(Figures in millions of euros unless otherwise indicated) | Q3 2023 | Q4 2023 | FY 2022 | FY 2023 | ||||||||||||||||||||||
Net sales | 6,673 | 7,237 | 21,173 | 27,559 | ||||||||||||||||||||||
...of which Installed Base Management sales1 |
1,365 | 1,555 | 5,743 | 5,620 | ||||||||||||||||||||||
New lithography systems sold (units) | 105 | 113 | 317 | 421 | ||||||||||||||||||||||
Used lithography systems sold (units) | 7 | 11 | 28 | 28 | ||||||||||||||||||||||
Net bookings |
2,602 | 2 |
9,186 | 2 |
30,674 | 3 |
20,040 | 3 |
||||||||||||||||||
Gross profit | 3,462 | 3,717 | 10,700 | 14,136 | ||||||||||||||||||||||
Gross margin (%) | 51.9 | 51.4 | 50.5 | 51.3 | ||||||||||||||||||||||
Net income | 1,893 | 2,048 | 5,624 | 7,839 | ||||||||||||||||||||||
EPS (basic; in euros) | 4.81 | 5.21 | 14.14 | 19.91 | ||||||||||||||||||||||
End-quarter cash and cash equivalents and short-term investments | 4,981 | 7,010 | 7,376 | 7,010 |
Media Relations contacts |
Investor Relations contacts |
||||
Monique Mols +31 6 5284 4418 | Skip Miller +1 480 235 0934 | ||||
Sarah de Crescenzo +1 925 899 8985 | Marcel Kemp +31 40 268 6494 | ||||
Karen Lo +886 939788635 | Peter Cheang +886 3 659 6771 |
Three months ended, | Twelve months ended, | ||||||||||||||||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
(unaudited, in millions €, except per share data) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||||||||||||
Net system sales | 4,747.9 | 5,682.5 | 15,430.3 | 21,938.6 | |||||||||||||||||||||||||
Net service and field option sales | 1,682.3 | 1,554.5 | 5,743.1 | 5,619.9 | |||||||||||||||||||||||||
Total net sales | 6,430.2 | 7,237.0 | 21,173.4 | 27,558.5 | |||||||||||||||||||||||||
Total cost of sales | (3,119.3) | (3,519.7) | (10,473.3) | (13,422.4) | |||||||||||||||||||||||||
Gross profit | 3,310.9 | 3,717.3 | 10,700.1 | 14,136.1 | |||||||||||||||||||||||||
Research and development costs | (906.3) | (1,041.3) | (3,253.5) | (3,980.6) | |||||||||||||||||||||||||
Selling, general and administrative costs | (280.4) | (284.1) | (945.9) | (1,113.2) | |||||||||||||||||||||||||
Income from operations | 2,124.2 | 2,391.9 | 6,500.7 | 9,042.3 | |||||||||||||||||||||||||
Interest and other, net | (3.1) | 5.2 | (44.6) | 41.2 | |||||||||||||||||||||||||
Income before income taxes | 2,121.1 | 2,397.1 | 6,456.1 | 9,083.5 | |||||||||||||||||||||||||
Income tax expense | (357.3) | (385.6) | (969.9) | (1,435.8) | |||||||||||||||||||||||||
Income after income taxes | 1,763.8 | 2,011.5 | 5,486.2 | 7,647.7 | |||||||||||||||||||||||||
Profit related to equity method investments | 52.7 | 36.6 | 138.0 | 191.3 | |||||||||||||||||||||||||
Net income | 1,816.5 | 2,048.1 | 5,624.2 | 7,839.0 | |||||||||||||||||||||||||
Basic net income per ordinary share | 4.60 | 5.21 | 14.14 | 19.91 | |||||||||||||||||||||||||
Diluted net income per ordinary share | 4.60 | 5.20 | 14.13 | 19.89 | |||||||||||||||||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||||||||||||||||||||||||||
Basic | 394.9 | 393.4 | 397.7 | 393.8 | |||||||||||||||||||||||||
Diluted | 395.2 | 393.8 | 398.1 | 394.1 |
Three months ended, | Twelve months ended, | ||||||||||||||||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
(unaudited, in millions €, except otherwise indicated) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||||||||||||
Gross profit as a percentage of net sales | 51.5 | % | 51.4 | % | 50.5 | % | 51.3 | % | |||||||||||||||||||||
Income from operations as a percentage of net sales | 33.0 | % | 33.1 | % | 30.7 | % | 32.8 | % | |||||||||||||||||||||
Net income as a percentage of net sales | 28.2 | % | 28.3 | % | 26.6 | % | 28.4 | % | |||||||||||||||||||||
