Knowles Corp
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
KN$32.74-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 earnings (loss) | $72.4 | $(430.1) | $150.4 |
| Adjustments to reconcile net earnings (loss) to cash from operating activities: | |||
| Depreciation and amortization | 46.5 | 53.9 | 62.5 |
| Stock-based compensation | 29.0 | 28.6 | 32.1 |
| Impairment charges | — | 470.9 | 4.0 |
| Non-cash restructuring charges | (1.8) | 13.5 | — |
| Non-cash interest expense and amortization of debt issuance costs | 2.0 | 0.7 | 8.0 |
| Deferred income taxes | (40.3) | 1.6 | (61.2) |
| (Gain) loss on sale or disposal of fixed assets | (10.0) | 0.5 | — |
| Other, net | (0.9) | (5.9) | — |
| Changes in assets and liabilities (excluding effects of foreign exchange): | |||
| Receivables, net | 12.7 | 11.1 | (12.3) |
| Inventories, net | 11.5 | (22.8) | (20.7) |
| Prepaid and other current assets | (0.4) | 2.0 | (2.9) |
| Accounts payable | 6.2 | (41.2) | 17.2 |
| Accrued compensation and employee benefits | 4.0 | (15.0) | 11.9 |
| Other accrued expenses | (2.0) | (0.3) | 1.8 |
| Accrued taxes | (0.4) | 1.3 | (1.1) |
| Other non-current assets and non-current liabilities | (5.8) | 17.5 | (7.6) |
| Net cash provided by operating activities | 122.7 | 86.3 | 182.1 |
| Investing Activities | |||
| Acquisitions of businesses (net of cash acquired) | (136.9) | (0.7) | (78.5) |
| Acquisition of asset | (0.3) | — | — |
| Capital expenditures | (16.9) | (32.1) | (48.6) |
| Proceeds from the sale of property, plant, and equipment | 12.5 | 0.1 | 0.6 |
| Purchase of investments | (0.4) | (0.4) | (3.5) |
| Proceeds from the sale of investments | 0.4 | 0.4 | 0.4 |
| Net cash used in investing activities | (141.6) | (32.7) | (129.6) |
| Financing Activities | |||
| Borrowings under revolving credit facility | 150.0 | 23.0 | 70.0 |
| Payments under revolving credit facility | (35.0) | (48.0) | — |
| Principal payments on convertible senior notes | — | — | (172.5) |
| Repurchase of common stock | (47.5) | (44.0) | (44.5) |
| Tax on stock option exercises and restricted and performance stock unit vesting | (6.2) | (6.9) | (7.7) |
| Proceeds from exercise of stock-based awards | 1.6 | 7.5 | 25.6 |
| Payments of debt issuance costs | (2.2) | — | — |
| Payments of finance lease obligations | (2.5) | (4.8) | (2.3) |
| Net cash provided by (used in) financing activities | 58.2 | (73.2) | (131.4) |
| Effect of exchange rate changes on cash and cash equivalents | (0.2) | (1.1) | — |
| Net increase (decrease) in cash and cash equivalents | 39.1 | (20.7) | (78.9) |
| Cash and cash equivalents at beginning of period | 48.2 | 68.9 | 147.8 |
| Cash and cash equivalents at end of period | $87.3 | $48.2 | $68.9 |
| Supplemental information - cash paid during the year for: | |||
| Income taxes | $10.6 | $6.2 | $16.1 |
| Interest | $5.4 | $3.6 | $7.4 |
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