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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 62.2 $ 41.2
Accounts receivable less allowances of $26.6 and $27.6, respectively 384.1 416.1
Inventories 395.2 428.0
Other current assets 40.8 39.6
Total current assets 882.3 924.9
Total property, plant and equipment 589.2 656.4
Less: accumulated depreciation (404.1) (441.8)
Net property, plant and equipment [1] 185.1 214.6
Right of use asset, leases 88.8 105.2
Deferred income taxes 99.7 115.9
Goodwill 671.5 802.5
Identifiable intangibles, net of accumulated amortization of $380.7 and $346.1, respectively 847.0 902.2
Other non-current assets 20.3 26.0
Total assets 2,794.7 3,091.3
Current liabilities:    
Notes payable 10.3 9.4
Current portion of long-term debt 49.7 33.6
Accounts payable 239.5 308.2
Accrued compensation 38.3 56.9
Accrued customer program liabilities 103.3 101.4
Lease liabilities 21.2 24.4
Current portion of contingent consideration 0.0 24.8
Other current liabilities 126.7 149.9
Total current liabilities 589.0 708.6
Long-term debt, net of debt issuance costs of $8.4 and $9.6, respectively 936.5 954.1
Long-term lease liabilities 75.2 89.0
Deferred income taxes 144.1 145.2
Pension and post-retirement benefit obligations 155.5 222.3
Contingent consideration 0.0 12.0
Other non-current liabilities 84.3 95.3
Total liabilities 1,984.6 2,226.5
Stockholders' equity:    
Preferred stock, $0.01 par value, 25,000,000 shares authorized; none issued and none outstanding 0.0 0.0
Common stock, $0.01 par value, 200,000,000 shares authorized; 98,851,581 and 100,118,494 shares issued and 94,260,926 and 95,817,946 outstanding, respectively 1.0 1.0
Treasury stock, 4,590,655 and 4,300,548 shares, respectively (43.4) (40.9)
Paid-in capital 1,897.2 1,902.2
Accumulated other comprehensive loss (540.3) (535.5)
Accumulated deficit (504.4) (462.0)
Total stockholders' equity 810.1 864.8
Total liabilities and stockholders' equity $ 2,794.7 $ 3,091.3
[1] Net property, plant and equipment as of December 31, 2022 and 2021 contained $52.5 million and $63.4 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $13.9 million, $12.9 million and $11.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.