6. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Accounts Receivable
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June 30,
2025 |
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December 31,
2024 |
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Accounts receivable - trade |
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$ |
935.3 |
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$ |
693.8 |
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Accounts receivable - other |
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13.7 |
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8.6 |
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Allowance for doubtful accounts |
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(13.9 |
) |
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(16.5 |
) |
Total accounts receivable, net |
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$ |
935.1 |
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$ |
685.9 |
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Inventories
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June 30,
2025 |
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December 31,
2024 |
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Raw materials |
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$ |
403.5 |
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$ |
391.7 |
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Work in process |
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201.2 |
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154.6 |
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Finished goods |
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218.1 |
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190.5 |
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Total inventories, net |
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$ |
822.8 |
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$ |
736.8 |
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Accrued and Other Liabilities
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June 30,
2025 |
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December 31,
2024 |
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Compensation and employee benefit liabilities |
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$ |
187.9 |
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$ |
172.8 |
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Deferred revenue |
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116.0 |
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95.5 |
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Accrued interest |
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78.2 |
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112.4 |
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Operating lease liabilities |
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32.8 |
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33.7 |
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Product warranty accrual |
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18.9 |
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17.9 |
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Other |
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193.2 |
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181.4 |
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Total accrued and other liabilities |
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$ |
627.0 |
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$ |
613.7 |
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Operating Lease Information
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Balance Sheet Location |
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June 30,
2025 |
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December 31,
2024 |
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Right of use assets |
Other noncurrent assets |
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$ |
118.6 |
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$ |
129.3 |
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Lease liabilities - current |
Accrued and other liabilities |
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$ |
32.8 |
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$ |
33.7 |
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Lease liabilities - noncurrent |
Other noncurrent liabilities |
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105.3 |
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111.7 |
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Total lease liabilities |
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$ |
138.1 |
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$ |
145.4 |
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Accumulated Other Comprehensive Loss The following table presents changes in AOCL, net of tax:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Foreign currency translation |
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Balance at beginning of period |
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$ |
(172.5 |
) |
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$ |
(237.6 |
) |
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$ |
(308.8 |
) |
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$ |
(232.4 |
) |
Other comprehensive income (loss) |
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89.5 |
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(16.1 |
) |
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127.9 |
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(48.7 |
) |
Amounts reclassified from AOCL |
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3.1 |
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— |
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101.0 |
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27.4 |
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Balance at end of period |
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$ |
(79.9 |
) |
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$ |
(253.7 |
) |
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$ |
(79.9 |
) |
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$ |
(253.7 |
) |
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Defined benefit plan activity |
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Balance at beginning of period |
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$ |
(15.5 |
) |
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$ |
(15.1 |
) |
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$ |
(15.5 |
) |
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$ |
(14.9 |
) |
Other comprehensive income (loss) |
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0.2 |
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0.1 |
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0.2 |
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(0.1 |
) |
Balance at end of period |
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$ |
(15.3 |
) |
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$ |
(15.0 |
) |
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$ |
(15.3 |
) |
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$ |
(15.0 |
) |
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Hedging instruments |
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Balance at beginning of period |
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$ |
(21.6 |
) |
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$ |
(12.6 |
) |
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$ |
(20.2 |
) |
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$ |
(19.4 |
) |
Other comprehensive income (loss) |
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0.3 |
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0.6 |
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(1.1 |
) |
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7.4 |
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Balance at end of period |
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$ |
(21.3 |
) |
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$ |
(12.0 |
) |
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$ |
(21.3 |
) |
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$ |
(12.0 |
) |
Net AOCL at end of period |
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$ |
(116.5 |
) |
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$ |
(280.7 |
) |
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$ |
(116.5 |
) |
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$ |
(280.7 |
) |
During the three and six months ended June 30, 2025, $2.2 million of foreign currency translation related to the divestiture of the OneCell business was reclassified from net AOCL and recorded in other on the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2025 and 2024, $97.9 million and $27.4 million, respectively, of foreign currency translation related to the divestitures of the Company’s discontinued operations were reclassified from net AOCL and recorded in the gain (loss) on disposal of discontinued operations before income taxes, included in income from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations. See Note 3 for further discussion of the Company’s divestitures. Cash Flow Information
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Six Months Ended |
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June 30, |
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2025 |
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2024 |
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Cash paid during the period for: |
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Income taxes, net of refunds |
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$ |
87.3 |
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$ |
54.0 |
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Interest |
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345.9 |
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322.9 |
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Non-cash investing activities: |
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Equity method investment from divestiture |
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— |
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17.0 |
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