Crane NXT Co
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Condensed Statements of Cash Flows
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| (in millions) | 2024 | 2023 |
| Operating activities: | ||
| Net income attributable to common shareholders | $79.4 | $86.9 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation and amortization | 38.7 | 38.5 |
| Stock-based compensation expense | 4.9 | 4.7 |
| Unrealized loss on forward contracts | 0.2 | — |
| Defined benefit plans and postretirement credit | (0.3) | (0.4) |
| Deferred income taxes | 0.2 | 4.8 |
| Cash used for operating working capital | (58.4) | (36.7) |
| Other | 1.6 | (2.8) |
| Total provided by operating activities | 66.3 | 95.0 |
| Investing activities: | ||
| Payment for acquisition, net of cash acquired | (269.8) | — |
| Capital expenditures | (21.4) | (8.5) |
| Proceeds from settlement of forward contracts | 0.1 | — |
| Total used for investing activities | (291.1) | (8.5) |
| Financing activities: | ||
| Dividends paid | (18.3) | (7.9) |
| Proceeds from stock options exercised | 1.9 | 1.9 |
| Payment of tax withholding on equity awards vested | (6.4) | — |
| Debt issuance costs | — | (5.2) |
| Repayment of long-term debt | — | (300.0) |
| Proceeds from revolving credit facility | 280.0 | — |
| Repayment of revolving credit facility | (65.0) | — |
| Proceeds from term loan | — | 350.0 |
| Repayment of term loan | (2.0) | (50.0) |
| Net transfers to Crane | — | (32.5) |
| Total provided by (used for) financing activities | 190.2 | (43.7) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (9.5) | 3.4 |
| Decrease in cash, cash equivalents and restricted cash | (44.1) | 46.2 |
| Cash and cash equivalents at beginning of period | 227.2 | 230.7 |
| Cash, cash equivalents and restricted cash at end of period1 | $183.1 | $276.9 |
1 Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $1.4 million and $0.0 million as of June 30, 2024, and June 30, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.2 million and $0.0 million as of June 30, 2024, and June 30, 2023, respectively.
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| (in millions) | 2024 | 2023 |
| Detail of cash used for operating working capital: | ||
| Accounts receivable | $1.1 | $5.9 |
| Inventories | (3.1) | (18.4) |
| Other current assets | (4.5) | (3.9) |
| Accounts payable | (9.5) | (8.8) |
| Accrued liabilities | (25.4) | (12.3) |
| U.S. and foreign taxes on income | (17.0) | 0.8 |
| Total | $(58.4) | $(36.7) |
| Supplemental disclosure of cash flow information: | ||
| Interest paid | $19.2 | $19.8 |
| Income taxes paid | $41.7 | $28.9 |
| Unpaid capital expenditures | $3.5 | $1.6 |
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