|
See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.
Summary of Results from Operations |
|
|
|
|
|
|
|
|||||
|
|
Quarters Ended |
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
(In millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
|
|
$ |
472.3 |
|
|
$ |
457.7 |
|
|
|
3.2 |
% |
Net sales change in constant currency |
|
|
|
|
|
|
|
|
3.1 |
% |
||
Operating Income |
|
|
52.9 |
|
|
|
62.8 |
|
|
|
(15.8 |
)% |
Net Income |
|
|
36.5 |
|
|
|
42.7 |
|
|
|
(14.5 |
)% |
Diluted net income per common share |
|
$ |
0.43 |
|
|
$ |
0.50 |
|
|
|
(14.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Non-GAAP measures for year-over-year comparison (Table C) |
|
|
|
|
|
|
|
|
|
|||
Adjusted Operating Income |
|
$ |
54.1 |
|
|
$ |
63.0 |
|
|
|
(14.1 |
)% |
As a % of sales |
|
|
11.5 |
% |
|
|
13.8 |
% |
|
|
|
|
Adjusted Net Income |
|
|
37.4 |
|
|
|
42.9 |
|
|
|
(12.8 |
)% |
Adjusted diluted net income per share |
|
$ |
0.44 |
|
|
$ |
0.50 |
|
|
|
(12.0 |
)% |
Chairman, CEO and President
Markets
Sales in the first quarter of 2024 were
-
Commercial Aerospace sales of$299.3 million increased 5.2% (5.2% in constant currency) for the first quarter of 2024 compared to the first quarter of 2023 on higher widebody sales. OtherCommercial Aerospace sales decreased 6.3% for the first quarter of 2024 compared to the first quarter of 2023 on lower business jet sales.
Space & Defense (30% of YTD Sales)
-
Space & Defense sales of
$139.1 million increased 10.2% (10.0% in constant currency) for the quarter as compared to the first quarter of 2023. The sales increase was led by fixed wing aircraft programs including the Lockheed F-35 and Airbus A400M as well as classified programs.
Industrial (7% of YTD Sales)
-
Total Industrial sales of$33.9 million in the first quarter of 2024 decreased 27.9% (28.5% in constant currency) compared to the first quarter of 2023, with lower sales across all industrial sub-markets.
Consolidated Operations
Gross margin for the first quarter of 2024 saw another sequential improvement achieving 25.0%. The first quarter of 2023 had a gross margin of 27.9% and benefited from a number of items including particularly favorable absorption and a favorable sales mix. As a percentage of sales, selling, general and administrative and R&T expenses for the first quarter of 2024 were 13.6% compared to 14.1% for the first quarter of 2023. Adjusted operating income in the first quarter of 2024 was
Cash and other
-
Net cash used for operating activities in the first quarter of 2024 was
$7.0 million , compared to a use of$23.4 million for the first quarter of 2023. Working capital was a cash use of$84.5 million in the first quarter of 2024 compared to a use of$104.0 million in the first quarter of 2023. Capital expenditures on a cash basis were$28.7 million for the first quarter of 2024 compared to$18.1 million for the first quarter of 2023. Free cash flow was($35.7) million in the first quarter of 2024 compared to($41.5) million in the first quarter of 2023. Free cash flow is defined as cash generated from operating activities less cash paid for capital expenditures. Capital expenditures on an accrual basis were$18.6 million for the first quarter of 2024 compared to$16.8 million for the first quarter of 2023. -
The Company used
$100.7 million to repurchase shares of its common stock during the first quarter. The aggregate remaining authorization under the share repurchase program as ofMarch 31, 2024 was$386.4 million following an additional$300 million authorization inFebruary 2024 . -
As announced today, the Board of Directors declared a quarterly dividend of
$0.15 per share payable to stockholders of record as ofMay 3, 2024 , with a payment date ofMay 10, 2024 .
