10/28/2021 | Press release | Distributed by Public on 10/28/2021 04:32
Q3 2021 | ||||||||
$ millions (except per share data) | GAAP | Change | As Adjusted | Change | ||||
Net Sales | $ | 1,427.2 | 15.7 | % | $ | 1,427.2 | 15.7 % | |
Operating Earnings | $ | 209.0 | 8.5 | % | $ | 221.1 | 9.0 | % |
Operating Margin | 14.6 | % | (100) bps | 15.5 | % | (100) bps | ||
Diluted EPS | $ | 1.85 | 8.2 | % | $ | 2.07 | 15.0 | % |
bps = basis points |
Three Months Ended | ||||||
October 2, 2021 |
September 26, 2020 |
% Change | ||||
Net sales | $ | 1,427.2 | $ | 1,233.1 | 16 | % |
Cost of sales | 1,016.8 | 856.2 | 19 | % | ||
Selling, general and administrative expense | 165.9 | 151.3 | 10 | % | ||
Research and development expense | 35.5 | 31.2 | 14 | % | ||
Restructuring, exit and impairment charges | - | 1.8 | -100 | % | ||
Operating earnings | 209.0 | 192.6 | 9 | % | ||
Equity earnings | 0.3 | 0.6 | -50 | % | ||
Pension settlement charge | - | (0.2) | -100 | % | ||
Other expense, net | (1.6) | (1.2) | 33 | % | ||
Earnings before interest and income taxes | 207.7 | 191.8 | 8 | % | ||
Interest expense | (16.9) | (16.4) | 3 | % | ||
Interest income | 0.8 | 0.3 | 167 | % | ||
Loss on early extinguishment of debt | (4.2) | - | NM | |||
Transaction financing charges | (4.0) | - | NM | |||
Earnings before income taxes | 183.4 | 175.7 | 4 | % | ||
Income tax provision | 38.8 | 38.9 | 0 | % | ||
Net earnings from continuing operations | $ | 144.6 | $ | 136.8 | 6 | % |
Discontinued operations: | ||||||
(Loss) earnings from discontinued operations, net of tax | $ | (1.5) | $ | 1.5 | NM | |
Loss on disposal of discontinued operations, net of tax | - | (0.4) | -100 | % | ||
Net (loss) earnings from discontinued operations, net of tax | (1.5) | 1.1 | NM | |||
Net earnings | $ | 143.1 | $ | 137.9 | 4 | % |
Earnings (loss) per common share: | ||||||
Basic | ||||||
Earnings from continuing operations | $ | 1.86 | $ | 1.72 | 8 | % |
(Loss) earnings from discontinued operations | (0.02) | 0.02 | NM | |||
Net earnings | $ | 1.84 | $ | 1.74 | 6 | % |
Diluted | ||||||
Earnings from continuing operations | $ | 1.85 | $ | 1.71 | 8 | % |
(Loss) earnings from discontinued operations | (0.02) | 0.02 | NM | |||
Net earnings | $ | 1.83 | $ | 1.73 | 6 | % |
Weighted average shares used for computation of: | ||||||
Basic earnings per common share | 77.7 | 79.4 | ||||
Diluted earnings per common share | 78.3 | 79.8 | ||||
Effective tax rate | 21.2 | % | 22.1 | % | ||
NM = not meaningful |
Nine Months Ended | ||||||
October 2, 2021 |
September 26, 2020 |
% Change | ||||
Net sales | $ | 4,415.2 | $ | 3,186.4 | 39 | % |
Cost of sales | 3,126.0 | 2,309.7 | 35 | % | ||
Selling, general and administrative expense | 490.3 | 381.8 | 28 | % | ||
Research and development expense | 107.1 | 87.8 | 22 | % | ||
Restructuring, exit and impairment charges | 0.7 | 4.3 | -84 | % | ||
Operating earnings | 691.1 | 402.8 | 72 | % | ||
Equity earnings | 1.5 | 3.5 | -57 | % | ||
