v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 172.1 $ 230.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 175.7 139.8
Non-cash interest on financing and deemed landlord financed leases 17.1 4.3
Amortization of debt discount and issuance costs 4.9 7.4
Deferred taxes, net (54.4) (12.5)
Share-based compensation 38.4 37.4
Unrealized net losses on hedging instruments and foreign currency 7.2 2.1
Loss on debt modification 10.5 0.0
Other 1.5 4.8
Change in assets and liabilities:    
Accounts receivable, net (144.8) (193.9)
Inventories 205.8 (235.9)
Leasing receivables (9.1) (14.8)
Other assets 3.1 12.3
Accounts payable and accrued expenses (175.2) 69.2
Deferred revenue 3.1 0.4
Accrued employee compensation and benefits (25.1) 4.2
Operating lease assets and liabilities, net 13.6 2.1
Income taxes receivable/payable, net (18.4) (24.9)
Other liabilities 1.7 2.0
Net cash provided by operating activities 227.7 34.6
Cash flows from investing activities:    
Capital expenditures (388.7) (353.4)
Asset acquisitions, net of cash acquired (31.2) 0.0
Proceeds from government grants 3.0 0.0
Investment in golf-related ventures (2.5) 0.0
Acquisition of intangible assets (0.8) (0.6)
Proceeds from sale of investment in golf-related ventures 0.0 0.4
Proceeds from sale of property and equipment 0.3 0.0
Net cash used in investing activities (419.9) (353.6)
Cash flows from financing activities:    
Repayments of long-term debt (788.2) (87.0)
Proceeds from borrowings on long-term debt 1,224.8 60.0
(Repayments of) proceeds from credit facilities, net (245.4) 100.0
Debt issuance costs (1.8) 0.0
Payment on contingent earn-out obligation 0.0 (5.6)
Repayments of financing leases (2.2) (0.3)
Proceeds from lease financing 184.3 133.1
Exercise of stock options 3.9 0.6
Acquisition of treasury stock (44.0) (35.5)
Net cash provided by financing activities 331.4 165.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash (7.3) 0.6
Net increase (decrease) in cash, cash equivalents and restricted cash 131.9 (153.1)
Cash, cash equivalents and restricted cash at beginning of period 203.4 357.7
Cash, cash equivalents and restricted cash at end of period 335.3 204.6
Less: restricted cash [1] (5.0) (4.3)
Cash and cash equivalents at end of period 330.3 200.3
Supplemental disclosures:    
Cash paid for income taxes, net 20.0 21.9
Cash paid for interest 132.8 86.0
Non-cash investing and financing activities:    
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 24.3 28.0
Accrued capital expenditures 38.3 47.2
Financed additions of capital expenditures 43.3 28.3
Issuance of common stock related to convertible notes $ 0.0 $ 0.5
[1] (1) Includes $0.7 million and $0.5 million of short-term restricted cash and $4.3 million and $3.8 million of long-term restricted cash included in other assets for the periods ended September 30, 2023 and 2022, respectively.