Income taxes as a percentage of income before income taxes | 16.8 | % | 16.1 | % | 15.0 | % | 15.8 | % | |||||||||||||||||||||
Shareholders’ equity as a percentage of total assets | 24.3 | % | 33.7 | % | 24.3 | % | 33.7 | % | |||||||||||||||||||||
Sales of lithography systems (in units) 1 |
106 | 124 | 345 | 449 | |||||||||||||||||||||||||
Value of booked systems | 6,316 | 2 |
9,186 | 2 |
30,674 | 3 |
20,040 | 3 |
|||||||||||||||||||||
Number of payroll employees in FTEs | 36,112 | 40,310 | 36,112 | 40,310 | |||||||||||||||||||||||||
Number of temporary employees in FTEs | 2,974 | 2,107 | 2,974 | 2,107 |
Dec 31, | Dec 31, | |||||||||||||
(unaudited, in millions €) | 2022 | 2023 | ||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | 7,268.3 | 7,004.7 | ||||||||||||
Short-term investments | 107.7 | 5.4 | ||||||||||||
Accounts receivable, net | 5,323.8 | 4,334.1 | ||||||||||||
Finance receivables, net | 1,356.7 | 1,379.2 | ||||||||||||
Current tax assets | 33.4 | 1,001.2 | ||||||||||||
Contract assets | 131.9 | 240.1 | ||||||||||||
Inventories, net | 7,199.7 | 8,850.7 | ||||||||||||
Other assets | 1,643.4 | 1,578.5 | ||||||||||||
Total current assets | 23,064.9 | 24,393.9 | ||||||||||||
Finance receivables, net | — | 60.6 | ||||||||||||
Deferred tax assets | 1,672.8 | 1,872.3 | ||||||||||||
Loan receivable | 364.4 | 929.2 | ||||||||||||
Other assets | 739.8 | 651.8 | ||||||||||||
Equity method investments | 923.6 | 919.6 | ||||||||||||
Goodwill | 4,555.6 | 4,588.6 | ||||||||||||
Other intangible assets, net | 842.4 | 741.7 | ||||||||||||
Property, plant and equipment, net | 3,944.2 | 5,493.2 | ||||||||||||
Right-of-use assets | 192.7 | 306.6 | ||||||||||||
Total non-current assets | 13,235.5 | 15,563.6 | ||||||||||||
Total assets | 36,300.4 | 39,957.5 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | 17,983.6 | 16,274.8 | ||||||||||||
Total current liabilities | 17,983.6 | 16,274.8 | ||||||||||||
Long-term debt | 3,514.2 | 4,631.5 | ||||||||||||
Deferred and other tax liabilities | 267.0 | 372.2 | ||||||||||||
Contract liabilities | 5,269.9 | 4,825.5 | ||||||||||||
Accrued and other liabilities | 454.9 | 401.2 | ||||||||||||
Total non-current liabilities | 9,506.0 | 10,230.4 | ||||||||||||
Total liabilities | 27,489.6 | 26,505.2 | ||||||||||||
Total shareholders’ equity | 8,810.8 | 13,452.3 | ||||||||||||
Total liabilities and shareholders’ equity | 36,300.4 | 39,957.5 |
Three months ended, | Twelve months ended, | |||||||||||||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||||||||||||||||||||||
(unaudited, in millions €) | 2022 | 2023 | 2022 | 2023 | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||||||||
Net income | 1,816.5 | 2,048.1 | 5,624.2 | 7,839.0 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 183.2 | 212.1 | 583.6 | 739.8 | ||||||||||||||||||||||
Impairment and loss (gain) on disposal | 13.7 | 10.0 | 39.3 | 37.5 | ||||||||||||||||||||||
Share-based compensation expense | 21.0 | 41.6 | 68.9 | 134.8 | ||||||||||||||||||||||
Inventory reserves | 71.3 | 210.7 | 278.5 | 485.3 | ||||||||||||||||||||||
Deferred tax expense (benefit) | (89.0) | (48.9) | (564.2) | (133.6) | ||||||||||||||||||||||
Equity method investments | 120.8 | 175.7 | 15.3 | 4.2 | ||||||||||||||||||||||
Changes in assets and liabilities | 3,213.0 | 547.7 | 2,441.2 | (3,663.6) | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | 5,350.5 | 3,197.0 | 8,486.8 | 5,443.4 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||
Purchase of property, plant and equipment | (453.6) | (584.0) | (1,281.8) | (2,155.6) | ||||||||||||||||||||||
Purchase of intangible assets | (12.3) | (18.3) | (37.5) | (40.6) | ||||||||||||||||||||||
