10/24/2024 | Press release | Distributed by Public on 10/24/2024 04:17
Q3 2024
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in millions (except per share data) | GAAP | Change vs Q3'23 | As Adjusted | Change vs Q3'23 | ||
Net Sales | $ | 1,273.3 | (20.1) % | $ | 1,273.3 | (20.1) % |
Operating Earnings | $ | 98.4 | (49.8) % | $ | 125.9 | (45.3) % |
Operating Margin | 7.7 % | (460) | bps | 9.9 % | (450) | bps |
Diluted EPS from Continuing Operations | $ | 0.71 | (56.4) % | $ | 1.17 | (51.7) % |
bps = basis points |
Three Months Ended | Nine Months Ended | |||||||||||
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
% Change | |||||||
Net sales | $ | 1,273.3 | $ | 1,593.6 | (20) | % | $ | 4,082.2 | $ | 5,039.5 | (19) | % |
Cost of sales | 940.3 | 1,148.9 | (18) | % | 2,984.6 | 3,616.9 | (17) | % | ||||
Selling, general and administrative expense | 180.7 | 187.1 | (3) | % | 566.2 | 613.5 | (8) | % | ||||
Research and development expense | 41.7 | 45.2 | (8) | % | 130.5 | 142.8 | (9) | % | ||||
Restructuring, exit and impairment charges | 12.2 | 16.3 | (25) | % | 33.6 | 39.7 | (15) | % | ||||
Operating earnings | 98.4 | 196.1 | (50) | % | 367.3 | 626.6 | (41) | % | ||||
Equity earnings (loss) | 1.6 | (17.3) | NM | 7.0 | (12.9) | NM | ||||||
Other (expense) income, net | (1.1) | 6.0 | NM | (1.9) | 6.9 | NM | ||||||
Earnings before interest and income taxes
|
98.9 | 184.8 | (46) | % | 372.4 | 620.6 | (40) | % | ||||
Interest expense | (33.0) | (28.1) | 17 | % | (94.2) | (85.1) | 11 | % | ||||
Interest income | 4.0 | 3.4 | 18 | % | 11.2 | 7.6 | 47 | % | ||||
Earnings before income taxes | 69.9 | 160.1 | (56) | % | 289.4 | 543.1 | (47) | % | ||||
Income tax provision | 22.6 | 46.2 | (51) | % | 68.9 | 181.5 | (62) | % | ||||
Net earnings from continuing operations | $ | 47.3 | $ | 113.9 | (58) | % | $ | 220.5 | $ | 361.6 | (39) | % |
Net loss from discontinued operations, net of tax | (2.7) | (1.4) | 93 | % | (7.9) | (2.1) | NM | |||||
Net earnings | $ | 44.6 | $ | 112.5 | (60) | % | $ | 212.6 | $ | 359.5 | (41) | % |
Earnings per common share: | ||||||||||||
Basic | ||||||||||||
Earnings from continuing operations | $ | 0.71 | $ | 1.63 | (56) | % | $ | 3.27 | $ | 5.11 | (36) | % |
Loss from discontinued operations | (0.04) | (0.02) | NM | (0.12) | (0.03) | NM | ||||||
Net earnings | $ | 0.67 | $ | 1.61 | (58) | % | $ | 3.15 | $ | 5.08 | (38) | % |
Diluted | ||||||||||||
Earnings from continuing operations | $ | 0.71 | $ | 1.63 | (56) | % | $ | 3.26 | $ | 5.10 | (36) | % |
Loss from discontinued operations | (0.04) | (0.02) | NM | (0.12) | (0.03) | NM | ||||||
Net earnings | $ | 0.67 | $ | 1.61 | (58) | % | $ | 3.14 | $ | 5.07 | (38) | % |
Weighted average shares used for computation of: | ||||||||||||
Basic earnings per common share | 66.6 | 69.8 | 67.4 | 70.7 | ||||||||
Diluted earnings per common share | 66.6 | 70.0 | 67.6 | 70.9 | ||||||||
Effective tax rate (A)(B)
|
32.3 | % | 28.9 | % | 23.8 | % | 33.4 | % | ||||
NM = not meaningful | ||||||||||||
(A) The increase in the effective tax rate for the three months ended September 28, 2024 compared to the prior year is due to the discrete income tax expense recorded associated with an increase in the state valuation allowance during the third quarter of 2024.
