8 20.6
Foreign exchange transaction loss 9.1 14.3 9.9
(Gain) Loss on extinguishment of debt (12.8) 24.6 0.0
Other (17.0) 5.2 5.3
Changes in operating assets and liabilities:      
Receivables (9.1) 9.6 (5.8)
Inventories (68.4) (129.1) (76.6)
Prepaid expenses and other current assets (12.4) (49.3) (11.9)
Accounts payable (1.1) 6.9 5.5
Royalty overrides (9.6) 17.8 61.2
Other current liabilities (53.6) (68.8) 77.6
Other 31.1 (5.4) (9.8)
Net cash provided by operating activities 352.5 460.3 628.6
Cash flows from investing activities:      
Purchases of property, plant, and equipment (156.4) (151.4) (112.0)
Other 0.2 (5.0) (11.2)
Net cash used in investing activities (156.2) (156.4) (123.2)
Cash flows from financing activities:      
Borrowings from senior secured credit facility and other debt, net of discount 564.2 671.1 31.5
Principal payments on senior secured credit facility and other debt (683.5) (563.5) (24.5)
Proceeds from convertible senior notes 277.5    
Repayment of convertible senior notes (273.2) 0.0 0.0
Proceeds from senior notes 0.0 600.0 600.0
Repayment of senior notes 0.0 (420.7) 0.0
Debt issuance costs (7.2) (8.4) (7.9)
Share repurchases (146.7) (1,011.3) (923.5)
Other 4.2 4.2 3.5
Net cash provided by (used in) financing activities (264.7) (728.6) (320.9)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (25.7) (18.9) 22.0
Net change in cash, cash equivalents, and restricted cash (94.1) (443.6) 206.5
Cash, cash equivalents, and restricted cash, beginning of period 610.4 1,054.0 847.5
Cash, cash equivalents, and restricted cash, end of period 516.3 610.4 1,054.0
Cash paid during the year:      
Interest paid 133.5 143.5 78.9
Income taxes paid $ 144.9 $ 156.3 $ 138.2