Purchase of short-term investments | (4.2) | (1.0) | (334.3) | (23.6) | ||||||||||||||||||||||
Maturity of short-term investments | 106.1 | 0.9 | 864.7 | 125.6 | ||||||||||||||||||||||
Loans issued and other investments | — | (8.5) | (240.0) | (561.5) | ||||||||||||||||||||||
Acquisition of subsidiaries (net of cash acquired) | — | (6.0) | — | (33.6) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (364.0) | (616.9) | (1,028.9) | (2,689.3) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||
Dividend paid | (541.1) | (570.8) | (2,559.8) | (2,348.3) | ||||||||||||||||||||||
Purchase of treasury shares | (335.0) | — | (4,639.7) | (1,000.0) | ||||||||||||||||||||||
Net proceeds from issuance of shares | 18.9 | 25.9 | 81.8 | 99.4 | ||||||||||||||||||||||
Net proceeds from issuance of notes, net of issuance costs | — | — | 495.6 | 997.8 | ||||||||||||||||||||||
Repayment of debt and finance lease obligations | (0.8) | (0.2) | (516.2) | (752.8) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (858.0) | (545.1) | (7,138.3) | (3,003.9) | ||||||||||||||||||||||
Net cash flows | 4,128.5 | 2,035.0 | 319.6 | (249.8) | ||||||||||||||||||||||
Effect of changes in exchange rates on cash | (13.0) | (5.8) | (3.1) | (13.8) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,115.5 | 2,029.2 | 316.5 | (263.6) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 3,152.8 | 4,975.5 | 6,951.8 | 7,268.3 | ||||||||||||||||||||||
Cash and cash equivalents at end of the period | 7,268.3 | 7,004.7 | 7,268.3 | 7,004.7 |
Three months ended, | ||||||||||||||||||||||||||||||||
Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €, except per share data) | 2022 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||||||||||
Net system sales | 4,747.9 | 5,341.8 | 5,606.1 | 5,308.2 | 5,682.5 | |||||||||||||||||||||||||||
Net service and field option sales | 1,682.3 | 1,404.4 | 1,296.2 | 1,364.8 | 1,554.5 | |||||||||||||||||||||||||||
Total net sales | 6,430.2 | 6,746.2 | 6,902.3 | 6,673.0 | 7,237.0 | |||||||||||||||||||||||||||
Total cost of sales | (3,119.3) | (3,333.0) | (3,358.3) | (3,211.4) | (3,519.7) | |||||||||||||||||||||||||||
Gross profit | 3,310.9 | 3,413.2 | 3,544.0 | 3,461.6 | 3,717.3 | |||||||||||||||||||||||||||
Research and development costs | (906.3) | (947.9) | (999.9) | (991.4) | (1,041.3) | |||||||||||||||||||||||||||
Selling, general and administrative costs | (280.4) | (260.3) | (281.1) | (287.8) | (284.1) | |||||||||||||||||||||||||||
Income from operations | 2,124.2 | 2,205.0 | 2,263.0 | 2,182.4 | 2,391.9 | |||||||||||||||||||||||||||
Interest and other, net | (3.1) | 12.2 | 16.7 | 7.1 | 5.2 | |||||||||||||||||||||||||||
Income before income taxes | 2,121.1 | 2,217.2 | 2,279.7 | 2,189.5 | 2,397.1 | |||||||||||||||||||||||||||
Benefit from (provision for) income taxes | (357.3) | (302.6) | (403.9) | (343.7) | (385.6) | |||||||||||||||||||||||||||
Income after income taxes | 1,763.8 | 1,914.6 | 1,875.8 | 1,845.8 | 2,011.5 | |||||||||||||||||||||||||||
Profit related to equity method investments | 52.7 | 41.2 | 65.9 | 47.6 | 36.6 | |||||||||||||||||||||||||||
Net income | 1,816.5 | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | |||||||||||||||||||||||||||
Basic net income per ordinary share | 4.60 | 4.96 | 4.93 | 4.81 | 5.21 | |||||||||||||||||||||||||||
Diluted net income per ordinary share | 4.60 | 4.95 | 4.93 | 4.81 | 5.20 | |||||||||||||||||||||||||||
Weighted average number of ordinary shares used in computing per share amounts (in millions): | ||||||||||||||||||||||||||||||||
Basic | 394.9 | 394.5 | 393.8 | 393.4 | 393.4 | |||||||||||||||||||||||||||