2024 Guidance (unchanged)
-
Sales of
$1.925 billion to$2.025 billion -
Adjusted diluted earnings per share of
$2.10 to$2.30 -
Free cash flow of greater than
$200 million -
Capital expenditures less than
$100 million - Effective tax rate of 22.0%
Market-Specific Sales Outlook (unchanged)
-
Commercial Aerospace : Up mid-teens - Space & Defense: Up mid-single digits
- Industrial: Up low to mid-single digits
About
Disclaimer on Forward Looking Statements
This news release contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others, and the revenues we may generate from an aircraft model or program; expectations with regard to the impact of regulatory activity related to the Boeing 737 MAX or Boeing 787 on our revenues; expectations with regard to raw material cost and availability; expectations of composite content on new commercial aircraft programs and our share of those requirements; expectations regarding revenues from space and defense applications, including whether certain programs might be curtailed or discontinued; expectations regarding sales for industrial applications; expectations regarding cash generation, working capital trends, and inventory levels; expectations as to the level of capital expenditures, capacity, including the timing of completion of capacity expansions, and qualification of new products; expectations regarding our ability to improve or maintain margins; expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy; projections regarding our tax rate; expectations with regard to the continued impact of macroeconomic factors or geopolitical issues or conflicts; expectations regarding our strategic initiatives, including, our sustainability goals; expectations with regard to the effectiveness of cybersecurity measures; expectations regarding the outcome of legal matters or the impact of changes in laws or regulations; and our expectations of financial results for 2024 and beyond. Actual results may differ materially from the results anticipated in the forward looking statements due to a variety of factors, including but not limited to the extent of the impact of macroeconomic factors or geopolitical issues or conflicts; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to regulatory activity or public scrutiny impacting the Boeing 737 MAX or the Boeing 787; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; the availability and cost of raw materials, including the impact of supply disruptions and inflation; our ability to successfully implement or realize our strategic initiatives, including our sustainability goals and any restructuring or alignment activities in which we may engage; changes in sales mix; changes in current pricing due to cost levels; changes in aerospace delivery rates; changes in government defense procurement budgets; timely new product development or introduction; our ability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; cybersecurity-related risks, including the potential impact of breaches or intrusions; currency exchange rate fluctuations; changes in political, social and economic conditions, including the effect of change in global trade policies, such as sanctions; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; and the unexpected outcome of legal matters or impact of changes in laws or regulations. Additional risk factors are described in our filings with the
|
|
|||||||
Condensed Consolidated Statements of Operations |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
|
|
|
|
|||||
(In millions, except per share data) |
|
2024 |
|
|
2023 |
|
||
Net sales |
|
$ |
472.3 |
|
|
$ |
457.7 |
|
Cost of sales |
|
|
