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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 497.1 $ 464.0 $ 356.3
Adjustments to reconcile net income to net cash provided by operating activities:      
Income from equity method investments (5.1) (11.8) (15.6)
Dividends from affiliates 1.7 9.1 12.3
Restructuring charges, net of cash paid 1.0 1.1 3.4
Provision for credit losses 6.9 4.9 8.1
Unrealized losses (gains), net on derivative contracts 1.7 (0.6) 0.3
Stock-based compensation expense 21.8 24.3 24.3
Depreciation and amortization 77.9 72.4 72.6
Deferred income taxes (15.2) (5.4) 7.2
Pension expense 6.0 11.3 10.5
Pension contributions (22.5) (1.5) (3.3)
Other items, net (1.1) 0.3 0.2
Changes in assets and liabilities:      
Accounts and notes receivable (112.4) (68.8) 26.5
Inventories (249.3) (71.0) 110.3
Other current assets (7.3) (19.2) 5.3
Accounts payable 28.2 55.2 (31.7)
Accrued expenses 13.7 64.2 35.4
Income taxes payable and receivable, net 56.4 (26.5) (5.7)
Leases, net 1.7 0.2 2.1
Other, net 1.1 13.3 (6.1)
Net Cash Provided by (Used in) Operating Activities, Total 302.3 515.5 612.4
Cash flows from investing activities:      
Proceeds from the disposal of property, plant and equipment 1.6 0.9 1.0
Purchases of property, plant and equipment (101.1) (106.8) (78.5)
Purchases of short-term investments, net (3.5) (0.5) (2.2)
Net cash used in investing activities (103.0) (106.4) (79.7)
Cash flows from financing activities:      
Short-term debt payments 0.0 0.0 (4.6)
Short-term debt borrowings 0.0 0.0 4.6
Asset securitization borrowings 407.0 627.0 91.0
Asset securitization payments (307.0) (377.0) (376.0)
Long-term debt payments (12.9) (12.3) (10.8)
Long-term debt borrowings 0.0 0.0 600.0
Borrowings from credit facility 2,537.5 1,162.5 1,576.0
Payments on credit facility (2,352.0) (1,156.0) (2,081.5)
Payments of deferred financing costs 0.0 2.4 (7.5)
Proceeds from employee stock purchases 3.6 3.3 3.0
Repurchases of common stock (300.0) (600.0) (100.0)
Repurchases of common stock to satisfy employee withholding tax obligations (8.3) (22.1) (17.9)
Cash dividends paid (142.0) (126.5) (118.1)
Net cash used in financing activities (174.1) (498.7) (441.8)
Increase (decrease) in cash and cash equivalents 25.2 (89.6) 90.9
Effect of exchange rates on cash and cash equivalents (3.6) (3.3) (4.3)
Cash and cash equivalents, beginning of year 31.0 123.9 37.3
Cash and cash equivalents, end of year 52.6 31.0 123.9
Cash paid during the period for:      
Interest paid 35.4 23.8 25.3
Income taxes paid (net of refunds) 77.2 128.5 90.3
Insurance recoveries received $ 0.0 $ (6.6) $ 0.0