Pension settlement benefit | - | 1.1 | -100 | % | ||
Other expense, net | (4.4) | (2.7) | 63 | % | ||
Earnings before interest and income taxes | 688.2 | 404.7 | 70 | % | ||
Interest expense | (47.1) | (52.0) | -9 | % | ||
Interest income | 1.9 | 0.9 | 111 | % | ||
Loss on early extinguishment of debt | (4.2) | - | NM | |||
Transaction financing charges | (4.0) | - | NM | |||
Earnings before income taxes | 634.8 | 353.6 | 80 | % | ||
Income tax provision | 141.4 | 74.9 | 89 | % | ||
Net earnings from continuing operations | $ | 493.4 | $ | 278.7 | 77 | % |
Discontinued operations: | ||||||
(Loss) earnings from discontinued operations, net of tax | $ | (1.6) | $ | 0.4 | NM | |
Loss on disposal of discontinued operations, net of tax | - | (1.5) | -100 | % | ||
Net loss from discontinued operations, net of tax | (1.6) | (1.1) | 45 | % | ||
Net earnings | $ | 491.8 | $ | 277.6 | 77 | % |
Earnings per common share: | ||||||
Basic | ||||||
Earningsfrom continuing operations
|
$ | 6.33 | $ | 3.51 | 80 | % |
Loss from discontinued operations | (0.02) | (0.02) | 0 | % | ||
Net earnings | $ | 6.31 | $ | 3.49 | 81 | % |
Diluted | ||||||
Earnings from continuing operations | $ | 6.28 | $ | 3.49 | 80 | % |
Loss from discontinued operations | (0.02) | (0.02) | 0 | % | ||
Net earnings | $ | 6.26 | $ | 3.47 | 80 | % |
Weighted average shares used for computation of: | ||||||
Basic earnings per common share | 78.0 | 79.4 | ||||
Diluted earnings per common share | 78.6 | 79.9 | ||||
Effective tax rate | 22.3 | % | 21.2 | % | ||
NM = not meaningful |
Three Months Ended | ||||||||
Operating Earnings | Diluted Earnings Per Share | |||||||
October 2, 2021 |
September 26, 2020 |
October 2, 2021 |
September 26, 2020 |
|||||
GAAP | $ | 209.0 | $ | 192.6 | $ | 1.85 | $ | 1.71 |
Restructuring, exit, and impairment charges | - | 1.8 | - | 0.02 | ||||
Purchase accounting amortization | 7.6 | 7.5 | 0.07 | 0.07 | ||||
Acquisition, integration, and IT related costs | 4.5 | 1.0 | 0.08 | 0.01 | ||||
Special tax items | - | - | 0.03 | (0.01) | ||||
Loss on early extinguishment of debt | - | - | 0.04 | - | ||||
Pension settlement charge | - | - | - | 0.00 | ||||
As Adjusted | $ | 221.1 | $ | 202.9 | $ | 2.07 | $ | 1.80 |
GAAP operating margin | 14.6 | % | 15.6 | % | ||||
Adjusted operating margin | 15.5 | % | 16.5 | % |
Nine Months Ended | ||||||||
Operating Earnings | Diluted Earnings Per Share | |||||||
October 2, 2021 |
September 26, 2020 |
October 2, 2021 |
September 26, 2020 |
|||||
GAAP | $ | 691.1 | $ | 402.8 | $ | 6.28 | $ | 3.49 |
Restructuring, exit, and impairment charges | 0.7 | 4.3 | 0.01 | 0.03 | ||||
Purchase accounting amortization | 22.7 | 22.6 | 0.22 | 0.22 | ||||
Sport Yacht & Yachts | 3.8 | - | 0.03 | - | ||||
Acquisition, integration, and IT related costs | 12.9 | 3.6 | 0.15 | 0.04 | ||||
Palm Coast reclassified from held-for-sale | 0.8 | - | 0.01 | - | ||||
Gain on sale of assets | (1.5) | - | (0.01) | - | ||||