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(B) The decrease in the effective tax rate for the nine months ended September 28, 2024 compared to the prior year is due to the discrete income tax expense recorded in connection with intercompany sale of intellectual property rights during the first quarter of 2023.
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Three Months Ended | ||||||||
Operating Earnings | Diluted Earnings Per Share | |||||||
Sep 28, 2024 |
Sep 30, 2023 |
Sep 28, 2024 |
Sep 30, 2023 |
|||||
GAAP | $ | 98.4 | $ | 196.1 | $ | 0.71 | $ | 1.63 |
Restructuring, exit and impairment charges | 12.2 | 16.3 | 0.13 | 0.18 | ||||
Purchase accounting amortization | 14.5 | 14.1 | 0.17 | 0.17 | ||||
Acquisition, integration, and IT related costs | 0.9 | 1.5 | 0.01 | 0.02 | ||||
IT security incident costs | (0.1) | 2.1 | - | 0.03 | ||||
Special tax items | - | - | 0.14 | 0.17 | ||||
Release of dissolved entity foreign currency translation | - | - | 0.01 | - | ||||
TN-BC Holdings LLC joint venture impairment
|
- | - | - | 0.22 | ||||
As Adjusted | $ | 125.9 | $ | 230.1 | $ | 1.17 | $ | 2.42 |
GAAP operating margin | 7.7 | % | 12.3 | % | ||||
Adjusted operating margin | 9.9 | % | 14.4 | % |
Nine Months Ended | ||||||||
Operating Earnings | Diluted Earnings Per Share | |||||||
Sep 28, 2024 |
Sep 30, 2023 |
Sep 28, 2024 |
Sep 30, 2023 |
|||||
GAAP | $ | 367.3 | $ | 626.6 | $ | 3.26 | $ | 5.10 |
Restructuring, exit and impairment charges | 33.6 | 39.7 | 0.37 | 0.44 | ||||
Purchase accounting amortization | 43.8 | 42.4 | 0.49 | 0.48 | ||||
Acquisition, integration, and IT related costs | 3.3 | 8.5 | 0.04 | 0.09 | ||||
IT security incident costs | 0.2 | 10.2 | - | 0.11 | ||||
Special tax items | - | - | 0.14 | 0.90 | ||||
Release of dissolved entity foreign currency translation | - | - | 0.01 | - | ||||
TN-BC Holdings LLC joint venture impairment
|
- | - | - | 0.21 | ||||
As Adjusted | $ | 448.2 | $ | 727.4 | $ | 4.31 | $ | 7.33 |
GAAP operating margin | 9.0 | % | 12.4 | % | ||||
Adjusted operating margin | 11.0 | % | 14.4 | % |
|
Three Months Ended
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Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
|||||||||
Propulsion | $ | 485.9 | $ | 718.2 | (32.3) | % | $ | 50.1 | $ | 129.2 | (61.2) | % | 10.3 | % | 18.0 | % |
Engine Parts & Accessories | 336.1 | 344.6 | (2.5) | % | 86.3 | 75.0 | 15.1 | % | 25.7 | % | 21.8 | % | ||||
Navico Group | 184.1 | 213.4 | (13.7) | % | (8.7) | 2.7 | NM | (4.7) | % | 1.3 | % | |||||
Boat | 345.3 | 428.6 | (19.4) | % | (0.1) | 20.3 | NM | - | % | 4.7 | % | |||||
Corporate/Other | - | - | (29.2) | (31.1) | (6.1) | % | ||||||||||
Segment Eliminations | (78.1) | (111.2) | (29.8) | % | - | - | ||||||||||
Total | $ | 1,273.3 | $ | 1,593.6 | (20.1) | % | $ | 98.4 | $ | 196.1 | (49.8) | % | 7.7 | % | 12.3 | % |
Three Months Ended
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Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
|||||||||
Propulsion | $ | 485.9 | $ | 718.2 | (32.3) | % | $ | 53.6 | $ | 132.7 | (59.6) | % | 11.0 | % | 18.5 | % |
Engine Parts & Accessories | 336.1 | 344.6 | (2.5) | % | 87.1 | 77.9 | 11.8 | % | 25.9 | % | 22.6 | % | ||||