Diluted | 395.2 | 394.8 | 394.0 | 393.7 | 393.8 |
Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €, except otherwise indicated) | 2022 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||||||||||
Gross profit as a percentage of net sales | 51.5 | % | 50.6 | % | 51.3 | % | 51.9 | % | 51.4 | % | ||||||||||||||||||||||
Income from operations as a percentage of net sales | 33.0 | % | 32.7 | % | 32.8 | % | 32.7 | % | 33.1 | % | ||||||||||||||||||||||
Net income as a percentage of net sales | 28.2 | % | 29.0 | % | 28.1 | % | 28.4 | % | 28.3 | % | ||||||||||||||||||||||
Income taxes as a percentage of income before income taxes | 16.8 | % | 13.6 | % | 17.7 | % | 15.7 | % | 16.1 | % | ||||||||||||||||||||||
Shareholders’ equity as a percentage of total assets | 24.3 | % | 27.8 | % | 28.7 | % | 32.0 | % | 33.7 | % | ||||||||||||||||||||||
Sales of lithography systems (in units) 1 |
106 | 100 | 113 | 112 | 124 | |||||||||||||||||||||||||||
Value of booked systems 2 |
6,316 | 3,752 | 4,500 | 2,602 | 9,186 | |||||||||||||||||||||||||||
Number of payroll employees in FTEs |
36,112 | 37,704 | 38,866 | 39,850 | 40,310 | |||||||||||||||||||||||||||
Number of temporary employees in FTEs | 2,974 | 2,816 | 2,676 | 2,416 | 2,107 |
Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | ||||||||||||||||||||||||||||
(unaudited, in millions €) | 2022 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 | |||||||||||||||||||||||||||
Short-term investments | 107.7 | 4.8 | 5.1 | 5.4 | 5.4 | |||||||||||||||||||||||||||
Accounts receivable, net | 5,323.8 | 3,454.7 | 3,963.6 | 3,910.5 | 4,334.1 | |||||||||||||||||||||||||||
Finance receivables, net | 1,356.7 | 1,349.2 | 1,650.8 | 1,348.2 | 1,379.2 | |||||||||||||||||||||||||||
Current tax assets | 33.4 | 253.6 | 595.8 | 854.3 | 1,001.2 | |||||||||||||||||||||||||||
Contract assets | 131.9 | 236.4 | 191.9 | 266.5 | 240.1 | |||||||||||||||||||||||||||
Inventories, net | 7,199.7 | 7,392.0 | 7,734.4 | 8,378.5 | 8,850.7 | |||||||||||||||||||||||||||
Other assets | 1,643.4 | 1,722.4 | 1,915.3 | 1,916.8 | 1,578.5 | |||||||||||||||||||||||||||
Total current assets | 23,064.9 | 21,060.8 | 22,398.2 | 21,655.7 | 24,393.9 | |||||||||||||||||||||||||||
Finance receivables, net | — | 58.3 | 71.7 | 423.4 | 60.6 | |||||||||||||||||||||||||||
Deferred tax assets | 1,672.8 | 1,667.4 | 1,679.1 | 1,827.4 | 1,872.3 | |||||||||||||||||||||||||||
Loan receivable | 364.4 | 364.4 | 364.4 | 920.7 | 929.2 | |||||||||||||||||||||||||||
Other assets | 739.8 | 1,012.8 | 996.3 | 859.2 | 651.8 | |||||||||||||||||||||||||||
Equity method investments | 923.6 | 969.6 | 1,040.4 | 1,094.3 | 919.6 | |||||||||||||||||||||||||||
Goodwill | 4,555.6 | 4,555.6 | 4,555.6 | 4,582.6 | 4,588.6 | |||||||||||||||||||||||||||
Other intangible assets, net | 842.4 | 813.7 | 789.2 | 756.6 | 741.7 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 3,944.2 | 4,354.8 | 4,727.9 | 5,093.2 | 5,493.2 | |||||||||||||||||||||||||||
Right-of-use assets | 192.7 | 290.2 | 305.7 | 300.4 | 306.6 | |||||||||||||||||||||||||||
Total non-current assets | 13,235.5 | 14,086.8 | 14,530.3 | 15,857.8 | 15,563.6 | |||||||||||||||||||||||||||
Total assets | 36,300.4 | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | 17,983.6 | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.8 | |||||||||||||||||||||||||||
Total current liabilities | 17,983.6 | 16,948.1 | 16,754.3 | 16,309.5 | 16,274.8 | |||||||||||||||||||||||||||
Long-term debt | 3,514.2 | 3,536.0 | 4,517.8 | 4,522.3 | 4,631.5 | |||||||||||||||||||||||||||
Deferred and other tax liabilities | 267.0 | 293.0 | 372.8 | 380.4 | 372.2 | |||||||||||||||||||||||||||
