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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 254.2 $ 112.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from equity method investments (7.4) (7.2)
Dividends from affiliates 3.7 2.5
Restructuring charges, net of cash paid 1.4 5.9
Provision for credit losses 3.5 3.1
Unrealized losses on derivative contracts 0.3 1.1
Stock-based compensation expense 17.5 10.4
Depreciation and amortization 35.6 37.9
Deferred income taxes (3.6) 6.6
Pension expense 5.4 4.9
Pension contributions (0.8) (1.2)
Other items, net (0.3) 0.7
Changes in assets and liabilities:    
Accounts and notes receivable (248.2) (151.5)
Inventories 7.0 43.1
Other current assets (9.7) (1.1)
Accounts payable 67.4 (66.2)
Accrued expenses 33.7 (11.9)
Income taxes payable / (receivable), net 1.6 10.2
Leases, net (0.6) 1.5
Other, net 13.8 4.8
Net cash provided by operating activities 174.5 6.5
Cash flows from investing activities:    
Proceeds from the disposal of property, plant and equipment 0.6 0.3
Purchases of property, plant and equipment (45.5) (43.5)
Proceeds from (purchases of) short-term investments 2.3 (1.1)
Net cash used in investing activities (42.6) (44.3)
Cash flows from financing activities:    
Short-term debt payments 0.0 (1.9)
Short-term debt borrowings 0.0 1.9
Asset securitization borrowings 299.0 91.0
Asset securitization payments (44.0) (70.0)
Long-term debt payments (3.1) (2.6)
Borrowings from credit facility 753.0 1,060.5
Payments on credit facility (748.5) (863.5)
Proceeds from employee stock purchases 1.6 1.6
Repurchases of common stock (400.0) (100.0)
Repurchases of common stock to satisfy employee withholding tax obligations (10.2) (5.6)
Cash dividends paid (58.6) (59.1)
Net cash provided by financing activities (210.8) 52.3
(Decrease) increase in cash and cash equivalents (78.9) 14.5
Effect of exchange rates on cash and cash equivalents (0.5) (7.0)
Cash and cash equivalents, beginning of period 123.9 37.3
Cash and cash equivalents, end of period 44.5 44.8
Supplemental disclosures of cash flow information:    
Interest paid 11.8 16.9
Income taxes paid (net of refunds) $ 62.6 $ 22.8