Special tax items | - | - | 0.09 | (0.01) | ||||
Loss on early extinguishment of debt | - | - | 0.04 | - | ||||
Pension settlement benefit | - | - | - | (0.01) | ||||
As Adjusted | $ | 730.5 | $ | 433.3 | $ | 6.82 | $ | 3.76 |
GAAP operating margin | 15.7 | % | 12.6 | % | ||||
Adjusted operating margin | 16.5 | % | 13.6 | % |
Three Months Ended | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
|||||||||
Propulsion | $ | 626.9 | $ | 526.5 | 19.1 | % | $ | 112.5 | $ | 94.1 | 19.6 | % | 17.9 | % | 17.9 | % |
Parts & Accessories | 494.0 | 459.9 | 7.4 | % | 100.6 | 99.9 | 0.7 | % | 20.4 | % | 21.7 | % | ||||
Boat | 401.5 | 328.1 | 22.4 | % | 24.9 | 28.3 | (12.0) | % | 6.2 | % | 8.6 | % | ||||
Corporate/Other | - | - | (29.0) | (29.7) | (2.4) | % | ||||||||||
Segment Eliminations | (95.2) | (81.4) | 17.0 | % | - | - | ||||||||||
Total | $ | 1,427.2 | $ | 1,233.1 | 15.7 | % | $ | 209.0 | $ | 192.6 | 8.5 | % | 14.6 | % | 15.6 | % |
Three Months Ended | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
|||||||||
Propulsion | $ | 626.9 | $ | 526.5 | 19.1 | % | $ | 112.5 | $ | 94.1 | 19.6 | % | 17.9 | % | 17.9 | % |
Parts & Accessories | 494.0 | 459.9 | 7.4 | % | 109.7 | 107.5 | 2.0 | % | 22.2 | % | 23.4 | % | ||||
Boat | 401.5 | 328.1 | 22.4 | % | 27.8 | 30.3 | (8.3) | % | 6.9 | % | 9.2 | % | ||||
Corporate/Other | - | - | (28.9) | (29.0) | (0.3) | % | ||||||||||
Segment Eliminations | (95.2) | (81.4) | 17.0 | % | - | - | ||||||||||
Total | $ | 1,427.2 | $ | 1,233.1 | 15.7 | % | $ | 221.1 | $ | 202.9 | 9.0 | % | 15.5 | % | 16.5 | % |
Nine Months Ended | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
|||||||||
Propulsion | $ | 1,934.2 | $ | 1,370.5 | 41.1 | % | $ | 359.1 | $ | 203.1 | 76.8 | % | 18.6 | % | 14.8 | % |
Parts & Accessories | 1,502.5 | 1,148.0 | 30.9 | % | 306.9 | 226.2 | 35.7 | % | 20.4 | % | 19.7 | % | ||||
Boat | 1,270.1 | 869.5 | 46.1 | % | 109.9 | 35.4 | NM | 8.7 | % | 4.1 | % | |||||
Corporate/Other | - | - | (84.8) | (61.9) | 37.0 | % | ||||||||||
Segment Eliminations | (291.6) | (201.6) | 44.6 | % | - | - | ||||||||||
Total | $ | 4,415.2 | $ | 3,186.4 | 38.6 | % | $ | 691.1 | $ | 402.8 | 71.6 | % | 15.7 | % | 12.6 | % |
Nine Months Ended | ||||||||||||||||
Net Sales | Operating Earnings (Loss) | Operating Margin | ||||||||||||||
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
% Change |
Oct 2, 2021 |
Sep 26, 2020 |
|||||||||
Propulsion | $ | 1,934.2 | $ | 1,370.5 | 41.1 | % | $ | 359.1 | $ | 203.1 | 76.8 | % | 18.6 | % | 14.8 | % |
Parts & Accessories | 1,502.5 | 1,148.0 | 30.9 | % | 335.4 | 248.5 | 35.0 | % | 22.3 | % | 21.6 | % | ||||
Boat | 1,270.1 | 869.5 | 46.1 | % | 120.7 | 39.7 | NM | 9.5 | % | 4.6 | % | |||||
Corporate/Other | - | - | (84.7) | (58.0) | 46.0 | % | ||||||||||
Segment Eliminations | (291.6) | (201.6) | 44.6 | % | - | - | ||||||||||
Total | $ | 4,415.2 | $ | 3,186.4 | 38.6 | % | $ | 730.5 | $ | 433.3 | 68.6 | % | 16.5 | % | 13.6 | % |
