West Reports Second-Quarter 2026 Results

Raising Full-Year Net Sales and EPS guidance

EXTON, Pa.,July 23, 2026/PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE:WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the second quarter of 2026.

• Net sales of $872.3 million increased 13.8%; organic growth was 12.7%.

• Diluted earnings per share ("EPS") of $2.15 increased 18.1%.

• Adjusted-diluted EPS of $2.37 increased 28.8%.

• Operating cash flow was $213.9 million. Capital expenditures were $85.9 million. Free cash flow (defined as operating cash flow less capital expenditures) was $128.0 million.

• During the first six months of 2026, the Company repurchased 1.8 million shares for $454.3 million at an average price of $258.03 per share under its share repurchase program that was announced in mid-February 2026.

• The Company also announced on July 21, 2026 that its Board of Directors declared a third-quarter 2026 dividend of $0.22 per share.

• Full-year 2026 net sales are expected to be in the range of $3.345 billion to $3.380 billion, up 8.8% to 10.0% reported and up 10.0% to 11.0% organic.

• Full-year 2026 adjusted-diluted EPS guidance increased to a range of $8.85 to $9.05.

• Third-quarter 2026 net sales are expected to be in the range of $820 million to $835 million, up 1.9% to 3.8% reported and up 7.0% to 8.9% organic.

• Third-quarter 2026 adjusted-diluted EPS guidance is expected to be in the range of $2.14 to $2.24.

Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report strong second-quarter results, with net sales and adjusted EPS exceeding our expectations. Net sales increased 12.7% organically, driven by our High Value Product Components business which benefited from continued strength in Biologics, a favorable mix shift from HVP upgrades including Annex 1, and ongoing growth inGLP-1elastomers.  The robust sales growth drove strong operating income margin expansion as compared to prior year. As a result of our team's strong execution in the second quarter and improved outlook, we are increasing our full-year 2026 guidance."

• High-Value Product ("HVP") Components net sales of $424.1 million increased 19.4% and rose 18.4% on an organic basis. HVP Components accounted for 49% of total company net sales in the quarter.

• HVP Delivery Devices net sales of $131.2 million increased by 29.6%, and were up 29.2% on an organic basis. HVP Delivery Devices accounted for 15% of total company net sales in the quarter.

• Standard Products net sales of $167.3 million increased by 2.4% and rose 0.7% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter.

West Vantage SegmentNet sales of $149.7 million increased by 2.0% and rose 0.8% on an organic basis. West Vantage accounted for 17% of total company net sales in the quarter.

• The Company is increasing its full-year 2026 net sales guidance range to $3.345 billion to $3.380 billion, up from $3.295 billion to $3.350 billion.Reported net sales growth is anticipated to be in the range of 8.8% to 10.0%, and organic net sales growth is expected to be in the range of 10.0% to 11.0%.Net sales guidance includes an estimated full-year 2026 benefit of approximately 1 percentage point based on current foreign currency exchange rates.SmartDose® 3.5mL generated $55 million in net sales in the second half of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance.

• The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $8.85 to $9.05, up from the previous range of $8.40 to $8.75.

• Capital spending guidance is unchanged from a range of $250 million to $275 million.

• Reported net sales growth is anticipated to be in the range of 8.8% to 10.0%, and organic net sales growth is expected to be in the range of 10.0% to 11.0%.

• Net sales guidance includes an estimated full-year 2026 benefit of approximately 1 percentage point based on current foreign currency exchange rates.

• SmartDose® 3.5mL generated $55 million in net sales in the second half of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance.

• The Company is introducing its third-quarter 2026 net sales guidance range of $820 million to $835 million.Reported net sales growth is anticipated to be in the range of 1.9% to 3.8%, and organic net sales growth is expected to be in the range of 7.0% to 8.9%.Net sales guidance includes an estimated headwind of approximately 1 percentage point based on current foreign currency exchange rates.SmartDose® 3.5mL generated $30 million in net sales in the third quarter of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance.

• Reported net sales growth is anticipated to be in the range of 1.9% to 3.8%, and organic net sales growth is expected to be in the range of 7.0% to 8.9%.

• Net sales guidance includes an estimated headwind of approximately 1 percentage point based on current foreign currency exchange rates.

• SmartDose® 3.5mL generated $30 million in net sales in the third quarter of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance.

