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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 380.4 $ 244.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from equity method investments (11.6) (11.2)
Dividends from affiliates 9.1 9.3
Restructuring charges, net of cash paid 1.1 3.5
Provision for credit losses 4.3 5.0
Unrealized losses on derivative contracts (0.2) 0.5
Stock-based compensation expense 16.8 18.4
Depreciation and amortization 53.3 55.4
Deferred income taxes (2.2) 5.6
Pension expense 8.4 7.7
Pension contributions (1.1) (2.8)
Other items, net 0.1 2.0
Changes in assets and liabilities:    
Accounts and notes receivable (139.5) (69.3)
Inventories (21.1) 137.6
Other current assets (13.1) 2.0
Accounts payable 65.0 (2.4)
Accrued expenses 49.4 29.6
Income taxes payable / (receivable), net (10.3) 6.8
Other, net 7.5 3.9
Net cash provided by operating activities 396.3 446.2
Cash flows from investing activities:    
Proceeds from the disposal of property, plant and equipment 0.7 0.7
Purchases of property, plant and equipment (68.5) (55.9)
Proceeds from (purchases of) short-term investments 0.2 (1.3)
Net cash used in investing activities (67.6) (56.5)
Cash flows from financing activities:    
Short-term debt payments 0.0 (4.6)
Short-term debt borrowings 0.0 4.6
Asset securitization borrowings 504.0 91.0
Asset securitization payments (214.0) (376.0)
Long-term debt borrowings 0.0 600.0
Borrowings from credit facility 1,021.4 1,509.5
Payments on credit facility (1,012.5) (1,980.5)
Payments of deferred financing costs 0.0 (7.1)
Proceeds from employee stock purchases 2.5 2.2
Repurchases of common stock (600.0) (100.0)
Repurchases of common stock to satisfy employee withholding tax obligations (16.1) (10.1)
Cash dividends paid (92.8) (88.6)
Net cash provided by financing activities (410.5) (365.0)
(Decrease) increase in cash and cash equivalents (81.8) 24.7
Effect of exchange rates on cash and cash equivalents (2.7) (7.0)
Cash and cash equivalents, beginning of period 123.9 37.3
Cash and cash equivalents, end of period 39.4 55.0
Supplemental disclosures of cash flow information:    
Interest paid 17.7 19.0
Income taxes paid (net of refunds) 101.6 55.1
Repayments of Senior Debt $ (3.0) $ (5.4)