XML 27 R10.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 492.7 $ 593.4 $ 585.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 151.8 133.7 116.9
Amortization 3.6 3.6 3.7
Stock-based compensation 18.7 23.3 23.7
Non-cash restructuring charges 0.0 0.0 15.3
Pension settlement charges 0.0 0.1 52.2
Loss on disposal of plant 0.0 11.6 0.0
Asset impairments 7.3 9.6 6.2
Deferred income taxes (3.5) 37.5 (30.8)
Pension and other retirement plans, net (2.0) (2.6) (14.0)
Equity in undistributed earnings of affiliates, net of dividends (13.4) (14.3) (18.1)
Other, net (4.7) 1.0 (2.0)
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable (58.8) 4.0 (35.6)
Decrease (increase) in inventories 42.0 (13.5) (49.8)
(Increase) decrease in other current assets (5.8) (21.3) 18.5
Increase (decrease) in accounts payable 2.9 4.4 (2.8)
Changes in other assets and liabilities 22.6 6.0 54.7
Net cash provided by operating activities 653.4 776.5 724.0
Cash flows from investing activities:      
Capital expenditures (377.0) (362.0) (284.6)
Other, net (1.7) (6.7) (3.6)
Net cash used in investing activities (378.7) (368.7) (288.2)
Cash flows from financing activities:      
Borrowings of long-term debt 164.7 0.0 0.0
Repayments of long-term debt (169.0) (2.3) (44.3)
Debt issuance cost 0.0 0.0 (1.2)
Principal repayments on finance leases (23.3) (0.1) 0.0
Dividend payments (59.1) (57.0) (54.1)
Excise tax payments (2.0) 0.0 0.0
Proceeds from stock-based compensation awards 25.5 43.9 20.9
Employee stock purchase plan contributions 7.2 7.1 7.3
Shares purchased under share repurchase programs (560.9) (438.3) (202.8)
Shares repurchased for employee tax withholdings (5.7) (12.9) (19.4)
Net cash used in financing activities (622.6) (459.6) (293.6)
Effect of exchange rates on cash (21.4) 11.4 (10.5)
Net (decrease) increase in cash and cash equivalents (369.3) (40.4) 131.7
Cash, including cash equivalents at beginning of period 853.9 894.3 762.6
Cash, including cash equivalents at end of period 484.6 853.9 894.3
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 0.5 6.0 6.6
Income taxes paid, net 71.4 90.8 109.7
Accrued capital expenditures 53.0 53.3 33.2
Dividends declared, not paid $ 15.2 $ 14.8 $ 14.1