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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net income $ 230.9 $ 65.3
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 106.6 107.1
Share-based compensation 21.5 20.1
Deferred taxes 2.2 2.2
Net gains from disposal of property, plant and equipment (0.1) (1.0)
Loss on sale of business 0.6 141.0
Changes in operating assets and liabilities:    
Inventories (158.2) (212.0)
Accounts receivable (104.0) (224.4)
Accounts payable (108.2) 52.2
Retirement benefits (241.0) 2.4
Accrued liabilities and other (81.6) (52.3)
Cash used in operating activities (331.3) (99.4)
Investing Activities:    
Purchases of property, plant and equipment (147.3) (100.5)
Proceeds from disposal of property, plant and equipment 3.3 1.5
Transaction costs from sales of businesses, net of proceeds (0.3) (2.8)
Other 1.1 0.8
Cash used in investing activities (143.2) (101.0)
Financing Activities:    
Borrowings on long-term debt 425.0 0.0
Payments on long-term debt and finance leases (22.0) (16.6)
Net payments under credit facilities (7.3) (16.0)
Debt issuance costs (6.1) 0.0
Purchase of treasury stock (55.1) (104.9)
Sale of noncontrolling interests 0.0 0.9
Dividends paid to noncontrolling interests 0.0 (16.0)
Shares repurchased for income tax withholding on share-based compensation and other (11.1) (5.6)
Cash provided by (used in) financing activities 323.4 (158.2)
Decrease in cash and cash equivalents    
Decrease in cash and cash equivalents (151.1) (358.6)
Cash and cash equivalents at beginning of period 584.0 687.7
Cash and cash equivalents at end of period $ 432.9 $ 329.1