v3.26.1
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income before allocation to noncontrolling interest $ 43.0 $ 46.7
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization 68.5 48.7
Stock-based compensation expense1 [1] 19.2 6.0
Income from equity investments (4.8) (0.4)
Deferred income taxes (5.4) (12.8)
Cash used for operating working capital 55.8 48.1
Long-term contract liabilities 8.6 (0.2)
Other (0.6) 3.8
Total provided by operating activities 72.7 43.7
Proceeds from Sale of Productive Assets 5.1 0.0
Proceeds from disposition of assets (225.4) (394.0)
Investing activities:    
Capital expenditures (23.4) (20.1)
Settlement of forward contracts 0.4 1.5
Total used for investing activities (244.1) (412.6)
Financing activities:    
Dividends paid (20.7) (19.5)
Proceeds from stock options exercised 0.3 1.3
Purchase of noncontrolling interest (0.2) 0.0
Payment of tax withholding on equity awards vested (3.0) (5.8)
Debt issuance costs (2.0) (0.8)
Repayment of short-term debt (115.1) 0.0
Proceeds from revolving credit facility 159.4 348.0
Repayments of revolving credit facility (101.0) (342.0)
Proceeds from term loan 366.9 400.4
Repayment of term loan (112.4) (36.8)
Finance lease repayments (1.9) 0.0
Total provided by financing activities 170.3 344.8
Effect of exchange rates on cash, cash equivalents and restricted cash (4.0) 15.2
(Decrease) increase in cash, cash equivalents and restricted cash (5.1) (8.9)
Cash, cash equivalents and restricted cash at beginning of period2 [2] 246.2 173.4
Cash, cash equivalents and restricted cash at end of period [3] 241.1 164.5
Detail of cash used for operating working capital:    
Accounts receivable (8.3) 0.9
Inventories (24.5) (7.9)
Other current assets 2.7 (9.9)
Accounts payable (35.7) (23.8)
Accrued liabilities 23.7 11.9
U.S. and foreign taxes on income (13.7) (19.3)
Supplemental disclosure of cash flow information:    
Interest paid 35.0 25.7
Income taxes paid, net 33.1 42.2
Unpaid capital expenditures 2.0 2.4
Current restricted cash 2.7 0.9
Noncurrent restricted cash 7.0 11.1
Long-term contract liabilities $ 8.6 $ (0.2)
[1] Includes $10.7 million liability-classified stock-based compensation issued to senior management of Antares Vision. See Note 2, “Acquisitions” for further details.
[2] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $5.3 million and $0.8 million as of December 31, 2025, and 2024, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $7.2 million and $6.8 million as of December 31, 2025, and 2024, respectively.
[3] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Condensed Consolidated Balance Sheets, was $2.7 million and $0.9 million as of June 30, 2026, and 2025, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Condensed Consolidated Balance Sheets, was $7.0 million and $11.1 million as of June 30, 2026, and 2025, respectively.