v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 19.0 $ 17.0
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 34.0 32.0
Amortization of intangible assets 45.0 54.0
Indefinite-lived intangible asset impairment 0.0 6.0
Deferred income taxes 1.0 (9.0)
Stock-based compensation expense 10.0 11.0
Other non-cash expense 9.0 19.0
Changes in operating assets and liabilities:    
Accounts and notes receivable-trade, net (31.0) 27.0
Inventories, net (26.0) (5.0)
Prepaid expenses and other current assets (1.0) (28.0)
Other noncurrent assets 4.0 (6.0)
Accounts payable 14.0 (28.0)
Accrued liabilities (44.0) (50.0)
Income taxes (12.0) (2.0)
Other noncurrent liabilities (15.0) (13.0)
Net cash provided by operating activities 7.0 25.0
Cash flows from investing activities:    
Capital expenditures (19.0) (34.0)
Cash received on derivative contracts 1.0 0.0
Cash paid on derivative contracts 0.0 (9.0)
Proceeds from sale of property, plant, and equipment 1.0 0.0
Net cash used in investing activities (17.0) (43.0)
Cash flows from financing activities:    
(Repayments) proceeds on short-term borrowings, net (272.0) 23.0
Proceeds from 364-day bridge loan 435.0 0.0
Cash dividends paid (32.0) (29.0)
Repayments on long-term borrowings (2.0) (3.0)
Cash paid for deferred financing costs (3.0) 0.0
Other financing activities, net (3.0) (5.0)
Net cash provided by (used in) financing activities 123.0 (14.0)
Effect of exchange rate changes on cash and cash equivalents 13.0 (11.0)
Net increase (decrease) in cash and cash equivalents 126.0 (43.0)
Cash and cash equivalents at beginning of period 272.0 334.0
Cash and cash equivalents at end of period 398.0 291.0
Supplemental disclosures of cash flow information:    
Interest paid, net of amounts capitalized 13.0 15.0
Non-cash investing activities:    
Property, plant and equipment in accounts payable at end of period 22.0 24.0
Exchange of inventory for naming and other rights $ 14.0 $ 0.0