354.1 |
|
|
|
330.0 |
|
Gross margin |
|
|
118.2 |
|
|
|
127.7 |
|
% Gross Margin |
|
|
25.0 |
% |
|
|
27.9 |
% |
|
|
|
|
|
|
|
||
Selling, general and administrative expenses |
|
|
49.0 |
|
|
|
50.8 |
|
Research and technology expenses |
|
|
15.1 |
|
|
|
13.9 |
|
Other operating expense |
|
|
1.2 |
|
|
|
0.2 |
|
Operating income |
|
|
52.9 |
|
|
|
62.8 |
|
Interest expense, net |
|
|
6.5 |
|
|
|
9.4 |
|
Income before income taxes, and equity in earnings of affiliated companies |
|
|
46.4 |
|
|
|
53.4 |
|
Income tax expense |
|
|
9.9 |
|
|
|
11.7 |
|
Income before equity in earnings of affiliated companies |
|
|
36.5 |
|
|
|
41.7 |
|
Equity in earnings from affiliated companies |
|
|
- |
|
|
|
1.0 |
|
Net income |
|
$ |
36.5 |
|
|
$ |
42.7 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Basic net income per common share: |
|
$ |
0.44 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
||
Diluted net income per common share: |
|
$ |
0.43 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
||
Weighted-average common shares: |
|
|
|
|
|
|
||
Basic |
|
|
83.9 |
|
|
|
84.6 |
|
Diluted |
|
|
84.8 |
|
|
|
85.5 |
|
|
|
|||||||
Condensed Consolidated Balance Sheets |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
|
|
|
|
|
||
(In millions) |
|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
85.9 |
|
|
$ |
227.0 |
|
Accounts receivable, net |
|
|
271.0 |
|
|
|
234.7 |
|
Inventories, net |
|
|
353.8 |
|
|
|
334.4 |
|
Contract assets |
|
|
31.2 |
|
|
|
25.1 |
|
Prepaid expenses and other current assets |
|
|
47.8 |
|
|
|
43.0 |
|
Total current assets |
|
|
789.7 |
|
|
|
864.2 |
|
|
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
3,194.8 |
|
|
|
3,195.5 |
|
Less accumulated depreciation |
|
|
(1,536.6 |
) |
|
|
(1,516.8 |
) |
Net property, plant and equipment |
|
|
1,658.2 |
|
|
|
1,678.7 |
|
|
|
|
|
|
|
|
||
|
|
|
248.7 |
|
|
|
251.3 |
|
Investments in affiliated companies |
|
|
5.0 |
|
|
|
5.0 |
|
Other assets |
|
|
119.6 |
|
|
|
119.3 |
|
Total assets |
|
$ |
2,821.2 |
|
|
$ |
2,918.5 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Short-term borrowings |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
Accounts payable |
|
|
128.1 |
|
|
|
159.1 |
|
Accrued compensation and benefits |
|
|
67.3 |
|
|
|
75.7 |
|
Accrued liabilities |
|
|
93.1 |
|
|
|
81.0 |
|
Total current liabilities |
|
|
288.6 |
|
|
|
315.9 |
|
|
|
|
|
|
|
|
||
Long-term debt |
|
|
714.6 |
|
|
|
699.4 |
|
Retirement obligations |
|
|
44.3 |
|
|
|
42.6 |
|
Other non-current liabilities |
|
|
141.6 |
|
|
|
144.1 |
|
Total liabilities |
|
$ |
1,189.1 |
|
|
$ |
1,202.0 |
|
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, |
|
$ |
1.1 |
|
|
$ |
1.1 |
|
Additional paid-in capital |
|
|
954.6 |
|
|
|
936.8 |
|
Retained earnings |
|
|
2,192.6 |
|
|
|
2,168.7 |
|
Accumulated other comprehensive loss |
|
|
(89.0 |
) |
|
|
(74.1 |
) |
|
|
|
3,059.3 |
|
|
|
3,032.5 |
|
|
|
|
|
|
|
|
||
Less – |
|
|
(1,427.2 |
) |
|
|
(1,316.0 |
) |
Total stockholders' equity |
|
|
1,632.1 |
|
|
|
1,716.5 |
|
Total liabilities and stockholders' equity |
|
$ |
2,821.2 |
|
|
$ |
2,918.5 |
|
|
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
|
|
|
|
|||||
(In millions) |
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
36.5 |
|
|
$ |
42.7 |
|
Reconciliation to net cash used for operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
31.0 |
|
|
|
30.7 |
|
Amortization related to financing |
|
|
0.1 |
|
|
|
0.1 |
|
Deferred income taxes |
|
|
(0.7 |
) |
|
|
(2.1 |
) |
Equity in earnings from affiliated companies |
|
|
- |
|
|
|
(1.0 |
) |
Stock-based compensation |
|
|
13.1 |
|
|
|
12.9 |
|
Restructuring expenses, net of payments |
