6. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Accounts Receivable
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June 30,
2024 |
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December 31,
2023 |
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Accounts receivable - trade |
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$ |
999.0 |
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$ |
826.9 |
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Accounts receivable - other |
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24.2 |
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20.5 |
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Allowance for doubtful accounts |
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(23.4 |
) |
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(32.2 |
) |
Total accounts receivable, net |
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$ |
999.8 |
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$ |
815.2 |
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Inventories
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June 30,
2024 |
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December 31,
2023 |
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Raw materials |
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$ |
507.2 |
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$ |
551.4 |
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Work in process |
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177.5 |
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165.6 |
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Finished goods |
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357.1 |
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362.7 |
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Total inventories, net |
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$ |
1,041.8 |
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$ |
1,079.7 |
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Accrued and Other Liabilities
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June 30,
2024 |
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December 31,
2023 |
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Compensation and employee benefit liabilities |
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$ |
148.0 |
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$ |
178.6 |
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Accrued interest |
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113.2 |
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113.2 |
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Deferred revenue |
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107.0 |
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85.4 |
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Operating lease liabilities |
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35.6 |
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36.5 |
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VAT liability |
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32.3 |
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14.7 |
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Product warranty accrual |
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25.3 |
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26.0 |
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Restructuring liabilities |
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9.9 |
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11.7 |
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Other |
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200.4 |
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168.2 |
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Total accrued and other liabilities |
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$ |
671.7 |
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$ |
634.3 |
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Operating Lease Information
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Balance Sheet Location |
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June 30,
2024 |
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December 31,
2023 |
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Right of use assets |
Other noncurrent assets |
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$ |
145.6 |
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$ |
157.2 |
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Lease liabilities - current |
Accrued and other liabilities |
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$ |
35.6 |
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$ |
36.5 |
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Lease liabilities - noncurrent |
Other noncurrent liabilities |
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128.3 |
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139.9 |
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Total lease liabilities |
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$ |
163.9 |
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$ |
176.4 |
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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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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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2024 |
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2023 |
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2024 |
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2023 |
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Foreign currency translation |
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Balance at beginning of period |
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$ |
(237.6 |
) |
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$ |
(249.9 |
) |
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$ |
(232.4 |
) |
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$ |
(270.3 |
) |
Other comprehensive income (loss) |
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(16.1 |
) |
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0.3 |
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(48.7 |
) |
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20.7 |
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Amounts reclassified from AOCL |
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— |
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— |
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27.4 |
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— |
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Balance at end of period |
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$ |
(253.7 |
) |
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$ |
(249.6 |
) |
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$ |
(253.7 |
) |
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$ |
(249.6 |
) |
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Defined benefit plan activity |
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Balance at beginning of period |
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$ |
(15.1 |
) |
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$ |
(14.9 |
) |
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$ |
(14.9 |
) |
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$ |
(14.8 |
) |
Other comprehensive income (loss) |
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0.1 |
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— |
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(0.1 |
) |
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(0.1 |
) |
Balance at end of period |
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$ |
(15.0 |
) |
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$ |
(14.9 |
) |
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$ |
(15.0 |
) |
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$ |
(14.9 |
) |
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Hedging instruments |
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Balance at beginning of period |
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$ |
(12.6 |
) |
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$ |
(12.7 |
) |
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$ |
(19.4 |
) |
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$ |
(11.2 |
) |
Other comprehensive income (loss) |
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0.6 |
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1.0 |
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7.4 |
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(0.5 |
) |
Balance at end of period |
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$ |
(12.0 |
) |
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$ |
(11.7 |
) |
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$ |
(12.0 |
) |
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$ |
(11.7 |
) |
Net AOCL at end of period |
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$ |
(280.7 |
) |
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$ |
(276.2 |
) |
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$ |
(280.7 |
) |
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$ |
(276.2 |
) |
During the six months ended June 30, 2024, the amount reclassified from net AOCL related to foreign currency translation was recorded in the loss on disposal of the Home business, included in loss from discontinued operations, net of income taxes, on the Condensed Consolidated Statements of Operations. Cash Flow Information
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Six Months Ended |
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June 30, |
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2024 |
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2023 |
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Cash paid during the period for: |
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Income taxes, net of refunds |
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$ |
54.0 |
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$ |
59.7 |
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Interest |
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322.9 |
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322.7 |
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Non-cash investing activities: |
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Equity method investment from divestiture |
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17.0 |
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— |
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