Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 29.3 $ 98.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27.6 29.2
Share-based compensation expenses 10.8 12.4
Non-cash interest expense 1.7 1.7
Deferred income taxes 8.8 5.9
Inventory write-downs 11.5 10.9
Foreign exchange transaction loss 3.2 2.4
Other 2.4 (3.8)
Changes in operating assets and liabilities:    
Receivables (13.8) (16.7)
Inventories 35.8 (7.9)
Prepaid expenses and other current assets (35.7) (28.8)
Accounts payable (24.1) (2.3)
Royalty overrides (31.7) 42.8
Other current liabilities 28.9 (22.3)
Other (8.5) 8.8
Net cash provided by operating activities 46.2 130.5
Cash flows from investing activities:    
Purchases of property, plant, and equipment (30.3) (41.3)
Other 0.1 0.1
Net cash used in investing activities (30.2) (41.2)
Cash flows from financing activities:    
Borrowings from senior secured credit facility 71.0 82.0
Principal payments on senior secured credit facility and other debt (138.4) (89.3)
Debt issuance costs (0.3) 0.0
Share repurchases (8.7) (116.2)
Other 0.4 1.1
Net cash used in financing activities (76.0) (122.4)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 5.5 1.3
Net change in cash, cash equivalents, and restricted cash (54.5) (31.8)
Cash, cash equivalents, and restricted cash, beginning of period 516.3 610.4
Cash, cash equivalents, and restricted cash, end of period $ 461.8 $ 578.6