7. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Accounts Receivable
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December 31, |
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2023 |
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2022 |
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Accounts receivable - trade |
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$ |
826.9 |
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$ |
1,197.0 |
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Accounts receivable - other |
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20.5 |
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31.3 |
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Allowance for doubtful accounts |
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(32.2 |
) |
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(50.1 |
) |
Total accounts receivable, net |
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$ |
815.2 |
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$ |
1,178.2 |
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Inventories
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December 31, |
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2023 |
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2022 |
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Raw materials |
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$ |
551.4 |
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$ |
530.1 |
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Work in process |
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165.6 |
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212.7 |
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Finished goods |
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362.7 |
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633.2 |
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Total inventories, net |
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$ |
1,079.7 |
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$ |
1,376.0 |
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Property, Plant and Equipment
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December 31, |
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2023 |
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2022 |
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Land and land improvements |
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$ |
38.6 |
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$ |
52.2 |
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Buildings and improvements |
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313.6 |
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339.5 |
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Machinery and equipment |
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987.9 |
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1,006.7 |
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Construction in progress |
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26.6 |
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51.9 |
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1,366.7 |
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1,450.3 |
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Accumulated depreciation |
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(866.1 |
) |
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(849.3 |
) |
Total property, plant and equipment, net |
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$ |
500.6 |
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$ |
601.0 |
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Depreciation expense was $111.8 million, $113.8 million and $117.8 million during the years ended December 31, 2023, 2022 and 2021, respectively. No interest was capitalized during the years ended December 31, 2023, 2022 or 2021. Accrued and Other Liabilities
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December 31, |
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2023 |
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2022 |
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Compensation and employee benefit liabilities |
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$ |
178.6 |
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$ |
285.9 |
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Accrued interest |
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113.2 |
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118.1 |
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Deferred revenue |
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85.4 |
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88.9 |
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Operating lease liabilities |
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36.5 |
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44.4 |
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Product warranty accrual |
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26.0 |
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31.5 |
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Restructuring liabilities |
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11.7 |
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58.9 |
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Other |
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182.9 |
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240.9 |
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Total accrued and other liabilities |
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$ |
634.3 |
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$ |
868.6 |
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Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive loss (AOCL), net of tax:
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Year Ended December 31, |
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2023 |
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2022 |
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Foreign currency translation |
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Balance at beginning of period |
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$ |
(270.3 |
) |
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$ |
(165.8 |
) |
Other comprehensive income (loss) |
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37.9 |
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(104.3 |
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Amounts reclassified from AOCL |
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— |
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(0.2 |
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Balance at end of period |
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$ |
(232.4 |
) |
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$ |
(270.3 |
) |
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Defined benefit plan activity |
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Balance at beginning of period |
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$ |
(14.8 |
) |
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$ |
(13.4 |
) |
Other comprehensive loss |
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(0.1 |
) |
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(1.4 |
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Amounts reclassified from AOCL |
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— |
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— |
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Balance at end of period |
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$ |
(14.9 |
) |
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$ |
(14.8 |
) |
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Hedging instruments |
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Balance at beginning of period |
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$ |
(11.2 |
) |
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$ |
(27.2 |
) |
Other comprehensive income (loss) |
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(8.2 |
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16.0 |
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Balance at end of period |
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$ |
(19.4 |
) |
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$ |
(11.2 |
) |
Net AOCL at end of period |
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$ |
(266.7 |
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$ |
(296.3 |
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Amounts reclassified from net AOCL related to foreign currency translation and defined benefit plans are recorded in other income (expense), net in the Consolidated Statements of Operations. Cash Flow Information
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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Cash paid during the period for: |
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Income taxes, net of refunds |
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$ |
101.1 |
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$ |
130.7 |
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$ |
79.4 |
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Interest |
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654.0 |
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563.2 |
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525.9 |
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