Navico Group | 184.1 | 213.4 | (13.7) | % | 9.1 | 20.1 | (54.7) | % | 4.9 | % | 9.4 | % | ||||
Boat | 345.3 | 428.6 | (19.4) | % | 4.3 | 27.2 | (84.2) | % | 1.2 | % | 6.3 | % | ||||
Corporate/Other | - | - | (28.2) | (27.8) | 1.4 | % | ||||||||||
Segment Eliminations | (78.1) | (111.2) | (29.8) | % | - | - | ||||||||||
Total | $ | 1,273.3 | $ | 1,593.6 | (20.1) | % | $ | 125.9 | $ | 230.1 | (45.3) | % | 9.9 | % | 14.4 | % |
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Nine Months Ended | |||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
|||||||||
Propulsion | $ | 1,622.1 | $ | 2,173.1 | (25.4) | % | $ | 218.5 | $ | 391.4 | (44.2) | % | 13.5 | % | 18.0 | % |
Engine Parts & Accessories | 934.6 | 962.1 | (2.9) | % | 195.1 | 189.2 | 3.1 | % | 20.9 | % | 19.7 | % | ||||
Navico Group | 605.1 | 718.5 | (15.8) | % | (14.1) | 19.7 | NM | (2.3) | % | 2.7 | % | |||||
Boat | 1,205.2 | 1,564.6 | (23.0) | % | 54.1 | 131.3 | (58.8) | % | 4.5 | % | 8.4 | % | ||||
Corporate/Other | - | - | (86.3) | (105.0) | (17.8) | % | ||||||||||
Segment Eliminations | (284.8) | (378.8) | (24.8) | % | - | - | ||||||||||
Total | $ | 4,082.2 | $ | 5,039.5 | (19.0) | % | $ | 367.3 | $ | 626.6 | (41.4) | % | 9.0 | % | 12.4 | % |
Nine Months Ended | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
% Change |
Sep 28, 2024 |
Sep 30, 2023 |
|||||||||
Propulsion | $ | 1,622.1 | $ | 2,173.1 | (25.4) | % | $ | 229.8 | $ | 398.3 | (42.3) | % | 14.2 | % | 18.3 | % |
Engine Parts & Accessories | 934.6 | 962.1 | (2.9) | % | 199.4 | 193.6 | 3.0 | % | 21.3 | % | 20.1 | % | ||||
Navico Group | 605.1 | 718.5 | (15.8) | % | 39.8 | 76.5 | (48.0) | % | 6.6 | % | 10.6 | % | ||||
Boat | 1,205.2 | 1,564.6 | (23.0) | % | 63.0 | 150.8 | (58.2) | % | 5.2 | % | 9.6 | % | ||||
Corporate/Other | - | - | (83.8) | (91.8) | (8.7) | % | ||||||||||
Segment Eliminations | (284.8) | (378.8) | (24.8) | % | - | - | ||||||||||
Total | $ | 4,082.2 | $ | 5,039.5 | (19.0) | % | $ | 448.2 | $ | 727.4 | (38.4) | % | 11.0 | % | 14.4 | % |
Propulsion Segment | Three Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 485.9 | $ | 718.2 | $ | (232.3) | (32.3)% |
GAAP operating earnings | $ | 50.1 | $ | 129.2 | $ | (79.1) | (61.2)% |
Restructuring, exit and impairment charges | 2.9 | 2.7 | 0.2 | 7.4% | |||
Purchase accounting amortization | 0.3 | - | 0.3 | NM | |||
Acquisition, integration, and IT related costs | 0.3 | 0.8 | (0.5) | (62.5)% | |||
Adjusted operating earnings | $ | 53.6 | $ | 132.7 | $ | (79.1) | (59.6)% |
GAAP operating margin | 10.3% | 18.0% | (770) bps | ||||
Adjusted operating margin | 11.0% | 18.5% | (750) bps |
Engine Parts & Accessories Segment
|
Three Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 336.1 | $ | 344.6 | $ | (8.5) | (2.5)% |
GAAP operating earnings | $ | 86.3 | $ | 75.0 | $ | 11.3 | 15.1% |
Restructuring, exit and impairment charges | 0.8 | 2.3 | (1.5) | (65.2)% | |||
Acquisition, integration, and IT related costs | - | 0.6 | (0.6) | NM | |||
Adjusted operating earnings | $ | 87.1 | $ | 77.9 | $ | 9.2 | 11.8% |
GAAP operating margin | 25.7% | 21.8% | 390 bps | ||||
Adjusted operating margin | 25.9% | 22.6% | 330 bps |
Navico Group Segment
|
