CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

First Two Quarters of

2024

Cash flow from operating activities:

Net income

$                           1,373.6

$                              173.4

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

125.8

116.7

Deferred income taxes

50.4

(61.8)

Stock-based compensation

73.8

73.9

Divestitures gain, net

(1,717.6)

(5.1)

Other, net

8.7

(9.4)

(Increase) decrease in assets:

Accounts receivable, net

114.8

20.2

Inventories

14.1

24.2

Other current and non-current assets

(5.9)

(19.3)

Increase (decrease) in liabilities:

Accounts payable

12.9

(1.7)

Accrued compensation and benefits

(18.5)

4.5

Deferred revenue

55.5

(13.3)

Income taxes payable

265.7

10.3

Other current and non-current liabilities

(31.9)

38.5

Net cash provided by operating activities

321.4

351.1

Cash flow from investing activities:

Proceeds from divestitures

1,927.0

9.2

Acquisitions of businesses, net of cash acquired

(21.8)

(2,080.5)

Purchases of property and equipment

(21.1)

(19.0)

Other, net

(13.0)

40.1

Net cash provided by (used in) investing activities

1,871.1

(2,050.2)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

(22.2)

(9.6)

Repurchases of common stock

(175.0)

—

Proceeds from debt and revolving credit lines

521.2

3,010.8

Payments on debt and revolving credit lines

(1,799.3)

(1,332.7)

Other, net

(4.6)

(6.5)

Net cash (used in) provided by financing activities

(1,479.9)

1,662.0

Effect of exchange rate changes on cash and cash equivalents

(7.4)

3.4

Net increase (decrease) in cash and cash equivalents

705.2

(33.7)

Cash and cash equivalents - beginning of period ⁽¹⁾

238.9

271.0

Cash and cash equivalents - end of period

$                              944.1

$                              237.3

Supplemental cash flow disclosure:

Cash tax paid, net, excluding tax for Trimble Ag divestiture

$                                 49.5

$                                 43.8

Cash tax paid for Trimble Ag divestiture

$                                 50.0

$                                    —

(1) Includes $9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023.