TENNANT CO
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
TNC$75.50+1.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In millions)
| Years ended December 31 | 2023 | 2022 | 2021 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $109.5 | $66.3 | $64.9 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation expense | 36.4 | 32.8 | 33.1 |
| Amortization expense | 14.7 | 15.9 | 20.0 |
| Deferred income tax benefit | (26.9) | (15.6) | (15.0) |
| Share-based compensation expense | 11.6 | 7.8 | 9.5 |
| Bad debt and returns expense | 3.4 | 2.3 | 1.5 |
| Gain on sale of assets | — | (3.7) | (9.8) |
| Debt extinguishment cost | — | — | 11.3 |
| Other, net | 1.3 | 1.0 | 2.3 |
| Changes in operating assets and liabilities: | |||
| Receivables | 4.1 | (46.3) | (20.3) |
| Inventories | 14.3 | (68.3) | (56.0) |
| Accounts payable | (15.3) | 7.7 | 19.1 |
| Employee compensation and benefits | 22.3 | (14.8) | 8.3 |
| Other assets and liabilities | 13.0 | (10.2) | 0.5 |
| Net cash provided by (used in) operating activities | 188.4 | (25.1) | 69.4 |
| INVESTING ACTIVITIES | |||
| Purchases of property, plant and equipment | (22.8) | (25.0) | (19.4) |
| Investment in leased assets | (1.2) | (4.3) | (3.7) |
| Cash received from leased assets | 0.8 | 0.6 | — |
| Proceeds from sale of assets, net of cash divested | — | 4.1 | 24.7 |
| Other, net | — | 0.1 | (0.1) |
| Net cash (used in) provided by investing activities | (23.2) | (24.5) | 1.7 |
| FINANCING ACTIVITIES | |||
| Proceeds from borrowings | 20.0 | 52.0 | 315.8 |
| Repayments of borrowings | (120.0) | (19.1) | (362.0) |
| Debt extinguishment payment | — | — | (8.4) |
| Contingent consideration payments | — | — | (2.5) |
| Change in finance lease obligations | 0.2 | — | 0.1 |
| Proceeds (repurchases) from exercise of stock options, net of employee tax withholdings obligations | 19.0 | (0.9) | 5.0 |
| Dividends paid | (20.1) | (18.9) | (17.5) |
| Repurchases of common stock | (21.7) | (5.0) | (15.0) |
| Net cash (used in) provided by financing activities | (122.6) | 8.1 | (84.5) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.9) | (4.7) | (4.0) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 39.7 | (46.2) | (17.4) |
| Cash, cash equivalents and restricted cash at beginning of year | 77.4 | 123.6 | 141.0 |
| Cash, cash equivalents and restricted cash at end of year | $117.1 | $77.4 | $123.6 |
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
|---|---|---|---|
| Years ended December 31 | 2023 | 2022 | 2021 |
| Cash paid for income taxes | $39.5 | $34.1 | $19.5 |
| Cash paid for interest | $17.1 | $7.6 | $11.7 |
| Supplemental non-cash investing and financing activities: | |||
| Capital expenditures in accounts payable | $3.5 | $4.1 | $3.7 |
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