v3.25.4
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss) earnings $ (1,222.5) $ 354.6 $ 416.8
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:      
Goodwill impairment 1,441.7 0.0 0.0
Amortization 86.9 84.0 3.6
Depreciation 28.6 29.0 27.1
Stock-based compensation 56.2 24.5 25.0
Gain on sale of property 0.0 (63.1) 0.0
Loss from divestiture 0.0 25.6 0.0
Change in deferred income taxes (62.7) (23.1) (15.1)
Change in accounts receivable, net 15.2 8.7 9.3
Change in inventories (13.0) 16.7 (10.3)
Change in trade accounts payable 3.6 22.8 (18.1)
Change in prepaid expenses and other assets (30.1) 11.9 (20.1)
Change in accrued expenses and other liabilities 93.7 (37.1) 43.6
Net cash provided by operating activities 397.6 454.5 461.8
Cash flows from investing activities:      
Purchases of property, plant and equipment (39.2) (34.3) (29.2)
Proceeds from sale of property 1.5 60.2 6.8
Cash paid for acquisitions, net of cash received 0.0 (1,718.2) 0.0
Cash infusion into divestiture 0.0 (14.0) 0.0
All other investing activities 0.0 1.0 0.0
Net cash used in investing activities (37.7) (1,707.3) (22.4)
Cash flows from financing activities:      
Net proceeds from borrowings 1,146.8 0.0 0.0
Consideration paid to Former Parent in connection with separation (1,150.0) 0.0 0.0
Net transfers (to) from Former Parent (43.0) 1,261.1  
Net transfers (to) from Former Parent     (431.7)
Dividends paid (11.3) 0.0 0.0
All other financing activities 2.8 0.0 0.0
Net cash (used in) provided by financing activities (54.7) 1,261.1 (431.7)
Effect of exchange rate changes on cash and equivalents 13.6 (8.3) (7.7)
Net change in cash and equivalents 318.8 0.0 0.0
Beginning balance of cash and equivalents 0.0 0.0 0.0
Ending balance of cash and equivalents $ 318.8 $ 0.0 $ 0.0

Source