XML 14 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 29.5 $ 15.6
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 47.5 32.0
Interest accretion of convertible notes discount 3.9 3.7
Employee share-based compensation expense 4.9 4.3
Financing costs amortization 2.1 1.0
Unrealized loss on investment in equity securities 3.8 0.0
Other non-cash operating activities 2.4 4.9
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable 18.1 (11.1)
Inventories (29.2) (3.6)
Unbilled contract revenues and other assets 13.3 (22.0)
Accounts payable and other liabilities (21.8) (20.7)
Customer advances and billings in excess of contract revenue 5.8 (4.5)
Net Cash Provided By (Used In) Operating Activities 80.3 (0.4)
INVESTING ACTIVITIES    
Capital expenditures (21.0) (15.1)
Acquisition of businesses, net of cash acquired 0.0 (4.2)
Proceeds from sale of assets 0.8 0.0
Government grants 0.0 (0.2)
Net Cash Used In Investing Activities (20.2) (19.5)
FINANCING ACTIVITIES    
Borrowings on revolving credit facilities 93.5 52.0
Repayments on revolving credit facilities (121.4) (291.3)
Repayments on term loan (5.6) 0.0
Payments for debt issuance costs (1.9) (2.7)
Issuance of shares 0.0 295.8
Payments for equity issuance costs [1] 0.0 (8.9)
Proceeds from exercise of stock options 2.6 9.2
Common stock repurchases from share-based compensation plans (1.7) (2.8)
Common stock repurchases [2] (19.3) 0.0
Dividend distribution to noncontrolling interest 0.0 (0.4)
Net Cash (Used In) Provided By Financing Activities (53.8) 50.9
Effect of exchange rate changes on cash and cash equivalents (2.8) (0.6)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 3.5 30.4
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period [3] 120.0 119.1
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [3] $ 123.5 $ 149.5
[1] Non-cash financing activities for debt issuance costs and equity issuance costs were $10.9 and $0.6, respectively, for the six months ended June 30, 2019.
[2] Includes $19.3 in shares repurchased through our share repurchase program.
[3] Includes restricted cash and restricted cash equivalents of $1.0 in other assets for each of the periods presented. For further information regarding restricted cash and restricted cash equivalents balances, refer to Note 8, “Debt and Credit Arrangements.”