Zurn Elkay Water Solutions Corp
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
ZWS$45.48+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 31, 2023 | December 31, 2022 | December 31, 2021 | |
| Operating activities | |||
| Net income | $112.7 | $61.7 | $120.9 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation | 29.2 | 20.5 | 44.1 |
| Amortization of intangible assets | 58.7 | 34.0 | 33.4 |
| Non-cash asset impairment | 2.5 | — | — |
| Loss on divestiture of asbestos liabilities and certain assets | 9.3 | — | — |
| Divestiture of asbestos liabilities and certain assets | (13.0) | — | — |
| Loss (gain) on dispositions of long-lived assets | (2.7) | 0.3 | (10.1) |
| Deferred income taxes | (4.2) | 0.5 | (12.1) |
| Other non-cash expenses (income) | 1.9 | 4.8 | (3.6) |
| Actuarial (gain) loss on pension and other postretirement benefit obligations | (2.0) | (1.9) | 3.6 |
| Loss on the extinguishment of debt | 0.9 | — | 20.4 |
| Stock-based compensation expense | 40.0 | 25.0 | 51.4 |
| Changes in operating assets and liabilities: | |||
| Receivables, net | 10.1 | 15.5 | (66.6) |
| Inventories, net | 65.0 | (17.6) | (79.5) |
| Other assets | 2.5 | 36.5 | (7.7) |
| Accounts payable | (60.8) | (18.3) | 99.1 |
| Accruals and other | 3.8 | (64.0) | 30.3 |
| Cash provided by operating activities | 253.9 | 97.0 | 223.6 |
| Investing activities | |||
| Expenditures for property, plant and equipment | (21.3) | (7.6) | (23.3) |
| Acquisitions, net of cash acquired | — | (44.8) | (17.1) |
| Proceeds from dispositions of long-lived assets | 7.7 | 1.3 | 14.3 |
| Proceeds from insurance claims | 9.0 | 9.5 | — |
| Proceeds associated with divestiture of discontinued operations | — | 35.0 | 4.2 |
| Cash used for investing activities | (4.6) | (6.6) | (21.9) |
| Financing activities | |||
| Proceeds from borrowings of debt | 13.0 | 102.0 | 550.0 |
| Repayments of debt | (77.9) | (107.7) | (1,126.7) |
| Dividend received from Spin-Off Transaction of PMC | — | — | 486.8 |
| Cash transferred to PMC related to Spin-Off Transaction | — | — | (192.8) |
| Payment of debt issuance costs | — | — | (28.8) |
| Proceeds from exercise of stock options | 4.3 | 2.5 | 24.9 |
| Taxes withheld and paid on employees' share-based payment awards | (3.1) | (0.7) | (32.3) |
| Repurchase of common stock | (125.1) | (24.7) | (0.9) |
| Payment of common stock dividends | (50.4) | (32.5) | (36.4) |
| Cash used for financing activities | (239.2) | (61.1) | (356.2) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1.8 | (1.1) | (4.5) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 11.9 | 28.2 | (159.0) |
| Cash, cash equivalents and restricted cash at beginning of period (1) | 124.8 | 96.6 | 255.6 |
| Cash, cash equivalents and restricted cash at end of period (1) | $136.7 | $124.8 | $96.6 |
(1)The Company has combined cash flows from discontinued operations with cash flows from continuing operations within operating, investing and financing categories.
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