• The Company is introducing its third-quarter 2026 adjusted-diluted EPS guidance range of $2.14 to $2.24.

Second-Quarter 2026 Conference CallManagement will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website byclicking here.

To participate in the Q&A portion of the conference call, please register in advance byclicking here.

Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.

An accompanying slide presentation will be posted in the "Investors" section of the Company's website.

A replay of the webcast will be available on the Company's website for approximately 90 days after the event.

About WestWest Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE:WST) and is included in the Standard & Poor's 500 index. For more information, visitwww.westpharma.com.

All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.

Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.

Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-U.S. GAAP Financial MeasuresThe Company reports its financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.

(UNAUDITED)

(in millions, except per share data)

Three Months EndedJune 30,

Six Months EndedJune 30,

2026

2025

2026

2025

Net sales

$       872.3

100 %

$       766.5

100 %

$         1,717.2

100 %

$         1,464.5

100 %

Cost of goods and services sold

543.1

62

492.6

64

1,091.6

64

958.7

65

Gross profit

329.2

38

273.9

36

625.6

36

505.8

35

Research and development

19.7

2

19.1

2

35.5

2

35.4

2

Selling, general and administrative expenses

117.6

14

95.9

13

217.1

12

183.9

13

Other expense (income), net

12.8

1

5.2

1

16.8

1

25.8

2

Operating profit

179.1

21

153.7

20

356.2

21

260.7

18

Interest (income) expense, net

(1.2)

—

(3.5)

—

(4.4)

—

(7.2)

—

Other nonoperating expense (income)

0.2

—

0.2

—

0.4

—

0.4

—

Income before income taxes and equityin net income of affiliated companies

180.1

21

157.0

20

360.2

21

267.5

18

Income tax expense

32.2

4

30.2

4

76.9

4

54.3

4

Equity in net income of affiliated companies

(6.1)

(1)

(5.0)

(1)

(9.5)

—

(8.4)

(1)

Net income

$       154.0

18 %

$       131.8

17 %

$  292.8

17 %

$ 221.6

15 %

Net income per share:

Basic

$ 2.17

$ 1.82

$   4.10

$  3.06

Diluted

$ 2.15

$ 1.82

$   4.07

$  3.05

Average common shares outstanding

70.8

72.2

71.4

72.3

Average shares assuming dilution

71.3

72.5

71.9

72.8

(UNAUDITED)

(in millions)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Proprietary Products

$      722.6

$      619.8

$    1,416.9

$    1,182.8

West Vantage

149.7

146.7

300.3

281.7

$      872.3

$      766.5

$    1,717.2

$    1,464.5

Proprietary Products

$      308.0

$      248.3

$      581.1

$      458.5

West Vantage

21.2

25.6

44.5

47.3

$      329.2

$      273.9

$      625.6

$      505.8

Gross Profit Margin

37.7 %

35.7 %

36.4 %

34.5 %

Proprietary Products

$      211.9

$      161.7

$      401.1

$      292.3

West Vantage

12.9

17.8

28.5

31.3

Stock-based compensation expense

(10.9)

(7.4)

(17.5)

(8.7)

General corporate costs

(34.8)

(18.4)

(55.9)

(54.2)

$      179.1

$      153.7

$      356.2

$      260.7

Reported Operating Profit Margin

20.5 %

20.1 %

20.7 %

17.8 %

Unallocated items

18.3

1.6

22.2

19.6

$      197.4

$      155.3

$      378.4

$      280.3

Adjusted Operating Profit Margin

22.6 %

20.3 %

22.0 %

19.1 %

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$179.1

$32.2

$154.0

$2.15

Unallocated Items:

Restructuring and other charges(1)

1.5

0.3

1.2

0.02

M&A activities, including SmartDose® 3.5mL sale(2)

6.4

1.5

4.9

0.07

Cost-method investment activity(3)

3.5

—

3.5

0.05

Amortization of acquisition-related intangible assets(4)

—

—

0.4

—

Other(5)

6.9

1.4

5.4

0.08

Adjusted (Non-U.S. GAAP)

$197.4

$35.4

$169.4

$2.37

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$356.2

$76.9

$292.8

$4.07

Unallocated Items:

Restructuring and other charges(1)

2.9

(11.3)

14.2

0.20

M&A activities, including SmartDose® 3.5mL sale(2)