Three Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 184.1 | $ | 213.4 | $ | (29.3) | (13.7)% |
GAAP operating (loss) earnings | $ | (8.7) | $ | 2.7 | $ | (11.4) | NM |
Restructuring, exit and impairment charges | 4.5 | 5.0 | (0.5) | (10.0)% | |||
Purchase accounting amortization | 13.3 | 13.2 | 0.1 | 0.8% | |||
Acquisition, integration, and IT related costs | - | (0.8) | 0.8 | NM | |||
Adjusted operating earnings | $ | 9.1 | $ | 20.1 | $ | (11.0) | (54.7)% |
GAAP operating margin | (4.7)% | 1.3% | (600) bps | ||||
Adjusted operating margin | 4.9% | 9.4% | (450) bps |
Boat Segment
|
Three Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 345.3 | $ | 428.6 | $ | (83.3) | (19.4)% |
GAAP operating (loss) earnings | $ | (0.1) | $ | 20.3 | $ | (20.4) | NM |
Restructuring, exit and impairment charges | 2.9 | 5.1 | (2.2) | (43.1)% | |||
Purchase accounting amortization | 0.9 | 0.9 | - | NM | |||
Acquisition, integration, and IT related costs | 0.6 | 0.7 | (0.1) | (14.3)% | |||
IT security incident costs | - | 0.2 | (0.2) | NM | |||
Adjusted operating earnings | $ | 4.3 | $ | 27.2 | $ | (22.9) | (84.2)% |
GAAP operating margin | -% | 4.7% | (470) bps | ||||
Adjusted operating margin | 1.2% | 6.3% | (510) bps |
Corporate/Other
|
Three Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
GAAP operating loss | $ | (29.2) | $ | (31.1) | $ | 1.9 | (6.1)% |
Restructuring, exit and impairment charges | 1.1 | 1.2 | (0.1) | (8.3)% | |||
Acquisition, integration, and IT related costs | - | 0.2 | (0.2) | NM | |||
IT security incident costs | (0.1) | 1.9 | (2.0) | NM | |||
Adjusted operating loss | $ | (28.2) | $ | (27.8) | $ | (0.4) | 1.4% |
Propulsion Segment | Nine Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 1,622.1 | $ | 2,173.1 | $ | (551.0) | (25.4)% |
GAAP operating earnings | $ | 218.5 | $ | 391.4 | $ | (172.9) | (44.2)% |
Restructuring, exit and impairment charges | 8.9 | 2.7 | 6.2 | NM | |||
Purchase accounting amortization | 1.2 | - | 1.2 | NM | |||
Acquisition, integration, and IT related costs | 1.2 | 0.8 | 0.4 | 50.0% | |||
IT security incident costs | - | 3.4 | (3.4) | NM | |||
Adjusted operating earnings | $ | 229.8 | $ | 398.3 | $ | (168.5) | (42.3)% |
GAAP operating margin | 13.5% | 18.0% | (450) bps | ||||
Adjusted operating margin | 14.2% | 18.3% | (410) bps |
Engine Parts & Accessories Segment
|
Nine Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 934.6 | $ | 962.1 | $ | (27.5) | (2.9)% |
GAAP operating earnings | $ | 195.1 | $ | 189.2 | $ | 5.9 | 3.1% |
Restructuring, exit and impairment charges | 4.3 | 3.3 | 1.0 | 30.3% | |||
Acquisition, integration, and IT related costs | - | 0.6 | (0.6) | NM | |||
IT security incident costs | - | 0.5 | (0.5) | NM | |||
Adjusted operating earnings | $ | 199.4 | $ | 193.6 | $ | 5.8 | 3.0% |
GAAP operating margin | 20.9% | 19.7% | 120 bps | ||||
Adjusted operating margin | 21.3% | 20.1% | 120 bps |
Navico Group Segment
|
Nine Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 605.1 | $ | 718.5 | $ | (113.4) | (15.8)% |
GAAP operating (loss) earnings | $ | (14.1) | $ | 19.7 | $ | (33.8) | NM |
Restructuring, exit and impairment charges | 12.5 | 15.9 | (3.4) | (21.4)% | |||
