(in millions, except percentages)
Free Cash Flow
Our definition of free cash flow, which is a non-GAAP financial measure, takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends, and share repurchases. We use free cash flow, as defined, as one measure to monitor and evaluate our performance, including as a financial measure for our annual incentive compensation. Our definition of free cash flow may be different from definitions used by other companies.
The following table summarizes free cash flow by quarter:
|
Quarter Ended |
||||||||||||||||||||||||||||||
|
Dec. 31, 2020 (1) |
|
Mar. 31, 2021 |
|
Jun. 30, 2021 |
|
Sep. 30, 2021 (2) |
|
Dec. 31, 2021 |
|
Mar. 31, 2022 |
|
Jun. 30, 2022 |
|
Sep. 30, 2022 |
||||||||||||||||
Cash provided by (used for) operating activities |
$ |
346.5 |
|
|
$ |
248.9 |
|
|
$ |
461.5 |
|
|
$ |
204.1 |
|
|
$ |
(12.0 |
) |
|
$ |
90.8 |
|
|
$ |
344.9 |
|
|
$ |
399.4 |
|
Capital expenditures |
|
(27.1 |
) |
|
|
(25.0 |
) |
|
|
(24.5 |
) |
|
|
(43.7 |
) |
|
|
(37.1 |
) |
|
|
(44.9 |
) |
|
|
(18.3 |
) |
|
|
(40.8 |
) |
Free cash flow |
$ |
319.4 |
|
|
$ |
223.9 |
|
|
$ |
437.0 |
|
|
$ |
160.4 |
|
|
$ |
(49.1 |
) |
|
$ |
45.9 |
|
|
$ |
326.6 |
|
|
$ |
358.6 |
|
| (1) Includes $70 million pre-tax legal settlement gain. |
| (2) Includes a payment of $28 million pre-tax to settle hedges executed in connection with our issuance of $1.5 billion of long-term notes in the fourth quarter of fiscal 2021. |