8.3

1.9

6.4

0.09

Cost-method investment activity(3)

3.5

—

3.5

0.05

Amortization of acquisition-related intangible assets(4)

—

—

0.9

0.01

Other(5)

7.5

1.6

5.9

0.08

Adjusted (Non-U.S. GAAP)

$378.4

$69.1

$323.7

$4.50

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$153.7

$30.2

$131.8

$1.82

Unallocated items:

Restructuring and other charges(1)

1.6

0.4

1.2

0.02

Amortization of acquisition-related intangible assets(4)

—

—

0.5

—

Adjusted (Non-U.S. GAAP)

$155.3

$30.6

$133.5

$1.84

Operating

profit

Income

tax

expense

Net

income

Diluted

EPS

Reported (U.S. GAAP)

$260.7

$54.3

$221.6

$3.05

Unallocated items:

Restructuring and other charges(1)

19.4

2.4

17.0

0.23

Amortization of acquisition-related intangible assets(4)

0.2

—

1.1

0.01

Adjusted (Non-U.S. GAAP)

$280.3

$56.7

$239.7

$3.29

(1)

During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $1.5 million and $2.9 million, respectively, related to our two existing restructuring programs: (i) $1.0 million and $1.9 million, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.0 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and six months ended June 30, 2025, the Company recorded pre-tax charges of $1.6 million and $19.4 million, respectively, related to our two existing restructuring programs: (i) $0.2 million and $16.6 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.

(2)

During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $6.4 million and $8.3 million, respectively, related to M&A activities, including the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $1.3 million and $2.2 million, respectively, of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $5.1 million and $6.1 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with the sale agreement and other M&A activities.

(3)

During the three and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).

(4)

During the three and six months ended June 30, 2026, the Company recorded $0.4 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and six months ended June 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2025, the Company recorded $0.5 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.

(5)

Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

West Vantage

149.7

146.7

2.0 %

1.2 %

0.8 %

Total

$872.3

$766.5

13.8 %

1.1 %

12.7 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

West Vantage

300.3

281.7

6.6 %

3.2 %

3.4 %

Total

$1,717.2

$1,464.5

17.3 %

3.4 %

13.9 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

HVP Components

$424.1

$355.2

19.4 %

1.0 %

18.4 %

HVP Delivery Devices

131.2

101.2

29.6 %

0.4 %

29.2 %

Standard Products

167.3

163.4

2.4 %

1.7 %

0.7 %

Total Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

HVP Components

$833.4

$671.1

24.2 %

3.8 %

20.4 %

HVP Delivery Devices

254.8

197.0

29.3 %

1.0 %

28.3 %

Standard Products

328.7

314.7

4.4 %

3.8 %

0.6 %

Total Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Biologics

$374.8

$287.7

30.3 %

1.1 %

29.2 %

Pharma

205.0

198.5

3.3 %

1.7 %

1.6 %

Generics

142.8

133.6

6.9 %

0.2 %

6.7 %

Total Proprietary Products

$722.6

$619.8

16.6 %

1.1 %

15.5 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Biologics

$729.3

$557.0

30.9 %

3.3 %

27.6 %

Pharma

415.6

379.1

9.6 %

4.1 %

5.5 %

Generics

272.0

246.7

10.3 %

2.2 %

8.1 %

Total Proprietary Products

$1,416.9

$1,182.8

19.8 %

3.3 %

16.5 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Americas

$388.7

$349.7

11.2 %

0.6 %

10.6 %

Europe, Middle East, Africa

399.8

349.7

14.3 %

2.2 %

12.1 %

Asia Pacific

83.8

67.1

24.9 %

(2.1) %

27.0 %

Total

$872.3

$766.5

13.8 %

1.1 %

12.7 %

Reported Net Sales(U.S. GAAP)

PercentChange

Impact ofCurrency

Organic Net SalesGrowth Rate (Decline)(Non-U.S. GAAP)(6)

2026

2025

Americas

$766.0

$688.6

11.2 %

0.5 %

10.7 %

Europe, Middle East, Africa

799.2

656.6

21.7 %

6.9 %

14.8 %

Asia Pacific

152.0

119.3

27.4 %

(0.6) %

28.0 %

Total

$1,717.2

$1,464.5

17.3 %

3.4 %

13.9 %

(6)

Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.