NM = not meaningful |
Propulsion Segment | Three Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 626.9 | $ | 526.5 | $ | 100.4 | 19.1 | % |
Operating earnings | 112.5 | 94.1 | 18.4 | 19.6 | % | |||
Operating margin | 17.9 | % | 17.9 | % | - bps |
Parts & Accessories Segment
|
Three Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 494.0 | $ | 459.9 | $ | 34.1 | 7.4 | % |
GAAP operating earnings | $ | 100.6 | $ | 99.9 | $ | 0.7 | 0.7 | % |
Restructuring, exit and impairment charges | - | 0.5 | (0.5) | (100.0) | % | |||
Purchase accounting amortization | 7.2 | 7.1 | 0.1 | 1.4 | % | |||
Acquisition, integration, and IT related costs | 1.9 | - | 1.9 | NM | ||||
Adjusted operating earnings | $ | 109.7 | $ | 107.5 | $ | 2.2 | 2.0 | % |
GAAP operating margin | 20.4 | % | 21.7 | % | (130) bps | |||
Adjusted operating margin | 22.2 | % | 23.4 | % | (120) bps |
Boat Segment
|
Three Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 401.5 | $ | 328.1 | $ | 73.4 | 22.4 | % |
GAAP operating earnings | $ | 24.9 | $ | 28.3 | $ | (3.4) | (12.0) | % |
Restructuring, exit and impairment charges | - | 1.2 | (1.2) | (100.0) | % | |||
Acquisition, integration, and IT related costs | 2.5 | 0.4 | 2.1 | NM | ||||
Purchase accounting amortization | 0.4 | 0.4 | - | NM | ||||
Adjusted operating earnings | $ | 27.8 | $ | 30.3 | $ | (2.5) | (8.3) | % |
GAAP operating margin | 6.2 | % | 8.6 | % | (240) bps | |||
Adjusted operating margin | 6.9 | % | 9.2 | % | (230) bps |
Corporate/Other
|
Three Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
GAAP operating loss | $ | (29.0) | $ | (29.7) | $ | 0.7 | (2.4) | % |
Restructuring, exit and impairment charges | - | 0.1 | (0.1) | (100.0) | % | |||
Acquisition, integration, and IT related costs | 0.1 | 0.6 | (0.5) | (83.3) | % | |||
Adjusted operating loss | $ | (28.9) | $ | (29.0) | $ | 0.1 | (0.3) | % |
Propulsion Segment | Nine Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 1,934.2 | $ | 1,370.5 | $ | 563.7 | 41.1 | % |
Operating earnings | 359.1 | 203.1 | 156.0 | 76.8 | % | |||
Operating margin | 18.6 | % | 14.8 | % | 380 bps |
Parts & Accessories Segment
|
Nine Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 1,502.5 | $ | 1,148.0 | $ | 354.5 | 30.9 | % |
GAAP operating earnings | $ | 306.9 | $ | 226.2 | $ | 80.7 | 35.7 | % |
Restructuring, exit and impairment charges | 0.7 | 0.8 | (0.1) | (12.5) | % | |||
Purchase accounting amortization | 21.6 | 21.5 | 0.1 | 0.5 | % | |||
Acquisition, integration, and IT related costs | 7.7 | - | 7.7 | NM | ||||
Gain on sale of assets | (1.5) | - | (1.5) | NM | ||||
Adjusted operating earnings | $ | 335.4 | $ | 248.5 | $ | 86.9 | 35.0 | % |
GAAP operating margin | 20.4 | % | 19.7 | % | 70 bps | |||
Adjusted operating margin | 22.3 | % | 21.6 | % | 70 bps |
Boat Segment
|
Nine Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
Net sales | $ | 1,270.1 | $ | 869.5 | $ | 400.6 | 46.1 | % |
