v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income $ 235.6 $ 292.8 $ 180.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 205.3 188.1 172.7
Amortization 184.4 190.1 214.5
Share-based compensation expense 69.3 65.9 61.4
Provision for deferred income taxes (87.4) (78.9) (145.6)
Impairment of goodwill 0.0 0.0 115.2
Loss on extinguishment of debt 3.2 13.4 27.9
Loss (gain) from sale of businesses and held-for-sale assets, net 10.9 (4.3) 23.8
Impairment on long-lived assets 11.7 13.0 30.5
Gain on termination of alliance agreement 0.0 0.0 (184.8)
Charge for excess and obsolete inventory 38.6 39.9 38.2
Amortization of debt issuance costs and original issuance discounts 13.9 15.0 21.2
Other 17.2 5.6 23.3
Changes in operating assets and liabilities, net of effects of acquisitions:      
Trade accounts receivable and notes receivable 40.3 (49.0) 0.6
Inventories (43.1) (76.7) 102.8
Accounts payable and other accrued liabilities 12.0 8.9 (14.6)
Other current assets (10.3) (5.4) (11.9)
Income taxes payable and refundable income taxes (7.6) 7.9 (10.2)
Other 1.4 5.4 (1.2)
Net cash provided by operating activities 695.4 631.7 644.5
Investing activities:      
Acquisition of property and equipment (299.2) (315.6) (456.8)
Proceeds from government incentives 8.2 0.0 0.0
(Payment) proceeds from sale of businesses, net (6.7)    
(Payment) proceeds from sale of businesses, net   250.8 815.0
Proceeds from termination of alliance agreement 0.0 0.0 191.2
Other (3.1) (2.3) 3.7
Net cash (used in) provided by investing activities (300.8) (67.1) 553.1
Financing activities:      
Proceeds from revolving credit facility and short-term debt 567.0 140.0 0.0
Payments of revolving credit facility and short-term debt (567.0) (140.0) (135.0)
Proceeds from long-term debt 0.0 224.5 217.4
Payments of long-term debt (300.0) (848.3) (1,338.7)
Payments for debt issuance costs 0.0 0.0 (3.5)
Payments for dividends (60.8) (60.6) (60.2)
Issuance of common stock from employee stock plans 6.7 14.0 35.9
Taxes paid related to net share settlement of equity awards (10.8) (16.9) (12.1)
Other (2.0) (1.6) (1.4)
Net cash used in financing activities (366.9) (688.9) (1,297.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3.5 (3.4) (6.5)
Increase (decrease) in cash, cash equivalents and restricted cash 31.2 (127.7) (106.5)
Cash, cash equivalents and restricted cash at beginning of year 329.2 456.9 563.4
Cash, cash equivalents and restricted cash at end of year 360.4 329.2 456.9
Non-cash transactions:      
Share issuance in exchange for extinguishment of Employee Stock Purchase Plan liability 21.5 16.9 14.9
Deferred acquisition and divestiture payments, net 0.0 0.0 5.5
Equipment purchases in accounts payable 24.1 57.6 20.6
Dividends payable 1.0 0.8 0.7
Schedule of interest and income taxes paid:      
Interest paid, net of capitalized interest 185.4 199.2 287.8
Income taxes paid, net of refunds received $ 113.0 $ 103.8 $ 138.9