XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 14.6 $ (14.3)
Less: (Loss) income from discontinued operations, net of tax (2.2) 0.9
Net income (loss) from continuing operations 16.8 (15.2)
Adjustments to reconcile net income to net cash provided by operating activities:    
Bridge loan facility fees 0.0 26.1
Depreciation and amortization 65.9 33.3
Employee share-based compensation expense 6.0 4.0
Financing costs amortization 4.7 2.8
Unrealized foreign currency transaction (gain) loss (13.5) 1.7
Unrealized loss on investments in equity securities 1.7 2.0
Equity in loss of unconsolidated affiliates 0.3 0.5
Loss on sale of business 7.8 0.0
Other non-cash operating activities 1.8 0.1
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (51.0) (6.6)
Inventories (4.1) 10.4
Unbilled contract revenues and other assets (133.8) (59.2)
Accounts payable and other liabilities (9.5) 31.9
Customer advances and billings in excess of contract revenue 17.3 6.8
Net Cash (Used In) Provided By Continuing Operating Activities (89.6) 38.6
Net Cash Used In Discontinued Operating Activities (5.5) (70.7)
Net Cash Used In Operating Activities (95.1) (32.1)
INVESTING ACTIVITIES    
Acquisition of businesses, net of cash acquired 0.0 (4,339.8)
Capital expenditures (46.1) (31.4)
Investments (6.0) (2.1)
Proceeds from sale of assets 0.9 0.1
Other investing activities (0.6) (0.6)
Net Cash Used In Investing Activities (51.8) (4,373.8)
FINANCING ACTIVITIES    
Borrowings on credit facilities 634.2 634.8
Repayments on credit facilities (479.3) (45.0)
Borrowings on term loan 0.0 1,497.2
Payments for debt issuance costs (1.5) (121.5)
Proceeds from issuance of common stock, net 0.0 11.7
Proceeds from exercise of stock options 0.3 0.1
Common stock repurchases from share-based compensation plans (3.0) (2.6)
Dividends paid on mandatory convertible preferred stock (6.8) (6.9)
Net Cash Provided By Financing Activities 143.9 1,967.8
Effect of exchange rate changes on cash and cash equivalents (2.6) 2.2
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (5.6) (2,435.9)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period [1] 201.1 2,605.3
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD [1] $ 195.5 $ 169.4
[1] Includes restricted cash and restricted cash equivalents of $3.6 and $12.8 classified within other current assets as of March 31, 2024 and December 31, 2023, respectively, and $2.5 and $1,941.7 as of March 31, 2023 and December 31, 2022, respectively.