GAAP operating earnings | $ | 109.9 | $ | 35.4 | $ | 74.5 | NM | |
Restructuring, exit and impairment charges | - | 1.5 | (1.5) | (100.0) | % | |||
Sport Yacht & Yachts | 3.8 | - | 3.8 | NM | ||||
Acquisition, integration, and IT related costs | 5.1 | 1.7 | 3.4 | 200.0 | % | |||
Purchase accounting amortization | 1.1 | 1.1 | - | NM | ||||
Palm Coast reclassified from held-for-sale | 0.8 | - | 0.8 | NM | ||||
Adjusted operating earnings | $ | 120.7 | $ | 39.7 | $ | 81.0 | NM | |
GAAP operating margin | 8.7 | % | 4.1 | % | 460 bps | |||
Adjusted operating margin | 9.5 | % | 4.6 | % | 490 bps |
Corporate/Other
|
Nine Months Ended | 2021 vs. 2020 | ||||||
Oct 2, 2021 |
Sep 26, 2020 |
$ Change |
% Change |
|||||
GAAP operating loss | $ | (84.8) | $ | (61.9) | $ | (22.9) | 37.0 | % |
Restructuring, exit and impairment charges | - | 2.0 | (2.0) | (100.0) | % | |||
Acquisition, integration, and IT related costs | 0.1 | 1.9 | (1.8) | (94.7) | % | |||
Adjusted operating loss | $ | (84.7) | $ | (58.0) | $ | (26.7) | 46.0 | % |
October 2, 2021 |
December 31, 2020 |
September 26, 2020 |
||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents, at cost, which approximates fair value | $ | 1,486.4 | $ | 519.6 | $ | 650.4 |
Restricted cash | 10.9 | 10.7 | 9.1 | |||
Short-term investments in marketable securities | 0.8 | 56.7 | 0.8 | |||
Total cash and short-term investments in marketable securities | 1,498.1 | 587.0 | 660.3 | |||
Accounts and notes receivable, net | 451.1 | 337.6 | 398.8 | |||
Inventories | ||||||
Finished goods | 520.2 | 446.8 | 347.6 | |||
Work-in-process | 162.7 | 94.0 | 91.6 | |||
Raw materials | 257.6 | 171.0 | 150.2 | |||
Net inventories | 940.5 | 711.8 | 589.4 | |||
Prepaid expenses and other | 52.3 | 34.1 | 32.7 | |||
Current assets | 2,942.0 | 1,670.5 | 1,681.2 | |||
Net property | 961.5 | 863.6 | 819.1 | |||
Other assets | ||||||
Goodwill | 443.8 | 417.7 | 416.3 | |||
Other intangibles, net | 549.2 | 552.3 | 559.6 | |||
Deferred income tax asset | 132.7 | 136.6 | 93.7 | |||
Operating lease assets | 83.1 | 83.0 | 82.0 | |||
Equity investments | 41.3 | 32.5 | 25.5 | |||
Other long-term assets | 27.0 | 14.4 | 13.4 | |||
Other assets | 1,277.1 | 1,236.5 | 1,190.5 | |||
Total assets | $ | 5,180.6 | $ | 3,770.6 | $ | 3,690.8 |
Liabilities and shareholders' equity | ||||||
Current liabilities | ||||||
Short-term debt and current maturities of long-term debt | $ | 43.2 | $ | 43.1 | $ | 48.4 |
Accounts payable | 589.8 | 457.6 | 392.9 | |||
Accrued expenses | 623.3 | 578.5 | 508.3 | |||
Current liabilities | 1,256.3 | 1,079.2 | 949.6 | |||
Debt | 1,787.7 | 908.3 | 1,013.2 | |||
Other long-term liabilities | 286.9 | 273.1 | 269.8 | |||
Shareholders' equity | 1,849.7 | 1,510.0 | 1,458.2 | |||
Total liabilities and shareholders' equity | $ | 5,180.6 | $ | 3,770.6 | $ | 3,690.8 |
Supplemental Information | ||||||
Debt-to-capitalization rate | 49.7 | % | 38.7 | % | 42.1 | % |
Nine Months Ended | ||||
October 2, 2021 |
