XML 39 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 27.4 $ 20.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14.3 13.4
Stock-based compensation expense 2.0 2.4
Changes in fair value of contingent consideration (0.2) 0.0
Amortization of interest rate swap settlement gain (0.6) 0.0
Deferred income taxes (0.3) 0.3
Changes in operating assets and liabilities (35.5) (29.6)
Net cash provided by operating activities 7.1 7.0
Investing activities:    
Purchases of properties and equipment (6.0) (33.7)
Payments for acquisition-related activity, net of cash acquired (13.5) (1.0)
Other, net 0.1 0.4
Net cash used for investing activities (19.4) (34.3)
Financing activities:    
Increase in revolving lines of credit, net 12.6 46.8
Purchases of treasury stock 0.0 (13.6)
Redemptions of common stock to satisfy withholding taxes related to stock-based compensation (3.8) (1.5)
Payments for acquisition-related activity (0.5) 0.0
Cash dividends paid to stockholders (5.5) (5.5)
Proceeds from stock-based compensation activity 0.4 0.0
Other, net (0.1) (0.1)
Net cash provided by financing activities 3.1 26.1
Effects of foreign exchange rate changes on cash and cash equivalents 0.1 (0.1)
Decrease in cash and cash equivalents (9.1) (1.3)
Cash and cash equivalents at beginning of year 47.5 40.5
Cash and cash equivalents at end of period $ 38.4 $ 39.2