Contract liabilities | 5,269.9 | 4,147.4 | 4,205.3 | 3,826.0 | 4,825.5 | |||||||||||||||||||||||||||
Accrued and other liabilities | 454.9 | 436.8 | 473.4 | 480.4 | 401.2 | |||||||||||||||||||||||||||
Total non-current liabilities | 9,506.0 | 8,413.2 | 9,569.3 | 9,209.1 | 10,230.4 | |||||||||||||||||||||||||||
Total liabilities | 27,489.6 | 25,361.3 | 26,323.6 | 25,518.6 | 26,505.2 | |||||||||||||||||||||||||||
Total shareholders’ equity | 8,810.8 | 9,786.3 | 10,604.9 | 11,994.9 | 13,452.3 | |||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 36,300.4 | 35,147.6 | 36,928.5 | 37,513.5 | 39,957.5 |
Three months ended, | |||||||||||||||||||||||||||||||||||
Dec 31, | Apr 2, | July 2, | Oct 1, | Dec 31, | |||||||||||||||||||||||||||||||
(unaudited, in millions €) | 2022 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Net income | 1,816.5 | 1,955.8 | 1,941.7 | 1,893.4 | 2,048.1 | ||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 183.2 | 170.3 | 181.2 | 176.2 | 212.1 | ||||||||||||||||||||||||||||||
Impairment and loss (gain) on disposal | 13.7 | 3.2 | 3.9 | 20.4 | 10.0 | ||||||||||||||||||||||||||||||
Share-based compensation expense | 21.0 | 18.3 | 33.4 | 41.5 | 41.6 | ||||||||||||||||||||||||||||||
Inventory reserves | 71.3 | 81.7 | 90.6 | 102.3 | 210.7 | ||||||||||||||||||||||||||||||
Deferred tax expense (benefit) | (89.0) | 12.7 | 41.5 | (138.9) | (48.9) | ||||||||||||||||||||||||||||||
Equity method investments | 120.8 | (46.8) | (70.9) | (53.8) | 175.7 | ||||||||||||||||||||||||||||||
Changes in assets and liabilities | 3,213.0 | (1,461.6) | (1,836.7) | (913.0) | 547.7 | ||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 5,350.5 | 733.6 | 384.7 | 1,128.1 | 3,197.0 | ||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Purchase of property, plant and equipment | (453.6) | (532.0) | (537.8) | (501.8) | (584.0) | ||||||||||||||||||||||||||||||
Purchase of intangible assets | (12.3) | (7.4) | (6.6) | (8.3) | (18.3) | ||||||||||||||||||||||||||||||
Purchase of short-term investments | (4.2) | (18.2) | (0.5) | (3.9) | (1.0) | ||||||||||||||||||||||||||||||
Maturity of short-term investments | 106.1 | 121.1 | — | 3.6 | 0.9 | ||||||||||||||||||||||||||||||
Loans issued and other investments | — | — | — | (553.0) | (8.5) | ||||||||||||||||||||||||||||||
Acquisition of subsidiaries (net of cash acquired) | — | — | — | (27.6) | (6.0) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (364.0) | (436.5) | (544.9) | (1,091.0) | (616.9) | ||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||
Dividend paid | (541.1) | (541.1) | (666.1) | (570.4) | (570.8) | ||||||||||||||||||||||||||||||
Purchase of treasury shares | (335.0) | (396.2) | (492.6) | (111.1) | — | ||||||||||||||||||||||||||||||
Net proceeds from issuance of shares | 18.9 | 22.7 | 25.1 | 25.7 | 25.9 | ||||||||||||||||||||||||||||||
Net proceeds from issuance of notes, net of issuance costs | — | — | 997.8 | — | — | ||||||||||||||||||||||||||||||
Repayment of debt and finance lease obligations | (0.8) | (1.5) | (0.7) | (750.4) | (0.2) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (858.0) | (916.1) | (136.5) | (1,406.2) | (545.1) | ||||||||||||||||||||||||||||||
Net cash flows | 4,128.5 | (619.0) | (296.7) | (1,369.1) | 2,035.0 | ||||||||||||||||||||||||||||||
Effect of changes in exchange rates on cash | (13.0) | (1.6) | (9.7) | 3.3 | (5.8) | ||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,115.5 | (620.6) | (306.4) | (1,365.8) | 2,029.2 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 3,152.8 | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of the period | 7,268.3 | 6,647.7 | 6,341.3 | 4,975.5 | 7,004.7 |