|
|
0.7 |
|
|
|
(2.1 |
) |
Impairment of assets |
|
|
- |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
(37.5 |
) |
|
|
(40.5 |
) |
Increase in inventories |
|
|
(23.0 |
) |
|
|
(32.6 |
) |
(Increase) decrease in prepaid expenses and other current assets |
|
|
(10.0 |
) |
|
|
0.1 |
|
Decrease in accounts payable/accrued liabilities |
|
|
(14.0 |
) |
|
|
(31.0 |
) |
Other - net |
|
|
(3.2 |
) |
|
|
(2.3 |
) |
Net cash used for operating activities (a) |
|
|
(7.0 |
) |
|
|
(23.4 |
) |
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures (b) |
|
|
(28.7 |
) |
|
|
(18.1 |
) |
Net cash used for investing activities |
|
|
(28.7 |
) |
|
|
(18.1 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Borrowings from senior unsecured credit facilities |
|
|
15.0 |
|
|
|
65.0 |
|
Net repayments from senior unsecured credit facilities |
|
|
- |
|
|
|
(20.0 |
) |
Repurchases of common stock |
|
|
(100.7 |
) |
|
|
- |
|
Repayment of finance lease obligation and other debt, net |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Dividends paid |
|
|
(12.6 |
) |
|
|
(10.5 |
) |
Activity under stock plans |
|
|
(5.9 |
) |
|
|
0.4 |
|
Net cash (used for) provided by financing activities |
|
|
(104.3 |
) |
|
|
34.8 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(1.1 |
) |
|
|
0.4 |
|
Net decrease in cash and cash equivalents |
|
|
(141.1 |
) |
|
|
(6.3 |
) |
Cash and cash equivalents at beginning of period |
|
|
227.0 |
|
|
|
112.0 |
|
Cash and cash equivalents at end of period |
|
$ |
85.9 |
|
|
$ |
105.7 |
|
|
|
|
|
|
|
|
||
Supplemental data: |
|
|
|
|
|
|
||
Free Cash Flow (a)+(b) |
|
$ |
(35.7 |
) |
|
$ |
(41.5 |
) |
Accrual basis additions to property, plant and equipment |
|
$ |
18.6 |
|
|
$ |
16.8 |
|
|
|
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Quarters Ended |
Unaudited |
|
|
|
|
|
Table A |
|
||||||||||||||||
(In millions) |
|
As Reported |
|
|
Constant Currency (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
B/(W) |
|
|
FX |
|
|
|
|
|
B/(W) |
|
||||||
Market |
|
2024 |
|
|
2023 |
|
|
% |
|
|
Effect (b) |
|
|
2023 |
|
|
% |
|
||||||
|
|
$ |
299.3 |
|
|
$ |
284.5 |
|
|
|
5.2 |
|
|
$ |
(0.1 |
) |
|
$ |
284.4 |
|
|
|
5.2 |
|
Space & Defense |
|
|
139.1 |
|
|
|
126.2 |
|
|
|
10.2 |
|
|
|
0.3 |
|
|
|
126.5 |
|
|
|
10.0 |
|
Industrial |
|
|
33.9 |
|
|
|
47.0 |
|
|
|
(27.9 |
) |
|
|
0.4 |
|
|
|
47.4 |
|
|
|
(28.5 |
) |
Consolidated Total |
|
$ |
472.3 |
|
|
$ |
457.7 |
|
|
|
3.2 |
|
|
$ |
0.6 |
|
|
$ |
458.3 |
|
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated % of |
|
% |
|
|
% |
|
|
|
|
|
|
|
|
% |
|
|
|
|
||||||
|
|
|
63.4 |
|
|
|
62.2 |
|
|
|
|
|
|
|
|
|
62.1 |
|
|
|
|
|||
Space & Defense |
|
|
29.4 |
|
|
|
27.6 |
|
|
|
|
|
|
|
|
|
27.6 |
|
|
|
|
|||
Industrial |
|
|
7.2 |
|
|
|
10.2 |
|
|
|
|
|
|
|
|
|
10.3 |
|
|
|
|
|||
Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter ended |
|
(b) |
FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates. |
|
|
|||||||||||||||
Segment Information |
|
Unaudited |
|
|
Table B |
|
||||||||||
(In millions) |
|
Composite Materials |
|
|
Engineered Products |
|
|
Corporate
|
|
|
Total |
|
||||
First Quarter 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
379.5 |
|
|
$ |
92.8 |
|
|
$ |
- |
|
|
$ |
472.3 |
|
Intersegment sales |
|
|
23.3 |
|
|
|
0.3 |
|
|
|
(23.6 |
) |
|
|
- |
|
Total sales |
|
|
402.8 |
|
|
|
93.1 |
|
|
|
(23.6 |
) |
|
|
472.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.8 |
|
|
|
0.4 |
|
|
|
- |
|
|
|
1.2 |
|
Operating income (loss) |
|
|
63.7 |
|
|
|
12.9 |
|
|
|
(23.7 |
) |
|
|
52.9 |
|
% Operating margin |
|
|
15.8 |
% |
|
|
13.9 |
% |
|
|
|
