v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ 278.1 $ 339.9
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 149.5 130.7
Stock-based compensation 23.3 22.2
Certain interest expense and other financing costs 1.8 1.7
Loss on debt extinguishment 2.4 0.0
Gain on sale of fixed assets and other (5.2) (13.7)
Deferred income taxes 4.5 1.6
Changes in operating assets and liabilities:    
Accounts receivable (384.3) (394.4)
Inventories (200.1) 37.7
Prepaid expenses and other current assets (101.9) (89.4)
Accounts payable and accrued expenses 288.3 491.2
Other assets and liabilities 3.2 (1.8)
Net cash provided by (used in) operating activities 59.6 525.7
Investing Activities    
Capital expenditures (87.6) (85.5)
Acquisition of business, net (399.1) (73.7)
Proceeds from sale of assets 5.6 15.3
Purchases of investments (1.1) (1.0)
Net cash provided by (used in) investing activities (482.2) (144.9)
Financing Activities    
Borrowings under revolving lines of credit 2,330.8 1,720.0
Payments under revolving lines of credit (1,974.3) (1,757.9)
Borrowings under term loan 300.0 0.0
Payments under term loan (9.6) (7.5)
Borrowings under senior notes 0.0 600.0
Payment of debt issuance costs (0.2) (6.6)
Payments under equipment financing facilities and finance leases (21.7) (14.3)
Repurchase of convertible Preferred Stock 0.0 (805.6)
Payment of fees for the repurchase of convertible Preferred Stock (0.1) 0.0
Repurchase and retirement of common stock, net (180.0) (100.5)
Advance payment for equity forward contract (45.0) 0.0
Proceeds from employee stock purchase plan 8.3 0.0
Payment of dividends on Preferred Stock 0.0 (18.9)
Proceeds from disgorgement of short-swing profits1 [1] 0.0 5.9
Proceeds from issuance of common stock related to equity awards 6.6 9.7
Payment of taxes related to net share settlement of equity awards (7.1) (3.1)
Net cash provided by (used in) financing activities 407.7 (378.8)
Effect of exchange rate changes on cash and cash equivalents (1.1) 0.0
Net increase (decrease) in cash and cash equivalents (16.0) 2.0
Cash and cash equivalents, beginning of period 84.0 67.7
Cash and cash equivalents, end of period 68.0 69.7
Supplemental Cash Flow Information    
Interest 133.1 73.1
Income taxes, net of refunds $ 62.5 $ 76.2
[1] During the nine months ended September 30, 2023, the Company received payments of $5.9 million from a shareholder related to short-swing trading profits disgorged pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The payments were recorded to additional paid-in capital on the condensed consolidated balance sheets.