Purchase accounting amortization | 39.7 | 39.7 | - | NM | |||
Acquisition, integration, and IT related costs | 1.7 | 0.7 | 1.0 | NM | |||
IT security incident costs | - | 0.5 | (0.5) | NM | |||
Adjusted operating earnings | $ | 39.8 | $ | 76.5 | $ | (36.7) | (48.0)% |
GAAP operating margin | (2.3)% | 2.7% | (500) bps | ||||
Adjusted operating margin | 6.6% | 10.6% | (400) bps |
Boat Segment
|
Nine Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
Net sales | $ | 1,205.2 | $ | 1,564.6 | $ | (359.4) | (23.0)% |
GAAP operating earnings | $ | 54.1 | $ | 131.3 | $ | (77.2) | (58.8)% |
Restructuring, exit and impairment charges | 5.6 | 11.0 | (5.4) | (49.1)% | |||
Purchase accounting amortization | 2.9 | 2.7 | 0.2 | 7.4% | |||
Acquisition, integration, and IT related costs | 0.4 | 4.8 | (4.4) | (91.7)% | |||
IT security incident costs | - | 1.0 | (1.0) | NM | |||
Adjusted operating earnings | $ | 63.0 | $ | 150.8 | $ | (87.8) | (58.2)% |
GAAP operating margin | 4.5% | 8.4% | (390) bps | ||||
Adjusted operating margin | 5.2% | 9.6% | (440) bps |
Corporate/Other
|
Nine Months Ended | 2024 vs. 2023 | |||||
Sep 28, 2024 |
Sep 30, 2023 |
$ Change |
% Change |
||||
GAAP operating loss | $ | (86.3) | $ | (105.0) | $ | 18.7 | (17.8)% |
Restructuring, exit and impairment charges | 2.3 | 6.8 | (4.5) | (66.2)% | |||
IT security incident costs | 0.2 | 4.8 | (4.6) | (95.8)% | |||
Acquisition, integration, and IT related costs | - | 1.6 | (1.6) | NM | |||
Adjusted operating loss | $ | (83.8) | $ | (91.8) | $ | 8.0 | (8.7)% |
Sep 28, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents, at cost, which approximates fair value | $ | 284.1 | $ | 467.8 | $ | 330.9 | |
Restricted cash | 16.8 | 11.1 | 11.1 | ||||
Short-term investments in marketable securities | 0.8 | 0.8 | 0.8 | ||||
Total cash and short-term investments in marketable securities | 301.7 | 479.7 | 342.8 | ||||
Accounts and notes receivable, net | 500.8 | 493.2 | 568.2 | ||||
Inventories | |||||||
Finished goods | 937.0 | 932.0 | 825.4 | ||||
Work-in-process | 173.5 | 181.6 | 194.5 | ||||
Raw materials | 354.2 | 363.2 | 425.1 | ||||
Net inventories | 1,464.7 | 1,476.8 | 1,445.0 | ||||
Prepaid expenses and other | 80.8 | 60.0 | 85.3 | ||||
Current assets | 2,348.0 | 2,509.7 | 2,441.3 | ||||
Net property | 1,278.3 | 1,315.8 | 1,311.6 | ||||
Other assets | |||||||
Goodwill | 1,059.7 | 1,030.7 | 1,007.6 | ||||
Other intangibles, net | 939.9 | 978.0 | 999.8 | ||||
Deferred income tax asset | 187.0 | 186.8 | 150.9 | ||||
Operating lease assets | 162.5 | 152.2 | 136.2 | ||||
Equity investments | 32.9 | 38.7 | 35.6 | ||||
Other long-term assets | 15.2 | 18.6 | 17.9 | ||||
Other assets | 2,397.2 | 2,405.0 | 2,348.0 | ||||
Total assets | $ | 6,023.5 | $ | 6,230.5 | $ | 6,100.9 | |
Liabilities and shareholders' equity | |||||||
Current liabilities | |||||||
Short-term debt and current maturities of long-term debt | $ | 199.2 | ` | $ | 454.7 | $ | 455.3 |
Accounts payable | 369.1 | 558.0 | 493.4 | ||||
Accrued expenses | 625.8 | 739.4 | 710.5 | ||||
Current liabilities | 1,194.1 | 1,752.1 | 1,659.2 | ||||
Debt | 2,372.7 | 1,975.7 | 1,975.7 | ||||
Other long-term liabilities | 422.4 | 415.3 | 380.2 | ||||
