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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 74.1 $ 66.4
Accounts receivable less allowances of $16.2 and $22.9, respectively 348.9 430.7
Inventories 270.4 327.5
Other current assets 38.1 30.8
Total current assets 731.5 855.4
Total property, plant and equipment 505.5 599.6
Less: accumulated depreciation (368.0) (429.5)
Property, plant and equipment, net [1] 137.5 170.1
Right of use asset, leases 81.0 91.0
Deferred income taxes 89.3 104.7
Goodwill 446.4 590.0
Identifiable intangibles, net of accumulated amortization of $460.0 and $429.5, respectively 709.6 815.7
Other non-current assets 33.1 17.9
Total assets 2,228.4 2,644.8
Current liabilities:    
Notes payable 10.5 0.2
Current portion of long-term debt 40.8 36.5
Accounts payable 167.3 183.7
Accrued compensation 43.2 53.3
Accrued customer program liabilities 78.5 104.0
Lease liabilities 21.5 20.5
Other current liabilities 128.5 143.8
Total current liabilities 490.3 542.0
Long-term debt, net of debt issuance costs of $5.1 and $6.7, respectively 783.3 882.2
Long-term lease liabilities 66.9 76.8
Deferred income taxes 111.9 125.6
Pension and post-retirement benefit obligations 117.2 157.6
Other non-current liabilities 52.7 73.6
Total liabilities 1,622.3 1,857.8
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; 98,131,339 and 99,819,679 shares issued and 92,881,008 and 94,925,652 outstanding, respectively 1.0 1.0
Treasury stock, 5,250,331 and 4,894,027 shares, respectively (47.0) (45.1)
Paid-in capital 1,911.8 1,913.4
Accumulated other comprehensive loss (572.1) (526.3)
Accumulated deficit (687.6) (556.0)
Total stockholders' equity 606.1 787.0
Total liabilities and stockholders' equity $ 2,228.4 $ 2,644.8
[1] Net property, plant and equipment as of December 31, 2024 and 2023 included $29.4 million and $37.9 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $13.8 million, $14.1 million and $13.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.