Please refer to "Non-U.S. GAAP Financial Measures" for more information

(in millions, except per share data)

2025 Actual

2026 Guidance

% Change

Reported-diluted EPS (U.S. GAAP)

$6.79

$9.01 to $9.26

32.7% to 36.4%

Restructuring and other charges

0.31

0.23

M&A activities, including SmartDose® 3.5mL sale

0.09

(0.54) to (0.59)

Cost-method investment activity

0.06

0.05

Amortization of acquisition-related intangible assets

0.03

0.02

Other

0.01

0.08

Adjusted-diluted EPS (Non-U.S. GAAP)

$7.29

$8.85 to $9.05

21.4% to 24.1%

(in millions, except per share data)

June 30,2026

December 31,2025

ASSETS

Current assets:

Cash and cash equivalents

$         435.8

$         791.3

Accounts receivable, net

712.0

574.4

Inventories

447.4

443.9

Other current assets

212.3

168.6

Total current assets

1,807.5

1,978.2

Property, plant and equipment

3,248.6

3,223.4

Less: accumulated depreciation and amortization

1,562.3

1,497.0

Property, plant and equipment, net

1,686.3

1,726.4

Operating lease right-of-use assets

104.7

117.0

Investments in affiliated companies

207.7

212.3

Goodwill

108.7

109.9

Intangible assets, net

6.4

7.7

Deferred income taxes

72.3

38.4

Other noncurrent assets

82.8

80.1

Total Assets

$       4,076.4

$       4,270.0

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$         252.7

$         253.7

Accrued salaries, wages and benefits

97.1

135.9

Income taxes payable

64.7

28.1

Operating lease liabilities

20.9

22.7

Accrued commissions, rebates and royalties

34.0

39.2

Other current liabilities

171.1

175.3

Total current liabilities

640.5

654.9

Long-term debt

202.9

202.8

Deferred income taxes

22.4

23.0

Pension and other postretirement benefits

28.3

29.0

Operating lease liabilities

88.3

95.6

Deferred compensation benefits

13.9

13.5

Other long-term liabilities

89.9

75.2

Total Liabilities

1,086.2

1,094.0

Equity:

Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding

—

—

Common stock, par value $0.25 per share; 200.0 million shares authorized; sharesissued: June 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; sharesoutstanding: June 30, 2026 - 70.4 million, December 31, 2025 - 72.0 million

18.8

18.8

Capital in excess of par value

—

—

Retained earnings

4,624.1

4,374.9

Accumulated other comprehensive loss

(140.4)

(105.5)

Treasury stock, at cost (June 30, 2026 - 4.9 million shares, December 31, 2025 -3.3 million shares)

(1,512.3)

(1,112.2)

Total Equity

2,990.2

3,176.0

Total Liabilities and Equity

$       4,076.4

$       4,270.0

(in millions)

Six Months EndedJune 30,

2026

2025

Cash flows from operating activities:

Net income

$        292.8

$        221.6

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

Depreciation

90.3

79.9

Amortization

1.1

1.5

Stock-based compensation

17.5

8.7

Non-cash restructuring charges

1.9

1.6

Asset impairments

4.2

4.1

Other non-cash items, net

(5.0)

(6.9)

Changes in assets and liabilities

(188.9)

(4.0)

Net cash provided by operating activities

213.9

306.5

Cash flows from investing activities:

Capital expenditures

(85.9)

(146.5)

Net cash used in investing activities

(85.9)

(146.5)

Cash flows from financing activities:

Borrowings under revolving credit agreements

50.0

—

Repayments under revolving credit agreements

(50.0)

—

Principal repayments on finance leases

(0.7)

(0.5)

Excise tax payments

(0.8)

(4.2)

Dividend payments

(31.5)

(30.3)

Proceeds from stock-based compensation awards

12.4

6.0

Employee stock purchase plan contributions

3.9

3.6

Shares purchased under share repurchase programs

(454.3)

(134.0)

Shares repurchased for employee tax withholdings

(2.5)

(2.5)

Net cash used in financing activities

(473.5)

(161.9)

Effect of exchange rates on cash

(10.0)

27.0

Net decrease in cash and cash equivalents

(355.5)

25.1

Cash, including cash equivalents at beginning of period

791.3

484.6

Cash, including cash equivalents at end of period

$        435.8

$        509.7

Supplemental cash flow information:

Accrued capital expenditures

$          25.7

$          35.4