Shareholders' equity | 2,034.3 | 2,087.4 | 2,085.8 | ||||
Total liabilities and shareholders' equity | $ | 6,023.5 | $ | 6,230.5 | $ | 6,100.9 | |
Supplemental Information | |||||||
Debt-to-capitalization rate | 55.8 | % | 53.8 | % | 53.8 | % |
Nine Months Ended | ||||
Sep 28, 2024 |
Sep 30, 2023 |
|||
Cash flows from operating activities | ||||
Net earnings | $ | 212.6 | $ | 359.5 |
Less: net loss from discontinued operations, net of tax | (7.9) | (2.1) | ||
Net earnings from continuing operations | 220.5 | 361.6 | ||
Depreciation and amortization | 212.0 | 201.4 | ||
Stock compensation expense | 20.4 | 15.0 | ||
Pension funding, net of expense | (0.9) | (1.2) | ||
Asset impairment charges | 6.7 | 6.4 | ||
Deferred income taxes | 8.5 | 0.9 | ||
Impairment of equity method investment | - | 19.2 | ||
Changes in certain current assets and current liabilities | (323.7) | (161.2) | ||
Long-term extended warranty contracts and other deferred revenue | 11.4 | 14.0 | ||
Income taxes | (22.9) | 21.2 | ||
Other, net | 5.5 | (19.2) | ||
Net cash provided by operating activities of continuing operations | 137.5 | 458.1 | ||
Net cash used for operating activities of discontinued operations | (12.5) | (7.8) | ||
Net cash provided by operating activities | 125.0 | 450.3 | ||
Cash flows from investing activities | ||||
Capital expenditures | (137.1) | (233.1) | ||
Purchases of marketable securities | (80.9) | - | ||
Sales or maturities of marketable securities | 82.1 | 3.8 | ||
Investments | 5.5 | (1.6) | ||
Acquisition of businesses, net of cash acquired | (31.8) | (89.6) | ||
Proceeds from the sale of property, plant and equipment | 8.2 | 10.6 | ||
Net cash used for investing activities | (154.0) | (309.9) | ||
Cash flows from financing activities | ||||
Proceeds from issuances of short-term debt | 200.8 | 2.3 | ||
Payments of short-term debt | (7.4) | (5.4) | ||
Net proceeds from issuances of long-term debt | 396.9 | - | ||
Payments of long-term debt including current maturities | (451.9) | (81.8) | ||
Common stock repurchases | (190.0) | (220.0) | ||
Cash dividends paid | (84.6) | (84.6) | ||
Tax withholding associated with shares issued for share-based compensation | (9.3) | (13.4) | ||
Other, net | (1.5) | - | ||
Net cash used for financing activities | (147.0) | (402.9) | ||
Effect of exchange rate changes on cash and cash equivalents | (2.0) | (4.0) | ||
Net decrease in Cash and cash equivalents and Restricted cash | (178.0) | (266.5) | ||
Cash and cash equivalents and Restricted cash at beginning of period | 478.9 | 608.5 | ||
Cash and cash equivalents and Restricted cash at end of period | 300.9 | 342.0 | ||
Less: Restricted cash | 16.8 | 11.1 | ||
Cash and cash equivalents at end of period | $ | 284.1 | $ | 330.9 |
Reconciliation | ||||
Free cash flow | ||||
Net cash provided by operating activities of continuing operations | $ | 137.5 | $ | 458.1 |
Net cash (used for) provided by: | ||||
Plus: Capital expenditures | (137.1) | (233.1) | ||
Plus: Proceeds from the sale of property, plant and equipment | 8.2 | 10.6 | ||
Plus: Effect of exchange rate changes on cash and cash equivalents | (2.0) | (4.0) | ||
Free cash flow | $ | 6.6 | $ | 231.6 |