September 26, 2020 |
|||
Cash flows from operating activities | ||||
Net earnings | $ | 491.8 | $ | 277.6 |
Less: net loss from discontinued operations, net of tax | (1.6) | (1.1) | ||
Net earnings from continuing operations, net of tax | 493.4 | 278.7 | ||
Stock compensation expense | 22.7 | 19.6 | ||
Depreciation and amortization | 127.9 | 110.5 | ||
Deferred income taxes | (5.3) | 26.5 | ||
Changes in certain current assets and current liabilities | (223.4) | 166.0 | ||
Long-term extended warranty contracts and other deferred revenue | 12.0 | 10.9 | ||
Income taxes | 29.0 | 8.8 | ||
Other, net | 18.8 | 16.4 | ||
Net cash provided by operating activities of continuing operations | 475.1 | 637.4 | ||
Net cash (used for) provided by operating activities of discontinued operations | (10.5) | 3.5 | ||
Net cash provided by operating activities | 464.6 | 640.9 | ||
Cash flows from investing activities | ||||
Capital expenditures | (180.2) | (120.6) | ||
Sales or maturities of marketable securities | 55.9 | - | ||
Investments | (9.1) | 2.5 | ||
Acquisition of businesses, net of cash acquired | (50.3) | - | ||
Proceeds from the sale of property, plant and equipment | 5.6 | 2.0 | ||
Net cash used for investing activities of continuing operations | (178.1) | (116.1) | ||
Net cash used for investing activities of discontinued operations | - | (7.5) | ||
Net cash used for investing activities | (178.1) | (123.6) | ||
Cash flows from financing activities | ||||
Proceeds from issuances of short-term debt | - | 610.0 | ||
Payments of short-term debt | - | (610.0) | ||
Net proceeds from issuances of long-term debt | 994.4 | - | ||
Payments of long-term debt including current maturities | (113.6) | (48.4) | ||
Net premium paid on early extinguishment of debt | (4.2) | - | ||
Common stock repurchases | (98.7) | (79.1) | ||
Cash dividends paid | (73.0) | (57.2) | ||
Proceeds from share-based compensation activity | 0.5 | 1.1 | ||
Tax withholding associated with shares issued for share-based compensation | (13.2) | (7.3) | ||
Other, net | (7.8) | - | ||
Net cash provided by (used for) financing activities | 684.4 | (190.9) | ||
Effect of exchange rate changes | (3.9) | 1.2 | ||
Net increase in Cash and cash equivalents and Restricted cash | 967.0 | 327.6 | ||
Cash and cash equivalents and Restricted cash at beginning of period | 530.3 | 331.9 | ||
Cash and cash equivalents and Restricted cash at end of period | 1,497.3 | 659.5 | ||
Less: Restricted cash | 10.9 | 9.1 | ||
Cash and cash equivalents at end of period | $ | 1,486.4 | $ | 650.4 |
Reconciliation | ||||
Free cash flow | ||||
Net cash provided by operating activities | $ | 475.1 | $ | 637.4 |
Net cash (used for) provided by: | ||||
Plus: Capital expenditures | (180.2) | (120.6) | ||
Plus: Proceeds from the sale of property, plant and equipment | 5.6 | 2.0 | ||
Plus: Effect of exchange rate changes | (3.9) | 1.2 | ||
Free cash flow | $ | 296.6 | $ | 520.0 |