Vontier Corp
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
VNT$43.13-1.7%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)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net earnings | $376.9 | $401.3 | $413.0 |
| Non-cash items: | |||
| Depreciation expense | 43.8 | 40.9 | 45.9 |
| Amortization of acquisition-related intangible assets | 81.2 | 78.0 | 42.4 |
| Stock-based compensation expense | 31.5 | 24.3 | 25.5 |
| Amortization of debt issuance costs | 3.8 | 3.4 | 3.4 |
| Amortization of acquisition-related inventory fair value step-up | 1.3 | 1.1 | 6.8 |
| Loss on equity investments | 1.1 | 3.0 | — |
| Gain on sale of business | (34.4) | — | — |
| (Gain) loss on sale of property | (2.8) | 0.8 | — |
| Gain on previously held equity interests from combination of business | — | (32.7) | — |
| Unrealized loss on equity securities measured at fair value | — | 8.7 | — |
| Impairment charges | — | 3.6 | — |
| Write-off of deferred financing costs | — | — | 3.4 |
| Gain on settlement of investment | — | — | (3.3) |
| Change in accounts receivable, net | (148.1) | (217.2) | (140.4) |
| Change in inventories | 48.9 | (74.3) | (34.6) |
| Change in prepaid expenses and other assets | 37.8 | (16.0) | (0.7) |
| Change in long-term financing receivables, net | 141.2 | 140.3 | 136.2 |
| Change in trade accounts payable | (66.8) | 21.3 | 45.6 |
| Change in accrued expenses and other liabilities | (13.1) | (24.1) | (16.9) |
| Change in deferred income taxes | (47.3) | (41.2) | (45.2) |
| Net cash provided by operating activities | 455.0 | 321.2 | 481.1 |
| Cash flows from investing activities: | |||
| Proceeds from sale of business, net of cash provided | 107.5 | — | — |
| Cash paid for acquisitions, net of cash received | — | (277.5) | (955.8) |
| Payments for additions to property, plant and equipment | (60.1) | (60.0) | (47.8) |
| Proceeds from sale of property | 4.5 | 0.4 | — |
| Cash paid for equity investments | (3.0) | (11.8) | (11.3) |
| Proceeds from sale of equity securities | 20.4 | 19.0 | — |
| Cash received for settlement of investment | — | — | 7.2 |
| Net cash provided by (used in) investing activities | 69.3 | (329.9) | (1,007.7) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | — | 1,167.0 | 2,186.5 |
| Repayment of long-term debt | (300.0) | (1,167.0) | (1,400.0) |
| Net proceeds from (repayments of) short-term borrowings | 1.9 | 0.4 | (7.0) |
| Payments for debt issuance costs | — | (0.8) | (5.1) |
| Payments of common stock cash dividend | (15.5) | (15.9) | (12.7) |
| Purchases of treasury stock | (74.7) | (328.0) | — |
| Proceeds from stock option exercises | 10.4 | 2.5 | 7.5 |
| Acquisition of noncontrolling interest | — | — | (1.9) |
| Net transfers to Former Parent | — | — | (35.6) |
| Other financing activities | (9.9) | (6.1) | (6.2) |
| Net cash (used in) provided by financing activities | (387.8) | (347.9) | 725.5 |
| Effect of exchange rate changes on cash and cash equivalents | (0.1) | (11.5) | (6.8) |
| Net change in cash and cash equivalents | 136.4 | (368.1) | 192.1 |
| Beginning balance of cash and cash equivalents | 204.5 | 572.6 | 380.5 |
| Ending balance of cash and cash equivalents | $340.9 | $204.5 | $572.6 |
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