TENNANT CO
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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)
| December 31 | 2024 | 2023 | 2022 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $83.7 | $109.5 | $66.3 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation expense | 40.1 | 36.4 | 32.8 |
| Amortization expense | 15.0 | 14.7 | 15.9 |
| Deferred income tax benefit | (9.8) | (26.9) | (15.6) |
| Share-based compensation expense | 11.9 | 11.6 | 7.8 |
| Bad debt and returns expense | 3.4 | 3.4 | 2.3 |
| Gain on sale of assets | — | — | (3.7) |
| Other, net | 0.6 | 1.3 | 1.0 |
| Changes in operating assets and liabilities: | |||
| Receivables | (15.0) | 4.1 | (46.3) |
| Inventories | (33.0) | 14.3 | (68.3) |
| Accounts payable | 15.4 | (15.3) | 7.7 |
| Employee compensation and benefits | (5.2) | 22.3 | (14.8) |
| Other assets and liabilities | (17.4) | 13.0 | (10.2) |
| Net cash provided by (used in) operating activities | 89.7 | 188.4 | (25.1) |
| INVESTING ACTIVITIES | |||
| Purchases of property, plant and equipment | (20.9) | (22.8) | (25.0) |
| Purchase of investment | (32.1) | — | — |
| Payments made in connection with business acquisition, net of cash acquired | (25.7) | — | — |
| Investment in leased assets | (0.5) | (1.2) | (4.3) |
| Cash received from leased assets | 0.8 | 0.8 | 0.6 |
| Proceeds from sale of assets, net of cash divested | — | — | 4.1 |
| Other, net | — | — | 0.1 |
| Net cash used in investing activities | (78.4) | (23.2) | (24.5) |
| FINANCING ACTIVITIES | |||
| Proceeds from borrowings | 40.9 | 20.0 | 52.0 |
| Repayments of borrowings | (42.5) | (120.0) | (19.1) |
| Payment of debt financing costs | (2.2) | — | — |
| Change in finance lease obligations | — | 0.2 | — |
| Proceeds from exercise of stock options, net of employee tax withholdings obligations of $3.8, $1.7 and $2.0, respectively | 19.6 | 19.0 | (0.9) |
| Dividends paid | (21.4) | (20.1) | (18.9) |
| Repurchases of common stock | (19.6) | (21.7) | (5.0) |
| Net cash (used in) provided by financing activities | (25.2) | (122.6) | 8.1 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3.4) | (2.9) | (4.7) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (17.3) | 39.7 | (46.2) |
| Cash, cash equivalents and restricted cash at beginning of year | 117.1 | 77.4 | 123.6 |
| Cash, cash equivalents and restricted cash at end of year | $99.8 | $117.1 | $77.4 |
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
|---|---|---|---|
| Years ended December 31 | 2024 | 2023 | 2022 |
| Cash paid for income taxes | $30.2 | $39.5 | $34.1 |
| Cash paid for interest | $13.6 | $17.1 | $7.6 |
| Supplemental non-cash investing and financing activities: | |||
| Capital expenditures in accounts payable | $6.4 | $3.5 | $4.1 |
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