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27.2 |
|
|
|
3.8 |
|
|
|
- |
|
|
|
31.0 |
|
Stock-based compensation expense |
|
|
3.1 |
|
|
|
0.8 |
|
|
|
9.2 |
|
|
|
13.1 |
|
Accrual based additions to capital expenditures |
|
|
16.7 |
|
|
|
1.9 |
|
|
|
- |
|
|
|
18.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
378.2 |
|
|
$ |
79.5 |
|
|
$ |
- |
|
|
$ |
457.7 |
|
Intersegment sales |
|
|
19.3 |
|
|
|
1.0 |
|
|
|
(20.3 |
) |
|
|
- |
|
Total sales |
|
|
397.5 |
|
|
|
80.5 |
|
|
|
(20.3 |
) |
|
|
457.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.2 |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
Operating income (loss) |
|
|
73.2 |
|
|
|
12.0 |
|
|
|
(22.4 |
) |
|
|
62.8 |
|
% Operating margin |
|
|
18.4 |
% |
|
|
14.9 |
% |
|
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27.2 |
|
|
|
3.5 |
|
|
|
- |
|
|
|
30.7 |
|
Stock-based compensation expense |
|
|
3.1 |
|
|
|
0.8 |
|
|
|
9.0 |
|
|
|
12.9 |
|
Accrual based additions to capital expenditures |
|
|
13.1 |
|
|
|
3.7 |
|
|
|
- |
|
|
|
16.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
|
|
|
|||||||
Reconciliation of GAAP to Non-GAAP Operating Income, Net Income, EPS and Operating Cash Flow to Free Cash Flow |
|
Table C |
|||||||
|
|
Unaudited |
|||||||
|
|
Quarters Ended |
|
|
|||||
|
|
|
|
|
|||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
||
GAAP operating income |
|
$ |
52.9 |
|
|
$ |
62.8 |
|
|
Other operating expense (a) |
|
|
1.2 |
|
|
|
0.2 |
|
|
Non-GAAP operating income |
|
$ |
54.1 |
|
|
$ |
63.0 |
|
|
|
|
Unaudited |
|
|||||||||||||
|
|
Quarters Ended |
|
|||||||||||||
|
|
2024 |
|
|
2023 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Income |
|
|
EPS |
|
||||
GAAP |
|
$ |
36.5 |
|
|
$ |
0.43 |
|
|
$ |
42.7 |
|
|
$ |
0.50 |
|
Other operating expense, net of tax (a) |
|
|
0.9 |
|
|
|
0.01 |
|
|
|
0.2 |
|
|
|
- |
|
Non-GAAP |
|
$ |
37.4 |
|
|
$ |
0.44 |
|
|
$ |
42.9 |
|
|
$ |
0.50 |
|
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
(In millions) |
|
2024 |
|
|
2023 |
|
||
Net cash used for operating activities |
|
$ |
(7.0 |
) |
|
$ |
(23.4 |
) |
Less: Capital expenditures |
|
|
(28.7 |
) |
|
|
(18.1 |
) |
Free cash flow (non-GAAP) |
|
$ |
(35.7 |
) |
|
$ |
(41.5 |
) |
(a) |
The quarters ended |
NOTE: Management believes that adjusted operating income, adjusted net income, adjusted diluted net income per share and free cash flow, which are non-GAAP measures, are meaningful to investors because they provide a view of
|
|
|||||||||||
Schedule of Total Debt, Net of Cash |
Table D |
|
||||||||||
|
|
Unaudited |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
(In millions) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Current portion finance lease |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
0.2 |
|
Total current debt |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Senior unsecured credit facility |
|
|
15.0 |
|
|
|
- |
|
|
|
25.0 |
|
4.7% senior notes due 2025 |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
3.95% senior notes due 2027 |
|
|
400.0 |
|
|
|
400.0 |
|
|
|
400.0 |
|
Senior notes original issue discounts |
|
|
(0.6 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
Senior notes deferred financing costs |
|
|
(1.4 |
) |
|
|
(1.6 |
) |
|
|
(2.2 |
) |
Other debt |
|
|
1.6 |
|
|
|
1.7 |
|
|
|
1.4 |
|
Total long-term debt |
|
|
714.6 |
|
|
|
699.4 |
|
|
|
723.3 |
|
Total Debt |
|
|
714.7 |
|
|
|
699.5 |
|
|
|
723.5 |
|
Less: Cash and cash equivalents |
|
|
(85.9 |
) |
|
|
(227.0 |
) |
|
|
(112.0 |
) |
Total debt, net of cash |
|
$ |
628.8 |
|
|
$ |
472.5 |
|
|
$ |
611.5 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240422187215/en/
Source: