Axalta Coating Systems Ltd
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 15, 2024
AXTA$37.38-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities: | |||
| Net income | $268.5 | $192.2 | $264.4 |
| Adjustment to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 275.6 | 303.1 | 316.5 |
| Amortization of deferred financing costs and original issue discount | 8.5 | 9.6 | 8.9 |
| Debt extinguishment and refinancing-related costs | 9.9 | 14.7 | 0.2 |
| Deferred income taxes | (8.4) | (3.4) | 15.0 |
| Realized and unrealized foreign exchange losses, net | 21.4 | 15.5 | 10.1 |
| Stock-based compensation | 26.2 | 22.2 | 14.9 |
| Impairment charges | 15.3 | 0.7 | 0.8 |
| Gains on sales of facilities | (0.3) | (1.5) | (19.7) |
| Interest income on swaps designated as net investment hedges | (9.6) | (19.9) | (18.0) |
| Commercial agreement restructuring charge | — | 25.0 | — |
| Other non-cash, net | 21.7 | 7.0 | 10.9 |
| Changes in operating assets and liabilities: | |||
| Trade accounts and notes receivable | (119.0) | (171.0) | (80.5) |
| Inventories | 103.1 | (195.4) | (111.6) |
| Prepaid expenses and other assets | (70.7) | (80.5) | (45.3) |
| Accounts payable | 9.4 | 138.0 | 140.1 |
| Other accrued liabilities | 29.3 | 44.7 | 66.2 |
| Other liabilities | (5.6) | (7.2) | (14.3) |
| Cash provided by operating activities | 575.3 | 293.8 | 558.6 |
| Investing activities: | |||
| Acquisitions, net of cash acquired | (106.3) | (3.0) | (649.0) |
| Purchase of property, plant and equipment | (137.9) | (150.9) | (121.6) |
| Proceeds from sales of assets | 0.3 | 3.7 | 37.8 |
| Interest proceeds on swaps designated as net investment hedges | 9.6 | 19.9 | 18.0 |
| Settlement proceeds on swaps designated as net investment hedges | 29.4 | 25.0 | — |
| Other investing activities, net | (0.8) | (1.1) | (1.2) |
| Cash used for investing activities | (205.7) | (106.4) | (716.0) |
| Financing activities: | |||
| Proceeds from short-term borrowings | 8.8 | — | — |
| Proceeds from long-term borrowings | 697.4 | 1,980.0 | — |
| Payments on short-term borrowings | (49.8) | (91.1) | (74.0) |
| Payments on long-term borrowings | (904.3) | (2,041.9) | (26.9) |
| Financing-related costs | (16.6) | (15.2) | (3.0) |
| Net cash flows associated with stock-based awards | 7.5 | (0.3) | 14.4 |
| Purchases of common stock | (50.0) | (200.1) | (243.8) |
| Deferred acquisition-related consideration | (7.7) | — | (0.5) |
| Other financing activities, net | (0.3) | (0.3) | (0.7) |
| Cash used for financing activities | (315.0) | (368.9) | (334.5) |
| Increase (decrease) in cash and cash equivalents | 54.6 | (181.5) | (491.9) |
| Effect of exchange rate changes on cash | (6.4) | (14.8) | (20.9) |
| Cash at beginning of period | 654.9 | 851.2 | 1,364.0 |
| Cash at end of period | $703.1 | $654.9 | $851.2 |
| Cash at end of period reconciliation: | |||
| Cash and cash equivalents | $699.8 | $645.2 | $840.6 |
| Restricted cash | 3.3 | 9.7 | 10.6 |
| Cash at end of period | $703.1 | $654.9 | $851.2 |
| Supplemental cash flow information: | |||
| Cash paid during the year for: | |||
| Interest, net of amounts capitalized | $212.5 | $126.8 | $118.1 |
| Income taxes, net of refunds | 96.7 | 63.0 | 57.9 |
| Non-cash investing activities: | |||
| Accrued capital expenditures | $12.8 | $32.4 | $35.1 |
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